Trading BTC to DKK
BTC to DKK pair is composed of cryptocurrency and a fiat currency of a country which is a member of the EU but did not accept the euro as its official currency. This provides a sufficient level of volatility making Bitcoin to Danish Krona pair worth including in your trading strategy.
When you take a look at the Bitcoin to DKK historical price movement, it is evident that this pair interchangeably moves in a trendy direction and sideways movement within a broader range. It provides plenty of opportunity for traders, especially because it shows potential for a day to day fluctuation of up to 10 per cent. At the same time, we can see that on a weekly basis, the BTC to DKK value has the capacity to fluctuate much more than 10 per cent.
What is Bitcoin?
Since its introduction in 2008, the Bitcoin had a significant impact on the financial markets and on trading. Despite the scepticism related to BTC in the early years, it is now one of the most actively traded cryptocurrencies in the world. Bitcoin is a base or quoted currency in tens of currency pairs with a daily trading volume reaching tens of billions of pounds.
Here are some interesting facts about the BTC
- At the beginning of 2010 Bitcoin price was only $0.003 and with $1 you were able to buy more than 300 Bitcoins. Today $1 can be used to cover only a portion of your trading fees because BTC appreciated substantially since then.
- Although the name Satoshi Nakamoto is associated with the invention of Bitcoin, in reality, the creator (or creators) of Bitcoin is unknown.
- Losing your crypto wallet private key most likely means that you can no longer access your Bitcoins, they are lost for ever. So, find a safe way to keep your private key.
- The Bitcoin supply is limited to 21 million coins.
- In some stores, you can use Bitcoins to buy food and drinks, video games, flights and even property directly.
- The real-world transaction in Bitcoin was made in 2010 when Laszlo Hanyecz paid 10,000 BTC for two pizzas which were worth only $30. Later on, 10,000 Bitcoins were worth tens of million dollars.
Which factors affect Bitcoin value?
The supply and demand for Bitcoins have a major influence on its price. The cost for mining Bitcoins also affects the value of BTC, in a way that higher costs would imply that BTC value should increase or mining would be unprofitable. The number and strength of competitive cryptocurrencies and the number of currency exchanges which quote the BTC can positively or negatively impact BTC value. Moreover, different regulations and legal issues can affect the value as it was evident in the past.
What is the Danish Krone (DKK)?
Danish krone is the currency in circulation in the Kingdom of Denmark with a currency code DKK whose regulation falls under the jurisdiction of the Danmarks Nationalbank (the Central Bank). Danish krone is also the official currency in the Faroe Islands and Greenland. Denmark maintains a fixed exchange rate regime of its currency, primarily with the German mark and later with the euro. The reason for maintaining a pegged exchange rate regime is to avoid potential risks related to fluctuations in the exchange rate between the currencies.
Which factors affect DKK value?
A variety of macroeconomic factors determine the strength or weakness of fiat currency. Changes in the export and import levels, economic growth, the cost for borrowing, unemployment, etc. may cause changes in the value of BTC/DKK.
The foreign exchange policy managed by the Central Bank may also influence the value of the domestic currency. However, inflation is not of crucial importance for the Bitcoin to DKK movement or the movement of DKK in general. This comes from the fixed exchange rate against the euro through which Denmark maintains a low inflation rate.
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