Having a capped currency means Bitcoin can be used as a store-of-value investment tool. Investing in a store of value currency can be compared to investing in gold. Although there is some transactional value in gold, it is mostly used as a store of value.
In 2016, this became apparent with the DAO hack. One way to fix the problem was to implement what’s known as a “hard fork,” which would essentially update the Ethereum-based software to fix the technical gaffe that caused the hack to begin with. But DAO users had to agree to this change, and there were dissenters. Though the hard fork was approved, it created two active blockchains with two different sets of rules. Ultimately, this hack–coupled with the inability to deal with it–caused the DAO to end in 2016.
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Bitcoin operates on its own blockchain, and so does Ether. The Binance Smart Chain is a separate blockchain that inherits many software features and protocols from the Ethereum network. One feature of the Ethereum network (and thus also the BSC) is the ability to host software programs (called smart contracts).
Transactions are internet-based and are recorded in a blockchain. The blockchain shows the transaction history for each unit and is used to prove ownership. The digital assets are best visualized as virtual tokens. These tokens mean something to the internal system and can be programmed to record financial transactions and other valuable information.
And that, we regret to inform you, has led to some rather silly thinking (highly unusual in the crypto community, we know), specifically of the chart-crime variety:
Miners serve as record-keepers for cryptocurrency communities, and indirect arbiters of the currencies’ value.
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“One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off,” Binance.US said in an emailed statement. “We are continuing to look into the event, but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved.”
“We’ve seen a tremendous amount of inflow of attention, and that’s going to continue to drive the growth of the industry for a while now,” says Abner.
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A feature of the Ethereum network is that it enables its users to create decentralised apps, known as ’dapps’, and smart contracts.
ProShares Bitcoin Strategy ETF, which began trading late last month, was up 10.95% on Monday.
Lettau, M. and S. Ludvigson (2001), “Consumption, aggregate wealth, and expected stock returns”, The Journal of Finance 56 (3), 815–849.
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