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On the other hand, however, Conlon and McGee doubt the diversification potential of Bitcoin, since, analyzing portfolio returns during the worldwide Covid crisis, they find that even a small allocation to Bitcoin significantly increases portfolio downside risk. Baek and Elbeck report substantial volatility for Bitcoin and consider it to be a highly speculative asset; similarly, Lara and Demmler , taking into account daily returns for the period , report high values of volatility and other risk measures for the Bitcoin market price.

In line with the mentioned studies, Agosto and Cafferata classify Bitcoin as pure financial asset and object of speculative activity. Even international central banks publicly warn of investment risks associated with cryptocurrencies like Bitcoin and their potential to worsen future financial crises Weidmann, Because of studies that identify Bitcoin and cryptocurrencies in general as speculative assets, it is not clear in the financial literature whether cryptocurrencies such as Bitcoin should be considered as alternative currencies or speculative investment vehicles.

For example, Fry and Cheah claim that two currency functions store of value and unit of account are not adequately covered by Bitcoin. Hence, it is at least questionable whether Bitcoin could be characterized as a currency. Asset Price Bubbles Definition and Characteristics There exist numerous definitions of an asset price bubble. For example, according to Kindleberger and Aliber , an asset price bubble can be defined as a phenomenon in financial markets, which is based on speculation and where the market price of an asset first sharply increases and then collapses.

Agosto and Cafferata also differentiate between these two main phases of a financial bubble: expansion of the bubble and crash. These authors define asset price bubbles as extremely rapid accelerations of an asset's market price-from a statistical perspective, they are usually referred to as explosive behaviors-, followed by drastic market price drops. Additionally, Jarrow et al. At this point, an asset's market price can be defined as the visible price for which the asset is exchanged between its buyers and sellers and depends solely on the factors of current demand and supply.

On the other hand, the fundamental value also known as fair or intrinsic value is the result of a sophisticated analysis fundamental analysis , which determines the present value of the asset's future cash flows. In other words, the fundamental value is what the asset should cost if its market valuation was fair. In their definition of an asset price bubble, Blanchard and Watson include a reference to its cause. They state that a financial bubble is a movement in the market price of an asset that is not justified by fundamental news.

Thus, according to these authors, a bubble is caused by factors different from fundamental information fundamental information refers to information that changes the fundamental value of an asset. According to the efficient market hypothesis Fama, , ; Jensen, -still one of the dominating theories in financial literature nowadays-, only this type of information drives market prices.

In fact, the efficient market hypothesis interprets financial bubbles as inefficiencies, i. Therefore, in the efficient market hypothesis, market prices and fundamental values are equal and asset price bubbles cannot emerge. Therefore, numerous historical examples of asset price bubbles exist within different types of markets, including, for example, stocks, bonds, real estate, crude oil, and even tulip bulbs.

There is a multitude of theoretical approaches with reference to the explanation of asset price bubbles. Generally, financial literature establishes a difference between rational and irrational bubbles. On the one hand, rational financial bubbles are in line with the rational benefit maximizing investment behavior of market participants. On the other hand, irrational bubbles contradict rational investment behaviors. Under this category fall, for example, theories that define financial bubbles as fashions and fads Camerer, ; Shiller, Furthermore, nowadays, behavioral finance approaches provide very promising and convincing irrational explanations for asset price bubbles.

One of the most important and influential behavioral approaches is the positive feedback theory of bubbles of Nobel laureate Robert J. Shiller , Central to this theory is a feedback mechanism that provokes both the expansion and crash of the bubble. According to the author, in the expansion phase, an exponentially growing demand results in exponentially growing market prices of the asset, while in the crash phase an exponentially growing supply leads to falling market prices.

With respect to this feedback mechanism, Shiller uses the medical term epidemic in order to express the importance of social interactions between market participants, which underlie the described demand and supply processes during a financial bubble. Regarding the positive feedback theory of Shiller , Demmler enumerates a variety of behavioral anomalies for instance, investor sentiment, herding, selective awareness, biased self-attribution, overconfidence, etc. Similarly, Akerlof and Shiller put instinctive investment behaviors forward as a subject of discussion within financial decision-making processes and speculative phenomena like asset price bubbles.

The South Sea Bubble as an Example of a Historical Asset Price Bubble Since , the year of the first registered asset price bubble tulipmania in the Netherlands Garber, , numerous examples of financial bubbles have been seen on the international financial markets until today. Among these historical financial bubbles, Demmler mentions, for example, the asset price bubble of the roaring twenties of the twentieth century on the US stock market, which principally affected stocks of the then innovative sectors of media, telephone, electronics, aerospace, power supply, and chemical industry.

Finally, the more recent subprime bubble Brunnermeier, on the US housing market should be mentioned here, which resulted in worldwide recessional tendencies at the beginning of The present article has a special interest in yet another historical financial bubble, which will be part of the statistical analysis. Hence, this specific bubble should be presented in more depth.

However, this bubble was not limited to this single enterprise as it spread to numerous other newly founded firms that became known as "bubble companies" Frehen et al. As can be seen in Figure 2 , the entire financial bubble only lasted about one year.

At the beginning of , the South Sea Company stock quoted at pounds; the maximum market price was reached at the end of June with pounds. Until the end of the year, the asset price bubble was eliminated again as the Company's market price fell back to pounds.

Figure 2 clearly shows the typical phases expansion and crash of an asset price bubble. Garber estimates that before the beginning of the crash of the South Sea Bubble, the South Sea Company was about 5 times overvalued in comparison to its fundamental value. Source: European State Finance Database For example, Grinberg indicates the possibility that the Bitcoin network could be vulnerable to speculative movements, similar, for example, to asset price bubbles.

Regarding the fundamental value of the cryptocurrency Bitcoin, Weidmann is convinced that it does not have an intrinsic value. In line with this argument, Cheah and Fry also calculate the fundamental value of Bitcoin with 0. Consequently, every positive market price of Bitcoin would fulfill the direct definition of an asset price bubble.

In general, Chen and Hafner believe that cryptocurrencies could be more vulnerable to financial bubbles than, for example, stock markets. They consider that within cryptocurrency markets, compared to stock markets, a necessary stabilizing process that aligns potentially differing market prices and fundamental values is more difficult due to greater effects of existing limits of arbitrage e. In another research study, Phillips and Gorse a , after analyzing four cryptocurrencies including Bitcoin, came to the conclusion that cryptocurrencies in general are vulnerable to speculative investment behavior and bubble-like price growth in case of increasing interest levels of market participants.

Furthermore, Phillips and Gorse b , using social media and trading volume data, show that financial bubbles in cryptocurrencies can be predicted by epidemic modelling. Moreover, and in line with Shiller , they provide empirical evidence that asset price bubbles mirror the social epidemic-like spread of an investment idea among market participants. Cryptocurrency exchanges are platforms that allow traders to buy and sell cryptocurrencies, derivatives and other crypto-related assets.

Nowadays, there is a wide variety of crypto exchanges to choose from, and they all have advantages in one aspect or another. Find out more about the best crypto exchanges, and select the one to help you meet your crypto-related investment goals.

Top Crypto Exchanges Globally Crypto exchanges first started emerging with the release of the Bitcoin white paper in Ever since the original cryptocurrency launched globally, crypto exchanges began looking for ways to make crypto-trading legal and accessible to more people. The first couple of years after the release of Bitcoin were quite turbulent, with many exchanges tumbling under legislative pressure.

However, some of the top crypto exchanges of the time managed to persevere and become leaders, holding their position to the present day. One of the most prominent names in the crypto exchanges industry is Binance. Founded in , the exchange quickly reached the number one spot by trade volumes, registering more than USD 36 billion in trades by the beginning of Gemini is another big name in the cryptocurrency exchange sphere.

Founded in by none other than the Winklevoss twins, Gemini has managed to solidify its position in the charts with more than USD million in trading volume generated. Not only that, but the Winklevoss brothers also launched the Gemini Dollar token. Last but not least, there is Coinbase , the largest exchange by trading volume in the United States, and probably the most prominent name out there.

Brian Armstrong and Fred Ehrsam founded Coinbase in , and today it has customers in more than one hundred and ninety countries globally. The exchange processes large trading volumes, reaching a total of more than USD 2 billion at the beginning of There are several different methods in which cryptocurrency exchanges can make a profit. All of these involve the introduction of fees for processing transactions. Probably the most popular transaction fee is percentage-based: this means that the exchange charges the trader a percentage of the traded value to complete the transaction.

Percentage fees vary significantly between platforms, which is why it is essential to do your research before selecting an exchange to work with. Some exchanges also offer a flat-fee charge, which does not take into account the amount of traded cryptocurrency but charges a set amount for every successful transaction. This might be a good choice for big-time traders looking to exchange large amounts of cryptocurrency, as a percentage-based fee would probably be higher.

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You also may want to check the bitcoin charts. How To Start Bitcoin Mining To begin mining bitcoins , you'll need to acquire bitcoin mining hardware. In the early days of bitcoin, it was possible to mine with your computer CPU or high speed video processor card. Today that's no longer possible. Custom Bitcoin ASIC chips offer performance up to x the capability of older systems have come to dominate the Bitcoin mining industry.

Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It's essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. Several companies such as Avalon offer excellent systems built specifically for bitcoin mining.

This greatly simplifies the process but increases risk because you do not control the actual physical hardware. Being listed in this section is NOT an endorsement of these services. There have been a tremendous amount of Bitcoin cloud mining scams. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available. Hashing 24 Review : Hashing24 has been involved with Bitcoin mining since They have facilities in Iceland and Georgia.

Minex Review : Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more.

Though many of these individuals have condemned this issue and move on, some have prompted solutions: how do we make Bitcoin more energy efficient? Others have simply taken the defensive position, stating that the Bitcoin energy problem may be exaggerated.

The Bitcoin mining community also attests that the expansion of mining can help lead to the construction of new solar and wind farms in the future. Moreover, the energy consumption of Bitcoin can easily be tracked and traced, which the same cannot be said of the other two sectors.

Those who defend Bitcoin also note that the complex validation process creates a more secure transaction system, which justifies the energy usage. Another point that Bitcoin proponents make is that the energy usage required by Bitcoin is all-inclusive such that it encompasess the process of creating, securing, using and transporting Bitcoin. Whereas with other financial sectors, this is not the case. For example, when calculating the carbon footprint of a payment processing system like Visa, they fail to calculate the energy required to print money or power ATMs, or smartphones, bank branches, security vehicles, among other components in the payment processing and banking supply chain.

What exactly are governments and nonprofits doing to reduce Bitcoin energy consumption? Earlier this year in the U. S, specifically highlighting their concerns regarding fossil fuel consumption. Leaders also discussed the current debate surrounding the coal-to-crypto trend, particularly regarding the number of coal plants in New York and Pennsylvania that are in the process of being repurposed into mining farms.

Aside from congressional hearings, there are private sector crypto initiatives dedicated to solving environmental issues such as the Crypto Climate Accord and Bitcoin Mining Council. In fact, the Crypto Climate Accord proposes a plan to eliminate all greenhouse gas emissions by , And, due to the innovative potential of Bitcoin, it is reasonable to believe that such grand plans may be achieved.

Bitcoin is the first decentralized, peer-to-peer digital currency. One of its most important functions is that it is used as a decentralized store of value. In other words, it provides for ownership rights as a physical asset or as a unit of account. However, the latter store-of-value function has been debated.

Many crypto enthusiasts and economists believe that high-scale adoption of the top currency will lead us to a new modern financial world where transaction amounts will be denominated in smaller units. The smallest units of Bitcoin, 0. The top crypto is considered a store of value, like gold, for many — rather than a currency.

This idea of the first cryptocurrency as a store of value, instead of a payment method, means that many people buy the crypto and hold onto it long-term or HODL rather than spending it on items like you would typically spend a dollar — treating it as digital gold. Crypto Wallets The most popular wallets for cryptocurrency include both hot and cold wallets. Cryptocurrency wallets vary from hot wallets and cold wallets. Hot wallets are able to be connected to the web, while cold wallets are used for keeping large amounts of coins outside of the internet.

Some of the top crypto hot wallets include Exodus, Electrum and Mycelium. Still not sure of which wallet to use? For example, if users A and B are disagreeing on whether an incoming transaction is valid, a hard fork could make the transaction valid to users A and B, but not to user C. A hard fork is a protocol upgrade that is not backward compatible.

This means every node computer connected to the Bitcoin network using a client that performs the task of validating and relaying transactions needs to upgrade before the new blockchain with the hard fork activates and rejects any blocks or transactions from the old blockchain.

The old blockchain will continue to exist and will continue to accept transactions, although it may be incompatible with other newer Bitcoin clients. Since old nodes will recognise the new blocks as valid, a soft fork is backward-compatible.

This kind of fork requires only a majority of the miners upgrading to enforce the new rules. Bitcoin Cash has been hard forked since its original forking, with the creation of Bitcoin SV. What Is Taproot? Taproot is a soft fork that bundles together BIP , and and aims to improve the scalability, efficiency, and privacy of the blockchain by introducing several new features.

MAST introduces a condition allowing the sender and recipient of a transaction to sign off on its settlement together. Schnorr Signature allows users to aggregate several signatures into one for a single transaction. This results in multi-signature transactions looking the same as regular transactions or more complex ones.

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