There is NO set price, international standard or official indices for the Price of Bitcoin.
The price of bitcoin is simply down to what someone is willing to pay for it in a particular situation, in a particular country and currency. There is NO standard currency such as USD ($) to which bitcoin is pegged.
We receive many requests from users asking us to explain why the bitcoin price in South Africa is different from the price in the USA (Dollar) or China (Yuan). The simple answer, supply and demand. It is very similar to say the difference in the price of Petrol in South Africa and the USA.
But the Google Rates in Rand are different from the rates on ICE³X ?
When you search for an exchange rate on Google, you are given an average estimation. The average price in dollar from select exchanges is taken and then converted with an estimated mid rate (ZAR/USD). The same with any other "data provider", all of these use averages collected across multiple data sources, and it is never going to be the price you will pay or get, on ICE³X or any other exchange, as it does not take variables such as capital costs, banking costs, security, financial controls, commissions, exchange rate fluctuation risks etc in to consideration.
How is the iceCUBED-X Price for bitcoin calculated?
It isn't. We do not set the price or trade bitcoin on the exchange. The bitcoin "price" is a result of price discovery through supply and demand. When there are more sellers than buyers, the price goes down and vice versa.
Important to remember
- ICE³X do not set the Bitcoin price in Rand and have no influence over it
- Bitcoin price is controlled by "supply and demand"
- ICE³X is a "full order book" exchange, so we do not take part in any trading