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What determines the price of cryptocurrencies? “What determines Bitcoin’s price, and what gives it its value?” is a top three question newcomers ask when learning about crypto. Depending on who you talk to, answers to this question vary from “Bitcoin is a new digital form of gold of the 21st century” to “Bitcoin is backed by nothing and will crash to zero.” In reality, the value of cryptocurrencies—much like any other asset, good, or service—depends on the dynamics of supply and demand. The higher the demand for a certain microwave, the higher its price will be. If few people go to a beauty salon or barber shop, the prices for a haircut will be lower. We’ve written an article explaining in an easy-to-understand way what determines the price of cryptocurrencies.#Binance200M $SOL {spot}(SOLUSDT)

What determines the price of cryptocurrencies?

“What determines Bitcoin’s price, and what gives it its value?” is a top three question newcomers ask when learning about crypto.

Depending on who you talk to, answers to this question vary from “Bitcoin is a new digital form of gold of the 21st century” to “Bitcoin is backed by nothing and will crash to zero.”

In reality, the value of cryptocurrencies—much like any other asset, good, or service—depends on the dynamics of supply and demand.

The higher the demand for a certain microwave, the higher its price will be. If few people go to a beauty salon or barber shop, the prices for a haircut will be lower.

We’ve written an article explaining in an easy-to-understand way what determines the price of cryptocurrencies.#Binance200M $SOL

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What are crypto cards? Crypto cards are an ingenious instrument allowing you to pay for goods with crypto anywhere that accepts credit cards: stores, gyms, transportation, and the internet. They work the same way as a traditional credit card issued by banks, but they’re connected to your crypto wallet instead of your bank. This way, you can hold your assets on an exchange—e.g., USDT on Binance—while having the ability to pay for goods and services. What’s more, there are no network fees for these transactions. The downside is, however, that crypto cards are only available in certain countries. If you are located in a country that accepts crypto cards, you can get your hands on one of these popular cards: Coinbase Card, Crypto.com Card, or Binance Card. Always be wary of scammers and never enter your card information on suspicious sites or platforms.
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What is volatility? In the context of crypto, “volatility” describes the ebbs and flows of cryptocurrency prices. High volatility is a hallmark of the crypto market, whereas traditional stock exchanges are relatively stabler. The following has a profound impact on volatility: — Market sentiment — Liquidity — Speculation — Regulation — News. However, myriad other unpredictable factors may also impact volatility🙂 Therefore, investors of all levels should take into account influencing factors that could sway the markets to reduce risks. #Binance200M $SOL
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Crypto Scam: Virtual mining The essence of this fraudulent scheme is as follows: Scammers offer miners to rent capacity in their data centers instead. The benefit to a miner (especially a beginner) is obvious: There’s no need to spend on expensive equipment and understand how to install it. It is enough to rent someone else’s hardware and mine remotely. You will often be offered generous bonuses and “yield calculators” that will tell you exactly how many cents/dollars per minute you will earn. Then everything is very simple: having “rented hardware” from scammers and “mined” for some time, as soon as you want to withdraw your earnings, nothing happens—your funds cannot be withdrawn =) That should be alarming: ▪️ Guarantee of high profitability. Scammers offer “yield calculators,” although it is impossible to calculate the yield in mining. ▪️ Anonymity. Usually, scammers use anonymous deposit methods so the client cannot prove they made a payment. ▪️ Generous bonuses. Scammers want the victim to send as large an amount as possible. That’s why they write on the site that they give out generous bonuses, such as doubling the miner’s speed. Cloud mining exists, but there are also many scammers working in this field. Be vigilant and always DYOR!
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What are smart contract audits, and why are they necessary? Smart contracts are lines of code that self-execute once pre-determined conditions are met between a buyer and a seller. What happens if the code has a vulnerability or bug? What if the code was intentionally written with weaknesses to scam users? To eliminate weak points and vulnerabilities, you need to audit smart contracts. Many blockchain projects have open-source code, meaning anyone can look at and study the base code and smart contracts. So, if hundreds or even thousands of enthusiast programmers and prominent auditing firms sift through the code and smart contracts, it’s safe to say that the project has a high degree of security and stability. Open-source code and audits are what make blockchains impervious to hacks and cyberattacks. The code is available to everyone; therefore, if there is ever something suspicious in the code, the community will flag it. Auditing and open-source base code are touted as the future because smart contracts can be written to contain zero biases and replace intermediaries.
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