How is Bitcoin price determined? Why is the price different in Unocoin?
At Unocoin, the price is calculated based on the bitcoin to USD exchange rate taken from various credible exchanges and its own stock & orders. The main factors that influence its value are:
1. The current USD to INR exchange, market fluctuations and most importantly the demand/supply of bitcoin.
2. Every trading platform offers a buyer's price and a seller's price in order to meet (may not be the same across exchanges).
In India we have seen this meeting price to be more than the international exchanges as the supply of bitcoin in India is comparatively limited. In a way every exchange is independent of each other and when there is a vast difference in prices between them there will always be speculators looking to make an arbitrage which consequently brings the rates more or less in sync with other exchanges.
On some trading websites like Unocoin that is specific to a country (India), making a global arbitrage is almost impossible. Hence it takes longer for its prices to sync with other international exchanges when there is a sudden spike or drop in bitcoin prices.
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