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As the price of Bitcoin continues to skyrocket and Bitcoin adoption realises rapid growth, we have more and more customers searching for the price of Bitcoin and asking us: Bitcoin isn't pegged in any way to the USD or to any other currency, country or any exchange.
The rate provided by Google and other Bitcoin price trackers is usually just an average estimate or a recently traded price of Bitcoin on some international Bitcoin exchange. Customers from our countries of operation sometimes search for the price of Bitcoin in their home currency: This does not mean that every individual platform that allows you to buy and sell Bitcoin with Malaysian ringgit — like Luno— will trade at exactly that exchange rate at exactly that time.
The price displayed on Luno is unique, simply because the supply and demand — set by the buyers and sellers on Luno— are unique and therefore different from other exchanges, like the Coinbase rate displayed on Google. Price as at time of writing on https: Luno does not directly buy, sell or set the price Bitcoin.
Bitcoin exchanges are places where people who have Bitcoin supply can sell it to those who want it demand. The price will simply be whatever supply and demand dictates. If an exchange sees more people selling than they are buying, the price is likely to drop, as supply outweighs demand. The same goes for more people buying on that particular exchange, should demand outweigh supply, the price will go up. We wrote a detailed piece about how the price is calculated, you can read it here.
This process is actually widely known in Bitcoin and other markets and is known as arbitrage. If you have identical items — say avocados Soon, however, the novice trader will realise that it is a little trickier than just looking at the numbers displayed. The costs involved in sending money abroad could include: It all just depends on the market conditions, something which changes all the time. Although it is easy to speculate about the causes for the Bitcoin premium seen from time to time, it is important to realise that you are not trading directly with Luno.
We merely provide the platform upon which buyers and sellers interact. The forces of supply and demand which ultimately determine the price. Werner was our former Head of Communications. His passions include payments, e-commerce, technology, marketing and design: Buy, store and learn about Bitcoin and Ethereum now.
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