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Is Bitcoin a Store of Value?

When you think of a safe-haven asset, precious metals like gold or silver probably come to mind. They’re investments that individuals flock to as hedges against turmoil in traditional markets. The debate over whether Bitcoin follows in the footsteps of these assets rages on. In this article, we’ll look at some of the main arguments for and against Bitcoin being a store of value.

Introduction

When you think of a safe-haven asset, precious metals like gold or silver probably come to mind. They’re investments that individuals flock to as hedges against turmoil in traditional markets.

The debate over whether Bitcoin follows in the footsteps of these assets rages on. In this article, we’ll look at some of the main arguments for and against Bitcoin being a store of value.

What is a store of value?

A store of value is an asset that’s capable of retaining value over time. If you purchased a good store of value today, you could be reasonably certain that its value would not depreciate over time. In the future, you would expect the asset to be worth just as much (if not more so).

When you think of such a “safe haven” asset, gold or silver probably come to mind. There are a handful of reasons why these have traditionally held value, which we’ll get into shortly.

What makes a good store of value?

To understand what makes a good store of value, let’s first explore what might make a poor store of value. If we want something to be preserved for long periods of time, it stands to reason that it needs to be durable.

Consider food. Apples and bananas have some intrinsic value, as humans require nutrition to live. When food is scarce, these items would no doubt be highly valuable. But that doesn’t make them a good store of value. They’ll be worth a lot less if you keep them in a safe for several years because they’ll obviously degrade.

But what about something intrinsically valuable that’s also durable? Say, dry pasta? That’s better in the long run, but there’s still no guarantee that it holds value. Pasta is cheaply produced from readily-available resources. Anyone can flood the market with more pasta, so the pasta in circulation will depreciate in value as supply outweighs demand. Therefore, for something to maintain value, it must also be scarce.

Some consider fiat currencies (dollars, euros, yen) a good way to store wealth as they retain value in the long term. But they’re actually poor stores of value because the purchasing power drops significantly as more units are created (just like the pasta). You could withdraw your life savings and stash them under your mattress for twenty years, but they won’t have the same purchasing power when you eventually decide to spend them.

In the year 2000, $100,000 could buy you a lot more than it can today. This is mainly due to inflation, which refers to the increase in the price of goods and services. In many cases, inflation is caused by an excessive supply of fiat currency due to the government practice of printing more money.

To illustrate, suppose that you hold 25% of the total supply of $100 billion – so, $25 billion. Time goes on, and the government decides to print, for instance, an additional $800 billion to stimulate the economy. Your piece of the pie has suddenly dropped to ~3%. There’s a lot more money in circulation, so it stands to reason that your share doesn’t hold as much purchasing power as it used to.

The loss of purchasing power over time. The loss of purchasing power over time.

Like our pasta mentioned earlier, dollars are not expensive to produce. The above can happen in a matter of days. With a good store of value, it should be challenging to flood the market with new units. In other words, your piece of the pie should dilute very slowly, if at all.

Taking gold as an example, we know that its supply is finite. We also know that it’s very difficult to mine. So even if the demand for gold suddenly rises, it’s not a matter of firing up a printer to create more. It has to be extracted from the ground, as always. Though there’s an influx in demand, supply can’t be materially increased to cater to it.

The case for Bitcoin as a store of value

From the early days of Bitcoin, proponents have made the case for the cryptocurrency being more akin to “digital gold” than simple digital currency. In recent years, this narrative has been echoed by many Bitcoin enthusiasts.

The store of value thesis for Bitcoin argues that it’s one of the soundest assets known to man. Proponents of the thesis believe that Bitcoin is the best way to store wealth such that it isn’t devalued over time.

Bitcoin is known for wild volatility. It might seem unintuitive that an asset that can lose 20% of its value in a day is considered by many as a store of value. But even factoring in its many drops, it remains the best performing asset class to date.

So, why has Bitcoin been hailed as a store of value?

Scarcity

Perhaps one of the most persuasive arguments for the store of value thesis is that Bitcoin has a finite supply. As you may remember from our article "What is Bitcoin?", there will never be more than 21 million bitcoins. The protocol makes sure of this with a hardcoded rule.

As time goes on, the reward diminishes due to events known as mining, which is somewhat analogous to how gold is mined. But instead of drilling into the Earth, Bitcoin miners must crack a cryptographic puzzle using computational power. Doing so will earn them fresh coins.

As time goes on, the reward diminishes due to events known as halvings. If you guessed that this halves the reward, you’d be absolutely right. In the early days of Bitcoin, the system rewarded 50 BTC to any miner that produced a valid block. During the first halving, this number was reduced to 25 BTC. The subsequent halving cut it in half to 12.5 BTC, and the next one will slash miners’ reward to 6.25 bitcoins per block. This process will continue on for another 100+ years until the final fraction of a coin has entered into circulation.

Let’s model this similarly to our fiat currency example from earlier. Suppose you bought 25% of the Bitcoin supply (i.e., 5,250,000 coins) many years ago. When you acquired these coins, you knew that your percentage would remain the same because there’s no entity capable of adding more coins to the system. There’s no government here – well, not in the traditional sense (more on this shortly). So if you bought (and HODLed) 25% of the maximum supply in 2010, you still own 25% of it today.

Decentralization

It’s open-source software, you might be thinking. I can copy the code and make my own version with an additional 100 million coins.

You could indeed do that. Let’s say you clone the software, make the changes, and run a node. Everything seems to be working fine. There’s just one problem: there are no other nodes to connect to. You see, as soon as you changed the parameters of your software, members on the Bitcoin network started ignoring you. You’ve forked, and the program you’re running is no longer what’s globally accepted as Bitcoin.

What you’ve just done is functionally equivalent to taking a photo of the Mona Lisa and claiming there are now two Mona Lisas. You can convince yourself that that’s the case, but good luck convincing anyone else.

We said that there was a kind of government in Bitcoin. That government is made up of every user that runs the software. The only way in which the protocol can be changed is if the majority of users agree on changes.

Convincing a majority to add coins would be no easy task – after all, you’re asking them to debase their own holdings. As it stands today, even seemingly insignificant features take years to reach consensus across the network.

As it grows bigger in size, pushing changes will only get more difficult. Holders can, therefore, be reasonably confident that the supply won’t be inflated. While the software is man-made, the decentralization of the network means that Bitcoin acts more like a natural resource than code that can be arbitrarily changed.

The properties of good money

Believers in the store of value thesis also point to features of Bitcoin that make it good money. It’s not just a scarce digital resource, but one that shares characteristics that have traditionally been adopted in currencies for centuries.

Gold has been used as money across civilizations since their inception. There are a handful of reasons for this. We’ve talked about durability and scarcity already. These can make good assets, but not necessarily good forms of currency. For that, you want fungibility, portability, and divisibility.

Fungibility

Fungibility means that units are indistinguishable. With gold, you can take any two ounces, and they’ll be worth the same. This is true of things like stocks and cash as well. It doesn’t matter which particular unit you’re holding – it’ll hold an equal value to any other of the same kind.

Bitcoin fungibility is a tricky subject. It shouldn’t really matter what coin you’re holding. In most cases, 1 BTC = 1 BTC. Where it gets complicated is when you consider that each unit can be linked back to previous transactions. There are cases where businesses blacklist funds that they believe have been involved in criminal activities, even if the holder received them after.

Should it matter? It’s hard to see why. When you’re paying for something with a dollar bill, neither you or the merchant know where it was used three transactions ago. There’s no concept of transaction history – new bills aren’t worth more than used ones.

In a worst-case scenario, however, it’s possible that the older bitcoins (with more history) are sold for less than newer bitcoins. Depending on who you ask, this scenario could be either the greatest threat to Bitcoin or not something to worry about. For now, anyway, Bitcoin is functionally fungible. There have only been isolated incidents of coins being frozen due to suspicious history.

Portability

Portability denotes the ease of transporting an asset. $10,000 in $100 bills? Easy enough to move around. $10,000 worth of oil? Not so much.

Good currency needs to have a small form factor. It needs to be easy to carry so that individuals can pay each other for goods and services.

Gold has traditionally been excellent in this regard. At the time of this writing, a standard gold coin holds almost $1,500 in value. It’s unlikely that you’d be making purchases worth a full ounce of gold, so smaller denominations take up even less space.

Bitcoin is actually superior to precious metals when it comes to transportability. It doesn’t even have a physical footprint. You could store trillions of dollars worth of wealth on a hardware device that fits in the palm of your hand.

Moving one billion dollars of value in gold (over 20 tons currently) requires tremendous effort and expense. Even with cash, you would need to carry several pallets of $100 bills. With Bitcoin, you can send the same amount anywhere in the world for less than a dollar.

Divisibility

Another vital quality of currency is its divisibility – that is, the ability to split it into smaller units. With gold, you can take a one-ounce coin and cut it down the middle to produce two half-ounce units. You might lose a premium for destroying the nice drawing of an eagle or buffalo on it, but the gold value remains the same. You can cut your half-ounce unit again and again to produce smaller denominations.

Divisibility is another area where Bitcoin excels. There are only twenty-one million coins, but each one is made up of one-hundred million smaller units (satoshis). This gives users a great deal of control over their transactions, as they can specify an amount to send up to eight decimal places. Bitcoin’s divisibility also makes it easier for small investors to buy fractions of BTC.

Store of Value, Medium of Exchange and Unit of Account

The sentiment is divided on Bitcoin’s current role. Many believe that Bitcoin is simply a currency – a tool to move funds from point A to point B. We’ll get into this in the next section, but this view is contrary to what many store of value proponents defend.

SoV proponents argue that Bitcoin must go through stages before it becomes the ultimate currency. It begins as a collectible (arguably where we are now): it has proven itself as functional and secure but has only been adopted by a small niche. Its core audience consists primarily of hobbyists and speculators.

Only once there is greater education, infrastructure for institutions, and more confidence in its capability to retain value can it progress to the next stage: store of value. Some believe it has already reached this level.

At this point, Bitcoin isn’t widely spent due to Gresham’s law, which states that bad money drives out good money. What this means is that, when presented with two kinds of currency, individuals will be inclined to spend the inferior one and to hoard the superior one. Users of Bitcoin prefer to spend fiat currencies, as they have little faith in their long-term survival. They hold (or HODL) their bitcoins, as they believe that they’ll retain value.

If the Bitcoin network continues to grow, more users will adopt it, liquidity will increase, and the price will become more stable. Because of stronger stability, there won’t be as much of an incentive to hold it in hopes of higher gains in the future. So we could expect it to be used a lot more in commerce and daily payments, as a strong medium of exchange.

Increased usage further stabilizes the price. In the final stage, Bitcoin would become a unit of account – it would be used to price other assets. Just as you might price a gallon of oil at $4, a world where Bitcoin reigns as money would have you measuring its value in bitcoins.

If these three monetary milestones are achieved, proponents see a future where Bitcoin has become a new standard that displaces the currencies used today.

The case against Bitcoin as a store of value

The arguments presented in the previous section may sound completely logical to some and like insanity to others. There are a handful of criticisms of the idea of Bitcoin as “digital gold,” coming both from Bitcoiners and from cryptocurrency skeptics.

Bitcoin as digital cash

Many are quick to point to the Bitcoin white paper when a disagreement on the topic arises. To them, it’s apparent that Satoshi intended for Bitcoin to be spent from the get-go. In fact, it’s in the very title of the paper: Bitcoin: A Peer-to-Peer Electronic Cash System.

The argument suggests that Bitcoin can only be valuable if users spend their coins. By hoarding them, you’re not aiding adoption – you’re harming it. If Bitcoin isn’t widely appreciated as digital cash, its core proposition is driven not by utility, but by speculation.

These ideological differences led to a significant fork in 2017. The minority of Bitcoiners wanted a system with bigger blocks, which meant cheaper transaction fees. Due to increased usage of the original network, the cost of a transaction could rise dramatically, and price many users out of lower-value transactions. If there’s an average fee of $10, it makes little sense for you to spend coins on a $3 purchase.

The forked network is known now as Bitcoin Cash. The original network rolled out its own upgrade around the time, known as SegWit. SegWit did nominally increase the capacity of the blocks, but that was not its main goal. It also laid the groundwork for the Lightning Network, which seeks to facilitate low-fee transactions by pushing them off-chain.

In practice, however, the Lightning Network is far from perfect. Regular Bitcoin transactions are considerably easier to understand, whereas managing Lightning Network channels and capacity comes with a steep learning curve. It remains to be seen whether it can be streamlined, or whether the solution’s design is fundamentally too complex to abstract away.

Because of the rising demand for block space, on-chain transactions are no longer as cheap at busy times. As such, one could put forward the argument that not increasing the block size damages Bitcoin’s usability as currency.

No intrinsic value

To many, the comparison between gold and Bitcoin is absurd. The history of gold is, essentially, the history of civilization. The precious metal has been a critical part of societies for thousands of years. Admittedly, it’s lost some of its dominance since the eradication of the gold standard but nonetheless remains the quintessential safe-haven asset.

Indeed, it does seem like a stretch to compare the network effects of the king of assets to an eleven-year-old protocol. Gold has been revered both as a status symbol and as an industrial metal for millennia.

In contrast, Bitcoin has no use outside of its network. You can’t use it as a conductor in electronics, nor can you craft it into a massive shiny chain when you decide to launch a hip-hop career. It may emulate gold (mining, finite supply, etc.), but that doesn’t change the fact that it’s a digital asset.

To an extent, all money is a shared belief – the dollar only has value because the government says so and society accepts it. Gold only has value because everyone agrees that it does. Bitcoin isn’t any different, but those that give it value are still a tiny group in the grand scheme. You’ve likely had many conversations in your personal life where you’ve had to explain what it is because the vast majority of people are unaware of it.

Volatility and correlation

Those that got into Bitcoin early have certainly enjoyed their wealth growing by orders of magnitude. To them, it has indeed stored value – and then some. But those that purchased their first coins at all-time high have no such experience. Many had big losses by selling at any point afterward.

Bitcoin is incredibly volatile, and its markets are unpredictable. Metals like gold and silver have insignificant fluctuations in comparison. You could make the case that it’s too early, and that the price will eventually stabilize. But that, in itself, could point to Bitcoin not currently being a store of value.

There’s also Bitcoin’s relation to traditional markets to consider. Since Bitcoin’s inception, they’ve been on a steady uptrend. The cryptocurrency hasn’t truly been tested as a safe-haven asset if all other asset classes are also doing well. Bitcoin enthusiasts might refer to it as “uncorrelated” with other assets, but there’s just no way of knowing that until other assets suffer while Bitcoin remains steady.

Tulip Mania and Beanie Babies

It wouldn’t be a proper criticism of Bitcoin’s store of value properties if we didn’t bring up the comparisons to Tulip Mania and Beanie Babies. These are weak analogies at the best of times, but they serve to illustrate the dangers of a bursting bubble.

In both instances, investors flocked to buy items that they perceived to be rare in the hopes of reselling them for a profit. In and of themselves, the items weren’t that valuable – they were relatively easy to produce. The bubble popped when investors realized that they were overvaluing their investments massively, and the markets for tulips and Beanie babies subsequently collapsed.

Again, these are weak analogies. Bitcoin’s value does stem from users’ belief in it but, unlike tulips, more cannot be grown to satisfy demand. That said, nothing guarantees that investors won’t see Bitcoin as overvalued in the future, causing its own bubble to burst.

Closing thoughts

Bitcoin certainly shares most of the features of a store of value like gold. The number of units is finite, the network is decentralized enough to offer security to holders, and it can be used to hold and transfer value.

Ultimately, it must still prove its worth as a safe-haven asset – it’s too early to say for sure. Things could go both ways – the world may flee to Bitcoin in times of economic turmoil, or it could continue to be used only by a minority group.

Time will tell.

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The Wyckoff Method Explained

The Wyckoff Method Explained
Данный торговый метод был разработан Ричардом Вайкоффом в начале 1930-х годов. Он состоит из ряда принципов и стратегий, изначально разработанных для трейдеров и инвесторов. Вайкофф посвятил значительную часть своего жизненного опыта для изучения поведений на рынке, и его работа до сих пор оказывает влияние на большую часть современного технического анализа (ТА). В настоящее время, метод Вайкоффа применяется ко всем видам финансовых рынков, хотя изначально он был ориентирован только на акции.
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An Introduction to The Dow Theory

An Introduction to The Dow Theory
Essentially, the Dow Theory is a framework for technical analysis, which is based on the writings of Charles Dow concerning market theory. Dow was the founder and editor of the Wall Street Journal and the co-founder of Dow Jones & Company. As part of the company, he helped create the first stock index, known as the Dow Jones Transportation Index (DJT), followed by the Dow Jones Industrial Average (DJIA).
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Об инвестировании, хаосе и аппроксимации рынка

Об инвестировании, хаосе и аппроксимации рынка
Данную статью я решил написать, потому что мне часто пишут в личных сообщениях с вопросами, насколько профессиональна ваша команда управляющих? Владеете ли вы инсайдерской информацией при торговле? Как поведет себя портфель на падающем рынке? и так далее. Ниже я постараюсь прояснить стратегии, и кратко объяснить почему они работают. На просторах Сети полным полно торговых стратегий, материалов, мануалов, готовых решений, сборок, обученных нейросетей и прочего добра, посвященного прогнозированию цен на криптовалютные и традиционные биржевые активы, пахнущего быстрыми и легкими доходами с минимумом усилий. И хоть пишут их разные люди, с разными подходами, на разных платформах и с разными парадигмами, у них всех есть один неизменный общий атрибут — они не работают. Другими словами с их помощью невозможно со стопроцентной вероятностью спрогнозировать куда пойдет график в том или ином отрезке времени в будущем.
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What Is Livepeer (LPT)?

What Is Livepeer (LPT)?
Livepeer is a decentralized video protocol built on the Ethereum blockchain. It was designed for anyone to seamlessly integrate video content into applications in a decentralized manner and at a fraction of the cost of traditional solutions. Decentralization of video processing is accomplished by distributing the transcoding process to a network of node operators. Transcoding is an essential step in ensuring smooth delivery of video content to end users. It involves taking raw video files and converting them to the optimal state for each end user, based on factors such as device screen size or internet connection.
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Что делать с долларом сегодня

Что делать с долларом сегодня
Сегодня в России для россиян доллар становится очень токсичной валютой. То есть им (долларом) тяжело владеть, если ты владеешь им, то на тебя накладывают различные комиссии, вы наверное уже в курсе, что есть комиссия за хранение валюты на брокерских счетах, на банковских счетах, блокируют swift переводы и так далее. В чём главная опасность? И почему банки сейчас так выжимают людей из доллара? Главная опасность в возможной блокировке российских банков, а точнее корреспондентских счетов российских банков в иностранных банках. Что это такое? В чём суть?
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What Are Nodes?

What Are Nodes?
The definition of a node may vary according to the context. When it comes to computer or telecommunication networks, nodes may act either as a redistribution point or as a communication endpoint. Usually, a node consists of a physical network device, but there are some cases where virtual nodes are used.
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Coin Mixing and CoinJoins Explained

Coin Mixing and CoinJoins Explained
Bitcoin is often referred to as digital cash, but this is a questionable comparison. If Alice pays Bob ten dollars in cash, Bob has no idea where the money came from. If he later goes on to give it to Carol, she will be unable to deduce that Alice was once in possession of it. Bitcoin is different because of its inherent public nature. The history of a given coin (more precisely, an unspent transaction output or UTXO) can be trivially observed by anyone. It’s a bit like writing the transaction amount and names of participants on a bill every time it’s used.
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What Is Anti-Money Laundering (AML)?

What Is Anti-Money Laundering (AML)?
AML regulations attempt to stop the illegal laundering of illicit funds. Individual governments and multinational organizations like the FATF legislate against money laundering activities. Money laundering takes “dirty” money and turns it into clean money. This can be done by disguising the origins of the funds, mixing them with legitimate transactions, or investing them into legal assets.
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What Are Crypto Cards and How Do They Work?

What Are Crypto Cards and How Do They Work?
A typical crypto card lets you earn crypto rewards or instantly convert your crypto to fiat currency to pay for goods and services. Both Mastercard and Visa issue crypto cards, meaning you can use your crypto in millions of locations globally. A prepaid crypto card is similar to a debit card in that it has to be pre-loaded with crypto to spend. You can get a crypto card from a licensed issuer such as a crypto exchange or bank. However, crypto cards aren't without risk. Your funds stored on the card can still lose their market value, and any transactions you make with your card are likely to be taxable.
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What Is Play-to-Earn and How to Cash Out?

What Is Play-to-Earn and How to Cash Out?
Play-to-earn games allow users to farm or collect crypto and NFTs that can be sold on the market. By playing the game regularly, each player can earn more items or tokens to sell and generate an income. Some players have even begun to supplement or replace their salaries playing these blockchain games. However, such activity involves risk, as you typically need to put up an initial investment to purchase characters and items to play the game. Blockchain helps guarantee the collectibility of these items and create working digital economies. Blockchain technology and NFTs allowed for the creation of digital items that are impossible to duplicate. This created the concept of digital scarcity.
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What Is Uniswap and How Does It Work?

What Is Uniswap and How Does It Work?
Uniswap is a set of computer programs that run on the Ethereum blockchain and allow for decentralized token swaps. It works with the help of unicorns (as illustrated by their logo). Traders can exchange Ethereum tokens on Uniswap without having to trust anyone with their funds. Meanwhile, anyone can lend their crypto to special reserves called liquidity pools. In exchange for providing money to these pools, they earn fees. How do these magical unicorns convert one token to the other? What do you need to use Uniswap? Let’s read on.
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Mining Pools Explained

Mining Pools Explained
Mining is integral to the security of Proof of Work blockchains. By computing hashes with certain properties, participants are able to secure cryptocurrency networks without the need for a central authority. When Bitcoin first launched in 2009, anyone with a regular PC could compete with other miners to guess a valid hash for the next block. That’s because the mining difficulty was low. There wasn’t much hash rate on the network. As such, you didn’t need specialized hardware to add new blocks to the blockchain.
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Who Is Satoshi Nakamoto?

Who Is Satoshi Nakamoto?
Satoshi Nakamoto is the pseudonym behind the development of Bitcoin and the authorship of the original Bitcoin whitepaper. The question “who is Satoshi Nakamoto?” has led to speculation of their true identity as well as people falsely claiming they are Satoshi Nakamoto. The creator of Bitcoin has been clouded in mystery for more than a decade. However, it’s clear that Satoshi still owns bitcoins since their public keys were traced from the genesis block, which Satoshi mined.
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What Is Cryptocurrency Mining?

What Is Cryptocurrency Mining?
Cryptocurrency mining refers to the process of verifying and validating blockchain transactions. It’s also the process that creates new units of cryptocurrencies. The work done by miners requires intensive computational resources, but it’s what keeps a blockchain network secure. Honest and successful miners are rewarded for their work with newly created cryptocurrencies plus transaction fees.
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A Quick Guide to Binance Dual Investment

A Quick Guide to Binance Dual Investment
We all know that to get a return on an investment, we need to buy low and sell high. Investing in cryptocurrency is no different. Binance Dual Investment provides a great way to seize Buy Low and Sell High opportunities while also providing you with additional returns. Let’s dive into how it works and exactly how you can get started.
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Hybrid PoW/PoS Consensus Explained

Hybrid PoW/PoS Consensus Explained
A blockchain’s consensus mechanism serves to ensure that there is agreement among participants on the current state of the blockchain. The consensus mechanism determines who is able to add new blocks of transactions, and one of its primary aims is to ensure that the chain is not re-written.
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Your Guide to Binance Earn

Your Guide to Binance Earn
Not interested in trading but still looking to increase your crypto holdings? Is the 0.05% interest your local bank offers on your savings account not exciting enough? Well, you’ll find alternative choices within the Binance Earn product suite. Binance Earn is your crypto savings account. Here, you’ll find a great variety of options for earning passive income with your crypto holdings.
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Delegated Proof of Stake Explained

Delegated Proof of Stake Explained
The Delegated Proof of Stake (DPoS) consensus algorithm is considered by many as a more efficient and democratic version of the preceding PoS mechanism. Both PoS and DPoS are used as an alternative to the Proof of Work consensus algorithm, since a PoW system requires, by design, lots of external resources. The Proof of Work algorithm makes use of a large amount of computational work in order to secure an immutable, decentralized and transparent distributed ledger. Contrarily, PoS and DPoS require fewer resources and are, by design, more sustainable and eco-friendly. To understand how Delegated Proof of Stake works, one must first grasp the basics of the Proof of Work and Proof of Stake algorithms that preceded it.
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Proof of Burn Explained

Proof of Burn Explained
While most blockchain systems either make use of a Proof of Work (PoW) or a Proof of Stake (PoS) consensus algorithm, the Proof of Burn (PoB) is being tested as a possible alternative to those.
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Proof of Authority Explained

Proof of Authority Explained
The cryptocurrency space has changed a lot since the first blockchain transaction on the Bitcoin network. Along with the well-known Proof of Work and Proof of Stake algorithms, other consensus mechanisms were proposed, with alternative methods for reaching consensus within a blockchain system.
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What Is a DoS Attack?

What Is a DoS Attack?
In short, a DoS attack (or Denial-of-Service attack) is a method used to disrupt legitimate users' access to a target network or web resource. Typically, this is accomplished by overloading the target (often a web server) with a massive amount of traffic - or by sending malicious requests that cause the target resource to malfunction or crash entirely.
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What Is a 51% Attack?

What Is a 51% Attack?
Before diving into the 51% attack, it is crucial to have a good understanding of mining and blockchain-based systems. One of the key strengths of Bitcoin and its underlying blockchain technology is the distributed nature of building and verifying data. The decentralized work of the nodes ensures that the protocol rules are being followed and that all network participants agree on the current state of the blockchain. This means that the majority of nodes need to regularly reach consensus in regards to the process of mining, to the version of the software being used, to the validity of transactions, and so forth.
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Delayed Proof of Work Explained

Delayed Proof of Work Explained
Delayed Proof of Work (dPoW) is a security mechanism designed by the Komodo project. It is basically a modified version of the Proof of Work (PoW) consensus algorithm that makes use of Bitcoin blockchain’s hashpower as a way to enhance network security. By using dPoW, Komodo developers are able to secure not only their own network but also any third-party chain that ends up joining the Komodo ecosystem in the future. In fact, dPoW can be implemented for any project that develops an independent blockchain using a UTXO model.
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What Is a Blockchain Consensus Algorithm?

What Is a Blockchain Consensus Algorithm?
A consensus algorithm is a mechanism that allows users or machines to coordinate in a distributed setting. It needs to ensure that all agents in the system can agree on a single source of truth, even if some agents fail. In other words, the system must be fault-tolerant (see also - Byzantine Fault Tolerance Explained). In a centralized setup, a single entity has power over the system. In most cases, they can make changes as they please – there isn’t some complex governance system for reaching consensus amongst many administrators.
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5 BSC Metaverse Projects You Should Know

5 BSC Metaverse Projects You Should Know
The metaverse is an online, immersive space where users can work, play, and socialize in a 3D environment. The metaverse is still developing, but blockchain technology already plays a significant role. BNB Smart Chain (BSC) is the home to many metaverse projects experimenting with play-to-earn blockchain games and community sandboxes.decentral.games lets users play and run their own casino through governance mechanisms. Cyber Dragon and Alien Worlds both provide an RPG-like experience where players have their own character, missions, and loot. TopGoal is also gaming-related but focuses on the collectability of Non-Fungible Tokens (NFTs) to represent sports stars like trading cards.
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A Beginner's Guide to Earning Passive Income With Crypto

A Beginner's Guide to Earning Passive Income With Crypto
Trading or investing in projects is one way to make money in the blockchain industry. However, that typically requires detailed research and a substantial investment of time – but it still won’t guarantee a reliable source of income. Even the best investors can experience prolonged periods of loss, and one of the ways to survive them is to have alternative sources of income.
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What Is Crypto Lending and How Does It Work?

What Is Crypto Lending and How Does It Work?
Crypto lending lets users borrow and lend cryptocurrencies for a fee or interest. You can instantly get a loan and start investing just by providing some collateral. This could be through a DeFi lending DApp or a cryptocurrency exchange. When your collateral falls below a certain value, you will need to top it up to the required level to avoid liquidation. When you return your loan plus a fee, your capital is unlocked.
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A Beginner's Guide to Decentralized Finance (DeFi)

A Beginner's Guide to Decentralized Finance (DeFi)
DeFi lets users access crypto financial services with just no more than a wallet with some crypto. A range of DApps facilitates lending, liquidity provision, swaps, staking, and more across many blockchains. While Ethereum was DeFi's original home, most blockchains with smart contract capabilities now host DeFi DApps. Smart contracts are essential to the services DeFi offers, which include staking, investing, lending, harvesting, and more.
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5 NFT Projects You Should Know

5 NFT Projects You Should Know
The interest in NFTs has exploded. While many NFT projects had a small community of enthusiasts since their early existence, 2021 has brought forth a bit of an NFT bubble. Many thought DeFi would bring mainstream adoption to the crypto space. However, it seems like the value proposition of NFTs is much easier to grasp for people not involved with blockchain technology. As such, some NFT projects have even entered the mainstream. But which ones are they?
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Top 3 NFT Projects on Binance Smart Chain

Top 3 NFT Projects on Binance Smart Chain
The demand for non-fungible tokens (NFTs) keeps growing on Binance Smart Chain (BSC). The blockchain’s speed and low transaction fees make it very attractive for both users and developers. On BSC, Battle Pets, PancakeSwap, and BakerySwap have all pushed further the limits of what an NFT can do. Both Battle Pets and BakerySwap combine collectibles with Decentralized Finance (DeFi) staking for their tokens. PancakeSwap is also experimenting with NFTs that merge collectability, financial utility, and gamification.
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Top 7 NFT Use Cases

Top 7 NFT Use Cases
Massive interest in non-fungible tokens has led to a boom in crypto-collectibles and NFT art. These are two of the most prominent use cases in the DeFi ecosystem, but they aren’t the only applications. Scarcity and uniqueness make non-fungible tokens a good match for real-world assets, logistics, music royalties, and more. As NFTs mature, we can expect to see further adoption of more experimental use cases.
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What Are NFT Games and How Do They Work?

What Are NFT Games and How Do They Work?
NFTs are unique digital collectibles on the blockchain. This feature makes them suitable to use in games as representations as characters, consumables, and other tradeable items. NFT games have become popular in the Game-fi world as a way to earn income. You can sell your in-game NFTs to other collectors and players and even earn tokens with play-to-earn models.
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What Is the Metaverse?

What Is the Metaverse?
The metaverse is a concept of a persistent, online, 3D universe that combines multiple different virtual spaces. You can think of it as a future iteration of the internet. The metaverse will allow users to work, meet, game, and socialize together in these 3D spaces.
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What Are CryptoPunks?

What Are CryptoPunks?
CryptoPunks are collectible pieces of crypto art, represented by NFTs on the Ethereum blockchain. There are 10,000 small, 8-bit-style punks, all with unique features. As one of the first famous NFT projects, they inspired a lot of crypto artists and even the development of the ERC-721 token standard for digital collectibles. The project became more popular in 2021 after some CryptoPunks were sold for millions of dollars, making them some of the most expensive NFTs.
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What Is an Automated Market Maker (AMM)?

What Is an Automated Market Maker (AMM)?
You could think of an automated market maker as a robot that’s always willing to quote you a price between two assets. Some use a simple formula like Uniswap, while Curve, Balancer and others use more complicated ones.
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A Guide to Crypto Collectibles and Non-fungible Tokens (NFTs)

A Guide to Crypto Collectibles and Non-fungible Tokens (NFTs)
The creation of Bitcoin introduced the concept of trustless, digital scarcity. Before it, the cost of digitally copying something was next to nothing. With the advent of blockchain technology, programmable digital scarcity has become possible – letting us map the digital world to the real world. Non-fungible tokens (NFTs), often referred to as crypto collectibles, expand this idea. Unlike cryptocurrencies, where each token is equal, non-fungible tokens are unique and limited in quantity.
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Decentralized Autonomous Organizations (DAOs) Explained

Decentralized Autonomous Organizations (DAOs) Explained
Blockchains are already radically transforming our financial system. However, properties such as trustlessness and immutability aren’t only useful in monetary applications. Another potential candidate ripe for disruption by this technology is governance. Blockchains could enable entirely new types of organizations that can run autonomously without the need for coordination by a central entity. This article will give an introduction to what these organizations might look like.
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A Beginner's Introduction to Cryptoeconomics

A Beginner's Introduction to Cryptoeconomics
In simple terms, cryptoeconomics provides a way to coordinate the behavior of network participants by combining cryptography with economics. More specifically, cryptoeconomics is an area of computer science that attempts to solve participant coordination problems in digital ecosystems through cryptography and economic incentives.
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Pyramid and Ponzi Schemes

Pyramid and Ponzi Schemes
Most individuals that invest in Bitcoin – or that participate in Initial Coin Offering (ICO) events – are usually concerned about two things. First, the Return of Investment (ROI), which represents the profits they will eventually make from the initial investment. Then, there is a second concern, which is related to the amount of risk involved with the investment. When the risks are too high, investors are more likely to lose their initial investment (in parts or completely), which would result in a negative ROI.
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What is Public Key Cryptography?

What is Public Key Cryptography?
Public key cryptography (PKC), also known as asymmetric cryptography, is a framework that uses both a private and a public key, as opposed to the single key used in symmetric cryptography. The use of key pairs gives PKC a unique set of characteristics and capabilities that can be utilized to solve challenges inherent in other cryptographic techniques. This form of cryptography has become an important element of modern computer security, as well as a critical component of the growing cryptocurrency ecosystem.
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History of Cryptography

History of Cryptography
Cryptography, the science of writing codes and ciphers for secure communication, is one of the most important elements that goes into making modern cryptocurrencies and blockchains possible. The cryptographic techniques used today, however, are the result of an incredibly long history of development. Since ancient times, people have used cryptography to transmit information in a secure manner. Following is the fascinating history of cryptography that has led up to the advanced and sophisticated methods used for modern digital encryption.
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What Is Axie Infinity (AXS)?

What Is Axie Infinity (AXS)?
It’s 2021, and that means you can earn money by playing games and breeding virtual pets. An easy way to think of Axie Infinity is to imagine a blockchain game that combines Pokémon, CryptoKitties, and card game elements.
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Is Bitcoin a Store of Value?

When you think of a safe-haven asset, precious metals like gold or silver probably come to mind. They’re investments that individuals flock to as hedges against turmoil in traditional markets. The debate over whether Bitcoin follows in the footsteps of these assets rages on. In this article, we’ll look at some of the main arguments for and against Bitcoin being a store of value.
When you think of a safe-haven asset, precious metals like gold or silver probably come to mind. They’re investments that individuals flock to as hedges against turmoil in traditional markets. The debate over whether Bitcoin follows in the footsteps of these assets rages on. In this article, we’ll look at some of the main arguments for and against Bitcoin being a store of value.
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Приготовьтесь! Биткойн будут сливать, но это не точно

Приготовьтесь! Биткойн будут сливать, но это не точно
Только что в Twitter наткнулся на пост от Jacob Canfield, якобы есть инсайдерская информация, о том что Bitcoin планируют сливать, дабы выбить некоторых конкурентов, потом обратно откупить, подняв стоимость до $70к.
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What Is Tether (USDT)?

What Is Tether (USDT)?
Tether (USDT) is one of the most popular stablecoins out there. It was designed to hold a one-to-one value with the US dollar. The coin exists on many different blockchains and has experienced rising trading volumes and improved liquidity over the past few years.
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More about the Crypto Fans club

More about the Crypto Fans club
Now I will tell you what our club is, how it works and what advantages it has. A minimum of water, a maximum of specifics. The club is a kind of trust fund, which consists of a team of Asset Managers, on the one hand, who invest in the crypto market, and Investors, on the other. I will not describe in this article what cryptocurrency is, why it is growing, and what are its advantages, this topic is worthy of a separate article. You can google all this, or go to coinmarketcap.com and see how the value of a particular cryptocurrency has grown at least this year, and doubts about investing in cryptocurrency should disappear.
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What Is VeChain (VET)?

What Is VeChain (VET)?
VeChain provides blockchain solutions for businesses around the globe. With plenty of existing industry blockchain applications from supply chain management to anti-counterfeiting and carbon credits, their systems have been proven in the real world. VET is the coin that underpins VeChain, where VTHO is the gas token that’s used for transactions on the VeChainThor blockchain (like Ethereum’s gas).
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What Is The Sandbox (SAND)?

What Is The Sandbox (SAND)?
The Sandbox is a play-to-earn game that combines blockchain technology, DeFi, and NFTs in a 3D metaverse. Its virtual world allows players to create and customize their games and digital assets with free design tools. The virtual goods created can then be monetized as NFTs and sold for SAND tokens on The Sandbox Marketplace.
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