Okay let’s be honest here. If I had to estimate how many people truly understand the
beauty of blockchain technology and cryptocurrency, I’d have to say that around 15% of the members within the digital asset space can comprehend a fraction of the revolution. In an analysis done by Sinclair Davidson, Jason Potts, and Primavera De Filippi, they highlight that blockchain technology in itself is a revolutionary technology in that “it undermines the strong case fo the economic efficiency of hierarchies (which exploits incomplete contracts) and relational contracting (which requires trust between parties) over markets. To the extent that blockchains can eliminate opportunism, they will be at a competitive advantage of traditional organizational hierarchies and relational contracts” (Davidson et al. 16). In fact, instead of looking at blockchain as a new form of general purpose technology, such as transistors, computers, internets, the authors argue that it...
by Lewis Park
All research was acquired by Wolfie Zhao’s segment in TheBlock
We all know that Bitcoin will be around for a long time. At least, for those of us who truly believe in the technology that powers Bitcoin, we know that Bitcoin is fundamentally bullish and has been the first innovative piece of finance since the creation of the first documented ledger system in the form of double-entry bookkeeping created by the Jewish community in Roman civilization. Bitcoin’s characteristics of being censorship resistance, deflationary, limited in supply, decentralized, etc., are all factors that would enable it to be the native internet token that the world desperately needs to help even the playing field for the little guys. In fact, Bitcoin has always championed equality, and it is a no brainer for people to support its success throughout the known world.
Then there’s China.
Recently, China has cracked down on Bitcoin mining, an...
Bitcoin and Ethereum miner revenue declined massively in June. Bitcoin has seen the largest decrease in total mining revenue in its history as June ends. A reduction in total transactions and fees are the main contributing factors to the total value dropping 42% from May 2021 to June 2021.
Total daily transactions saw a significant drop in the month of June. Levels haven’t been this low since August 2018. June saw roughly 100,000 fewer daily transactions in comparison to the all-time high of 300,000 daily transactions occurring just a month before in May. Both total users and fee rates saw a large reduction rate, with total users dropping 62% and the share of bitcoin mining revenue from transaction fees fell to 5% in June from about 9% in May.
Bitcoin’s hash rate has seen a 50% decrease since its peak in May. China’s recent crackdown on cryptocurrencies has been the largest contributing factor with a reported 90% of Bitcoin’s mining capacity being shut down...