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The adoption of Bitcoin technology follows a hierarchical pattern of speculative bubbles that matches the shape of Gartner's hype curve, which distinguishes five phases. In the study, after presenting Gartner's hype cycle, I present the life cycle of Bitcoin using the hype cycle. Bitcoin can be identified with the first four phases of the hype cycle, but it has not yet entered the last phase. The reason for this can be traced back to the periodically forming bubbles, which can also be identified with the hype cycle. In the next part of the study, I present these bubbles and the factors that shape them, such as herding behavior. On 8th of January 2009, the programmer Nakamoto published Bitcoin - a software protocol that allows decentralized transmission and storage of value - on a mailing list. Nakamoto's invention is preceded by several failed attempts to create virtual currencies such as DigiCash, Hashcash or Bitgold. Bitcoin represents a technological innovation as it represents much more than existing cryptographic ideas. The design of Bitcoin's system specifically addressed deep technical and conceptual issues that previous proposals for digital currency systems either did not fully address or simply could not address. Specifically, Hashcash and Bitgold were undermined by two fundamental problems that Nakamoto's design solved: self-monetization of cryptocurrency and decentralization of network governance. While the Hashcash system, for example, lacked inflation control, …
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