What determines Bitcoin's price?
Bitcoin's price is like a game of supply and demand. When more people want to buy it, the price goes up. When more people want to sell, the price goes down. Other factors like news, competition with other cryptocurrencies, and government regulations can also affect the price.
Why is Bitcoin's price so volatile?
Bitcoin's price can fluctuate wildly because it's still a relatively new and small market. News and social media can quickly impact the price. Additionally, there's uncertainty about its true value, which can lead to price swings.
What if Bitcoin's price drops to zero?
It's unlikely to happen suddenly, but if it did, it would impact investors, businesses, and the financial system. People would lose faith in the system, and it could lead to a domino effect.
Think of it like a house of cards - if one card falls, the whole structure can collapse. But, there are safeguards in place, and it's not likely to happen without warning signs.
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