There are various factors that are used to determine the bitcoin value and they are as follows:
Features Of Gold – It has all the properties that of gold and that includes:
Limited supply – There is only a few numbers of crypto currencies.
Portable – It is extremely easy to carry along and exchanged.
Durable – Lasts for large number of times.
Acceptable – A medium of exchange.
Uniform – All versions have same value.
Divisible – It can be divided into satoshis, smaller units of value. (1 satoshi = 00000001 BTC )
Demand and supply – Bit coin also has its market, which is bought and sold. So the demand and supply or surplus and scarcity in the market determine the value of this crypto currency.
Network effect – This digital money has a huge network effect, that is the platform or network will become more valuable when more number of users use it together.
Usefulness – It does not have central authority to control and thus their transactions are peer to peer without any intermediaries, so transactions will complete within a few minutes without any delay.
Decentralized – As said earlier, it is a decentralized system which is not controlled by anyone and this offers censorship to it unlike traditional money and it also determines its price.
These are the things that have an impact on its price and you can convert 1 btc to inrusing some sites o the web.
