Abstract:Over the last decade, numerous studies have examined the remarkable appreciation of cryptocurrencies and have typically focused on their price and the factors that predict them. In contrast, this paper argues that the success of a cryptocurrency is determined not only by its monetary value but also by the proliferation of its end users. Specifically, we hypothesize that changes in developers' and miners' activities drive the growing proliferation of a cryptocurrency's end users. Building on the Bitcoin case, w… Show more
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