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I have searched the Internet for solution but could not find the one I was looking for.
I want to get bitcoin price (in usd) without using any external website (meaning not getting the price using api or something)
I want to "calculate" it myself, since there are websites who display their bitcoin price and it's slightly different from other websites I guess they found the price from their own.
How can I find the bitcoin price by myself?
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The bitcoin price is determined by a free market of buyers and sellers. There is no way to calculate the price on your own without an external source. I suppose the only exception to this would be if you ran your own bitcoin exchange and you had enough users and volume to produce a fair market price.
If the bitcoin is working in a way that I can see all the transactions isn't there a way I can determine the price based on them? – RythemOfTheDay – 2016-03-28T05:08:04.630
6@user3495259 You can see the bitcoin transactions in the blockchain. You cannot see the corresponding dollar transactions in the blockchain. If you see 1 BTC being transacted, you have no idea what the sender got in return. – user253751 – 2016-03-28T07:29:00.273
I do not agree with @immibis, because when bitcoin has started, it was 1btc=1$, which means that there is away to determine the price of the bitcoin from the blockchain, especially that bitcoin is decentralized and inflation free, so it should never be determined by an external source. If an external source should determine the bitcoin's price, we should only take in consideration the inflation and add it to the price retrieved from the block chain. – Alan Deep – 2018-04-23T13:48:15.293
1@AlanDeep I can't make any sense of your comment. I don't think you understand how prices work. – user253751 – 2018-04-23T22:31:37.803
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You may be thinking with cause and effect reversed. The Bitcoin price being $300 does not cause people to buy and sell at $300. Rather, people buying and selling at $300 causes the price to be $300.
Obviously, there is no way to find out what price people buy and sell bitcoins at without buying or selling bitcoins, or asking someone else who's buying or selling bitcoins, or asking an exchange that bitcoins get bought and sold through.
The bitcoin price is how much you can sell a bitcoin for. That is the definition. (Alternatively, how little you can buy one for) – user253751 – 2016-03-28T07:27:19.577
7You may be thinking with cause and effect reversed. The Bitcoin price being $300 does not cause people to buy and sell at $300. Rather, people buying and selling at $300 causes the price to be $300. – user253751 – 2016-03-28T07:28:12.693
@immibis Turn this into an answer! – Pieter Wuille – 2016-03-28T19:07:08.283
@PieterWuille Done – user253751 – 2016-03-28T20:14:48.027