Bitcoin: Difference between revisions

Bitcoin
	Official logo of Bitcoin
Denominations
Plural	Bitcoins
Symbol	₿; (Unicode: Expression error: Unrecognised punctuation character "[".)
Code	BTC, XBT
Precision	10−8
Subunits
1⁄1000	Millibitcoin
1⁄1000000	Microbitcoin
1⁄100000000	Satoshi
Development
Original author(s)	Satoshi Nakamoto
White paper	"Bitcoin: A Peer-to-Peer Electronic Cash System"
Implementation(s)	Bitcoin Core
Initial release	0.1.0 / 9 January 2009 (15 years ago)
Latest release	25.1 / 19 October 2023 (6 months ago)
Code repository	https://github.com/bitcoin/bitcoin;
Development status	Active
Written in	C++
Source model	Free and open-source software
License	MIT License
Ledger
Ledger start	3 January 2009 (15 years ago)
Timestamping scheme	Proof-of-work (partial hash inversion)
Hash function	SHA-256 (two rounds)
Issuance schedule	Decentralized (block reward); Initially ₿50 per block, halved every 210,000 blocks
Block reward	₿6.25
Block time	10 minutes
Circulating supply	₿18,925,000
Supply limit	₿21,000,000
Valuation
Exchange rate	Floating
Demographics
Official user(s)	El Salvador
Website
Website	https://bitcoin.org;
	↑ Encoded Unicode version 10.0 (2017) in Currency Symbols block ; ↑ Very early software versions used the code "BC". ; ↑ Compatible with ISO 4217. ; ↑ May 2020 to approximately 2024, halved approximately every four years ; ↑ As of 2022-01-10 ; ↑ The supply will approach, but never reach, ₿21 million. Issuance will permanently halt c. 2140 at ₿20,999,999.9769. ;

Latest revision as of 11:11, 1 December 2023

One of the best ways to maintain the purchasing power of a currency is through decentralisation, and Bitcoin is designed to leverage this by operating on a distributed network, minimising central control and potential points of failure.

Bitcoin is a currency. What makes the currency unique is that it's the most popular cryptocurrency. Research suggests that the most popular cryptocurrency will maintain its purchasing power for much longer than any other currency. In other words, the cryptocurrency will be a much better currency.

The degree of risk associated with an investment in Bitcoin is 'medium', with the investment having an adjusted beta that is 42% above the market (1.42 vs. 1).

Assuming Bitcoin's share of the money supply increases to 10% (from 2.2%) and other assumptions, then the Stockhub users estimate that the expected return of an investment in Bitcoin over the next five years is 5x, which equates to an annual return of 39%. In other words, an £100,000 investment in the asset is expected to return £500,000 in five years time.

Assuming that a suitable return level over five years is 39% per year or less, and Bitcoin achieves its expected return level (of 39%), then an investment in Bitcoin is considered to be an 'suitable' one.

Fun fact: In 2010, a programmer named Laszlo Hanyecz made the first known commercial Bitcoin transaction by buying two pizzas for 10,000 Bitcoins, a sum now worth millions of dollars.

OperationsEdit

How did the idea of Bitcoin come about?Edit

The idea of Bitcoin, as well as the broader concept of cryptocurrencies, originated from a long-standing interest in digital cash and decentralised financial systems. Bitcoin itself was first introduced in a 2008 white paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" by an individual or group using the pseudonym Satoshi Nakamoto.

Several key factors and ideas contributed to the development of Bitcoin:

Cypherpunk Movement: The Cypherpunk community, a group of activists advocating for the use of cryptography to bring about social and political change, laid much of the philosophical and technical groundwork for cryptocurrencies. They promoted the idea of using cryptographic techniques to create secure, anonymous digital currencies and transactions.
Earlier Digital Cash Experiments: Before Bitcoin, there were several attempts at creating digital cash systems, like David Chaum's DigiCash, which used cryptographic protocols to ensure privacy. While these systems had innovative ideas, they often relied on central authorities and didn't achieve widespread adoption.
Double Spending Problem: A significant challenge in digital cash is preventing double spending, where the same digital token is spent more than once. Traditional digital transactions require a central authority, like a bank, to validate transactions. Nakamoto's Bitcoin solved this with a decentralised ledger, the blockchain, which is maintained by a network of nodes following a consensus protocol.
Blockchain Technology: The introduction of blockchain technology was a key innovation of the Bitcoin paper. It's a decentralised ledger that records all transactions across a network of computers. This makes Bitcoin resistant to fraud and censorship.
Economic and Political Context: The development of Bitcoin was also influenced by the economic environment, particularly the financial crisis of 2007-2008. This period led to increased skepticism about traditional banking systems and interest in alternative forms of currency that weren't controlled by governments or central banks.
Influence of Previous Concepts: Bitcoin combined concepts from previously proposed systems like b-money and Bit Gold, which outlined ideas for decentralised digital currencies, but never fully developed them into working systems.

What's the mission of Bitcoin?Edit

The mission of Bitcoin, as outlined by its creator Satoshi Nakamoto, is to provide a decentralised digital currency that enables peer-to-peer transactions without the need for a central authority, such as a bank or government. This is aimed at creating a financial system where transactions are transparent, secure, and accessible to everyone, regardless of their location or status. Bitcoin's design seeks to offer an alternative to traditional financial systems, emphasising financial freedom, privacy, and reduced reliance on centralised institutions. This mission is rooted in the belief that a decentralised approach to currency can offer enhanced security, lower transaction fees, and resistance to censorship.

What's the main problem that Bitcoin is designed to solve?Edit

The main problem that Bitcoin is designed to solve is the issue of trust in financial transactions. Traditionally, trust has been established through intermediaries like banks or financial institutions. Bitcoin, through its decentralised blockchain technology, solves this problem by allowing for peer-to-peer transactions without the need for a centralised authority. This design addresses several key issues:

Double Spending: It prevents the same digital currency from being spent twice.
Censorship Resistance: Transactions cannot be easily blocked or censored by governments or institutions.
Reduced Dependency on Intermediaries: It minimises the need for third parties, reducing potential points of failure and costs associated with transactions.
Global Accessibility: Bitcoin offers a global, digital form of currency accessible to anyone with an internet connection, not limited by national borders or traditional banking systems.

What is Bitcoin?Edit

Bitcoin is a currency.

What's unique about Bitcoin?Edit

What makes Bitcoin unique is that it operates on a decentralised network (i.e. without the need of a central entity, such as the Bank of England), and the supply of the currency is limited (at 21 million coins).

The main benefit of operating on a decentralised network (rather than a centralised network) is that within the network, there is no single point of failure. In a centralised network, if the central entity that operates the network fails, then the whole network - and the currency that operates on the network - fails (i.e. there is a single point of failure in the network), whereas in a decentralised network, becasue there is no central entity, there is no single point of failure, and therefore the network - and currency - is likely to last for much longer, possibly forever.

For example, the world's first ever known currency was operated by a central entity (The Kingdom of Lydia). When the central entity failed, so did the currency.

Another key benefit of transacting on a decentralised network is that transaction costs are likely to be lower.

CompetitionEdit

Currency competition
Item	Bitcoin	US Dollar
Does the currency operate on a decentralised network?	Yes	No
Is the supply of the currency limited?	Yes	No
How likely is the currency to act as a store of value?	High	Low

The four functions of money
Item	Bitcoin	US Dollar
Medium of exchange	Yes	Yes
Measure of value	Yes	Yes
Standard of deferred payment	Yes	Yes
Store of value	Yes	No

Cryptocurrency competition
Item	Bitcoin	Ether	XRP
Does the currency operate on a decentralised network?	Yes	Yes	Yes
Is the supply of the currency limited?	Yes	No	No
Is the cryptocurrency the most popular one?	Yes	No	No
How likely is the currency to act as a store of value?	High	Low	Low

MarketEdit

Total Addressable Market (TAM)Edit

The TAM for Bitcoin is the global currency market. This includes all forms of money circulation worldwide — from fiat currencies held in banks and cash reserves to investments and digital transactions. This encompasses every potential user or entity that could theoretically adopt Bitcoin, either as a means of transaction, a store of value, or for investment purposes. It represents the maximum possible market opportunity for Bitcoin, assuming universal adoption and acceptance.

The global currency market, including fiat money and investments, is vast. As of 2023, the total value of all the money in the world, including broad money (M3), which covers cash, bank deposits, and money market securities, was estimated to be in the range of approximately $100 trillion USD. Bitcoin's TAM, when considering the potential to replace or complement global currency usage, would thus be a fraction of this amount.

As of July 2023, the total value of narrow money globally, which includes all physical money (notes and coins) and money deposited in savings and checking accounts worldwide, was approximately $40 trillion. This figure represents the M1 money supply, a classification of money that covers the most liquid forms of currency in circulation.^[9]

Serviceable Available Market (SAM)Edit

The SAM narrows down to the global cryptocurrency market. This is the market segment that Bitcoin is actually equipped to serve and includes all individuals and entities currently engaged in or open to engaging with cryptocurrencies. This market is more specific to Bitcoin's capabilities and reflects the growing interest and acceptance of digital currencies for various uses, including remittances, investment, online transactions, and as a hedge against traditional currency fluctuations.

The global cryptocurrency market is a subset of the broader currency market. As of 2023, the total market capitalisation of all cryptocurrencies was fluctuating around $1 trillion to $2 trillion USD. Bitcoin, being the largest cryptocurrency by market cap, dominates this space, but the SAM for Bitcoin would include the total market cap of all cryptocurrencies, considering that these users are potentially open to using Bitcoin.

Serviceable Obtainable Market (SOM)Edit

The SOM further narrows down to the U.S. cryptocurrency market. This represents the segment of the SAM that Bitcoin can realistically expect to capture in the near to medium term. It takes into account factors such as Bitcoin's current market penetration in the U.S., regulatory environment, competition from other cryptocurrencies, technological advancements, and market trends within the United States. The U.S. market is particularly significant due to its substantial economic size, high level of technology adoption, and its influential role in global financial systems.

Estimating the U.S. cryptocurrency market is more complex, as it would involve considering the proportion of the U.S. population or financial sector engaged in cryptocurrency usage. As a rough estimate, if we consider the U.S. as accounting for about 20-30% of the global cryptocurrency market (a broad assumption based on its economic size and level of investment in cryptocurrencies), the SOM for Bitcoin in the U.S. could be a proportion of the global market cap, roughly in the range of $200 billion to $600 billion USD.

FinancialsEdit

RisksEdit

As with any investment, investing in Bitcoin carries a level of risk. Overall, based on the Bitcoin's adjusted beta (i.e. 1.42), the degree of risk associated with an investment in Bitcoin is 'medium'.

Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used five years of monthly data (i.e. 60 observations in total), which is supported by a study and is the most common choice. The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more accurately predicts a future beta. In addition, here, we have assumed that for an investment to be considered 'medium' risk, it must have a beta value of between 0.5 and 1.5. Further information about the beta ratings can be found in the appendix section of this report.

The key risks can be found below. For us, currently, the biggest risk to the valuation of the currency relates to the strong competition from other cryptocurrencies and traditional financial systems (i.e. competition risk).

Volatility: Bitcoin is known for its high price volatility. Its value can fluctuate dramatically over short periods, influenced by factors like regulatory news, technological developments, market sentiment, and macroeconomic trends.
Regulatory Risks: The regulatory environment for cryptocurrencies is still evolving. Changes in regulations, both in the U.S. and internationally, can impact Bitcoin's adoption, usage, and value.
Security Risks: While the blockchain technology underlying Bitcoin is secure, exchanges and wallets can be vulnerable to hacking and other security breaches.
Market Adoption and Competition: Bitcoin's long-term success depends on its widespread adoption. This is uncertain and can be affected by several factors, including competition from other cryptocurrencies and traditional financial systems.
Technological Risks: Issues like scalability, transaction speed, and energy consumption are technological challenges that Bitcoin faces. How these challenges are addressed can affect its future utility and value.
Limited Historical Data: Compared to traditional assets, Bitcoin has a limited track record, which can make it difficult to predict future performance based on past trends.
No Intrinsic Value: Unlike stocks or bonds, Bitcoin does not represent a share in a company or a claim on assets, and it does not generate income. Its value is largely driven by supply and demand, making it more speculative.
Legal and Tax Implications: Depending on the jurisdiction, there can be legal and tax implications associated with trading and investing in Bitcoin, which can affect returns and complicate compliance.

ValuationEdit

What's the expected return of an investment in Bitcoin?Edit

The Stockhub users estimate that the expected return of an investment in Bitcoin over the next five years is 5x, which equates to an annual return of 39%. In other words, an £100,000 investment in the asset is expected to return £500,000 in five years time. The assumptions used to estimate the return figure can be found in the table below.

Assuming that a suitable return level over five years is 39% per year or less, and Bitcoin achieves its expected return level (of 39%), then an investment in Bitcoin is considered to be an 'suitable' one.

What are the assumptions used to estimate the return?Edit

Key inputs
Description	Value	Commentary
What's the estimated current size of the total addressable market?	$40,000,000,000,000	The total value of narrow money globally is estimated at $40 trillion as at 13th November 2023, according to The Money Project.
What is the estimated investment lifespan?	250 years
What's the estimated annual growth rate of the total addressable market over the lifecycle of the investment?	0.83%	We have assumed that the growth rate of the TAM is the same as global population growth, which is 0.83% in 2022.
What's the estimated investment peak market share?	10%	The Stockhub users estimate that especially given the key benefit of the asset, the peak market share of Bitcoin is around 10.00%, and, therefore, suggests using the share amount here. As of 14th November 2023, Bitcoin's current share of the market is estimated at around 1.77%.
Which distribution function do you want to use to estimate investment value?	Gaussian	Research suggests that the value pattern of investments is similar to the pattern produced by the Gaussian distribution function (i.e. the revenue distribution is bell shaped), so the Stockhub users suggest using that function here.
What's the estimated standard deviation of asset value?	50 years	Another way of asking this question is this way: within how many years either side of the mean does 68% of value occur? Based on Bitcoin's current price (i.e. $37,257.50) and Bitcoin's estimated lifespan (i.e. 250 years), the Stockhub users suggest using 50 years (i.e. 68% of all sales happen within 100 years either side of the mean year), so that's what's used here.
What's the current value of the investment?	$709,551,271,083	According to Yahoo Finance, the current value of Bitcoin as of 15th November 2023 is $709,551,271,083.^[10] Bitcoin currently trades at $36,310^[10] and the maximum number of coins is 21 million.
Which time period do you want to use to estimate the expected return?	Between now and five years time	Research suggests that following a market crash, the average amount of time it takes for the price of a stock market to return to its pre-crash level (i.e. the recovery period) is at least three years. Accordingly, Stockhub suggests that to account for general market cyclicity, it's best to estimate the expected return of the investment between now and five years time.
Which valuation recommendation method do you want to use?	Relative	There's two main types of valuation recommendation methods, relative and absolute. The relative method determines the investment recommendation relative to other investments (e.g. the investment is "suitable" if it's within say the top 10% of the investment universe in terms of investment returns), whereas the absolute method determines the recommendation based on a fixed return amount (e.g. the investment is "suitable" if it returns 50% or more). Assuming sufficient data, the Stockhub users suggest using the relative method.
Which top proportion of the investment universe constitutes a "suitable" rating?	10%	The proportion depends on the user's preference. That said, typically, the higher the proportion, the higher the risk associated with the investment.
Which universe of investments do you want to use?	All investments	If the main objective of the user is to maximise investment returns, then the Stockhub users suggest using 'all investments' as the investment universe.

Sensitivity analysisEdit

The main inputs that result in the greatest change in the expected return of the Bitcoin investment are, in order of importance (from highest to lowest):

The size of the total addressable market (the default size is $40 trillion);
Bitcoin peak market share (the default share is 10%); and
The estimated Bitcoin lifespan (the default lifespan is 1,000 years).

The impact of a 50% change in those main inputs to the expected return of the Bitcoin investment is shown in the table below.

Bitcoin investment expected return sensitivity analysis
Main input	50% worse	Unchanged	50% better
The lifespan of Bitcoin	3x	5x	8x
The size of the total addressable market	3x	5x	8x
Bitcoin peak market share	3x	5x	8x

ActionsEdit

To invest in Bitcoin, click here.

AppendixEdit

How does Bitcoin work?Edit

Bitcoin operates using a technology called blockchain, which is a decentralised ledger system. Here's a simplified explanation of how it works:

Transactions: Every Bitcoin transaction is a data unit that includes a few different items: the amount of Bitcoin being sent, the sender's address (public key), and the receiver's address.
Blockchain: A blockchain is a chain of blocks, where each block contains a number of transactions. Once a transaction is initiated, it is broadcast to a network of peer-to-peer computers scattered across the world.
Mining: To add a transaction to the blockchain, a process called mining must take place. This involves computers solving a complex mathematical problem that ultimately verifies the authenticity of the transaction. The first miner to solve the problem gets to add the block of transactions to the blockchain.
Proof of Work: This mathematical problem is part of a system called proof of work, which is what prevents fraudulent transactions. It ensures that altering any single record (or block) in the chain would require re-mining not just the block with the transaction, but all the subsequent blocks.
Decentralisation: Unlike traditional currencies, there is no central authority like a bank or government backing Bitcoin. Instead, it relies on this decentralized network of computers (miners) to process transactions.
Bitcoin Wallets: To use Bitcoin, you need a digital wallet. This wallet doesn't actually store your Bitcoin; instead, it holds the private keys that allow you to access your Bitcoin address (public key).
Public and Private Keys: A Bitcoin wallet contains a public key and a private key, which work together to allow the owner to initiate and digitally sign transactions, providing proof of authorization.
Supply Limit: Bitcoin also has a stipulated supply limit of 21 million coins, which is expected to be reached around the year 2140. This limited supply is one of the factors that contributes to Bitcoin's value.
Market-Driven Value: The value of Bitcoin is determined by what people are willing to pay for it, making it highly volatile. It's influenced by factors like supply and demand, investor sentiment, market news, and government regulation.
Anonymity and Transparency: While Bitcoin transactions offer some level of anonymity, all transactions are publicly recorded in the blockchain, making it transparent.

Bitcoin's complex nature combines elements of mathematics, computer science, and economics. It represents a shift in how we think about money in the digital age.

Cryptocurrencies comparisonsEdit

Below is a table covering some of the most well-known cryptocurrencies and their unique characteristics.

This table provides a snapshot of the unique qualities of each cryptocurrency.
Cryptocurrency	Unique Feature
Bitcoin (BTC)	The first cryptocurrency, it introduced blockchain technology and operates on a proof-of-work model.
Ethereum (ETH)	Introduced smart contracts, allowing decentralised applications (dApps) to run on its blockchain.
Ripple (XRP)	Focused on international money transfers, it offers fast transaction speeds and low fees.
Litecoin (LTC)	Similar to Bitcoin but with faster block generation rate and a different hashing algorithm (Scrypt).
Cardano (ADA)	Uses a proof-of-stake model and focuses on security through a layered architecture.
Polkadot (DOT)	Enables different blockchains to transfer messages and value in a trust-free fashion; betting on blockchain interoperability.
Chainlink (LINK)	A decentralised oracle network designed to connect smart contracts with data from the real world.
Binance Coin (BNB)	Originally created as a utility token for the Binance cryptocurrency exchange, it now fuels its blockchain ecosystem.
Solana (SOL)	Known for its high throughput and low transaction costs, it uses a unique proof-of-history mechanism.
Dogecoin (DOGE)	Began as a meme but gained popularity and use, particularly for tipping and charitable donations.
Uniswap (UNI)	Pioneered the decentralised finance (DeFi) movement with an automated liquidity protocol on Ethereum.
Monero (XMR)	Focuses on privacy and anonymity, using ring signatures and stealth addresses to obscure transaction details.


Currency/Asset	First Cryptocurrency	Smart Contract Capabilities	Focused on International Transfers	Faster Transaction Speeds	Proof-of-Stake Pioneer	Blockchain Interoperability	Decentralized Oracle Network	Exchange's Native Token	Proof-of-History Consensus	Meme-Based Origins	Automated Liquidity Protocol	Focus on Privacy	Fiat Currency	Physical Asset
Bitcoin (BTC)	✓	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗
Ethereum (ETH)	✗	✓	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗
Ripple (XRP)	✗	✗	✓	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗
Litecoin (LTC)	✗	✗	✗	✓	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗
Cardano (ADA)	✗	✗	✗	✗	✓	✗	✗	✗	✗	✗	✗	✗	✗	✗
Polkadot (DOT)	✗	✗	✗	✗	✗	✓	✗	✗	✗	✗	✗	✗	✗	✗
Chainlink (LINK)	✗	✗	✗	✗	✗	✗	✓	✗	✗	✗	✗	✗	✗	✗
Binance Coin (BNB)	✗	✗	✗	✗	✗	✗	✗	✓	✗	✗	✗	✗	✗	✗
Solana (SOL)	✗	✗	✗	✗	✗	✗	✗	✗	✓	✗	✗	✗	✗	✗
Dogecoin (DOGE)	✗	✗	✗	✗	✗	✗	✗	✗	✗	✓	✗	✗	✗	✗
Uniswap (UNI)	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✓	✗	✗	✗
Monero (XMR)	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✓	✗	✗
USD (United States Dollar)	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✓	✗
Gold	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✗	✓

Beta risk profileEdit


Beta value	Risk rating
0 to 0.50	Low
0.50 to 1.50	Medium
1.50 to 3.00	High
3.00 and above	Extremely high

Bitcoin adjusted beta calculationEdit


Date	iShares MSCI World ETF unit price (USD)	Bitcoin share price (GBP)	iShares MSCI World ETF unit price change (%)	Bitcoin share price change (%)
01/11/2018	86.21	4,017.27
01/12/2018	78.87	3742.70	-8.51%	-6.83%
01/01/2019	84.96	3457.79	7.72%	-7.61%
01/02/2019	87.49	3854.79	2.98%	11.48%
01/03/2019	88.79	4105.40	1.49%	6.50%
01/04/2019	92.09	5350.73	3.72%	30.33%
01/05/2019	86.76	8574.50	-5.79%	60.25%
01/06/2019	91.02	10817.16	4.91%	26.15%
01/07/2019	91.86	10085.63	0.92%	-6.76%
01/08/2019	89.84	9630.66	-2.20%	-4.51%
01/09/2019	91.78	8293.87	2.16%	-13.88%
01/10/2019	94.12	9199.58	2.55%	10.92%
01/11/2019	96.76	7569.63	2.80%	-17.72%
01/12/2019	98.78	7193.60	2.09%	-4.97%
01/01/2020	97.73	9350.53	-1.06%	29.98%
01/02/2020	89.67	8599.51	-8.25%	-8.03%
01/03/2020	77.93	6438.64	-13.09%	-25.13%
01/04/2020	86.36	8658.55	10.82%	34.48%
01/05/2020	90.7	9461.06	5.03%	9.27%
01/06/2020	92.14	9137.99	1.59%	-3.41%
01/07/2020	96.65	11323.47	4.89%	23.92%
01/08/2020	102.96	11680.82	6.53%	3.16%
01/09/2020	99.52	10784.49	-3.34%	-7.67%
01/10/2020	96.53	13781.00	-3.00%	27.79%
01/11/2020	108.94	19625.84	12.86%	42.41%
01/12/2020	112.41	29001.72	3.19%	47.77%
01/01/2021	111.49	33114.36	-0.82%	14.18%
01/02/2021	114.27	45137.77	2.49%	36.31%
01/03/2021	118.49	58918.83	3.69%	30.53%
01/04/2021	123.61	57750.18	4.32%	-1.98%
01/05/2021	125.6	37332.86	1.61%	-35.35%
01/06/2021	126.57	35040.84	0.77%	-6.14%
01/07/2021	128.83	41626.20	1.79%	18.79%
01/08/2021	132.02	47166.69	2.48%	13.31%
01/09/2021	126.46	43790.89	-4.21%	-7.16%
01/10/2021	133.84	61318.96	5.84%	40.03%
01/11/2021	131.1	57005.43	-2.05%	-7.03%
01/12/2021	135.32	46306.45	3.22%	-18.77%
01/01/2022	128.32	38483.13	-5.17%	-16.89%
01/02/2022	124.58	43193.23	-2.91%	12.24%
01/03/2022	128.16	45538.68	2.87%	5.43%
01/04/2022	117.42	37714.88	-8.38%	-17.18%
01/05/2022	117.94	31792.31	0.44%	-15.70%
01/06/2022	106.88	19784.73	-9.38%	-37.77%
01/07/2022	115.57	23336.90	8.13%	17.95%
01/08/2022	110.28	20049.76	-4.58%	-14.09%
01/09/2022	99.95	19431.79	-9.37%	-3.08%
01/10/2022	107.42	20495.77	7.47%	5.48%
01/11/2022	115.44	17168.57	7.47%	-16.23%
01/12/2022	109.25	16547.50	-5.36%	-3.62%
01/01/2023	117.01	23139.28	7.10%	39.84%
01/02/2023	113.98	23147.35	-2.59%	0.03%
01/03/2023	117.67	28478.48	3.24%	23.03%
01/04/2023	119.79	29268.81	1.80%	2.78%
01/05/2023	118.6	27219.66	-0.99%	-7.00%
01/06/2023	124.52	30477.25	4.99%	11.97%
01/07/2023	128.54	29230.11	3.23%	-4.09%
01/08/2023	125.7	25931.47	-2.21%	-11.29%
01/09/2023	120.17	26967.92	-4.40%	4.00%
01/10/2023	117.11	34667.78	-2.55%	28.55%
01/11/2023	122.84	37313.97	4.89%	7.63%

Bitcoin beta and adjusted beta value
	Beta	Adjusted beta	Comment(s)
Consistent (monthly) intervals between data points	1.64	1.42

GlossaryEdit

Here's a glossary of key terms commonly used in the cryptocurrency and blockchain space:

Blockchain: A digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
Bitcoin (BTC): The first and most well-known cryptocurrency, which introduced blockchain technology.
Ethereum (ETH): A blockchain platform known for its smart contract functionality, allowing developers to build decentralised applications.
Smart Contract: A self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code.
Ripple (XRP): A digital payment protocol and cryptocurrency known for its digital payment protocol more than its cryptocurrency.
Litecoin (LTC): A peer-to-peer cryptocurrency often considered the silver to Bitcoin's gold.
Cardano (ADA): A blockchain platform that aims to be a more secure and scalable infrastructure for developing decentralised applications and smart contracts.
Polkadot (DOT): A multi-chain interchange and translation architecture which allows customised side-chains to connect with public blockchains.
Chainlink (LINK): A decentralised oracle network designed to connect blockchain-based smart contracts to external data sources.
Binance Coin (BNB): Originally a utility token for the Binance cryptocurrency exchange, now used to power its ecosystem.
Solana (SOL): A high-performance blockchain supporting builders around the world creating crypto apps that scale today.
Dogecoin (DOGE): A cryptocurrency that started as a meme but grew to have a large online community and real-world usage.
Uniswap (UNI): A popular decentralised trading protocol, known for facilitating automated trading of decentralised finance (DeFi) tokens.
Monero (XMR): A privacy-focused cryptocurrency that obfuscates sender, recipient, and amount in transactions.
Proof of Work (PoW): A consensus mechanism that requires participants to perform computationally intensive tasks to validate transactions and create new blocks.
Proof of Stake (PoS): A consensus mechanism where validators are chosen to create new blocks based on the number of coins they hold and are willing to "stake" as collateral.
Decentralised Finance (DeFi): Financial services, including lending, borrowing, and trading, provided on a decentralised network typically built on blockchain technology.
Non-Fungible Token (NFT): A type of cryptographic token on a blockchain that represents a unique asset, such as digital art, collectibles, or real estate.
Cryptocurrency Wallet: A digital wallet used to store, send, and receive cryptocurrencies like Bitcoin and Ethereum.
Decentralised Applications (dApps): Digital applications or programs that exist and run on a blockchain or peer-to-peer network of computers instead of a single computer, and are outside the purview and control of a single authority.

ReferencesEdit

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↑ Antonopoulos, Andreas M. (2014). Mastering Bitcoin: Unlocking Digital Crypto-Currencies. O'Reilly Media. ISBN 978-1-4493-7404-4.
↑ Cite error: Invalid <ref> tag; no text was provided for refs named BTCSVSept7FT
↑ https://www.rankred.com/how-much-money-is-there-in-the-world/#:~:text=As%20of%20July%202023%2C%20the,%E2%80%99
↑ ^10.0 ^10.1 https://finance.yahoo.com/cryptocurrencies/

[2] Encoded Unicode version 10.0 (2017) in Currency Symbols block^[1]

[3] Very early software versions used the code "BC".

[4] Compatible with ISO 4217.

[9] May 2020 to approximately 2024, halved approximately every four years

[10] As of 2022-01-10

[13] The supply will approach, but never reach, ₿21 million. Issuance will permanently halt c. 2140 at ₿20,999,999.9769.^[7]^{: ch. 8}

[unicode-10-1] ↑

[satoshi_unit-5] ↑

[paper-6] Cite error: Invalid <ref> tag; no text was provided for refs named paper

[7] ↑

[JSC-8] ↑

[11] ↑

[Antonopoulos2014-12] Antonopoulos, Andreas M. (2014). Mastering Bitcoin: Unlocking Digital Crypto-Currencies. O'Reilly Media. ISBN 978-1-4493-7404-4.

[BTCSVSept7FT-14] Cite error: Invalid <ref> tag; no text was provided for refs named BTCSVSept7FT

[15] ttps://www.rankred.com/how-much-money-is-there-in-the-world/#:~:text=As%20of%20July%202023%2C%20the,%E2%80%99

[:0-16] 10.0 ^10.1 https://finance.yahoo.com/cryptocurrencies/

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@@ Line 1: / Line 1: @@
-{{Cover Image|[[File:Crypto-bitcoin-cover-image.jpg|thumb]]}}
+{{infobox cryptocurrency
+| currency_name = Bitcoin
+| image_1 = File:Bitcoin.svg
+| image_2 =
+| image_width_1 = 150
+| image_width_2 = 110
+| image_title_1 = Official logo of Bitcoin
+| alt1 = Prevailing bitcoin logo
+| precision = 10<sup>−8</sup>
+| subunit_ratio_1 = {{frac|1000}}
+| subunit_name_1 = Millibitcoin
+| subunit_ratio_2 = {{frac|{{val|1000000}}}}
+| subunit_name_2 = Microbitcoin
+| subunit_ratio_3 = {{frac|{{val|100000000}}}}
+| subunit_name_3 = {{lang|ja-Latn|Satoshi|italic=no}}<ref name="satoshi unit">{{cite web |last=Mick |first=Jason |date=12 June 2011 |title=Cracking the Bitcoin: Digging Into a $131M USD Virtual Currency |url=http://www.dailytech.com/Cracking+the+Bitcoin+Digging+Into+a+131M+USD+Virtual+Currency/article21878.htm |url-status=dead |archive-url=https://archive.today/20130120051306/http://www.dailytech.com/Cracking+the+Bitcoin+Digging+Into+a+131M+USD+Virtual+Currency/article21878.htm |archive-date=20 January 2013 |access-date=30 September 2012 |publisher=Daily Tech}}</ref>
+| plural = Bitcoins
+| symbol = '''₿'''<br/>(Unicode: {{unichar|20BF|BITCOIN SIGN|html=}}){{efn|group=infobox|Encoded [[Unicode]] version 10.0 (2017) in [[Currency Symbols (Unicode block)|Currency Symbols block]]<ref name="unicode-10">{{cite web |date=20 June 2017 |title=Unicode 10.0.0 |url=https://www.unicode.org/versions/Unicode10.0.0/ |url-status=live |archive-url=https://web.archive.org/web/20170620130342/http://www.unicode.org/versions/Unicode10.0.0/ |archive-date=20 June 2017 |access-date=20 June 2017 |publisher=Unicode Consortium}}</ref>}}
+| code = BTC,{{efn|group=infobox|Very early software versions used the code "BC".}} XBT{{efn|group=infobox|Compatible with ISO 4217.}}
+| implementations = [[#Software implementation|Bitcoin Core]]
+| initial_release_version = 0.1.0
+| initial_release_date = {{Start date and age|df=yes|2009|1|9|p=y}}
+| code_repository = {{URL|https://github.com/bitcoin/bitcoin}}
+| status = Active
+| latest_release_version = 25.1
+| latest_release_date = {{Start date and age|df=yes|2023|10|19|p=y}}<ref>{{cite web|title=Bitcoin Core Releases |url=https://github.com/bitcoin/bitcoin/releases/ |via=[[GitHub]]|access-date=24 October 2023}}</ref>
+| forked_from =
+| programming_languages = C++
+| operating_system =
+| author = [[Satoshi Nakamoto]]
+| developer =
+| white_paper = [https://bitcoin.org/bitcoin.pdf "Bitcoin: A Peer-to-Peer Electronic Cash System"]<ref name="paper" />
+| source_model = [[Free and open-source software]]
+| license = [[MIT License]]
+| website = {{URL|https://bitcoin.org}}
+| ledger_start = {{Start date and age|df=yes|2009|1|3|p=y}}
+| hash_function = [[SHA-256]] (two rounds)
+| circulating_supply = ₿18,925,000{{efn|group=infobox|As of 2022-01-10}}
+| supply_limit = ₿21,000,000<ref>{{cite web |last=Nakamoto |display-authors=et al |date=1 April 2016 |title=Bitcoin source code – amount constraints |website=[[GitHub]] |url=https://github.com/bitcoin/bitcoin/blob/08a7316c144f9f2516db8fa62400893f4358c5ae/src/amount.h |url-status=live |archive-url=https://web.archive.org/web/20180701112835/https://github.com/bitcoin/bitcoin/blob/08a7316c144f9f2516db8fa62400893f4358c5ae/src/amount.h |archive-date=1 July 2018}}</ref>{{efn|The supply will approach, but never reach, ₿21&nbsp;million. Issuance will permanently halt {{circa}} 2140 at ₿20,999,999.9769.<ref name="Antonopoulos2014">{{Cite book |last=Antonopoulos|first= Andreas M. |title=Mastering Bitcoin: Unlocking Digital Crypto-Currencies |year=2014 |publisher=O'Reilly Media |isbn=978-1-4493-7404-4 |author-link=Andreas Antonopoulos}}</ref>{{rp|ch. 8}}}}
+| timestamping = [[Proof-of-work]] (partial hash inversion)
+| issuance_schedule = Decentralized (block reward)<br />Initially ₿50 per block, halved every 210,000 blocks<ref name="JSC">{{cite web |date=19 November 2013 |title=Statement of Jennifer Shasky Calvery, Director Financial Crimes Enforcement Network United States Department of the Treasury Before the United States Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on National Security and International Trade and Finance Subcommittee on Economic Policy |url=https://www.fincen.gov/sites/default/files/2016-08/20131118.pdf |url-status=live |archive-url=https://web.archive.org/web/20161009183700/https://www.fincen.gov/sites/default/files/2016-08/20131118.pdf |archive-date=9 October 2016 |access-date=1 June 2014 |website=fincen.gov |publisher=Financial Crimes Enforcement Network}}</ref>
+| block_time = 10 minutes
+| block_reward = ₿6.25{{efn|group=infobox|May 2020 to approximately 2024, halved approximately every four years}}
+| exchange_rate = Floating
+| market_cap = <!--A reliable source is required -->
+| footnotes = {{notelist|group=infobox}}
+| using_countries = El Salvador<ref name="BTCSVSept7FT"/>
+}}
-{{Logo Image|[[File:Bitcoin.png|150px]]}}
+One of the best ways to maintain the purchasing power of a currency is through decentralisation, and Bitcoin is designed to leverage this by operating on a distributed network, minimising central control and potential points of failure.
-==What is Bitcoin?==
+Bitcoin is a currency. What makes the currency unique is that it's the most popular cryptocurrency. Research suggests that the most popular cryptocurrency will maintain its purchasing power for much longer than any other currency. In other words, the cryptocurrency will be a much better currency.
-* Bitcoin uses blockchain technology to support peer-to-peer transactions between users on a decentralised network to eliminate the usage of centralized authorities for instance banks or governments.<ref>https://www.coinbase.com/</ref>.
-* Satoshi Nakamoto, the creator of Bitcoin, stated that an electronic payment system based on cryptographic proof instead of trust was needed, which motivated him to create Bitcoin<ref>https://www.ussc.gov/sites/default/files/pdf/training/annual-national-training-seminar/2018/Emerging_Tech_Bitcoin_Crypto.pdf</ref>.
-* Launched in 2009, Bitcoin was the first and remains the most valuable, entrant in the emerging class of assets known as cryptocurrency<ref>https://money.usnews.com/investing/articles/the-history-of-bitcoin</ref>.
-* Research suggests that the most popular cryptocurrency will maintain its purchasing power for much longer than any other currency.
-* Transactions are authenticated through Bitcoin’s proof-of-work consensus mechanism, which rewards cryptocurrency miners for validating transactions.
-==What's unique about Bitcoin?==
+The degree of risk associated with an investment in Bitcoin is 'medium', with the investment having an adjusted beta that is 42% above the market (1.42 vs. 1).
-What makes Bitcoin unique is that it operates on a decentralised network (i.e. without the need of a central entity, such as the Bank of England), and the supply of the currency is limited (at 21 million coins).
+Assuming Bitcoin's share of the money supply increases to 10% (from 2.2%) and other assumptions, then the Stockhub users estimate that the expected return of an investment in Bitcoin over the next five years is 5x, which equates to an annual return of 39%. In other words, an £100,000 investment in the asset is expected to return £500,000 in five years time.
-The main benefit of operating on a decentralised network (rather than a centralised network) is that within the network, there is no single point of failure. In a centralised network, if the central entity that operates the network fails, then the whole network - and the currency that operates on the network - fails (i.e. there is a single point of failure in the network), whereas in a decentralised network, because there is no central entity, there is no single point of failure, and therefore the network - and currency - is likely to last for much longer, possibly forever.
+Assuming that a suitable return level over five years is 39% per year or less, and Bitcoin achieves its expected return level (of 39%), then an investment in Bitcoin is considered to be an 'suitable' one.
-For example, the world's first ever known currency is the Mesopotamian shekel, and it was operated by a central entity (The Kingdom of Lydia). When the central entity failed, so did the currency.
+'''Fun fact:''' In 2010, a programmer named Laszlo Hanyecz made the first known commercial Bitcoin transaction by buying two pizzas for 10,000 Bitcoins, a sum now worth millions of dollars.
-[[File:Value_of_U.S._Dollar_-_Log.jpg|center|491x491px]]
-[[File:Bitcoin_purchasing_power.jpg|center|514x514px]]
-Another key benefit of transacting on a decentralised network is that transaction costs are likely to be lower.
-Another key benefit of transacting on a decentralised network is that transaction costs are likely to be lower.
+== Operations ==
-Other factors that make Bitcoin unique:
+=== How did the idea of Bitcoin come about? ===
+The idea of Bitcoin, as well as the broader concept of cryptocurrencies, originated from a long-standing interest in digital cash and decentralised financial systems. Bitcoin itself was first introduced in a 2008 white paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" by an individual or group using the pseudonym Satoshi Nakamoto.
-* '''It's money, but digital.''' Although bitcoin is purely digital, it meets every classical definition of what makes something money. Instead of relying on physical properties (like gold and silver) or central authorities (like government-issued fiat currencies), Bitcoin relies on the world’s most powerful computer network to mathematically enforce the rules that make it the first truly digital form of cash<ref>https://bitcoin.design/guide/getting-started/why-bitcoin-is-unique/</ref>.
+Several key factors and ideas contributed to the development of Bitcoin:
-* '''There's a limited supply.''' There will never be more than 21 million Bitcoins. The creation of new bitcoin is mathematically defined and strictly enforced and defined by the bitcoin network meaning that the maximum total supply of Bitcoin is 21 million. Even though we have already mined just over 19 million bitcoin since its creation in 2009, it would become increasingly difficult to reach the limit of 21 million due to Bitcoin halving, which occurs every four years<ref>[https://www.exodus.com/news/how-many-bitcoins-are-left/#:~:text=How%20many%20of%20the%2021,mine%20the%20remaining%202.3%20million.&text=That%27s%20because%20of%20the%20Bitcoin%20halving. https://www.exodus.com/news/how-many-bitcoins-are-left/#:~:text=How%20many%20of%20the%2021,mine%20the%20remaining%202.3%20million.&text=That%27s%20because%20of%20the%20Bitcoin%20halving.]</ref>. When the Bitcoin supply reaches this limit of 21 million (estimated by experts to be in 2140<ref>https://originstamp.com/blog/why-can-there-only-be-21-million-bitcoins/</ref>), Bitcoin miners will likely earn income only from transaction fees.<ref>https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/</ref>
-* '''Bitcoin comes with the convenience of online banking and payment processing.''' Bitcoin transactions operate more like cash: exchanged person-to-person without a financial intermediate<ref>https://www.investopedia.com/articles/forex/042215/bitcoin-transactions-vs-credit-card-transactions.asp</ref>. Bitcoin was designed for peer-to-peer transactions where payments are similar to wire transfers or cash transactions through a private network of computers, and each transaction is recorded in a blockchain. While making a Bitcoin transaction, it is not necessary to provide personal identification, such as your name and address. This means no one monitors your financial activity and establishes limits on what you can or cannot do<ref>https://www.investopedia.com/articles/forex/042215/bitcoin-transactions-vs-credit-card-transactions.asp</ref>.
-* '''Bitcoin has never been hacked.''' As with any form of cryptography, it is theoretically possible to brute force the private keys in Bitcoin transactions. However, a key takes the value of a 256-bit number<ref>[https://www.investopedia.com/articles/investing/032615/can-bitcoin-be-hacked.asp#:~:text=The%20concepts%20behind%20blockchain%20technology,exchange%20accounts%20to%20steal%20crypto. https://www.investopedia.com/articles/investing/032615/can-bitcoin-be-hacked.asp#:~:text=The%20concepts%20behind%20blockchain%20technology,exchange%20accounts%20to%20steal%20crypto.]</ref>, which is roughly 1.15e+77 possibilities. This means with current technology, it can take several lifetimes before a single private key is brute forced.
-* '''Bitcoin complements existing financial institutions.''' Globally, around 1.7 billion adults have no access to banking services<ref>https://www.worldbank.org/en/publication/globalfindex</ref>. However, because Bitcoin is unbiased, open, and public, it can serve communities that conventional financial institutions overlook, helping grow economies and creating economic mobility where it never existed.
-== How does Bitcoin work? ==
+# '''Cypherpunk Movement:''' The Cypherpunk community, a group of activists advocating for the use of cryptography to bring about social and political change, laid much of the philosophical and technical groundwork for cryptocurrencies. They promoted the idea of using cryptographic techniques to create secure, anonymous digital currencies and transactions.
-Each Bitcoin is a digital asset that can be stored at a cryptocurrency exchange or in a digital wallet<ref>[https://www.nerdwallet.com/article/investing/what-is-bitcoin#:~:text=Digital%20CurrencyCryptocurrency-,BTC%20definition%3A%20What%20is%20Bitcoin%3F,users%20on%20a%20decentralized%20network. https://www.nerdwallet.com/article/investing/what-is-bitcoin#:~:text=Digital%20CurrencyCryptocurrency-,BTC%20definition%3A%20What%20is%20Bitcoin%3F,users%20on%20a%20decentralized%20network.]</ref>. Each individual coin represents the value of Bitcoin’s current price, but you can also own partial shares of each coin. The smallest denomination of each Bitcoin is called a Satoshi, sharing its name with Bitcoin’s creator (Satoshi Nakamoto). Each Satoshi is equivalent to a hundred millionth of one Bitcoin, so owning fractional shares of Bitcoin is quite common.
+# '''Earlier Digital Cash Experiments:''' Before Bitcoin, there were several attempts at creating digital cash systems, like David Chaum's DigiCash, which used cryptographic protocols to ensure privacy. While these systems had innovative ideas, they often relied on central authorities and didn't achieve widespread adoption.
+# '''Double Spending Problem:''' A significant challenge in digital cash is preventing double spending, where the same digital token is spent more than once. Traditional digital transactions require a central authority, like a bank, to validate transactions. Nakamoto's Bitcoin solved this with a decentralised ledger, the blockchain, which is maintained by a network of nodes following a consensus protocol.
+# '''Blockchain Technology:''' The introduction of blockchain technology was a key innovation of the Bitcoin paper. It's a decentralised ledger that records all transactions across a network of computers. This makes Bitcoin resistant to fraud and censorship.
+# '''Economic and Political Context:''' The development of Bitcoin was also influenced by the economic environment, particularly the financial crisis of 2007-2008. This period led to increased skepticism about traditional banking systems and interest in alternative forms of currency that weren't controlled by governments or central banks.
+# '''Influence of Previous Concepts:''' Bitcoin combined concepts from previously proposed systems like b-money and Bit Gold, which outlined ideas for decentralised digital currencies, but never fully developed them into working systems.
-* '''Blockchain''': Bitcoin is powered by open-source code known as blockchain, which creates a shared public history of transactions organized into "blocks" that are "chained" together to prevent tampering. This technology creates a permanent record of each transaction, and it provides a way for every Bitcoin user to operate with the same understanding of who owns what<ref>https://www.nerdwallet.com/article/investing/blockchain</ref>.
+=== What's the mission of Bitcoin? ===
+The mission of Bitcoin, as outlined by its creator Satoshi Nakamoto, is to provide a decentralised digital currency that enables peer-to-peer transactions without the need for a central authority, such as a bank or government. This is aimed at creating a financial system where transactions are transparent, secure, and accessible to everyone, regardless of their location or status. Bitcoin's design seeks to offer an alternative to traditional financial systems, emphasising financial freedom, privacy, and reduced reliance on centralised institutions. This mission is rooted in the belief that a decentralised approach to currency can offer enhanced security, lower transaction fees, and resistance to censorship.
-* '''Private and public keys:''' A Bitcoin wallet consists of a public key and private key, which work together to allow the owner to initiate and digitally sign transactions. This lets the user carry out the main purpose of Bitcoin - securely and safely transferring ownership from one user to another.
+=== What's the main problem that Bitcoin is designed to solve? ===
-* '''Bitcoin mining:''' Validating transaction information and maintaining the integrity of the blockchain is bitcoin mining's main purpose, Bitcoin mining is the process of validating the information in a blockchain block by generating a cryptographic solution that matches specific criteria. When a correct solution is reached, a reward in the form of bitcoin and fees for the work done is given to the miner who reached the solution first<ref>https://www.investopedia.com/terms/b/bitcoin-mining.asp</ref>.
+The main problem that Bitcoin is designed to solve is the issue of trust in financial transactions. Traditionally, trust has been established through intermediaries like banks or financial institutions. Bitcoin, through its decentralised blockchain technology, solves this problem by allowing for peer-to-peer transactions without the need for a centralised authority. This design addresses several key issues:
-== Price of Bitcoin ==
-{| class="wikitable sortable"
-|'''Date'''
-|'''Open'''
-|'''High'''
-|'''Low'''
-|'''Close'''
-|-
-|08/23/23
-|25845
-|26765
-|25469
-|26598
-|-
-|08/22/23
-|26113
-|26222
-|25742
-|25845
-|-
-|08/21/23
-|26295
-|26304
-|25848
-|26113
-|-
-|08/20/23
-|26193
-|26343
-|26112
-|26295
-|-
-|08/19/23
-|26163
-|26369
-|25883
-|26197
-|-
-|08/18/23
-|27620
-|27690
-|25518
-|26163
-|-
-|08/17/23
-|28934
-|28952
-|27576
-|27623
-|-
-|08/16/23
-|29182
-|29231
-|28873
-|28934
-|-
-|08/15/23
-|29373
-|29452
-|29095
-|29179
-|-
-|08/14/23
-|29472
-|29639
-|29163
-|29373
-|-
-|08/13/23
-|29479
-|29518
-|29388
-|29471
-|-
-|08/12/23
-|29408
-|29527
-|29393
-|29479
-|-
-|08/11/23
-|29442
-|29529
-|29311
-|29408
-|-
-|08/10/23
-|29503
-|29735
-|29382
-|29442
-|-
-|08/09/23
-|29996
-|30176
-|29397
-|29503
-|-
-|08/08/23
-|29217
-|30006
-|29180
-|29991
-|-
-|08/07/23
-|29151
-|29227
-|28774
-|29217
-|-
-|08/06/23
-|29112
-|29186
-|29052
-|29169
-|-
-|08/05/23
-|28965
-|29139
-|28965
-|29112
-|-
-|08/04/23
-|29126
-|29300
-|28921
-|28973
-|-
-|08/03/23
-|29124
-|29185
-|29046
-|29126
-|}
-'''Table:1 Historical Prices of Bitcoin USD(BTCUSD), Coindesk for August 2023'''
-=== '''Price Analysis for Bitcoin( BTC) for August 2023''' ===
-* The price of Bitcoin has increased by 0.21% over the past 24 hours.
-* On the hourly time frame, the price of Bitcoin is looking bullish as it is trying to fix above the important zone of $26,000.
-* If that happens, there is a good chance of seeing a resistance breakout, followed by further growth to the $26,500 area.
-* On the daily time frame, the rate of BTC is not ready yet for a sharp move as it has not accumulated enough energy yet. However, if the upward move continues to the resistance at $26,264, buyers might seize the initiative, which could lead to a possible test of the $27,000 mark soon.
-* On the weekly chart, the price of BTC has made a false breakout of the support of $25,601. If the bar closes far from that mark, one can expect a correction to the $26,800-$27,000 zone by the end of the month.
-* Bitcoin is trading at $26,117 now at press time.
-== History of Bitcoin ==
-The first Bitcoin real-world transaction occurred on May 22, 2010, a date known to Bitcoin enthusiasts now as Bitcoin Pizza Day. Laszlo Hanyecz paid 10,000 BTC to have two Papa Johns pizzas delivered to him. The pizzas retailed for about $25. At the peak of Bitcoin's pricing in 2021, the two pizzas would have cost north of $680 million.
-The Bitcoin supply was capped from the beginning by Nakamoto. The maximum number of coins stipulated to be in existence was 21 million. As of Aug. 7, there were 19.45 million Bitcoins in existence with 1.55 million left to be mined. However, the Bitcoin mining operators regularly cut in half the rewards for mining each block in a process known as Bitcoin halving, leading experts to believe that it will take until the year 2140 before the supply cap of 21 million is reached. It's estimated somewhere between 10% and 20% are lost forever after owners accidentally discarded private storage keys or wallets, according to SoFi(Social Finance Inc.)
-After Nakamoto rolled out Bitcoin in 2009, he mined approximately 1.1 million Bitcoin and disappeared in 2010. He ceded the responsibility of development to Gavin Andresen, formerly known as Gavin Bell, who worked to see Bitcoin's decentralized vision realized. This meant that there was no central authority, server, storage or administrator. All the parties were peer-to-peer and the blockchain was distributed to all. The network existed merely to legitimize and confirm the transactions. The price of Bitcoin dropped with the new uncertainty surrounding these actions.
-However, control issues emerged when GHash.io, a cryptocurrency mining pool, exceeded 51% hashing power for the first time. One of Bitcoin's tenets is that power cannot be accumulated in too few hands, and GHash's popularity meant that it was possible for coins to be double-spent, or counterfeited, and they could push other miners out of being rewarded for their activity. Fortunately for the Bitcoin industry, the parties voluntarily enacted provisions that redistributed hashing power to acceptable, sustainable limits.
-Part of the extreme volatility in Bitcoin comes from the Gartner Hype Cycle, a life cycle common among new and innovative technologies. The five stages include: the innovation trigger, the peak of inflated expectations, the trough of disillusionment, the slope of enlightenment and the plateau of productivity. Many individuals created and then lost vast fortunes in Bitcoin, causing eight Nobel Prize winners in economic sciences to call Bitcoin a bubble, much like the oft-cited Dutch tulip mania in the 1600s. However, Bitcoin supporters point out that although Bitcoin has crashed several times, it has also returned to its previous price each time, while other bubbles have not recovered their value. This recovery to its past highs, however, has not yet materialized in 2023, though it has made a valiant effort in rallying more than 70% as of Aug. 7.
-The strength of the economy is also a huge factor in Bitcoin pricing. In what has been designated as the 2022 "crypto winter," sharp declines occurred in Bitcoin pricing as the Federal Reserve began aggressively increasing interest rates to stave off inflation. Investor appetite for risk all but disappeared and liquidity became a major issue among the exchanges. Bitcoin's value decreased more than 70% from its all-time high of $68,789 in November 2021 to lows in the $16,000 range in December 2022, before rebounding to above $30,000 in the first half of 2023.
-== Usage of Bitcoin ==
-'''1'''. '''Spending money anonymously-'''
-One of the biggest pros of bitcoin is its pseudonymous quality (members are identified by the public keys rather than their “real world” identities). For many people, this affords a desired level of privacy that traditional digital payment systems do not. Unfortunately, there is also the flip-side of this privacy; capability for bitcoin to be used for unethical and criminal purposes. The most infamous example of this is Silk Road – the massive “Deep Web” marketplace. Silk Road used the privacy inherent in bitcoin (as well as an anonymizing software called TOR) to allow for users to buy and sell contraband. While the moderators of Silk Road didn’t allow for the sale of goods resulting from or intended to cause the harm or exploitation of other people, users could still illegally purchase contraband such as illicit drugs and forged identity documents. Bitcoin’s relative anonymity could also potentially provide criminals with avenues for money laundering or funding terrorist organizations.
-==== 2. '''Low-Cost Money Transfers-''' ====
-One of the biggest pros of bitcoin is that, compared to other electronic payment systems, it has a very low transaction cost. Bitcoin’s transaction fee is not nearly as costly as the fees on money transfers brokered by banks, credit cards, and commercial software like PayPal. The low costs of bitcoin transactions are especially advantageous for immigrants sending remittance to their families in their home countries. This is a huge potential demographic for bitcoin simply because the remittance transfer industry is quite large (about $542 billion was transferred globally in remittance flow in 2013).
-International transfers can be extremely expensive; in fact, according to the World Bank’s report on Remission Prices, the global average fee for such remissions was 7.72% during the first quarter of 2015. Also, such remittances can take significant amounts of time to be verified by the brokering financial institutions. On contrary, Bitcoin allows immigrants to send cheap, practically-instant remissions. As of April 2015, the average fee per transaction was 0.000155 BTC (at the time, approximately $0.04 per transaction). The average time between transaction blocks was about 9.11 minutes. To find the most current updates on all of the above statistics and more, visit the Bitcoin Statistics page on Blockchain.info.
-'''3.Daily Purchase of Normal goods-'''
-While the above uses are special-interest uses, the average bitcoin user will simply use bitcoin to normal purchase goods from online (or even physical) retailers. As the bitcoin market size grows, this will become increasingly common – the monetary value of bitcoin will (theoretically) stabilize, consumers will want to spend their bitcoins, and retailers will see the benefits of accepting bitcoin transactions.
-This is a positive development for a few reasons. First, the low transaction costs mentioned above are a great incentive for businesses to accept bitcoin payment; merchants can significantly cut their costs by reducing the fees involved in credit card transactions, authorizations, statements, interchanges, and customer service fees. Second, the unique properties of bitcoin as as currency make it so the new payment system acts as a stimulus for financial innovation; features, such as micro-payments, which are generally not possible in other financial systems create new financial opportunities and drive for new online business models and marketing strategies.
-== The crypto market in general ==
-[[File:Cryptocurrency Market Analysis.png|left|thumb|608x608px]]
+# '''Double Spending:''' It prevents the same digital currency from being spent twice.
+# '''Censorship Resistance:''' Transactions cannot be easily blocked or censored by governments or institutions.
+# '''Reduced Dependency on Intermediaries:''' It minimises the need for third parties, reducing potential points of failure and costs associated with transactions.
+# '''Global Accessibility:''' Bitcoin offers a global, digital form of currency accessible to anyone with an internet connection, not limited by national borders or traditional banking systems.
+=== What is Bitcoin? ===
+Bitcoin is a currency.
+=== What's unique about Bitcoin? ===
+What makes Bitcoin unique is that it operates on a decentralised network (i.e. without the need of a central entity, such as the Bank of England), and the supply of the currency is limited (at 21 million coins).
+The main benefit of operating on a decentralised network (rather than a centralised network) is that within the network, there is no single point of failure. In a centralised network, if the central entity that operates the network fails, then the whole network - and the currency that operates on the network - fails (i.e. there is a single point of failure in the network), whereas in a decentralised network, becasue there is no central entity, there is no single point of failure, and therefore the network - and currency - is likely to last for much longer, possibly forever.
+For example, the world's first ever known currency was operated by a central entity (The Kingdom of Lydia). When the central entity failed, so did the currency.
+[[File:Value of U.S. Dollar - Log.jpg]]
+[[File:Bitcoin purchasing power.jpg]]
+Another key benefit of transacting on a decentralised network is that transaction costs are likely to be lower.
-From the Cryptocurrency Market Analysis Chart, the highlighting facts are ; that the Cryptocurrency Market size in terms of transaction value is expected to grow from USD 1.33 trillion in 2023 to USD 5.02 trillion by 2028, at a CAGR of 30.40% during the forecast period (2023-2028).
-Cryptocurrency is the new age financial innovation designed not only to become an alternative to cash but also to support the existing systems.
-Cryptocurrencies are the latest financial innovations explored not only for the reasons of their being but also for potential risks and opportunities in the financial industry. There are thousands of cryptocurrencies with various design goals. These design goals are to provide a digital currency alternative to cash (Bitcoin, Monero, and Bitcoin cash), to support a payment system at low cost (Ripple, Particl, and Utility Settlement Coin), to support peer-to-peer trading activity by creating tokens (RMG and Maecenas), to facilitate secure access to a good or service in peer-to-peer trading (Golem, Filecoin) and to support underlying platform or protocol ( Ether and NEO). These design goals mentioned won't be exhaustive as new cryptocurrencies are being created every week. Blockchain is the underlying technology for most cryptocurrencies.
-The cryptocurrency market is segmented based on the market capitalization of a large number of cryptocurrencies. Cryptocurrencies overlap with key areas of the monetary and financial system. Given their rapid growth, complexity, high volatility, and potentiality for facilitating illicit activities, regulators and policymakers across the world are bothered about their inclusion into the existing system and revising the existing systems to fit them, if included.
-== Environmental impact of Bitcoin mining ==
-[[File:Bitcoin consumption.png|thumb|Bitcoin's electricity consumption, annualised, over time<ref>https://www.bbc.co.uk/news/science-environment-56215787</ref>]]
-Bitcoin operates on a decentralised system which means it is a reliable currency in the sense that there is no single point of failure. However, a major issue with Bitcoin (and cryptocurrency in general) is the amount of power that is used in mining for Bitcoin.
-An average, Bitcoin mining consumes around 143 terawatt-hours per year<ref>https://ccaf.io/cbnsi/cbeci</ref>. For comparison, the whole of Malaysia consumed around 147 terawatt-hours in 2018. The reason Bitcoin takes so much energy is because computers take a brute-force approach in order to find solutions to difficult and complex mathematical problems<ref>[https://bitpay.com/blog/how-crypto-transactions-work/#:~:text=The%20process%20of%20crypto%20transactions,the%20blockchain%20network%20for%20validation. https://bitpay.com/blog/how-crypto-transactions-work/#:~:text=The%20process%20of%20crypto%20transactions,the%20blockchain%20network%20for%20validation.]</ref>. These require a lot of computational power to solve and especially with the recent surge of awareness and interest in cryptocurrency, more people are mining for Bitcoin and as a result, the electricity consumption is increasing. Even if Bitcoin can theoretically outlast the traditional forms of currency, it is possible that it becomes unsustainable enough for the environment that operation of Bitcoin is intervened in the future.
-It is also worth noting that one of the main competitors for Bitcoin, Ethereum, uses 238KWh<ref>[https://8billiontrees.com/carbon-offsets-credits/carbon-ecological-footprint-calculators/carbon-footprint-of-a-single-ethereum-nft-transaction/#:~:text=Transacting%20once%20on%20the%20Ethereum,visa%20transactions%20(149%20kWh). https://8billiontrees.com/carbon-offsets-credits/carbon-ecological-footprint-calculators/carbon-footprint-of-a-single-ethereum-nft-transaction/#:~:text=Transacting%20once%20on%20the%20Ethereum,visa%20transactions%20(149%20kWh).]</ref> of energy for one single transaction, while Bitcoin uses 704KWh. This technically makes Ethereum a greener cryptocurrency, but neither of them are comparable with VISA transactions for energy, which takes 149KWh for 100,000 transactions<ref>https://www.statista.com/statistics/881541/bitcoin-energy-consumption-transaction-comparison-visa/</ref>.
 ==Competition==
@@ Line 304: / Line 159: @@
 |}
-== Competitors ==
+== Market ==
+=== Total Addressable Market (TAM) ===
+The TAM for Bitcoin is the global currency market. This includes all forms of money circulation worldwide — from fiat currencies held in banks and cash reserves to investments and digital transactions. This encompasses every potential user or entity that could theoretically adopt Bitcoin, either as a means of transaction, a store of value, or for investment purposes. It represents the maximum possible market opportunity for Bitcoin, assuming universal adoption and acceptance.
+The global currency market, including fiat money and investments, is vast. As of 2023, the total value of all the money in the world, including broad money (M3), which covers cash, bank deposits, and money market securities, was estimated to be in the range of approximately $100 trillion USD. Bitcoin's TAM, when considering the potential to replace or complement global currency usage, would thus be a fraction of this amount.
+As of July 2023, the total value of narrow money globally, which includes all physical money (notes and coins) and money deposited in savings and checking accounts worldwide, was approximately $40 trillion. This figure represents the M1 money supply, a classification of money that covers the most liquid forms of currency in circulation.<ref>https://www.rankred.com/how-much-money-is-there-in-the-world/#:~:text=As%20of%20July%202023%2C%20the,%E2%80%99</ref>
+=== Serviceable Available Market (SAM) ===
+The SAM narrows down to the global cryptocurrency market. This is the market segment that Bitcoin is actually equipped to serve and includes all individuals and entities currently engaged in or open to engaging with cryptocurrencies. This market is more specific to Bitcoin's capabilities and reflects the growing interest and acceptance of digital currencies for various uses, including remittances, investment, online transactions, and as a hedge against traditional currency fluctuations.
+The global cryptocurrency market is a subset of the broader currency market. As of 2023, the total market capitalisation of all cryptocurrencies was fluctuating around $1 trillion to $2 trillion USD. Bitcoin, being the largest cryptocurrency by market cap, dominates this space, but the SAM for Bitcoin would include the total market cap of all cryptocurrencies, considering that these users are potentially open to using Bitcoin.
+=== Serviceable Obtainable Market (SOM) ===
+The SOM further narrows down to the U.S. cryptocurrency market. This represents the segment of the SAM that Bitcoin can realistically expect to capture in the near to medium term. It takes into account factors such as Bitcoin's current market penetration in the U.S., regulatory environment, competition from other cryptocurrencies, technological advancements, and market trends within the United States. The U.S. market is particularly significant due to its substantial economic size, high level of technology adoption, and its influential role in global financial systems.
+Estimating the U.S. cryptocurrency market is more complex, as it would involve considering the proportion of the U.S. population or financial sector engaged in cryptocurrency usage. As a rough estimate, if we consider the U.S. as accounting for about 20-30% of the global cryptocurrency market (a broad assumption based on its economic size and level of investment in cryptocurrencies), the SOM for Bitcoin in the U.S. could be a proportion of the global market cap, roughly in the range of $200 billion to $600 billion USD.
+== Financials ==
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+	    },
+	    {
+	      "type": "y",
+	      "scale": "y",
+	      "title": "Price (USD)",
+	      "grid": true,
+	      "layer": "back"
+	    }
+	  ],
+	  "marks": [
+	    {
+	      "type": "rect",
+	      "from": {"data": "annotation"},
+	      "properties": {
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+	          "x": {"scale": "x","field": "start"},
+	          "y": {"value": 0},
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+	          "y2": {"signal": "height"},
+	          "fill": {"scale": "color","field": "text"},
+	          "opacity": {"value": 0.2}
+	        }
+	      }
+	    },
+	    {
+	      "type": "line",
+	      "from": {"data": "table"},
+	      "properties": {
+	        "enter": {
+	          "interpolate": {"value": "monotone"},
+	          "x": {"scale": "x","field": "year"},
+	          "y": {"scale": "y","field": "price"},
+	          "stroke": {"value": "steelblue"},
+	          "strokeWidth": {"value": 3}
+	        }
+	      }
+	    },
+	    {
+	      "type": "symbol",
+	      "from": {"data": "table"},
+	      "properties": {
+	        "enter": {
+	          "x": {"scale": "x","field": "year"},
+	          "y": {"scale": "y","field": "price"},
+	          "stroke": {"value": "steelblue"},
+	          "fill": {"value": "white"},
+	          "size": {"value": 30}
+	        }
+	      }
+	    },
+	    {
+	      "type": "text",
+	      "from": {
+	        "data": "table",
+	        "transform": [
+	          {
+	            "type": "aggregate",
+	            "summarize": {"year": ["min","max"]}
+	          }
+	        ]
+	      },
+	      "properties": {
+	        "enter": {
+	          "x": {"signal": "width","mult": 0.5},
+	          "y": {"value": -10},
+	          "text": {
+	            "template": "Bitcoin price against the US Dollar since the inception of the cryptocurrency"
+	          },
+	          "fill": {"value": "black"},
+	          "fontSize": {"value": 16},
+	          "align": {"value": "center"},
+	          "fontWeight": {"value": "bold"}
+	        }
+	      }
+	    }
+	  ],
+	  "legends": [
+	    {
+	      "fill": "color",
+	      "title": "Period",
+	      "properties": {
+	        "symbols": {
+	          "strokeWidth": {"value": 0},
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+	          "fill": {"value": "white"}
+	        }
+	      }
+	    }
+	  ]
+	}
+</graph>
+== Risks ==
+As with any investment, investing in Bitcoin carries a level of risk. Overall, based on the Bitcoin's adjusted beta (i.e. 1.42), the degree of risk associated with an investment in Bitcoin is 'medium'.
-# '''Ethereum (ETH)'''
+Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used five years of monthly data (i.e. 60 observations in total), which is supported by a study and is the most common choice. The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more accurately predicts a future beta. In addition, here, we have assumed that for an investment to be considered 'medium' risk, it must have a beta value of between 0.5 and 1.5. Further information about the beta ratings can be found in the appendix section of this report.
-#* Decentralized platform for DApps.
-#* Uses Ether (ETH) as its native token.
-#* Transitioned to PoS for energy efficiency.
-#* Second-largest crypto with a market cap of $1,877 per ETH (July 22, 2023).
-#'''Tether (USDT)'''  a.      Stablecoin pegged to the USD.  b.      Claims to hold 1 USD for each USDT.  c.      Facilitates crypto-to-fiat transfers.  d.      Third-largest crypto, valued at $1.00 per token (July 22, 2023).
-#'''XRP'''  a.      Native token of the XRP Ledger.  b.      Uses XRP Ledger Consensus Protocol.  c.      Market cap of $39.3 billion, trading at $0.74 (July 22, 2023).  d.      Binance Coin (BNB)  e.      Utility token for Binance Exchange.  f.       Operates its own blockchain with PoS.  g.      Market cap of $37.3 billion, valued at $242.55 (July 22, 2023).
-#'''USD Coin (USDC)'''  a.      Stablecoin pegged to USD.  b.      Launched in 2018, regulated.  c.      Market cap of $30.8 billion, valued at $0.9999 (July 22, 2023).
-#'''Cardano (ADA)'''  a.      PoS cryptocurrency founded by Charles Hoskinson.  b.      Aims for chain interoperability and DeFi.  c.      Market cap of $10.9 billion, trading at $0.31 (July 22, 2023).
-#'''Solana (SOL)'''  a.      Blockchain for DApps, fast and low-cost.  b.      Supports smart contracts, DeFi, NFTs.  c.      Market cap of $8.4 billion, valued at $21 (July 22, 2023).
-#'''Dogecoin (DOGE)'''  a.      Started as a meme, gained popularity.  b.      Market cap of $9.9 billion, trading at $0.07 (July 22, 2023).
-#'''Shiba Inu (SHIB)'''  a.      Meme coin inspired by Dogecoin.  b.      Briefly surpassed Dogecoin's market cap.
-#'''Tron (TRX)'''  a.      Focuses on digital content ownership.  b.      Uses designated PoS.  c.      Market cap of $7.64 billion, trading at $0.085 (July 22, 2023).
-#'''Polygon (MATIC)'''  a.      Layer-2 scaling solution for Ethereum.  b.      Offers multi-chain solutions for developers.  c.      Market cap of $7.09 billion, trading at $0.76 (July 22, 2023).
-#'''Gold: The Original Store of Value'''  a.      Historical significance as a store of value.  b.      Physical asset, tangible in various forms.  c.      Limited supply, mined slowly.  d.      Used as an inflation hedge and safe haven.  e.      Universally recognized and accepted.  f.       Part of diversified investment portfolios.  g.      No reliance on third parties.  h.      Secure storage required.  i.       Less portable and divisible than digital assets.  j.       Price can still experience fluctuations, albeit typically less extreme than cryptocurrencies.
+The key risks can be found below. For us, currently, the biggest risk to the valuation of the currency relates to the strong competition from other cryptocurrencies and traditional financial systems (i.e. competition risk).
-'''Competitive Advantage'''
+# '''Volatility:''' Bitcoin is known for its high price volatility. Its value can fluctuate dramatically over short periods, influenced by factors like regulatory news, technological developments, market sentiment, and macroeconomic trends.
+# '''Regulatory Risks:''' The regulatory environment for cryptocurrencies is still evolving. Changes in regulations, both in the U.S. and internationally, can impact Bitcoin's adoption, usage, and value.
+# '''Security Risks:''' While the blockchain technology underlying Bitcoin is secure, exchanges and wallets can be vulnerable to hacking and other security breaches.
+# '''Market Adoption and Competition:''' Bitcoin's long-term success depends on its widespread adoption. This is uncertain and can be affected by several factors, including competition from other cryptocurrencies and traditional financial systems.
+# '''Technological Risks:''' Issues like scalability, transaction speed, and energy consumption are technological challenges that Bitcoin faces. How these challenges are addressed can affect its future utility and value.
+# '''Limited Historical Data:''' Compared to traditional assets, Bitcoin has a limited track record, which can make it difficult to predict future performance based on past trends.
+# '''No Intrinsic Value:''' Unlike stocks or bonds, Bitcoin does not represent a share in a company or a claim on assets, and it does not generate income. Its value is largely driven by supply and demand, making it more speculative.
+# '''Legal and Tax Implications:''' Depending on the jurisdiction, there can be legal and tax implications associated with trading and investing in Bitcoin, which can affect returns and complicate compliance.
+==Valuation==
-The "better" cryptocurrency depends on your specific needs and preferences, whether it's for fast transactions, smart contract capabilities, privacy, scalability, or other factors. Bitcoin remains the most recognized and widely adopted cryptocurrency, valued for its security, decentralization, and store of value properties. However, newer cryptocurrencies continue to innovate and address specific use cases, expanding the options available in the crypto space.
+=== What's the expected return of an investment in Bitcoin? ===
+The Stockhub users estimate that the expected return of an investment in Bitcoin over the next five years is 5x, which equates to an annual return of 39%. In other words, an £100,000 investment in the asset is expected to return £500,000 in five years time. The assumptions used to estimate the return figure can be found in the table below.
+Assuming that a suitable return level over five years is 39% per year or less, and Bitcoin achieves its expected return level (of 39%), then an investment in Bitcoin is considered to be an 'suitable' one.
-== Market Capitalization ==
+=== What are the assumptions used to estimate the return? ===
-'''Major Cryptoassets By Percentage of Total Market Capitalization (Bitcoin Dominance Chart) - 2023'''<ref>https://coinmarketcap.com/charts/</ref> '''and Market Capitalisation in terms of billions of dollars'''<ref>https://coinmarketcap.com/</ref>
 {| class="wikitable"
-|+
+|+Key inputs
-!
+!Description
-!Market Capitalisation (%)
+!Value
-!Market Capitalisation ($ billions)
+!Commentary
 |-
-|'''Bitcoin'''
+|What's the estimated current size of the total addressable market?
-|48.47%
+|$40,000,000,000,000
-|582.24
+|The total value of narrow money globally is estimated at $40 trillion as at 13th November 2023, according to The Money Project.
 |-
-|Ethereum
+|What is the estimated investment lifespan?
-|19.12%
+|250 years
-|229.32
+|
 |-
-|Tether
+|What's the estimated annual growth rate of the total addressable market over the lifecycle of the investment?
-|6.89%
+|0.83%
-|83.75
+|We have assumed that the growth rate of the TAM is the same as global population growth, which is 0.83% in 2022.
 |-
-|XRP
+|What's the estimated investment peak market share?
-|3.09%
+|10%
-|42.54
+|The Stockhub users estimate that especially given the key benefit of the asset, the peak market share of Bitcoin is around 10.00%, and, therefore, suggests using the share amount here. As of 14th November 2023, Bitcoin's current share of the market is estimated at around 1.77%.
 |-
-|BNB
+|Which distribution function do you want to use to estimate investment value?
-|3.22%
+|Gaussian
-|37.16
+|Research suggests that the value pattern of investments is similar to the pattern produced by the Gaussian distribution function (i.e. the revenue distribution is bell shaped), so the Stockhub users suggest using that function here.
 |-
-|USD Coin
+|What's the estimated standard deviation of asset value?
-|2.25%
+|50 years
-|26.92
+|Another way of asking this question is this way: within how many years either side of the mean does 68% of value occur? Based on Bitcoin's current price (i.e. $37,257.50) and Bitcoin's estimated lifespan (i.e. 250 years), the Stockhub users suggest using 50 years (i.e. 68% of all sales happen within 100 years either side of the mean year), so that's what's used here.
 |-
-|Cardano
+|What's the current value of the investment?
-|0.94%
+|$709,551,271,083
-|10.94
+|According to Yahoo Finance, the current value of Bitcoin as of 15th November 2023 is $709,551,271,083.<ref name=":0">https://finance.yahoo.com/cryptocurrencies/</ref> Bitcoin currently trades at $36,310<ref name=":0" /> and the maximum number of coins is 21 million.
 |-
-|Solana
+|Which time period do you want to use to estimate the expected return?
-|0.91%
+|Between now and five years time
-|10.65
+|Research suggests that following a market crash, the average amount of time it takes for the price of a stock market to return to its pre-crash level (i.e. the recovery period) is at least three years. Accordingly, Stockhub suggests that to account for general market cyclicity, it's best to estimate the expected return of the investment between now and five years time.
 |-
-|Dogecoin
+|Which valuation recommendation method do you want to use?
-|0.83%
+|Relative
-|9.82
+|There's two main types of valuation recommendation methods, relative and absolute. The relative method determines the investment recommendation relative to other investments (e.g. the investment is "suitable" if it's within say the top 10% of the investment universe in terms of investment returns), whereas the absolute method determines the recommendation based on a fixed return amount (e.g. the investment is "suitable" if it returns 50% or more). Assuming sufficient data, the Stockhub users suggest using the relative method.
 |-
-|TRON
+|Which top proportion of the investment universe constitutes a "suitable" rating?
-|0.60%
+|10%
-|7.19
+|The proportion depends on the user's preference. That said, typically, the higher the proportion, the higher the risk associated with the investment.
 |-
-|Others
+|Which universe of investments do you want to use?
-|13.69%
+|All investments
-|N/A
+|If the main objective of the user is to maximise investment returns, then the Stockhub users suggest using 'all investments' as the investment universe.
 |}
-==Valuation==
-The total value of narrow money (physical money, demand deposits, liquid assets held by the bank, etc...) in circulation globally is estimated at around $40 trillion as of 2021 <ref>[https://www.money-mentor.org/how-much-money-is-in-the-world#:~:text=According%20to%20a%202021%20report,circulation%2C%20that%20is%20narrow%20money. https://www.money-mentor.org/how-much-money-is-in-the-world#:~:text=According%20to%20a%202021%20report,circulation%2C%20that%20is%20narrow%20money.]</ref>. Meanwhile, the total value of Bitcoin as of July 2023 is $580 billion<ref name=":0">https://finance.yahoo.com/cryptocurrencies/</ref>. Accordingly, Bitcoin's share of the global money supply is 1.45%.
+===Sensitivity analysis===
-Bitcoin currently trades at $29,078<ref name=":0" /> and the maximum number of coins is 21 million. As of July 2023, there are currently 19.4 million bitcoins in circulation.
+The main inputs that result in the greatest change in the expected return of the Bitcoin investment are, in order of importance (from highest to lowest):
-As with any other good and service, Bitcoin's value is driven by its supply and demand. Even though the number of Bitcoins in circulation is strictly increasing (increasing supply in the market), Bitcoin retains its value due to the difficulty of mining Bitcoin and their production cost. This can be from the powerful hardware it demands and the energy required to mine them. The number of competing cryptocurrencies such as Ethereum can also serve as a better alternative by undercutting Bitcoin.
+#The size of the total addressable market (the default size is $40 trillion);
+#Bitcoin peak market share (the default share is 10%); and
+#The estimated Bitcoin lifespan (the default lifespan is 1,000 years).
-The lack of regulatory status for Bitcoin can be a factor to its volatility to its valuation. The absence of regulation makes it very useful for cross-border transactions as they are not subject to government-imposed controls, unlike traditional currencies. However, this can also lead to illegal transactions as ransomware commonly demand for Bitcoin as a way to pay their ransom, due to the anonymous nature of Bitcoin<ref>https://www.marsh.com/us/services/cyber-risk/insights/ransomware-paying-cyber-extortion-demands-in-cryptocurrency.html</ref>.
+The impact of a 50% change in those main inputs to the expected return of the Bitcoin investment is shown in the table below.
-Media coverage is also a factor for its volatility. In October 2021, Bitcoin's value rose to $69,000 after the SEC approved the first US-linked bitcoin-linked ETF<ref>[https://www.investopedia.com/tech/what-determines-value-1-bitcoin/#:~:text=Bitcoin%27s%20price%20is%20primarily%20affected,to%20be%20mined%20in%202140. https://www.investopedia.com/tech/what-determines-value-1-bitcoin/#:~:text=Bitcoin%27s%20price%20is%20primarily%20affected,to%20be%20mined%20in%202140.]</ref>. After a few months, however, Bitcoins's value settled at around $40,000. China also banned Bitcoin transaction in 2021 which led to a dip in demand and a 20% decrease in the value of Bitcoin. Bitcoin's value rebounded, however, after Chinese-based farms relocated.
+{| class="wikitable sortable"
+|+Bitcoin investment expected return sensitivity analysis
-The following is a graph of Bitcoin's value over time. The lowest it has been valued is at $0.09 when it first started in 2010. It peaked in October 2021 at a value of $68,991.
+!Main input
-[[File:Bitcoin price graph.png|center|520x520px|Bitcoin's price over time in GBP (credit: Google)]]
+!50% worse
+!Unchanged
+!50% better
+|-
+|The lifespan of Bitcoin
+|3x
+|5x
+|8x
+|-
+|The size of the total addressable market
+|3x
+|5x
+|8x
+|-
+|Bitcoin peak market share
+|3x
+| 5x
+|8x
+|}
 ==Actions==
@@ Line 399: / Line 456: @@
 To invest in Bitcoin, click [https://www.coinbase.com/ here].
-==References<ref>https://www.wsj.com/market-data/quotes/fx/BTCUSD/historical-prices</ref>==
+== Appendix ==
-<references />30. https://www.tradingview.com/symbols/BTCUSD/news/
+=== How does Bitcoin work? ===
+Bitcoin operates using a technology called blockchain, which is a decentralised ledger system. Here's a simplified explanation of how it works:
+# '''Transactions:''' Every Bitcoin transaction is a data unit that includes a few different items: the amount of Bitcoin being sent, the sender's address (public key), and the receiver's address.
+# '''Blockchain:''' A blockchain is a chain of blocks, where each block contains a number of transactions. Once a transaction is initiated, it is broadcast to a network of peer-to-peer computers scattered across the world.
+# '''Mining:''' To add a transaction to the blockchain, a process called mining must take place. This involves computers solving a complex mathematical problem that ultimately verifies the authenticity of the transaction. The first miner to solve the problem gets to add the block of transactions to the blockchain.
+# '''Proof of Work:''' This mathematical problem is part of a system called proof of work, which is what prevents fraudulent transactions. It ensures that altering any single record (or block) in the chain would require re-mining not just the block with the transaction, but all the subsequent blocks.
+# '''Decentralisation:''' Unlike traditional currencies, there is no central authority like a bank or government backing Bitcoin. Instead, it relies on this decentralized network of computers (miners) to process transactions.
+# '''Bitcoin Wallets:''' To use Bitcoin, you need a digital wallet. This wallet doesn't actually store your Bitcoin; instead, it holds the private keys that allow you to access your Bitcoin address (public key).
+# '''Public and Private Keys:''' A Bitcoin wallet contains a public key and a private key, which work together to allow the owner to initiate and digitally sign transactions, providing proof of authorization.
+# '''Supply Limit:''' Bitcoin also has a stipulated supply limit of 21 million coins, which is expected to be reached around the year 2140. This limited supply is one of the factors that contributes to Bitcoin's value.
+# '''Market-Driven Value:''' The value of Bitcoin is determined by what people are willing to pay for it, making it highly volatile. It's influenced by factors like supply and demand, investor sentiment, market news, and government regulation.
+# '''Anonymity and Transparency:''' While Bitcoin transactions offer some level of anonymity, all transactions are publicly recorded in the blockchain, making it transparent.
+Bitcoin's complex nature combines elements of mathematics, computer science, and economics. It represents a shift in how we think about money in the digital age.
+=== Cryptocurrencies comparisons ===
+Below is a table covering some of the most well-known cryptocurrencies and their unique characteristics.
+{| class="wikitable"
+|+This table provides a snapshot of the unique qualities of each cryptocurrency.
+!Cryptocurrency
+!Unique Feature
+|-
+|Bitcoin (BTC)
+|The first cryptocurrency, it introduced blockchain technology and operates on a proof-of-work model.
+|-
+|Ethereum (ETH)
+|Introduced smart contracts, allowing decentralised applications (dApps) to run on its blockchain.
+|-
+|Ripple (XRP)
+|Focused on international money transfers, it offers fast transaction speeds and low fees.
+|-
+|Litecoin (LTC)
+|Similar to Bitcoin but with faster block generation rate and a different hashing algorithm (Scrypt).
+|-
+|Cardano (ADA)
+|Uses a proof-of-stake model and focuses on security through a layered architecture.
+|-
+|Polkadot (DOT)
+|Enables different blockchains to transfer messages and value in a trust-free fashion; betting on blockchain interoperability.
+|-
+|Chainlink (LINK)
+|A decentralised oracle network designed to connect smart contracts with data from the real world.
+|-
+|Binance Coin (BNB)
+|Originally created as a utility token for the Binance cryptocurrency exchange, it now fuels its blockchain ecosystem.
+|-
+|Solana (SOL)
+|Known for its high throughput and low transaction costs, it uses a unique proof-of-history mechanism.
+|-
+|Dogecoin (DOGE)
+|Began as a meme but gained popularity and use, particularly for tipping and charitable donations.
+|-
+|Uniswap (UNI)
+|Pioneered the decentralised finance (DeFi) movement with an automated liquidity protocol on Ethereum.
+|-
+|Monero (XMR)
+|Focuses on privacy and anonymity, using ring signatures and stealth addresses to obscure transaction details.
+|}
+{| class="wikitable"
+|+
+!Currency/Asset
+!First Cryptocurrency
+!Smart Contract Capabilities
+!Focused on International Transfers
+!Faster Transaction Speeds
+!Proof-of-Stake Pioneer
+!Blockchain Interoperability
+!Decentralized Oracle Network
+!Exchange's Native Token
+!Proof-of-History Consensus
+!Meme-Based Origins
+!Automated Liquidity Protocol
+!Focus on Privacy
+!Fiat Currency
+!Physical Asset
+|-
+|Bitcoin (BTC)
+|style="background: green; color: white;" |✓
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|-
+|Ethereum (ETH)
+|style="background: red; color: white;" |✗
+|style="background: green; color: white;" |✓
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|-
+|Ripple (XRP)
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: green; color: white;" |✓
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|-
+|Litecoin (LTC)
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: green; color: white;" |✓
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|-
+|Cardano (ADA)
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: green; color: white;" |✓
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|-
+|Polkadot (DOT)
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: green; color: white;" |✓
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|-
+|Chainlink (LINK)
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: green; color: white;" |✓
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|-
+|Binance Coin (BNB)
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: green; color: white;" |✓
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|-
+|Solana (SOL)
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: green; color: white;" |✓
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|-
+|Dogecoin (DOGE)
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: green; color: white;" |✓
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|-
+|Uniswap (UNI)
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: green; color: white;" |✓
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|-
+|Monero (XMR)
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: green; color: white;" |✓
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|-
+|USD (United States Dollar)
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: green; color: white;" |✓
+|style="background: red; color: white;" |✗
+|-
+|Gold
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: red; color: white;" |✗
+|style="background: green; color: white;" |✓
+|}
+=== Beta risk profile ===
+{| class="wikitable"
+|+
+!Beta value
+!Risk rating
+|-
+|style="background: green; color: white;" |0 to 0.50
+|style="background: green; color: white;" | Low
+|-
+|style="background: orange; color: white;" | 0.50 to 1.50
+|style="background: orange; color: white;" | Medium
+|-
+|style="background: red; color: white;" | 1.50 to 3.00
+|style="background: red; color: white;" | High
+|-
+|style="background: purple; color: white;" | 3.00 and above
+|style="background: purple; color: white;" | Extremely high
+|}
-.https://www.nerdwallet.com/article/investing/what-is-bitcoin#btc-definition:-what-is-bitcoin
+=== Bitcoin adjusted beta calculation ===
+{| class="wikitable"
+|+
+!Date
+!iShares MSCI World ETF unit price (USD)
+!Bitcoin share price (GBP)
+!iShares MSCI World ETF unit price change (%)
+!Bitcoin share price change (%)
+|-
+|01/11/2018
+|86.21
+|4,017.27
+|
+|
+|-
+|01/12/2018
+|78.87
+|3742.70
+| -8.51%
+| -6.83%
+|-
+|01/01/2019
+|84.96
+|3457.79
+|7.72%
+| -7.61%
+|-
+|01/02/2019
+|87.49
+|3854.79
+|2.98%
+|11.48%
+|-
+|01/03/2019
+|88.79
+|4105.40
+| 1.49%
+|6.50%
+|-
+|01/04/2019
+|92.09
+|5350.73
+|3.72%
+|30.33%
+|-
+|01/05/2019
+|86.76
+|8574.50
+| -5.79%
+|60.25%
+|-
+|01/06/2019
+|91.02
+|10817.16
+|4.91%
+|26.15%
+|-
+|01/07/2019
+|91.86
+|10085.63
+|0.92%
+| -6.76%
+|-
+|01/08/2019
+|89.84
+|9630.66
+| -2.20%
+| -4.51%
+|-
+|01/09/2019
+|91.78
+|8293.87
+|2.16%
+| -13.88%
+|-
+|01/10/2019
+|94.12
+|9199.58
+|2.55%
+|10.92%
+|-
+|01/11/2019
+|96.76
+|7569.63
+|2.80%
+| -17.72%
+|-
+|01/12/2019
+|98.78
+|7193.60
+|2.09%
+| -4.97%
+|-
+|01/01/2020
+|97.73
+|9350.53
+| -1.06%
+|29.98%
+|-
+|01/02/2020
+|89.67
+|8599.51
+| -8.25%
+| -8.03%
+|-
+|01/03/2020
+|77.93
+|6438.64
+| -13.09%
+| -25.13%
+|-
+|01/04/2020
+|86.36
+|8658.55
+|10.82%
+|34.48%
+|-
+|01/05/2020
+|90.7
+|9461.06
+|5.03%
+|9.27%
+|-
+|01/06/2020
+|92.14
+|9137.99
+|1.59%
+| -3.41%
+|-
+|01/07/2020
+|96.65
+|11323.47
+|4.89%
+|23.92%
+|-
+|01/08/2020
+|102.96
+|11680.82
+|6.53%
+|3.16%
+|-
+|01/09/2020
+|99.52
+|10784.49
+| -3.34%
+| -7.67%
+|-
+|01/10/2020
+|96.53
+|13781.00
+| -3.00%
+|27.79%
+|-
+|01/11/2020
+|108.94
+|19625.84
+|12.86%
+|42.41%
+|-
+|01/12/2020
+|112.41
+|29001.72
+|3.19%
+|47.77%
+|-
+|01/01/2021
+|111.49
+|33114.36
+| -0.82%
+|14.18%
+|-
+|01/02/2021
+|114.27
+|45137.77
+|2.49%
+|36.31%
+|-
+|01/03/2021
+|118.49
+|58918.83
+|3.69%
+|30.53%
+|-
+|01/04/2021
+|123.61
+|57750.18
+|4.32%
+| -1.98%
+|-
+|01/05/2021
+|125.6
+|37332.86
+|1.61%
+| -35.35%
+|-
+|01/06/2021
+|126.57
+|35040.84
+|0.77%
+| -6.14%
+|-
+|01/07/2021
+|128.83
+|41626.20
+|1.79%
+|18.79%
+|-
+|01/08/2021
+|132.02
+|47166.69
+|2.48%
+|13.31%
+|-
+|01/09/2021
+|126.46
+|43790.89
+| -4.21%
+| -7.16%
+|-
+|01/10/2021
+|133.84
+|61318.96
+|5.84%
+|40.03%
+|-
+|01/11/2021
+|131.1
+|57005.43
+| -2.05%
+| -7.03%
+|-
+|01/12/2021
+|135.32
+|46306.45
+|3.22%
+| -18.77%
+|-
+|01/01/2022
+|128.32
+|38483.13
+| -5.17%
+| -16.89%
+|-
+|01/02/2022
+|124.58
+|43193.23
+| -2.91%
+|12.24%
+|-
+|01/03/2022
+|128.16
+|45538.68
+|2.87%
+|5.43%
+|-
+|01/04/2022
+|117.42
+|37714.88
+| -8.38%
+| -17.18%
+|-
+|01/05/2022
+|117.94
+|31792.31
+|0.44%
+| -15.70%
+|-
+|01/06/2022
+|106.88
+|19784.73
+| -9.38%
+| -37.77%
+|-
+|01/07/2022
+|115.57
+|23336.90
+|8.13%
+|17.95%
+|-
+|01/08/2022
+|110.28
+|20049.76
+| -4.58%
+| -14.09%
+|-
+|01/09/2022
+|99.95
+|19431.79
+| -9.37%
+| -3.08%
+|-
+|01/10/2022
+|107.42
+|20495.77
+|7.47%
+|5.48%
+|-
+|01/11/2022
+|115.44
+|17168.57
+|7.47%
+| -16.23%
+|-
+|01/12/2022
+|109.25
+|16547.50
+| -5.36%
+| -3.62%
+|-
+|01/01/2023
+|117.01
+|23139.28
+|7.10%
+|39.84%
+|-
+|01/02/2023
+|113.98
+|23147.35
+| -2.59%
+|0.03%
+|-
+|01/03/2023
+|117.67
+|28478.48
+|3.24%
+|23.03%
+|-
+|01/04/2023
+|119.79
+|29268.81
+|1.80%
+|2.78%
+|-
+|01/05/2023
+|118.6
+|27219.66
+| -0.99%
+| -7.00%
+|-
+|01/06/2023
+|124.52
+|30477.25
+|4.99%
+|11.97%
+|-
+|01/07/2023
+|128.54
+|29230.11
+|3.23%
+| -4.09%
+|-
+|01/08/2023
+|125.7
+|25931.47
+| -2.21%
+| -11.29%
+|-
+|01/09/2023
+|120.17
+|26967.92
+| -4.40%
+|4.00%
+|-
+|01/10/2023
+|117.11
+|34667.78
+| -2.55%
+|28.55%
+|-
+|01/11/2023
+|122.84
+|37313.97
+|4.89%
+|7.63%
+|}
+{| class="wikitable"
+|+Bitcoin beta and adjusted beta value
+!
+!Beta
+!Adjusted beta
+!Comment(s)
+|-
+|Consistent (monthly) intervals between data points
+|1.64
+|1.42
+|
+|}
-.https://money.usnews.com/investing/articles/the-history-of-bitcoin
+=== Glossary ===
+Here's a glossary of key terms commonly used in the cryptocurrency and blockchain space:
-.https://cryptocurrencyfacts.com/uses-bitcoin/
+# '''Blockchain:''' A digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
+# '''Bitcoin (BTC):''' The first and most well-known cryptocurrency, which introduced blockchain technology.
+# '''Ethereum (ETH):''' A blockchain platform known for its smart contract functionality, allowing developers to build decentralised applications.
+# '''Smart Contract:''' A self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code.
+# '''Ripple (XRP):''' A digital payment protocol and cryptocurrency known for its digital payment protocol more than its cryptocurrency.
+# '''Litecoin (LTC):''' A peer-to-peer cryptocurrency often considered the silver to Bitcoin's gold.
+# '''Cardano (ADA):''' A blockchain platform that aims to be a more secure and scalable infrastructure for developing decentralised applications and smart contracts.
+# '''Polkadot (DOT):''' A multi-chain interchange and translation architecture which allows customised side-chains to connect with public blockchains.
+# '''Chainlink (LINK):''' A decentralised oracle network designed to connect blockchain-based smart contracts to external data sources.
+# '''Binance Coin (BNB):''' Originally a utility token for the Binance cryptocurrency exchange, now used to power its ecosystem.
+# '''Solana (SOL):''' A high-performance blockchain supporting builders around the world creating crypto apps that scale today.
+# '''Dogecoin (DOGE):''' A cryptocurrency that started as a meme but grew to have a large online community and real-world usage.
+# '''Uniswap (UNI):''' A popular decentralised trading protocol, known for facilitating automated trading of decentralised finance (DeFi) tokens.
+# '''Monero (XMR):''' A privacy-focused cryptocurrency that obfuscates sender, recipient, and amount in transactions.
+# '''Proof of Work (PoW):''' A consensus mechanism that requires participants to perform computationally intensive tasks to validate transactions and create new blocks.
+# '''Proof of Stake (PoS):''' A consensus mechanism where validators are chosen to create new blocks based on the number of coins they hold and are willing to "stake" as collateral.
+# '''Decentralised Finance (DeFi):''' Financial services, including lending, borrowing, and trading, provided on a decentralised network typically built on blockchain technology.
+# '''Non-Fungible Token (NFT):''' A type of cryptographic token on a blockchain that represents a unique asset, such as digital art, collectibles, or real estate.
+# '''Cryptocurrency Wallet:''' A digital wallet used to store, send, and receive cryptocurrencies like Bitcoin and Ethereum.
+# '''Decentralised Applications (dApps):''' Digital applications or programs that exist and run on a blockchain or peer-to-peer network of computers instead of a single computer, and are outside the purview and control of a single authority.
-.https://www.mordorintelligence.com/industry-reports/cryptocurrency-market
+==References==
+<references />
 [[Category:Thesis]]
 [[Category:Equities]]
 __INDEX__