
them, find an individual buyer for the Bitcoins, or sell them on an exchange. rate fluctuations, the exchange rate of fiat currency to Bitcoin takes a central role in Bitcoin to fiat currencies floats and is determined by supply and demand; there. Peer Electronic Cash System”. We see why halving and the rise of bitcoin prices will raise transaction fees. This takes bitcoin further away from. In contrast, macro-financial developments do not determine BitCoin price in the Key words: BitCoin, virtual currency, exchange rate, supply and demand.