Bitcoin marketing

By plenty of standards, Bitcoin is a failure. As the product of an algorithm with no inherent value or claim to a stream of revenue, Bitcoin fails the traditional test of a financial asset. The only logical question left is, what constitutes a fair price? By Eswar Prasad. Join now to read the full story Get Started.

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The New Republic

Financial Innovation volume 6 , Article number: 13 Cite this article. Metrics details. Bitcoin is currently the leading global provider of cryptocurrency. Cryptocurrency allows users to safely and anonymously use the Internet to perform digital currency transfers and storage.

In recent years, the Bitcoin network has attracted investors, businesses, and corporations while facilitating services and product deals. Moreover, Bitcoin has made itself the dominant source of decentralized cryptocurrency. While considerable research has been done concerning Bitcoin network analysis, limited research has been conducted on predicting the Bitcoin price.

The purpose of this study is to predict the price of Bitcoin and changes therein using the grey system theory. The first order grey model GM 1,1 is used for this purpose. It uses a first-order differential equation to model the trend of time series. Cryptographic currencies represent a growing asset class that has attracted much attention from financial communities.

Cryptocurrencies are digital cash and payment systems that are encrypted in a blockchain system Hayes The four main cryptocurrencies currently on the market are Bitcoin, Ethereum, Ripple, and Litecoin. The list is constantly changing as investors grow. Bitcoin, Etherum, and Litecoin use the same network of computers to store the same copies of all transactions.

Therefore, the possibility of any anomalies is highly unlikely and the network is completely safe Iwamura et al. Bitcoin is currently trading at the top of the cryptocurrencies list.

Each cryptocurrency has its own rules concerning the maximum amount of money, currency production, privacy, transaction rates added to the blockchain, and the various mechanisms used by miners to compete among each other and earn rewards Indera et al. Bitcoin is a decentralized electronic exchange system and represents a major change in the global financial system.

Its system is based on peer-to-peer and cryptographic protocols and is not managed by any government or bank Vidal It operates on the basis of a collusive and uncertain system in which all transactions are placed in an open ledger called blockchain Guo and Liang Due to limited resources, low transaction costs, and ease of transferring, Bitcoin has gained popularity rapidly in recent years across the globe.

It has led to cryptocurrencies being recognized as an asset to the economy, and its reach extends to markets around the world Hayes Stock market prediction is difficult due to its volatile and changeable nature Kou et al.

For example, Adebiyi et al. It presents a hybridized approach which combines the use of the variables of technical and fundamental analysis of stock market indicators for prediction of future price of stock in order to improve on the existing approaches. More details can be found in other works, such as Cocianu and Grigoryan and Ma et al. Bitcoin is a fresh market that is still in its transition phase; therefore, a lot of fluctuations can still be observed Briere et al.

Due to its unstable nature, cryptocurrency prediction is not an easy task. Interestingly, based on the information provided from the website www. Therefore, studying its prediction is of great importance and researchers are becoming focused on it.

This study aims to investigate Bitcoin price and its fluctuation using grey system theory. The rest of this study is structured as follows: in Section 2, the history of Bitcoin and previous works are discussed, while Section 3 provides an introduction to the grey system theory. The model GM 1,1 is applied for predicting Bitcoin prices in Section 4 and examples and numerical results are also provided in this section. Lastly, the conclusion to our study is provided in Section 5.

Satoshi Nakamoto is the creator of Bitcoin Nakamoto This name was used for the first time in and it is still unclear if this is a real name or nickname. The article introduced a kind of digital currency that later became Bitcoin.

In June , Nakamoto launched the peer to peer Bitcoin network Kaushal that allows individual members of the network to track all transactions, and started to mine Bitcoin. During the early days of crypto mining, there were few miners in the network.

Therefore, the mining difficulty was low Franco, These few miners were able to extract huge amounts of Bitcoin. Interestingly, none of these Bitcoins had ever been spent, but the reason behind it is unknown. However, it is obvious that as soon as these Bitcoins are spent by Nakamoto, his identity will be known, as blockchain transactions are trackable by everyone in the network and the transfer of these Bitcoins to a person can be tracked in the real world Franco, Nakamoto deliberately created a decentralized network and stated that after the bitter experiences of the nineties and more than a decade of public trust in third parties and their systems, many people use a decentralized network Nakamoto Bitcoin is a digital currency that uses protocols and cryptographic algorithms to determine the security of transactions and to create new ones Renato and Dos Bitcoin is the first transfer and transaction system that uses nodes and that does not use third party processing and confirmation of transactions.

Bitcoin allows direct transactions between individuals, which is the main feature that distinguishes it from traditional currencies. The fact that Bitcoin does not need third-party agencies is one of the reasons for its popularity. This unique characteristic means that the entire system is decentralized Brito and Castilllo The network assumes that most nodes—which are, in fact, individuals—are honest and intercepts all transactions. The Bitcoin system does not have a mediating entity and no third party for managing transactions; therefore, several existing nodes process each transaction.

These nodes are responsible for registering each transaction in a public ledger called a blockchain. Miners perform the calculation needed to record the data and a completed and verified process chooses a miner as the winner to update the blockchain. Each participant has a revised version of the audit, and therefore, the entire system is decentralized Elwell et al, Renato and Dos examined the system type of Bitcoin and concluded that the Bitcoin network is not a complex system with only algorithmic complexity, and that it will probably not enter a chaotic phase.

The advantages of using a blockchain network are: transparency of information, no need for third parties, the possibility of international payments, anonymity of users, irreversible payments, no transaction tax, low transaction costs, and a low risk of theft.

As Bitcoin is used by ordinary people and because of its lack of relevance to other assets, Bitcoin has become an attractive option for investors. Therefore, the ability to predict prices would be a great help for investors.

Considering the importance of the topic, many researchers have recently studied Bitcoin price prediction. Almeida et al. The main problem with their method is the requirement of a large amount data for the prediction.

Shah and Zhang used the nonparametric classification technique developed by Chen et al. Madan et al. Georgoula et al. The result showed that the amount of Wikipedia hits and hash rates in the network had a positive relationship with the Bitcoin price. In another study, Matta et al. They examined whether the general feeling that aggregates in a set of Twitter posts could be used to predict changes in the Bitcoin market.

Some studies obtained similar results using wavelets Kristoufek ; Vidal For example, Kristoufek found a direct connection between search engine views, hash rates, and bitcoin mining complexity in the long term by analyzing the dependency of the microwaves on the Bitcoin price.

Ciaian et al. They found that market forces and Bitcoin attractiveness are two major factors in determining the Bitcoin price. Bouri et al. Their results showed that Bitcoin could work as a diversifier in this market. Based on these previous studies, it is clear that the Bitcoin price is dependent on many nondeterministic factors, and that predicting the price is not an easy task.

This study proposes grey system theory for predicting the Bitcoin price. The next section introduces a grey model for predicting the Bitcoin price and shows that this method is more suitable and more accurate than existing models. The grey system theory is a non-statistical method of forecasting non-linear time series Cen et al. The grey system theory was introduced by Deng in early and it quickly developed in the field of forecasting concerning—among others—economics, industry, and natural phenomena Deng Black represents unknown information and white represents known information, while grey signifies information that are partially known Deng ; Liu et al.

The GM n, m model is a grey prediction model in which n denotes the degree of differential equation used in the model and m denotes the number of variables. The GM 1,1 model is a classic grey prediction model.

The key reasons for researchers using the GM 1,1 model is the simplicity of its modeling, the implementation of the model, and the low need for time data. In this system, four observation points are needed to check for uncertain data and to reduce the error rate Liu and Lin The GM 1,1 model is a first-order grey pattern used to predict a time series.

In this model, a system is easily described by a first-order differential equation and the template is updated whenever new data becomes available. To coincide the randomness of the data, an accumulative generation operator AGO is used. The differential equation GM 1,1 calculates the values associated with n steps ahead of the prediction system.

The end goal of using this predicted value and the inverse accumulative generation operator I-AGO is to obtain the main value of the predicted data Liu and Lin The GM 1,1 algorithm is as follows:. By the discretization of eq. Next, we calculate the values of a and b using an ordinary least squares estimation.

In our model, the parameter a is the development index and b is the grey trigger value. The accuracy of the GM 1,1 model depends on the values of a and b as well as the selection of the initial conditions during the modeling process. Thus, selecting the initial values of the parameter is imperative to improve the accuracy of this method Liu et al. A time window analysis is therefore used to achieve a more accurate prediction Li et al. For this study, the data concerning the Bitcoin price are obtained from the website www.

The final Bitcoin price in a day is considered as its closing price. At first, four initial data points are considered and the fifth data is predicted.

Research Features

Cryptocurrency has been experiencing a massive boom in recent years, particularly when it comes to marketing. Companies are now using these currencies not only to fund their marketing attempts but also to make their companies stand out compared to others. When it first debuted, cryptocurrency was considered a niche that would never become mainstream. However, Bitcoins and other types of cryptocurrency have begun gaining more legitimacy lately. Companies such as PayPal, Visa, Mastercard, Square, and Cash App have expanded to accept cryptocurrencies and provide investment platforms for those interested in these coins. The incentives to accept Bitcoins and other cryptocurrencies have been increasing over the last few years.

Based on 1-min price changes recorded since year , the fluctuation properties of the rapidly emerging Bitcoin market are assessed over chosen.

'Bitcoin Is Not Naturally Going Down': Market Reacts To Buying The Dip

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What 2022 may have in store for the cryptocurrency investor

bitcoin marketing

Bitcoin is a new currency that was created in by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men — meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games. But much of the hype is about getting rich by trading it.

Analysts closely watching crypto said the Federal Reserve's hint at raising interest rates sooner than expected caused many investors to sell off their bitcoin holdings and turn toward safer investments.

24 Steps To Make Your Cryptocurrency Marketing Campaign A Success

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Why the Market is Thinking About Bitcoin Differently

Despite being rated as one of the highly potent cryptocurrencies of , Bitgert has not started the widely anticipated bull run yet. What is being experienced right now is a price surge driven by the trust investors have in Bitgert and the project potential. The upcoming Bitgert products will be the major drivers of the bull run. A look at the Bitgert roadmap and the updates the team provides shows that one of the key products, Brise centralized exchange, will launch in Q1. This is when the bull run is expected to be felt.

A month ago, Bitcoin was setting a new record high at $68,, leading a cryptocurrency market that topped $3 trillion in valuation for the.

Financial intermediation versus disintermediation: Opportunities and challenges in the FinTech era View all 9 Articles. The present work investigates the impact on financial intermediation of distributed ledger technology DLT , which is usually associated with the blockchain technology and is at the base of the cryptocurrencies' development. For this reason, the present analysis is focused on studying its price determination, which seems to be still almost unpredictable. We carry out an empirical analysis based on a cost of production model, trying to detect whether the Bitcoin price could be justified by and connected to the profits and costs associated with the mining effort.

Bitcoin is again in the news. Does bitcoin offer something unique as an emerging store of value, blending some of the benefits of technology and gold? Chi Lo , senior economist for Greater China, provides his analysis. Theoretically and legally, cryptocurrencies such as bitcoin are not money despite what some people may think.

Big auction houses are becoming cautious about South Asia digitals.

Initial coin offerings ICOs funding for startups has exceeded the more traditional venture funding, has leveled the playing field and is an exciting opportunity for entrepreneurs. Now anyone, anywhere in the world with the idea that people believe in can fund their business with a crowdsale. There are over 1, of emerging altcoins alternative cryptocurrencies in the circulation with great promise of application beyond currency. And more are being created every day. This includes disruption of the online media and publishing with advancements in decentralized social media, content management systems and advertising platforms. The technical-knowhow and the experience of the team is the backbone of every crypto project that wants to have a bright, long-term future. A good online marketing campaign with a clear and open communication can do wonders and help differentiate your business in the jungle of thousands of projects.

According to a blogpost, the Halo and Destiny creator will remain an independent publisher, working alongside Playstation Studios. As of yesterday 31 January when Sony announced the acquisition, their shares climbed 4. The Justice Department replacement will investigate whether the merger, which has until June to be completed, will cause harm to competition down the line. The platform have successfully kept up with the rising crypto sector, which grew by

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