Replying to Avatar Dan

The price for an item at an auction is whatever the highest price offered is.

When you buy Bitcoin it's exactly the same situation. The Bitcoin you're buying is Bitcoin another user is selling. The exchange is essentially running tons of tiny auctions constantly to get seller's the highest price possible and buyers the lowest possible price. When those prices overlap, the sale happens.

The same way that you can't "confirm" the correct price at an auction - because the price is set by whomever buys/wins the object - you can't "confirm" the correct price for Bitcoin.

The price of Bitcoin is whatever price most recently had a buyer and seller agree to transact. That price changes constantly and is organic.
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NowClip 1y ago

I think you’re misunderstanding my question or I didn’t formulate it right.

I’m not asking the process by which it is determined by the exchange.

You’re probably thinking of someone who’s more into this. I’m not. I know the price is determined by several factors, I don’t care about that now. I just want to know how much is it today?

Let me put it this way, I wake up and hear in the news on the tv that bitcoin is 80k. Where do I go to check if it’s really trading for 80k?

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Dan 1y ago

Each exchange will have their own spot price based on the process I described. They will generally be very similar because of market forces. Which basically means you can check the spot on any large exchange and that is the "true" price