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      "body": "![image.png](https://cdn.steemitimages.com/DQmVdrq66mzcbxossrKAca2f9nJ2MHVp7DVeyigQkt4ZFKc/image.png)\n\nIn 2008, Satoshi Nakamoto developed Bitcoin to challenge main-stream fi nancial markets. Today, the Bitcoin market is worth $170 billion dollars (CoinMarketCap, 2019), and represents a prime example for how individual economic actors can shape the markets they operate in. Indeed, the market-shaping concept challenged established views on markets as a-priori, self-generating realities involving seller-buyer dyads (Morgan, 2012); instead proposing that markets are plastic and malleable ecosystems, which can be reconf i gured by its participants (Nenonen & Storbacka, 2018; Nenonen, Storbacka, & Windahl, 2019). \nResearch investigating the formation of new markets traditionally adopted a “f i rm-driven market development” perspective (Martin & Schouten, 2014, p. 867), assuming fi rms are the primary actor to lead, manage and respond to the formation of markets (Dolbec & Fischer, 2015; Slimane, Chaney, Humphreys, & Leca, 2019). For example, work to date introduced concepts like market orientation (Kohli & Jaworski, 1990), proactive market orientation (Narver, Slater, & MacLachlan, 2004), or market-driving behavior (Jaworski, Kohli, & Sahay, 2000), to investigate a fi rm’s capability to alter (Ghauri, Wang, Elg, & Rosendo- Ríos, 2016), and learn from markets (Slater & Narver, 1995); linked market orientation to fi rm performance (Matsuno & Mentzer, 2000), or investigated the means by which fi rms alter the market in which they operate (Kindstr¨ om, Ottosson, & Carlborg, 2018). \nConversely, stakeholders other than fi rms, including actual or potential customers, who may be equally involved in transformative market-shaping practices (Harrison & Kjellberg, 2016), have received signif i cantly less attention in the literature (Slimane et al., 2019). Even those studies that investigated contexts where customers support market formation (i.e., brand communities (Schau, Mu˜ niz, & Arnould, 2009), have been criticized because they either remain conceptually rooted in the proactive market orientation paradigm (Narver et al., 2004), or because they adopt a ‘black box’ approach by assuming customers are a homogenous group (Dolbec & Fischer, 2015). Consequently, we know very little about how actors other than fi rms actively shape markets (Martin & Schouten, 2014; Slimane et al., 2019). More specif i cally, their roles (i.e., ‘who?’), actions (‘how?’), and resources (‘what?’), are not well understood (Mele, Pels, & Storbacka, 2015). This is a signif i cant gap in knowledge because individual actions are the building-blocks of social phenomena (Schatzki, Knorr-Cetina, & von Savigny, 2001), with Mele et al. (2015) explaining that “individual actor’s views (and asso-ciated actions) play a central role in how markets evolve” (p. 105). \nTherefore, market-shaping studies that provide “new and rich insights regarding how consumers engage with institutional demands and eventually manage to adapt or change them” Slimane et al. (2019, p. \n390) are necessary to advance the discourse in the fi eld. \nOur present work addresses the aforementioned gaps in knowledge. \nTo do this, we build on the precedence by Breidbach and Maglio (2016) and Anderson, Challagalla, and McFarland (1999) that any process, including market-shaping (Mele et al., 2015), can be explored through * Corresponding author at: Business School The University of Queensland, St Lucia, Brisbane, QLD 4072 Australia. \nE-mail address: [email protected] (C.F. Breidbach). Contents lists available at ScienceDirect Journal of Business Research journal homepage: www.elsevier.com/locate/jbusres https://doi.org/10.1016/j.jbusres.2020.09.017 Received 30 September 2019; Received in revised form 6 September 2020; Accepted 8 September 2020 \n\n\n\n\nthe constructs of market actor (who?), market resources (what?), and market action (how?). Specif i cally, we draw on empirical fi ndings from an exploratory, in-depth ethnographic study of Australian crypto-currency communities, which we conceptualize as social collectives or “assemblages of actors that affect and are affected by others or by a specif i c object or situation” (Slaby & von Scheve, 2019, p. 267). Our empirical study and inductive theory-building process (Miles & Huber-man, 1994) allows us to investigate the roles, actions and resources of individuals in social collectives shaping cryptocurrency markets, and the impact that their micro-level actions have on macro-level outcomes (Baker & Nenonen, 2020), thus culminating in three important contributions: \nFirst, we offer a theoretical contribution through a typology that identif i es and characterizes four distinct roles members of social col-lectives perform to shape cryptocurrency markets (‘who?’). Typologies are a “unique form of theory building” (Doty & Glick, 1994, p. 230) because they delineate clearly identif i able constructs, specify relation-ships between them, and can be subject to further empirical testing. As such, our present work overcomes the limitations of previous ‘black boxing’ approaches that conceptualized market-shaping actors as a ho-mogenous group (Dolbec & Fischer, 2015), and provides the much- needed complementary viewpoint to studies focussing on fi rm-driven market development (Martin & Schouten, 2014). From a managerial perspective, our typology provides an important starting point for fi nancial service providers or regulators to engage with the individuals shaping cryptocurrency markets. For example, our typology can help recognize market-trends or customer-sentiment while, ultimately, responding to Slimane et al. (2019), as well as Mele et al. (2015) call to “elicit deeper understanding of various market aspects, including mar-ket actors,” involved in market-shaping. \n\n\nSecond, we offer a novel and inductively derived theoretical model of collective market work. The model identif i es six micro-level market actions (‘how?’) with which individual members of social collectives shape cryptocurrency markets, and delineate a set of propositions out-lining the pathways with which these impact macro-level outcomes like market size, market offerings, as well as market functioning (‘what?’). \nAs such, our work provides much-needed insights into how micro-level actions in social collectives affects macro-level outcomes (Kindstr¨ om et al., 2018). We thereby respond directly to calls for empirical research (i.e., Slimane et al., 2019) to “elicit deeper understanding of various market aspects, including […] market actions” (Mele et al., 2015, p. \n110), extend prior conceptual contributions (i.e., Harrison & Kjellberg, 2016), and identify future research opportunities and managerial guidelines that enable practitioners attempting to engage in, and benef i t from, market-shaping in increasingly important cryptocurrency and ‘Fintech’ markets (Breidbach, Lim, & Keating, 2020). \nFinally, our empirical contribution is positioned at the important and largely-unexplored intersection of market-shaping and Information Technology (IT) (Luksha, 2008; O’Connor & Rice, 2013). Importantly, cryptocurrencies have already been associated with market-shaping (Nakamoto, 2008), because they fundamentally alter the role of market-participants (i.e., banks as fi nancial intermediaries become obsolete) (Breidbach et al., 2020), but received very little attention in market-shaping research to date. Here, we offer the “contemporary perspective” into market-shaping Baker, Storbacka, and Brodie (2018, p. \n19) called for. \n\n\n2. Theoretical background Neoclassical economics viewed markets as an exogenous reality that cannot be controlled by fi rms or other market-participants (Marshall, 2009). However, research in economic sociology (Granovetter, 1992), B2B marketing (Mattsson & Johanson, 2006) or consumer behavior (Scaraboto & Fischer, 2012), challenged this perception. Today, markets are viewed as social structures (Araujo, 2007), represented through complex and adaptive socio-technical-material systems (Nenonen, Storbacka, & Frethey-Bentham, 2018, p. 2), and can therefore be altered by its participants. This evolution from a neoclassical static, to a tem-porary dynamic market conceptualization, broadly coincides with the emergence of four concepts that, individually, aim to explore how eco-nomic actors alter markets: \nFirst, studies exploring market-driven organizations assume that fi rms can actively respond to opportunities and threats in a market (Slater & Narver, 1995). This perspective is well aligned with neoclassical eco-nomics because it explicitly entails reactive behavior (Slater & Narver, 1995), typically in response to a given and exogenous market structure or context fi rms adapt to, yet without altering the market itself (Jaworski et al., 2000). For example, market-driven fi rms may focus on learning from stakeholders (Jaworski et al., 2000), or develop products for well-def i ned market segments (Kumar, Scheer, & Kotler, 2000). \nSecond, proactive market-orientation studies also assume the existence of a static and exogenous market but shift their perspective away from internal fi rm-capabilities, to the actions with which fi rms respond to customers (Li, Lin, & Chu, 2008). Specif i cally, Narver et al. (2004) link proactive market-orientation to a fi rm’s ability to understand customer needs, which involves the discovery, understanding, and satisfaction of latent customer preferences (Slater & Mohr, 2006). This can take place through what Kumar et al. (2000) refer to as the ‘customer’s voice’; for example, through the use of brand communities (Schau et al., 2009). \nThird, the market-driving concept aims to explain the means with which fi rms attempt to change the structure of markets. This may, for example, take place by eliminating other market-participants (i.e., an incumbent might purchase a new market-entrant). Reshaping the mar-ket structure thereby alters customer and/or competitor roles (Jaworski et al., 2000), or their behavior (Hills & Sarin, 2003). Market-driving explicitly assumes a fi rm’s proactive role, and emphasizes its capacity to develop radical innovations (O’Connor & Rice, 2013), segment in-dustries, or impact brands and pricing (Kumar et al., 2000). \n\n\nFinally, market-shaping broadens the perspective even further by exploring an economic actor’s activities when redesigning market structures, networks, and institutions (Nenonen et al., 2019), rather than responding to exogenous structures (Nenonen & Storbacka, 2018). Ul-timately, market-shaping formulates norms concerning market behav-iour, which can provide new ‘rule of the game’ (Kjellberg & Helgesson, 2006), thereby resulting in the creation of market opportunities (Sar-asvathy, 2008), including new markets (Tuominen, Rajala, & M¨ oller, 2004), or systems (Nenonen & Storbacka, 2018). Table 1 provides an overview of all four concepts. \nResearch investigating the roles and ability of economic actors to alter markets has made important contributions to the wider business and marketing literature to date. However, existing work typically as-sumes that fi rms are the primary actor who either adapt to or transform the markets they operate in – an assumption that is increasingly being challenged (Dolbec & Fischer, 2015; Harrison & Kjellberg, 2016; Sli-mane et al., 2019). As a case in point, the wider management literature investigated the role of regulators in developing markets (i.e., Zietsma & Lawrence, 2010), while the consumer culture literature explored con-texts where customers actively contribute to the formation of markets (i. \ne., Giesler, 2008). Though valuable contributions, this body of work forms only a partial picture, as it remains conceptually rooted in the proactive market orientation paradigm (Narver et al., 2004). For example, Schau et al. (2009) investigated how brand communities act as agents in market shaping. But, brand communities are managed by fi rms to foster brand loyalty through interactions with customers (Füller, Matzler, & Hoppe, 2008), and are therefore part of fi rm’s market- development strategy (Fournier & Lee, 2009). Even those studies that explicitly investigate the role of customers as agents in market-shaping, that is without the inf l uence of, or attachment to a fi rm orchestrating their activities (i.e., France, Merrilees, and Miller (2015) work on customer brand co-creation), adopt a ‘black box’ approach by assuming customers are a single homogenous group. This resulted in a “lack [of] investigations of consumer-initiated or consumer-fuelled dynamics in shaping cryptocurrency markets is an emerging area of inquiry with limited contributions available. We therefore relied on an exploratory ethnography, as this research method allowed us to closely engage with our research context through in-depth fi eldwork (Brown, 2014), gain new insights into a previously unexplored area of inquiry (Harvey & Myers, 1995), and helped us understand market shaping, the phenomenon under investigation, as perceived by the individuals that we studied (Gobo, 2008), yet without altering the context of their reality (Baskerville & Myers, 2015). Because of these benef i ts, ethnographic research is one of the most fruitful research methods whenever inductive theory building in exploratory settings is the goal underpinning the inquiry (Myers, 1999). \nFor example, prior work in business and marketing used ethnographies to study knowledge workers (Schultze, 2000), community identity (Black & Veloutsou, 2017), or brand experience (Schembri, 2009). \n3.2. Data collection Data collection took place at grassroots cryptocurrency events in Melbourne, Australia, including Bitcoin conferences, cryptocurrency workshops, cryptocurrency networking events, or cryptocurrency mas-terclasses – settings uniquely suitable to explore the characteristics of, as well as resources and actions by individuals shaping cryptocurrency markets. This is because the behaviour and roles of attendees was clearly observable within the activities taking place (Jaworski et al., 2000). At the time of our data collection, the then-emerging cryptocurrency market was distinct from mainstream fi nancial service markets, both within Australia and internationally. Specif i cally, cryptocurrencies represented a classic textbook-case of a disruptive innovation (Chris-tensen, 2006) or ‘alpha market’ (Lusch & Watts, 2018), that did not yet meet the demands of mainstream fi nancial services or ‘beta market’ (Lusch & Watts, 2018), but was seen to potentially create a new market and disrupt mainstream fi nancial services. \nFollowing best practices for ethnographic research (Baskerville & Myers, 2015), and the precedence of prior ethnographic studies exploring collective action (Schwartzman, 1989), we adopted the role of an active participant (Brown, 2014), and collected data through obser-vations, on-site interviews, and secondary data sources (i.e., documents provided to us by participants). We attended 14 cryptocurrency events held between May and December 2017, with event-sizes ranging from 31 to 175 participants, after which we reached theoretical saturation (Miles & Huberman, 1994). Throughout each event, we participated in the same activities as other attendees, with one researcher taking fi eld notes using a notepad as well as mobile phone applications to describe interactions with others, as well as their actions (i.e., questions during a panel session). We also conducted 31 unstructured ethnographic in-terviews on site (Myers, 1999), ranging from 10 to 15 min, that were summarized immediately verbatim. After each event concluded, one researcher transferred handwritten note into Microsoft Excel spread-sheets and created memos, following procedures outlined by Miles and Huberman (1994). Additional data points collected include each event’s start/end time, topic discussed during each event, and key quotes. \nOverall, we conducted 27.5hrs of active participant observations, with the observational data, fi eld notes, and interview summaries resulting in 11,748 words for analysis. Finally, our secondary-data included photo-graphs and presentation slides provided to us, as well as pamphlets and brochures available on-site. In addition, we gained access to the attendee-list for 11 of the 14 events, which resulted in detailed infor-mation about the professional background of 729 attendees (i.e., job titles), as well as self-written statements describing their interest and experience in cryptocurrencies (attendees submitted these when regis-tering for events). \n3.3. Data analysis Data analysis followed processes outlined by Miles and Huberman (1994), and intended to inductively build theory through the creation of constructs and propositions from empirical evidence (Eisenhardt & Graebner, 2007). First, we compiled, cleaned, and organized all data into a repository. Second, we analysed data using descriptive, inter-pretive, and pattern codes, thus disassembling and reassembling the text corpus. Descriptive coding involved data-driven codes, meaning we adopted the terminology provided by participants, thus resulting in “categories and their properties” (Strauss & Corbin, 1998, p. 143) as close to the data as possible. In a subsequent stage, we relied on inter-pretive codes (Miles & Huberman, 1994), which merged descriptive codes into abstract categories. Finally, pattern codes helped us to pull interpretive codes into more parsimonious units of analysis. \nFollowing recommendations by Jaworski et al. (2000), we aimed to identify roles and actions performed by individual members in the social collectives that we studied, as these are understood to provide early indicators for market driven and market shaping phenomena (Nenonen et al., 2018).1 We used a variable-oriented strategy (Miles & Huberman, 1994), to identify and compare the characteristics of the members of the social collectives studied, and triangulated the data that we had ob-tained through observations and participant-interviews, with the data from the publicly available attendee-lists. For example, this process highlighted that one distinct group of members actively used terms and terminology associated with cryptocurrency trading and investment when describing their motivation to attend events (“prof i t”, “invest-ment”, “ICOs”), while others did not. Finally, following recommenda-tions by Doty and Glick (1994), we created a typology to summarize our fi ndings, and to identify and distinguish the roles individual members of social collectives perform as market shapers. We furthermore followed Eisenhardt and Graebner (2007) recommendation to summarize the actions of these actors as a distinct process, with propositions explaining the relationship between constructs. Collectively, this theoretical model, displayed in Fig. 2, and the typology of roles displayed in Fig. 1, represent our unique theoretical contributions. \n4. The shaping of cryptocurrency markets by social collectives 4.1. Research context This study is set in the context of grassroots cryptocurrency com-munity groups located in Melbourne, Australia. The groups that we studied met anywhere from once a week, to once a month, with indi-vidual meetings including informal gatherings, as well as formal cryp-Fig. 1. Archetypical Market Shaper Roles in Social Collectives. 1 We built on precedence by Kjellberg et al. (2012), to def i ne actions as “routine, micro-level interactions between multiple actors seeking to create value for themselves and others” (p. 219). \n\nworkshops, cryptocurrency networking evenings, or cryp-tocurrency masterclasses. All meetings took place in dedicated co- working and off i ce hubs, or communal meeting spaces. We conceptu-alize each group as a social collective, or assemblage of actors that is distinct from fi rms in that they share a common situation-specif i c un-derstanding of self, because members eventually developed an “under-standing of the self as part of a collective” (Slaby & von Scheve, 2019, p. \n267). Specif i cally, individuals self-categorize as members of a collective through socio-psychological processes, eventually acting accordingly to their self-construal. In contrast, “f i rms are relational contracts [with] distinctive routines and capabilities,” (Adelstein, 2010, p. 347), with membership being contingent on formalized processes that exclude self- categorization (i.e., hiring processes) (Slaby & von Scheve, 2019). Our conceptualization thereby aligns with the discourse in wider blockchain literature, which highlighted that “bottom-up grassroots innovation” (Simos and Tan, 2019, p. 8) is the driving force behind the growth of cryptocurrency markets. \n4.2. Roles of actors and their resources in shaping cryptocurrency markets Individual members of cryptocurrency communities performed four distinct roles when shaping cryptocurrency markets. We def i ne and conceptualize these as “Freshman”, “Trail-Blazer”, “Idealist”, and “For-tune Hunter”. Fig. 1 provides an overview, indicating the relative dis-tribution of roles in the cryptocurrency communities studied, while highlighting the degree to which each role either aimed to generate access to resources for others and themselves, or was concerned with facilitating resource exchange. \nFirst, individuals performing the “Freshman” role represented the majority of individuals in the cryptocurrency communities that we studied. Freshman were members of the general public, for example, retirees or individuals without any prior knowledge about crypto-currencies. Their involvement in the community was motivated by the desire to acquire new knowledge about cryptocurrencies like Bitcoin, but also to expand their network: \n“[I want to] gain deeper knowledge about blockchain, cryptocurrencies and its impact on the future. I am a freshman” [Participant 27, Event 12] Freshman highlighted their intention to acquire new knowledge about cryptocurrencies before purchasing them, or using related ser-vices. Consequently, Freshmen typically focused exclusively on, and were motivated by, accessing knowledge readily available within the community. Though their role was comparatively passive, the constant stream of incoming Freshmen increased the size of the communities overall. Importantly, we observed that Freshmen eventually transi-tioned into other roles within cryptocurrency communities, so that this role essentially represented a ‘stepping-stone’ into cryptocurrency markets. \nSecond, individuals performing the “Fortune-Hunter” role already had some experience with cryptocurrencies; for example, through trading, by participating in Initial Coin Offerings (ICOs), or by actively contributing to the pool of available cryptocurrencies as dedicated miners. Here, we consider it important to explain that cryptocurrency mining is a decentralized activity that, through the use of computational power and algorithms, results in the creation of new ‘coins’ (Eyal & Sirer, 2018). Unlike Freshmen, Fortune-Hunters had a sophisticated knowledge of, and interest in, cryptocurrencies beyond Bitcoin, as exemplif i ed through their language used, with technical terms like “candlesticks”, or “resistance level” frequently used. However, Fortune- Hunters were, fi rst and foremost, driven by the desire to reap monetary benef i ts for themselves: \n“I am […] involved in crypto [trading]. With cryptos, you can get 50% a month even if you are bad [at trading]” [Participant 48, Event 10] Fortune-Hunters furthermore focused on expanding the impact and relevance of cryptocurrencies in society more broadly. As a case in point, a group of Fortune-Hunters that we studied actively contributed to the alteration of taxation laws, with the intention to make cryptocurrency trading and ICOs more prof i table.2 Third, the individuals that we classif i ed as “Idealist”, were not motivated by monetary gains but aimed to build, share, and extend the knowledge and skills associated with cryptocurrencies for others. As such, Idealists’ aimed to increase the availability of new resources available within their cryptocurrency group, and included academics, students, or IT-professionals (e.g., developers). They engaged in research and development of cryptocurrency applications - to explore technical feasibility and social, rather than commercial benef i t: \n2 From July 1st 2017, buying and selling digital currency was no longer subject to GST in Australia. This decision was made in consultation with rele-vant interest groups, including the social collectives that we studied. The Australian Treasury since invited public submissions to cryptocurrency regu-lation (The Australian Government Treasury, 2019). \nC.F. Breidbach and S. Tana\n\n“How will blockchain and crypto inf l uence our future economies and politics? what other industries will it affect? how will it bring good to the society?” [Participant 51, Event 5] Finally, “Trail-Blazer” represented the smallest group overall, and included individuals attempting to engage in commercial crypto-currency activities. Trail-Blazers had profound expert-knowledge, and aimed to develop cryptocurrency solutions that would benef i t society, but also result in monetary gains. As such, Trail-Blazers integrated the characteristics of both, the Fortune-Hunters seeking monetary gains, with those of the altruistic Idealists, who aimed to contribute benef i ts to a peer-group: \n“[We are interested in] fi nancial breakthrough and social implementation using blockchain and crypto to provide new commercial platform” [Participant 71, Event 13] 4.3. Actions used to shape cryptocurrency markets Individual members of cryptocurrency communities used six micro- level actions to shape cryptocurrency markets. We structure these by drawing on Kjellberg and Helgesson (2006), differentiating between representational, exchange, and normalizing actions. \n4.3.1. Representational actions Representational actions aimed to increase market size by creating an ‘idealized’ market representation, thus encouraging others to participate in cryptocurrency markets. The fi rst representational action that we identif i ed involved indoctrination. Here, members of crypto-currency communities purposefully shaped an “image” of the crypto-currency market at large, before communicating this to others using social media. Most commonly performed by Trail-Blazers and Fortune- Hunters, indoctrination intended to build and enhance a self- conceived collective identity of what cryptocurrency markets and its participants entailed, and how they work. Specif i cally, the market was perceived as a collective representation of individuals who, through association, were able to establish mutually benef i cial relationships, networks and collaborations. The necessity to actively promote the values and intentions of the social collective to establish legitimacy of cryptocurrency markets was clearly expressed by one participant as ‘indoctrination’: \n“[…I am] exploring ways of indoctrinating blockchain technologies into organizations and society.” [Participant 86, Event 4] Closely aligned with indoctrination was the representational action shaping social identity. All members, irrespective of their role (i.e., Freshman, Idealist etc.), self-selected a specif i c identity within the community; for example, by stating their technical aff i liation or exper-tise, or through their exclusive use of technical artefacts (e.g., specif i c Bitcoin ‘wallets’). The collective shaping of social identity within the cryptocurrency communities enabled members to compare themselves with others, generated a sense of belonging, but also highlighted simi-larities or the distinctiveness of members, thereby increasing status within the group. Ultimately, the shaping of social identity by members of the social collectives we studied, made cryptocurrency markets more attractive to outsiders. Developing this desirability was a key outcome of the representational market-shaping actions, with new or incoming members explicitly highlighting how the community groups had gained their interest: \n“Interested in all things cryptocurrencies and blockchain technologies, so I went looking to fi nd a group or event to share the interest with like-minded individuals.” [Participant 18, Event 4] Ultimately, we propose: \nProposition 1.Indoctrination and the shaping of social identity are actions performed by social collectives to shape an idealized representation of the nature and functioning of markets, as well as a shared identity for all market-actors. \nProposition 2.The idealized representation of the nature and functioning of markets increases market size by attracting new market-actors. These are enticed by the roles, relationships and collaborations of existing participants. \n4.3.2. Exchange actions Exchange Actions are instances of economic exchange that recur-sively shape the market in which they take place. In the context of our present study, exchange actions that we observed included knowledge transfer and the reconf i guration of resources. Both improved the perfor-mance of members of social collectives who participate in crypto-currency markets. \nFirst, knowledge transfer was embedded into the ‘fabric’ of the cryp-tocurrency communities. As a case in point, gaining access to knowledge was the main motivation of Freshman, who interacted in a unique symbiotic relationship with Idealists, who aimed to develop and provide cryptocurrency-related insights and solutions for others. This exchange involved accumulating knowledge, evaluating it, and developing awareness of its ‘cost’. Consequently, members improved their cryptocurrency-related competencies and became higher-performing market-participants (i.e., when trading Bitcoin). This subsequently attracted new members, including prospective customers (in the case of Trail-Blazers), investment partners (in the case of Fortune-Hunters), or new Freshman, thus extending the size of the cryptocurrency market overall: \n“Learning about cryptocurrencies as an investment strategy and seeking alternative cryptocurrencies to Bitcoin” [Participant 44, Event 7] The second exchange action shaping cryptocurrency markets involved the reconf i guration of resources, which led to new market of-ferings. Specif i cally, as the available knowledge within the community increased, Trail-Blazers and Idealists were able to recombine the then available technical, legal, and intellectual resources to create even more offerings in the form of new instruments (i.e., technical applications), or rules (e.g., new smart contracts). However, in their attempt to monetize new cryptocurrency-related offerings, Trail-Blazers realized that, unlike other fi nancial services, these offerings could not yet be sold on a dedicated and established market. It therefore became evident that they had to ‘make’ their own market: \n“[I am involved in] market making in Bitcoin and other cryptocurrencies” [Participant 18, Event 4] In summary, we propose: \nProposition 3.Higher levels of knowledge transfer within a social col-lective increase the collective market-performance of its members. \nProposition 4.The higher the market-performance of individual members in a social collective, the larger will subsequent increases in market size be. \nProposition 5.Social collectives will only be able to increase the number of market offerings if they can increase the amount of resources available to its members. \n4.3.3. Normalizing actions Normalizing actions aim to def i ne the ‘general direction’ that a market and/or its actors should be (re)shaped into, and can include “issuing standards, codes of conduct, certif i cation criteria.” (Kjellberg & Helgesson, 2006, p. 847). The normalizing actions that we identif i ed include developing language and standards as well as promoting and enforcing social norms. Both improved the functioning of cryptocurrency markets by increasing the effectiveness and eff i ciency of market exchanges. \nFirst, developing a common language and standards led to new 317 norms and rules within the cryptocurrency communities. For example, the general consensus that members should complete all economic transactions, both within and outside the community, using crypto-currencies. In doing so, members developed standards needed for the effective and eff i cient functioning of cryptocurrency markets at large. \nDeveloping language and standards thus embodied a necessary pre- condition to market performance, as it increased the eff i ciency and effectiveness of economic exchange processes. Specif i cally, members developed linguistic abbreviations like ‘hodl’, meaning ‘to hold a cryp-tocurrency for some time’; ‘private key’ – referring to a ‘technical so-lution needed to ensure secure transaction’; ‘dApps’ – or ‘decentralized applications’; ‘smart contract’ – a ‘self-executing contract without in-termediaries’; or ‘solidity’ – referring to a ‘programming language for writing smart contracts’ to be more eff i cient actors in cryptocurrency markets: \n“[I am] pursuing ‘dApps’ and ‘Smart Contract’ development using ‘So-lidity” [Participant 2, Event 11] The second normalizing action involved promoting and enforcing so-cial norms, and was executed using two distinct governance mechanisms. \nFor one, cryptocurrency communities promoted and enforced social norms through monetary incentives, specif i cally through Initial Coin Offerings (ICOs). ICOs are similar to IPO (Initial Public Offering) in share markets and, due to the highly speculative nature of cryptocurrencies, promise substantial monetary gains for those able to participate. How-ever, ICO procedures were tightly regulated, with access to ICOs being restricted to those members only who adhered to the existing social norms (i.e., use of cryptocurrencies, shared social identity, etc). It was therefore unsurprising that participants referred to their community as a higher-order social ‘movement’ or ‘revolution’ with dedicated ‘insiders’ and ‘outsiders’: \n“[We] support the BTC [Bitcoin] movement in Australia.” [Participant 33, Event 4] Second, investors in ICOs received a ‘token’. Tokens can generate long-term fi nancial returns, for example by incorporating voting right within a dedicated cryptocurrency, or voting rights for decisions regarding new project(s) to be undertaken within the community. As such, the ability of an individual cryptocurrency community-member to access tokens is crucial, as it represents a means to promote and enforce social norms within the community and market at large. Put differently, tokens represent a consensus mechanism that is aligned with the pro-motion and enforcement of social norms. Ultimately, cryptocurrency markets are inherently democratic, self-regulating, and collective - a characteristic that is likely rooted in the basic functioning of crypto-currencies, which use so-called ‘proof of work’ consensus rules: \n“[Researcher]: What interests you most about Blockchain?” “[Participant]: direct democracy - future of trust.” [Participant 20, Event 12] We conclude: \nProposition 6.Market functioning will be higher if social collectives develop, promote, and enforce social norms, language, and standards while initially shaping that market. \nTable 2 provides a summary of each role identif i ed. \n5. Discussion 5.1. Theoretical implications This work represents the fi rst in-depth study to empirically investi-gate the roles, actions and resources of individuals collectively shaping cryptocurrency markets, and the impact that their micro-level actions have on macro-level market outcomes. In what follows, we discuss the theoretical and empirical implications of our work. \nFirst, by exploring the roles (who?) that members of social collectives perform when shaping cryptocurrency markets, and their resources (what?) used, we respond to calls for empirical research to explore the characteristics of actors other than fi rms shaping markets (Mele et al., 2015; Slimane et al., 2019). Importantly, the four roles we identif i ed coexist, with patterns of resource-seeking and exchange structuring their symbiotic relationships. The role of Freshman, in particular, has sub-stantial implications for our understanding of market shaping by social 318 collectives. At the most rudimentary level, their inf l ux increased the number of market-participants. According to Burr (2014), actively increasing the number of actual or potential customers constitutes “market widening”, and represents a unique form of market shaping. \nThe intention of Fortune-Hunters and Trail-Blazers to attract more Freshman can therefore be explained by their intention to reap monetary gains. For one, expanding the number of actors in a market increases the diversity of experiences, results in a greater variety of ideas and, therefore, more innovation to be monetized (Kozinets, 2008). Increasing the number of market-actors also created legitimacy because, as Dolbec and Fischer (2015, p. 1148) explain, “those who are seeking to bring into existence a new product market must […] enrol other actors in their market creation project if they are ultimately to establish the legitimacy of new offerings”. \nWe summarized our fi ndings through the typology depicted in Fig. 1, which contains clearly identif i able constructs (e.g., the four roles), and specif i c relationships between them (e.g., through the dimension ‘resource access’), that can be tested empirically (Doty & Glick, 1994). \nUltimately, our typology represents an original theoretical contribution (Corley & Gioia, 2011), a complementary viewpoint to prior empirical work focussing on market-shaping by fi rms (i.e., Finch & Acha, 2008), and a much-needed contemporary perspective through cryptocurrency markets, a setting that had been associated with market-shaping (Nakamoto, 2008), but not yet empirically explored. \nSecond, our empirical inquiry and inductive theory-building process into the actions (‘how’?) with which individual members of social col-lectives shape cryptocurrency markets resulted in a novel theoretical model of collective market work. Presented in Fig. 2, our model and its propositions highlight how the six micro-level market-shaping actions that we identif i ed affect market size, market offerings, as well as market functioning as macro-level outcomes (Slimane et al., 2019). \nCollective action in social movements pointed to bottom-up pro-cesses like boycott as the sole actions non-f i rm actors (i.e., customers) take to affect institutional change in markets (Slimane et al., 2019). \nConversely, our present work expands this viewpoint by identifying six distinct micro-level market-shaping actions. We also aimed to under-stand how these actions affect macro-level outcomes (Kindstr¨ om et al., 2018). In order to do so, we drew on Baker and Nenonen (2020), who highlight that meso-level pathways can help understand how micro- level actions translate into macro-level outcomes. The meso-level pathways that we identif i ed include the idealized external market rep-resentation, the performance of market-participants, as well as the effectiveness and eff i ciency of market exchanges. We discuss each in turn. \nIncreasing the market-size for cryptocurrencies, a macro-level outcome, was a conscious objective we observed. Importantly, the so-cial collectives did not respond to an exogenous opportunity (Slater & Narver, 1995) or stakeholder perception (Jaworski et al., 2000), as would have been the case with market-driven fi rms. Instead, members of the social collectives created an idealized external market representa-tion, the meso-level pathway, to increase the attractiveness of crypto-currency markets to outsiders. In addition, improving the performance of all market participants, the second meso-level pathway, increased the number of available market offerings and, in turn, market-size as macro- level outcomes. Our fi ndings therefore extend prior work associated with market orientation, which postulated that fi rms are the primary actors to develop new market offerings (i.e., Jaworski et al., 2000), and demonstrate how, and under which conditions, individuals can collec-tively achieve this objective. \nFinally, the actions of individuals performing the role of Trail-Blazer do not resonate with, or are comparable to, fi rms engaging in market- shaping through corporate venturing, but broadly resonate with communal entrepreneurship (Boyaval & Herbert, 2018) an activity common in social collectives or grassroots organizations. Indeed, the social collective literature already highlighted “the possibility that social collectives become precursors to other, more stable social formations in that they instigate and motivate processes such as ritualization, sym-bolization, and institutionalization.” (Slaby & von Scheve, 2019, p. \n268). Therefore, the emergence of fi rms or other commercial ventures from within a cryptocurrency community through communal or con-sumer entrepreneurship is a possibility, although one we did not observe. Instead, and contrary to work by Kjellberg and Helgesson (2006), we found that normalizing actions impacted members of social collectives only when attempting to affect market functioning as a macro-level outcome. Specif i cally, the use of ICOs or tokens in social collectives affected the eff i ciency and effectiveness of exchanges, the meso-level pathway, while explicitly excluding both non-market par-ticipants, as well as those members of the social collectives who did not adhere to the norms, language, and standards that were developed, promoted, and enforced. This indicates that market-shaping by social collectives is an inherently self-regulating and collective undertaking. \n5.2. Limitations and future research We addressed substantial gaps in knowledge related to the previ-ously un-investigated roles, resources, and actions used by members of social collectives in the shaping of cryptocurrency markets. Ample future research opportunities remain: \nFirst, as objective and value aware individuals, we acknowledge that any reality examined is only imperfectly apprehensible, and that imperfect observations of the reality under investigation may have occurred during data collection. Therefore, the resulting fi ndings are only probably true, and not context independent. For example, actors within social collectives in other contexts may perform different roles while shaping markets, an issue that should be addressed in future studies. In addition, future longitudinal inquiries could map the evolu-tion of the four roles we identif i ed. Especially the rate and scale with which transformations from Freshman to Trail-Blazers take place, or the extent to which communal entrepreneurship (Boyaval & Herbert, 2018) lead to the development of successful commercial ventures, should be answered by future research. Such work could also help expand the boundaries of our enquiry. Like every empirical study, we necessarily had to limit its scope, drawing on, and positioning our contribution within the market-shaping literature and not the, for example, entre-preneurship literature, which could provide complementary insights (i. \ne., Santos & Eisenhardt, 2009). \nSecond, the intersection of emerging technologies like Blockchain and market-shaping provides many future research avenues. For example, on June 18th 2019, Facebook announced plans to launch its own cryptocurrency ‘Libra’ with a global consortium of fi nance and technology fi rms (Libra, 2019). Such a digital payment-system could alter global trade, taxation, or avoid fi nancial regulation. Because this endeavour is unprecedented, and its wider societal and economic im-plications are not understood, future research is of vital importance. We envision future work in this area to employ theoretical lenses like Christensen (2006) disruptive innovation theory that have not yet been fully utilized to enrich our understanding of ‘Fintech’ (Breidbach et al., 2020). \nThird, complementary insights to our study could be provided through new research methods and sources of data. For example, mea-surements for market-shaping similar to what previous studies of market orientation (i.e., MKTOR by Narver and Slater (1990) or MARKOR by Kohli, Jaworski, and Kumar (1993)) did could be developed and aid managerial practice. However, and possibly more importantly, there are new sources of data available today, including sets of natural language (i.e., patents, government records, or research articles) that can only be analysed with advanced machine learning algorithms (Antons & Breidbach, 2018). Using these new sources of ‘big’ data analytics could help provide insights about market-shaping from multiple level of abstraction. \nFourth, markets are always in the making, especially in the case “nascent or newly created industries” \n\nCryptocurrencies and cryptocurrency markets will continue to evolve at an increasing pace. In fact, we expect that, at the time of publication of this article, cryptocurrency markets will likely look very different compared to December 2017, when we fi nalized data collection for our present study. The evolution of cryptocurrency markets therefore rep-resents a unique opportunity to understand the intersection of digital transformation and market shaping more broadly, but also to investigate how entrepreneurship and innovation in society are fostered. This would require to broaden the focus on actors other than the social collectives we investigated. For one, we suggest that future research to investigate new business models applied by fi rms like ‘Bitmain’, a commercial cryptocurrency mine located in Texas, including the ethical implications of such data-driven ventures (Breidbach & Maglio, 2020). In addition, the role of regulators and governments needs to be taken into consid-eration – even though cryptocurrency markets today are largely self- regulated, as evidenced by our work. Indeed, we did not explore the role, practices and resources employed by regulators, thus providing another unique research opportunity (Zietsma & Lawrence, 2010). \n5.3. Managerial implications Several important managerial implications emerge from our study: \nFirst, a precondition for any organization attempting to survive in a market dominated by new technologies like cryptocurrencies is to recognize the importance of a viable market shaping strategy. Managers need to acknowledge that markets are malleable (Nenonen & Storbacka, 2018), deliberately design market shaping strategies, and proactively anticipate emerging market systems (e.g., actor-to-actor, distributed and decentralized). Any market shaping strategy should therefore be ambi-dextrous, in that it identif i es and operationalizes ways to grow a fi rm’s current markets, while simultaneously stimulating the initiation of new markets. \nSecond, in order to operationalize market-shaping, especially in the context of cryptocurrency markets, we suggest that fi rms collaborate with, and embed themselves in, the contexts of social collectives active in cryptocurrencies. These market-actors represent a valuable source of new knowledge (i.e., Idealists) to help advance novel value propositions. \nAt the same time, as new market-entrants, they are potential competitors (i.e., Trail-Blazer), or even sources of venture-capital (i.e., Fortune- Hunters). Ultimately, by learning with the market, fi rms can develop new market-shaping capabilities (Nenonen et al., 2019), a process that can be supported by implementing and emphasizing open, diffusive, and collaborative innovation processes (Nambisan, Lyytinen, Majchrzak, & Song, 2017). \nThird, banks and other incumbents (i.e., credit unions) are likely to be the most affected by cryptocurrencies and new fi nancial technology. \nIt is therefore important to recognize the importance of emerging norms and structures (e.g., new funding opportunities through ICOs). Unless banks or other incumbents adopt the social identity and norms that dominate cryptocurrency markets, it will be diff i cult, if not impossible, to collaborate with cryptocurrency communities. \nFinally, our fi ndings provide guidance for policy makers or regula-tors who are tasked with governing an increasingly complex and dy-namic environment. We suggest regulators do not follow the common practice of being inf l uenced by industry-incumbents, but collaborate closely with social collectives in the form of cryptocurrency commu-nities to access much-needed tacit knowledge. This could lead to much- needed policies that foster a fair and healthy innovation ecosystem and, as such, a true democratization of fi nancial service – as initially intended by Nakamoto (2008).",
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      "title": "Bitcoin: The biggest financial innovation of fourth industrial revolution and a portfolio's efficiency booster",
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      "parent_permlink": "bitcoin",
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      "permlink": "bitcoin-the-biggest-financial-innovation-of-fourth-industrial-revolution-and-a-portfolio-s-efficiency-booster",
      "title": "Bitcoin: The biggest financial innovation of fourth industrial revolution and a portfolio's efficiency booster",
      "body": "Since an extended period of time, innovations have largely been discussed for the ef f ects that they have on the economic growth and social change in a country (Schumpeter, 1934). There is no doubt that innovations bring with them, the potential for societal good and wel-fare. But at the same time, they also pose new risks and uncertainties.\nDuring the last decade, there had been an explosion of f i nancial in-novations that were driven by the fourth industrial revolution (4IR), and whichsubsequently led towards the growing use of technology, introduction and implementation of machine learning and the in-creasing reliance on artif i cial intelligence in f i nancial markets. These innovations also serve the needs of society by making f i nancial products and investments accessible to each cadre, who is yearning to earn higher rate of returns (Pereira de Silva et al., 2019; Su et al., 2020a).\nOne such technologically engineered f i nancial product is the phenom-enon of cryptocurrency, which has received the attention of investors, f i nancial institutions, policy makers, regulators, media and the society alike. Moreover, the introduction of this particular technological innovation has also led to the intense scrutiny and criticism of the benef i ts and risks that cryptocurrencies have to of f er, for dynamic economic growth, f i nancial system's stability and the welfare of overall society (Ahluwalia et al., 2020; Qin et al., 2020). On one hand, cryp-tocurrencies hailed by many, as the biggest f i nancial innovation of the century, while on the other hand, they have been criticized by several as nothing but a libertarian exuberance.\n\n\nhttps://www.google.com/imgres?imgurl=https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F83159443-2aa6-4798-8237-38b9bae23726.png&imgrefurl=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fc81a3d20-a320-490f-86fa-13e17104fa78&tbnid=5qavbHwnf6lLRM&vet=12ahUKEwikudzGneT3AhWTi9gFHZoxBzAQMygCegUIARDaAQ..i&docid=zHutABslTEs3FM&w=1427&h=803&q=bitcoin%20graph%20today&client=ms-android-transsion-infinix-rev1&ved=2ahUKEwikudzGneT3AhWTi9gFHZoxBzAQMygCegUIARDaAQ\n\n\nBy the end of February 2020, a total of 5300 cryptocurrencies were being traded in the f i nancial markets, with around US$250 billion worth of market capitalization value. The total market capitalization, excluding Bitcoin, was around US$90 billion, while Bitcoin alone held the largest market share at 64 percent, with a staggering total market capitalization of around US$140 billion.1With the support that was extended from big corporations like Starbucks, Microsoft, Dell and Quinn Emanuel in US; and also from countries like Japan and South Koreas, Bitcoin is also recognized as a legitimate legal mode of payment (Cooper et al., 2017) and (Young, 2017). Moreover, Bitcoin also joined the league of the legitimate asset classes in December 2017, when BitcoinbasedfuturescontractswerelaunchedintheChicago \n\n\nhttps://www.google.com/imgres?imgurl=https%3A%2F%2Fwww.researchgate.net%2Fprofile%2FShahzad-Faisal-3%2Fpublication%2F340730760%2Ffigure%2Ffig3%2FAS%3A881530834530304%401587184737580%2FBitcoin-Price-History-Graph.jpg&imgrefurl=https%3A%2F%2Fwww.researchgate.net%2Ffigure%2FBitcoin-Price-History-Graph_fig3_340730760&tbnid=jL7VhGx-ToJ6xM&vet=12ahUKEwikudzGneT3AhWTi9gFHZoxBzAQMygqegUIARCxAg..i&docid=yccF2iiYJqLDJM&w=776&h=392&q=bitcoin%20graph%20today&client=ms-android-transsion-infinix-rev1&ved=2ahUKEwikudzGneT3AhWTi9gFHZoxBzAQMygqegUIARCxAg\n\n\nMercantile Exchange (CME) and the Chicago's Board Options Exchange (CBOE). Moreover, the CME received a regulatory approval, and laun-ched its new, Bitcoin futures Option in January 2020 as well. This pace of development of Bitcoin has resulted in new prospects opening up, which will grant an opportunity to examine the various unmapped aspects and potential of Bitcoin. Tapping into this potential may range from identifying the true nature of the role of this technological in-novation, in af f ecting the f i nancial markets, and hence, consequently the chances of maximizing the wealth in a society.\nThe initial studies conducted on cryptocurrencies were based on the assumption that cryptocurrencies were the new emerging currencies.\n\n\n(Gervais et al., 2014) asserted that some researchers perceive Bitcoin as an illustrative of a real decentralized currency. In this regard, Karl Whelan claimed that Bitcoin indeed, has some similarities with the dollar, as both the dollar and bitcoin possess none, or a restricted in-trinsic value, and are utilized mainly as a medium of exchange (Su et al., 2020b; Whelan, 2013). However, (Yermack, 2015) pro-claimed that Bitcoin was unsuccessful in performing most of the basic roles that all the currencies around the globe innately undertake. There is a perception that the cryptocurrencies are justly supranational, de-volved and digital. They also have few features that are similar to gold, as asserted by (Bouri et al., 2018). The authors deduced that there exists a statistically signif i cant link between Bitcoin price and the gold prices, and both Bitcoin and the gold markets have some common character-istics; however, this link dif f ers between the short and long run.\nThe f i ndings of (Dyhrberg, 2016) uncovered that Bitcoin is decen-tralized, and has a limited market size. But, this does not imply that Bitcoin is less useful than other f i nancial assets that are available in the market. Moreover, Bitcoin binds some of the advantages of both the currencies and the commodities that are available in the market; and thus, the risk-averse investors can use them in instances when any ca-lamity or unfortunate f i nancial trouble befalls them. In addition to this, (Glaser et al., 2014) also postulated earlier, that the investors’ demands for a substitute investment vehicle, make the cryptocurrencies a unique class of assets. It was also ref l ected in the f i ndings of (Burniske and White, 2017), that many investment organizations are publicizing cryptocurrencies as a unique investment product. However, in this re-gard, (Baur et al., 2018) asserted that Bitcoin, and traditional asset classes are uncorrelated and are mainly utilized as a speculative tool.\n\n\nhttps://www.google.com/imgres?imgurl=https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F603007f50a882db5091180ff%2FElon-Musk-s-Twitter-bio-change%2F960x0.gif%3Ffit%3Dscale&imgrefurl=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fronshevlin%2F2021%2F02%2F21%2Fhow-elon-musk-moves-the-price-of-bitcoin-with-his-twitter-activity%2F&tbnid=MFZLHpWtVR-6-M&vet=10CBgQMyhzahcKEwjQmZ7unuT3AhUAAAAAHQAAAAAQAg..i&docid=YLstPyklTpQrNM&w=2340&h=1080&q=bitcoin%20graph%20today&client=ms-android-transsion-infinix-rev1&ved=0CBgQMyhzahcKEwjQmZ7unuT3AhUAAAAAHQAAAAAQAg\n\n\nWhile, (Islam et al., 2019) questioned the open, decentralized nature and ideology underlying Bitcoin.\nIt is also noteworthy that (White et al., 2020) conducted a com-prehensive research, in which they examined whether cryptocurrencies are actual currencies, or an asset-class. They also investigated whether cryptocurrencies are technology-based products, or f i nancial securities.\nAccording to them, the behavior of Bitcoin resembles an asset-class, and a technology-based product, rather than a security or a currency. Bit-coin acts like a dicey evolving asset class, which has high determined associations that are utilized to derivative indices, and also an inverse association with the major currencies of the world. They further ob-served that there is a substantial improvement in the prof i le of return-for-risk once Bitcoin is taken into consideration, and proposed that bitcoin is a potential portfolio investment instrument.\nIn this study, we build upon the f i ndings of (White et al., 2020), and take bitcoin as an asset class. From thereon, we have then gone a step further, by constructing an optimal portfolio of traditional f i nancial assets with Bitcoin, in order to assess if an improvement is observed in the ef f i cient frontier, and the subsequent risk-return prof i le for the US investors.\nIn the recent years, only a few studies have made the ef f ort to assess the potential benef i ts of cryptocurrencies for investors, and the society.\n\n\nIn this regard, the role of the cryptocurrencies in terms of their cap-ability to hedge, diversify, and present themselves as a safe haven amidst uncertainties in f i nancial markets, has been analyzed. For in-stance, (Liu and Tsyvinski, 2019) concluded that the risk-return trade of f of dif f erent cryptocurrencies is dif f erent from that of stocks, metals, and currencies. Additionally, (Corbet et al., 2018) examined the dy-namic association between the cryptocurrencies and other f i nancial securities.w The f i ndings revealed that cryptocurrencies are a new class of investment, and they provide the benef i ts of diversif i cation for in-vestors. Similarly, (Phillip et al., 2018) studied 224 cryptocurrencies, and concluded that cryptocurrencies have various unique character-istics which include the leverage ef f ects, as well as the Student-t-error distributions. In their research, (Gil-Alana et al., 2020) investigated six of the foremost cryptocurrencies, and their associations with the stock market indices by utilizing the cointegration method. They concluded that the market of cryptocurrency of f ers diversif i cation option to the investors, due to the low level of association with the traditional asset class. In this regard, cryptocurrencies can be viewed as an independent f i nancial asset, and they serve as an attractive tool for the investors, as they constitute a little or no systematic risk. The f i ndings also revealed that there exist no linkages between the cryptocurrencies and the stock market indices, which suggests that the cryptocurrencies are dis-tinguished from the conventional f i nancial securities.\nAlthough, these studies have reported the diversif i cation benef i ts of the cryptocurrencies, however, the characteristics of the optimal port-folio was not the focal point in these studies. In fact, there is actually a scarcity of literature, especially when it comes to constructing an ef f i -cient frontier for a sophisticated investor. In a recent systemic review of the empirical literature on cryptocurrencies by (Corbet et al., 2019), it highlighted that there were several gaps in the literature, and one such gap pertained to evaluating the benef i ts of the cryptocurrencies as an asset class, and part of a diversif i ed portfolio. In our study, we have aimed to f i ll the gap in the literature, and construct an ef f i cient frontier of a portfolio. We have also tried to keep the focus on portfolio opti-mization with Bitcoin as part of the portfolio of traditional asset classes for a US based investor. Furthermore, we have shown how Bitcoin contributes to an ef f i cient portfolio, by emphasizing on the evolving dynamics of the return-risk characteristics.\nThere exist a few studies, like those of (Wu and Pandey, 2014) and (Andrianto and Diputra, 2017), which documented the usefulness of Bitcoin, in enhancing the ef f i ciency of an investment portfolio. More-over, (Brière et al., 2015) also included Bitcoin within a diversif i ed portfolio of traditional and alternative assets. They concluded that Bitcoin had high diversif i cation benef i ts, as it had a low correlation with the other assets, and exhibited an exceptionally high average re-turn, as well as volatility, which added to these high returns. Likewise, (Eisl et al., 2015) propagated that adding a small portion of Bitcoin, in a well-diversif i ed portfolio, can improve the risk-return tradeof fsig-nif i cantly. However, all these studies suf f ered with the problem of limited sample periods, and were primarily focused on the initial years of the cryptocurrencies, and thus could not ref l ect the true performance of the portfolio in the long and the medium run.\nThere are, however, a few recent studies which have come closer to looking at the cryptocurrencies, and their ability to enhance the ef f i -ciency of the investment portfolio . For example, (Elendner et al., 2018) provided evidence of a limited, co-movement of the cryptocurrencies, with the traditional assets, and in turn the diversif i cation benef i ts. This task was undertaken by constructing the equally weighted and value-weighted broad portfolios that were made up of cryptocurrencies and the traditional assets. However, their study did not take into con-sideration the optimal portfolio construction. Similarly, (Brauneis and Mestel, 2019) developed a portfolio, which only consisted of the cryptocurrencies, and presented the evidence of the substantial reduc-tion in the risk factor. In another study, (Inci and Lagasse, 2019) ex-amined four major cryptocurrencies, and included each one of them in a portfolio of traditional asset classes; i.e., equity, bond, real estate and volatility. They also reported that the cryptocurrencies have a useful role in the optimal portfolio construction.\n\n\nhttps://www.google.com/imgres?imgurl=https%3A%2F%2Fwww.financialexpress.com%2Fwp-content%2Fuploads%2F2021%2F01%2Fbitcoin-price-new-e1609816142601-620x400.jpg&imgrefurl=https%3A%2F%2Fwww.financialexpress.com%2Fmarket%2Fbitcoin-price-rise-time-to-invest-now-buy-or-sell-cryptocurrency%2F2164351%2F&tbnid=YtFZaH8SPPx5VM&vet=12ahUKEwiOntjRnuT3AhUgLrcAHRFTAxUQMygregUIARC0Ag..i&docid=-365PMYFcMn1jM&w=620&h=400&q=bitcoin%20graph%20today&client=ms-android-transsion-infinix-rev1&ved=2ahUKEwiOntjRnuT3AhUgLrcAHRFTAxUQMygregUIARC0Ag\n\n\n\nIn our study, however, we set our focus on Bitcoin, as opposed to multiple cryptocurrencies. That is to say that, out of 5300 crypto currencies in circulation, Bitcoin is the oldest digital currency that was \ncreated in the year 2008, and has been in trading since 2010. Bitcoin has been providing the opportunity to access the data set which has been spanning over almost a decade. Therefore, Bitcoin still holds the position of the market leader, with a market capitalization of around 160 billion US dollars, and a market share of around 64%. There hasn't been any other cryptocurrency which has been able to maintain a consistent market share of this magnitude, over the years. Moreover, it is only Bitcoin that has received the legitimacy of the derivative market, and entails the futures, and the options on the futures, that are based on it. Other than this, We include Bitcoin in a portfolio based on a range of asset classes that consist of equity, bonds and commodities; and con-struct ef f i cient frontiers, for a US based sophisticated investor. Though def i ned dif f erently by dif f erent countries and regulators, but broadly speaking, a sophisticated investor is an individual who has en-ough capital, experience, and net worth, so as to engage in more ad-vanced types of investment opportunities, and also the knowledge to evaluate their risks and merits.\nIn this regard, we employ the traditional mean-variance framework, as proposed by (Markowitz, 1952). Although, the alternatives to the mean-variance optimization have been proposed in the literature when returns are not normal; However, many seminal papers, such as (Levy and Markowitz, 1979) and (Kroll et al., 1984) demonstrate the equivalence of the mean-variance approach, with the expected utility maximization, under this non-normality. Moreover, our data also con-f i rms the normality trend in the returns of all asset classes, including Bitcoin. Other than this, we construct the ef f i cient frontiers, by con-sidering the risk-return trade-of f , for the portfolios that were com-prising of Bitcoin and the three asset classes. Two of these ef f i cient frontiers are based on no Bitcoin in the portfolios, while the two fron-tiers have been constructed with Bitcoin. We also develop frontiers with both long only and short selling strategies. The performance of each portfolio is evaluated by using the Sharpe ratio. Moreover, we show that out of all ef f i cient portfolios on the frontiers, there are still some portfolios with better reward to risk ratio, and so are the optimal ones.\nOur results show that the inclusion of Bitcoin suggests a reasonable improvement in the Sharpe Ratios, and when added with the other asset classes, shifts the ef f i cient frontiers upward; providing a reasonable justif i cation of including Bitcoin in the investment universe of sophis-ticated investors. The optimal portfolio with the highest Sharpe ratio has a Bitcoin weight of 6.4% and 6.1%, without and with the short selling, respectively. Moreover, as we keep increasing our target risk and returns, our optimization procedure that is based on Mean-Variance framework suggests that there should be a continuous increase of weight in Bitcoin and thus the investors can be more f l exible in taking on positions that are tailored to their preferred level of risk and return.\nThe remainder of the paper is organized as follows. Section 2 ex-plains the data set, and shows some trends in the data. Followed by Section 3, which lays out the methodology of the paper. Then, Section 4 provides the descriptive statistics, and the risk-return characteristics of the asset classes. It also presents the results of ef f i cient portfolios and the frontiers, which further extends on to discuss the f i ndings. Lastly, Section 5 presents the conclusions.\n2. Data For the purpose of this study, we use the daily price data of Bitcoin from Bloomberg, for the time period ranging from July 2010 to March 2020 and include Bitcoin in the portfolio of three asset classes: equity, f i xed income and commodities. It must also be noted, that we use Bitcoin only to represent cryptocurrencies as well as the technologically advanced f i nancial securities and investment classes. This is primarily because it is the oldest, and the most sophisticated cryptocurrency, providing the largest possible dataset. Moreover, it holds 64% of the global market share, along with the futures, and the options on the futures that are available on them. Additionally, we proxy the three asset classes by the indices that provide a broader coverage. Equity is proxied by the S & P 500 Index, Fixed Income by the S&P 500 Index Investment Grade Corporate Bond Index whereas the commodities are represented by the Thomson Reuters/Core Commodity CRB Index. The data on the three asset classes, and the risk-free rate, that have been proxied by the US 3-Months Treasury Bill Yield, has also been fetched from Bloomberg. Once we have the price data of all the assets, we calculate the continuously compounded daily returns of each asset class, by using: =r log( ) it p p it it1 ; where, ritis the return of the asset i at time t; pitis the closing price of the asset i at time t; andpit 1 is the closing price of the asset i at timet 1.\nFig. 1 shows an interesting trend in the prices of the four asset classes. The price indices of commodities and f i xed income are reported on the primary axis, while equity and bitcoin prices have been reported on the secondary axis. The trends show that f i xed income and the equity prices have been steadily increasing, while there has been a consider-able amount of volatility in the prices of the commodities index and Bitcoin.\n3. Methodology When taking into consideration the methodology, we use the tra-ditional mean-variance framework, proposed by (Markowitz, 1952), to evaluate how Bitcoin contributes to an ef f i cient portfolio, by empha-sizing on the evolving dynamics of the return-risk characteristics. Al-though, the alternatives to the mean-variance optimization have been proposed in the extant literature, when the returns are not normal;\nhowever,manyseminalpapers,suchasthoseof(Levyand Markowitz, 1979) and (Kroll et al., 1984) demonstrate the equivalence of the mean-variance approach with the expected utility maximization, under non-normality. Moreover, our data conf i rms the normality trend in the returns of all asset classes, including Bitcoin.\nWe construct ef f i cient frontiers, by considering the risk-return trade-of f for the portfolios that are comprising of Bitcoin, and the three asset classes. In the context of Markowitz's framework, a portfolio is called ef f i cient’, if it of f ers the maximum return for a given level of risk, or of f ers the minimum risk, for a certain level of return; and an ef f i cient frontier consists of the set of ef f i cient portfolios. Specif i cally, we follow the Markowitz mean-variance theory, with the objective to maximize returns while minimizing the risk; which can be achieved with a single objective function, using the following Quadratic Program:\n\n\nIt must be noted that for λ > 0, the term λμTw pushes the μTw up-ward, in order to counterbalance the downward pull of the term w w T 1 2 . The upward push on μTw inreases as the λ increases.\nConsidering that end, we develop four ef f i cient frontiers. In Case 1, we perform the optimization as explained above, and construct the ef f i cient frontier without including Bitcoin in the portfolios of assets.\nMoreover, in this case, we impose the long-only strategy, subject to =w wi e w for all i e0 ( . . , 0 ) and 1 i T ; and in this case, the short-selling is not allowed. In Case 2, we again construct an ef f i cient frontier without including Bitcoin in the set of portfolios. However, this time, we do not impose the long-only strategy which is subject to w ≥ 0;\nrather we allow the short-selling which is typically subject to w ≥ 0;\nonly, and is interpreted as a situation where the investors can only borrow equal to the amount and the weight of their total investment. In the latter two cases, we construct ef f i cient frontiers and include Bitcoin as part of a portfolio, and assess how the ef f i ciency has improved or deteriorated with the insertion of Bitcoin. In Case 3, we perform the optimization and construct the ef f i cient frontier, including Bitcoin in the portfolios of assets. Moreover, in this case, we also impose the long-only strategy subject to =w wand e0 1 T , and short-selling is not allowed. In Case 4, we again construct an ef f i cient frontier, by including Bitcoin in the set of portfolios, but this time, we do not impose the long-only strategy, and allow the short-selling subject to =we 1 T , only. We also calculate the Sharpe ratio, which is a risk adjusted performance measure that is used to evaluate the performance of the set of portfolios that we def i ne. The Sharpe ratio also represents the excess reward per unit of the risk, with the risk measured as the standard deviation of the asset returns.\n\n\nhttps://www.google.com/imgres?imgurl=https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6de5bb8f-6a2c-4dd0-962d-17a2bc596499.png&imgrefurl=https%3A%2F%2Fwww.ft.com%2Fcontent%2Faef6cba4-1c94-4b9a-a4b3-329077b72dea&tbnid=2kFmlkUP1IUsXM&vet=12ahUKEwiOntjRnuT3AhUgLrcAHRFTAxUQMyg1egQIARBg..i&docid=DbD-wZ1WEMB_5M&w=1863&h=1048&q=bitcoin%20graph%20today&client=ms-android-transsion-infinix-rev1&ved=2ahUKEwiOntjRnuT3AhUgLrcAHRFTAxUQMyg1egQIARBg\n\n\n\n4. Results A descriptive performance analysis of Bitcoin with the other asset classes is provided inTable 2. Based on continuously compounded daily returns, Bitcoin shows that, it is indeed the riskiest asset class with a daily standard deviation of 6.54%, yet most rewarding as well, with an average daily return of 0.466%. However, in terms of the skewness and the fat tail risks associated, we don't f i nd Bitcoin any more risky as compared to the other asset classes. In fact, the f i xed income emerges as the riskiest asset class in terms of the skewness risk, and the equity in terms of the fat-tail (kurtosis) risk. Moreover, we don't f i nd the evidence for the non-normality of returns in any of the asset classes.\nOne of the attractive characteristics of Bitcoin, as an investment is that it shows a low correlation with the other asset classes, and provides a high level of diversif i cation benef i ts. More importantly, we f i nd that all the pairwise correlations among these asset classes, fall within the range of −0.18 to 0.43, as shown in Table 3. This suggests a high magnitude of the diversif i cation ef f ects, in a risk-return framework.\nThus, these results are consistent with the earlier studies, which report the high diversif i cation potential of Bitcoin in a portfolio of asset classes (Corbet et al., 2018), (Liu and Tsyvinski, 2019), (Gil-Alana et al., 2020).\nBased on the characteristics presented above, we also construct a simple risk return prof i le as illustrated in Fig. 2, in order to help in understanding the relative position of various risky asset classes. It is not surprising to see that Bitcoin proposes a high risk, high return combination; while Fixed Income, on the other side, with a blend of low risk, and low returns.\n4.1. Ef f i cient portfolios and frontiers under mean-variance framework In what must follow, we present the results of the ef f i cient frontiers constructed, by considering the risk-return trade-of f for the portfolios comprising of Bitcoin and the three asset classes.\n\n\nCase 1. Optimization without Bitcoin – No Short Selling Allowed In this round of optimization, we construct 10 risky portfolios, from A to J, with a constraint imposed on the short selling thus restricting the weights allocated to each asset class to be Non-Negative.\nThe graphical representation of the weights clearly shows that as we move from portfolio A towards portfolio B, with a steady increase in the target risk, the returns spike up initially at a much faster rate. This increase in the returns causes the Sharpe ratio to go up quickly as well, as measured on the secondary axes in Fig. 3. However, any further increase in the target risk would not increase returns at the same rate, and the Sharpe ratio declines gradually. This happens despite the fact that all the portfolios from A to J are ef f i cient portfolios, with the highest possible Sharpe ratio with a given target risk. Another critical point of consideration is that the optimization procedures suggest in-clusion of commodities, only in portfolio A (minimum variance port-folio). This is primarily due to its negative correlation with the Fixed Income, which is the most prominent asset class in almost all the portfolios that are being taken into consideration. However, as we keep increasing our target risk and return, the optimization procedure sug-gests that there should be a continuous increase of the weight in Equity, and a decrease in the weight of Fixed Income, with zero allocation towards the commodities.\nCase 2. Optimization without Bitcoin –Short Selling Allowed On the other hand, as indicated by Fig. 4, if we allow for Short selling, the results of the optimization procedure suggest that the weights for commodities should be negative, while the increased ex-posure is taken in both the Equity and the Fixed Income, as we move from portfolio (A) to portfolio (J).\nTable 5 shows that portfolio (A) has a 6.4% allocation in com-modities, a 9.1% in equity, and a 84.5% in the f i xed income categories;\nwhile portfolio (J) has a 125% allocation in the f i xed income, and a 83.9% in equity, whereas the commodities have a −109.4% allocation.\n\n\nhttps://www.google.com/imgres?imgurl=https%3A%2F%2Fimg03.rl0.ru%2F1c13d9bf76516cdf0835165a94e616ee%2Fc1184x570%2Fthebitcoinnews.com%2Fwp-content%2Fuploads%2F2017%2F09%2Fbitcoin-USD.png&imgrefurl=http%3A%2F%2Fwww.prabharanipublicschool.edu.in%2Fprofit-binance%2Fbitcoin-value-chart-live-satoshi-converter-to-bitcoin%2F&tbnid=mmbtH1RHxmrkVM&vet=10CF8QMyiTAWoXChMI0Jme7p7k9wIVAAAAAB0AAAAAEAI..i&docid=H8Afc6IbjXgu0M&w=1184&h=570&q=bitcoin%20graph%20today&client=ms-android-transsion-infinix-rev1&ved=0CF8QMyiTAWoXChMI0Jme7p7k9wIVAAAAAB0AAAAAEAI\n\n\nPortfolio (A) of f ers an average daily return of 0.016%, against the portfolio risk of 0.277%; whereas the risk-return combination of port-folio (J) is a 0.084% return, vs. a 1.10% risk. It must be noted that all the portfolios (A to J) are ef f i cient, as each portfolio of f ers the max-imum returns against the targeted standard deviation. However, the Sharpe ratio increases only up to the construction of portfolio C, after which it start to show a declining trend. Therefore, portfolio C is con-sidered to be an ef f i cient and optimal portfolio, with a portfolio return of 0.034%, a risk of 0.4%, and a Sharpe ratio of 0.0818.\nCase 3. Optimization with Bitcoin – No Short Selling Allowed The optimization routine with Bitcoin included in our investment universe, and with the restrictions of short selling in place, would present a very interesting picture. It is clearly visible through Table 6 and Fig. 5, that as we move from a low risk (A), to a high target risk (J) portfolio, the optimization procedure suggests replacing the Equity with Bitcoin, with an almost constant allocation of around 84% in Fixed  commodities. Portfolio (D) is the portfolio that provides the highest Sharpe ratio, and has a weight of 6.4% allocated to Bitcoin, and almost 9% to the Equity. The return of portfolio (D), with a 6.4% weight of Bitcoin, also provides the opportunity of greater returns of 0.048%, and a risk of 0.5%, with a Sharpe ratio of 0.09241.\nCase 4. Optimization with Bitcoin –Short Selling Allowed However, as shown by Fig. 6, with the short selling allowed, the percentage allocation towards Bitcoin is lower than what it was in the absence of the short selling. Like Case 2, with no Bitcoin in the scenario, the optimization procedure suggests the negative weights be allocated, only for the Commodities. However, most of the extra exposure gen-erated through the Commodity short selling should largely be invested in Equity, with a minor additional allocation towards Fixed Income.\nMost importantly, portfolio (E), which has the highest Sharpe ratio, suggest an allocation of around 6.1% in Bitcoin, 31.8% in Equity, −33.8% in Commodities, and a high allocation of almost 96% in fixed Income.\nIn summation, when pondering on the question whether Bitcoin improves the portfolio's ef f i ciency, our results, in Fig. 7, show that the inclusion of Bitcoin suggests a reasonable improvement in the Sharpe Ratios, when the Short Selling is restricted, as well as allowed. There-fore, this provides a reasonable justif i cation of including Bitcoin in the investment universe of sophisticated investors. Also noteworthy is the comparison that is made towards the individual asset classes, where the Equity of f ers a daily return of 0.034%, against a standard deviation of 1.065%. While the Fixed Income of f ers a daily return of 0.017%, against the standard deviation of 0.315%. Moreover, the portfolios with Bitcoin included, of f er a higher rate of return as well as the highest Sharpe ratios, as specif i cally seen with Portfolios (D) and (E).\nFig. 8 shows the four ef f i cient frontiers, constructed after estimating ef f i cient portfolios in all the four cases, where in the f i rst two cases, Bitcoin is excluded from the universe of risky assets, while in the latter two, Bitcoin is included. Interestingly, when Bitcoin is added with the other asset classes, it shifts the ef f i cient frontiers upwards and this rise is even more signif i cant when short selling is allowed. This ultimately indicates an increase in the reward to risk trade-of f , and the Sharpe ratio.\n\n\nIt must be noted that all these portfolios on the ef f i cient frontiers are indeed the ef f i cient ones, and the investors can choose any portfolio that is based on target risk. However, we also show that among all the ef f i cient portfolios, there are some portfolios which have outperformed the others in terms of the reward to risk ratio (Sharpe ratio) that they of f er and ref l ect. The optimal portfolios, with the highest Sharpe ratios (Portfolio (D) and Portfolio (E), in Case III and IV) have Bitcoin weights of 6.4% and 6.1%, without and with short selling respectively. These results are encouraging, as the earlier studies, which included crypto-currencies in a set of portfolios of risky assets, suggested relatively lower weights of Bitcoin. Moreover, our optimization procedure, based on Mean-Variance framework, suggests a continuous increase in the weight of Bitcoin, either with or without short selling. This is so be-cause, as we keep increasing our target risk and returns, the investors can be more f l exible in taking positions that are tailored to their pre-ferred level of risk and return.\n5. Conclusion During the last decade, there has been an explosion of f i nancial innovations driven by the fourth industrial revolution (4IR). This in-dustrial revolution is characterized by the growing use of technology, the employment of machine learning algorithms and the reliance on artif i cial intelligence. These technological advancements are said to serve the demand of the society by making f i nancial producsts and investment accessible to each cadre of the society, who is yearning to earn higher rates of return (Pereira de Silva et al., 2019).\nBitcoin is the oldest of the cryptocurrencies, and has received pro-found attention of the investors, f i nancial markets and institutions, regulators, policy makers and the media, over the years. Today, Bitcoin is recognized as a legal mode of payment (Cooper et al., 2017) and (Young, 2017). Moreover, it has also joined the league of legitimate asset classes, as of December 2017, when Bitcoin based futures con-tracts were launched in the Chicago Mercantile Exchange (CME), and the Chicago's Board of Options Exchange (CBOE).\nEarlier studies have reported the diversif i cation benef i ts of Bitcoin, however, the portfolio optimization was not the focus of most of them.\n\nhttps://www.google.com/imgres?imgurl=https%3A%2F%2Fcloudfront-us-east-2.images.arcpublishing.com%2Freuters%2FRFZH35K2SVPKRPDKY2WS3FBM4M.jpg&imgrefurl=https%3A%2F%2Fwww.reuters.com%2Ftechnology%2Fbitcoin-ticks-back-asia-after-musk-tweet-sent-price-down-17-2021-05-13%2F&tbnid=5gZVD5j3p1KNrM&vet=10CLMBEDMotgFqFwoTCNCZnu6e5PcCFQAAAAAdAAAAABAC..i&docid=WVPUvfjYDiR6EM&w=4734&h=3267&q=bitcoin%20graph%20today&client=ms-android-transsion-infinix-rev1&ved=0CLMBEDMotgFqFwoTCNCZnu6e5PcCFQAAAAAdAAAAABAC\n\n\n\nIn fact, there is a scarcity of literature when it comes to constructing an ef f i cient frontier for a sophistical investor. In our study, we construct the ef f i cient frontiers of the portfolios of risky assets. Moreover, we focus on the portfolio optimization, with Bitcoin as part of the portfolio of traditional asset classes (Equity, Fixed Income and Commodities) for a US investor, who is generally known as ‘sophisticated investor’ for her possessing enough capital, experience, net worth to engage in more Fig. 2. Risk and Return Prof i le of Dif f erent Risky Asset Classes.\nNote: Fig. 2 shows the risk-return prof i les of four asset classes. Mean returns are reported on the y-axis, and are shown in the form of percentage returns; and the standard deviation has been reported on the X-axis, and this is also denoted in the form of percentages. The sample period is from July 2010 to March 2020. advanced types of investment opportunities, as well as the knowledge to evaluate their risks and merits. We show how Bitcoin contributes to an ef f i cient portfolio of such investor, by emphasizing on the evolving dynamics of the return-risk characteristics.\nTo pursue our goal we employ the traditional mean-variance fra-mework, as proposed by (Markowitz, 1952), and our data fully supports the choice of this framework, as we don't f i nd the evidence for the non-normality of returns, in any of the asset classes (Equity, Fixed Income, Commodity and Bitcoin). In terms of the skewness and the fat tail risk, we don't f i nd Bitcoin to be as riskier as compared to the other asset classes, on average. We also f i nd that all the pairwise correlations among these asset classes fall within the range of −0.18 to 0.43, sug-gesting a considerable extent of diversif i cation ef f ects in a risk-return framework. is restricted and allowed. The optimal portfolio, with the highest Sharpe ratio has Bitcoin weight of 6.4% and 6.1%, without and with short selling, respectively. This provides a reasonable justif i cation of in-cluding Bitcoin in the investment universe of the sophisticated in-vestors. Interestingly, when Bitcoin is added with the other asset classes, it shifts the ef f i cient frontiers upward, and this shift is even bigger when the short selling is allowed. Moreover, as we keep in-creasing our target risk and return, the optimization procedure suggests that there should be a continuous increase in the weight of Bitcoin, either with or without short selling.\nThis study f i lls in the important gaps in the empirical literature on cryptocurrencies and the investment strategies. Out of the ten gaps identif i ed in the systemic survey by (Corbet et al., 2019), our study contributes in f i lling at least three out of those ten. First, this study uses the dataset spanning over a decade, from July 2010 to March 2020.\nSecond, we evaluate the benef i ts of Bitcoin separately, and do not combine the varying cryptocurrencies in our analysis. Third, we treat Bitcoin as an independent asset class, and make it part of a diversif i ed portfolio. In the future, however, this research can be expanded further, by including alternative asset classes in a portfolio, while also ex-panding the pool of individual cryptocurrencies. Moreover, it will be stimulating to observe the role of cryptocurrencies under normal, as well as turbulent time periods, separately.\nWhen it comes to the question whether Bitcoin, as the biggest in-novation of Fourth Industrial Revolution, brings the potential for soci-etal good and welfare, this study aims to give a fair clarif i cation of the intricacies involved. It shows that Bitcoin provides an enhanced ef f i -cient frontier, and the opportunity for the f i nancial system and the society to earn higher returns than what the investors were earning before the inclusion of Bitcoin - and that too without assuming any additional risks. Moreover, our results are based on the data spanning over a decade, and during that time period, Bitcoin has experienced several ups and downs, showed its resilience and presence in the market, and maintained the position of a leader in the market for cryptocurrencies. Our f i ndings also provide a medium to long term perspective on the role of Bitcoin, which has not been the case with the earlier studies. Thus, this study provides some important implications for the investors, markets and the policy makers. On one hand, our f i ndings provide the conf i dence to the investors who can earn higher rates of return, by investing in Bitcoin; while, on the other hand, the markets and policy makers can observe that Bitcoin is as riskier as the other asset classes, such as commodities and equities. Moreover, Bitcoin has its own idiosyncratic risks; but it comes with the potential to pro-vide diversif i cation benef i ts to sophisticated investors Jing-Ping Li is a Professor and Vice Dean of School of Finance, Shanxi University of Finance and Economics, Taiyuan, China. Li's research and teaching includes International Finance, Exchange rate, Currency Derivatives and Risk Management, Corporate Finance and Budgeting, Security Valuation and Investments as well as investment portfolio, risk management. He has 10 years industry experience in f i nancial consultancy",
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      "body": "![image.png](https://cdn.steemitimages.com/DQmTaE2nBquoZ2sRkZ5yGwefD4W59YjF2NRpLpUS47headK/image.png)\n\nIntroduction      \n\n\nIn our modern world, networking is different than ever before. Many peopleare working from home or remote locations because it is less expensive andmore convenient for the type of work that they need to get done. This isalso a big way for companies to entice the right people to work with them.\nBecause so many people are not coming to the office all the time, the waythat we network is changing too. You need to find new and exciting ways tonetwork and meet with other people, and doing it in a virtual manner is aneffective way to make this work.\nThere are countless ways that you can meet with others virtually. And whenit is done well, it can be even more effective than meeting others in-person like in the past. However, you need to do it in the right way.Avoiding some of the common virtual networking mistakes is one of the bestways to be as effective and fruitful when it comes to some of the peopleyou can meet while expanding your network from anywhere. Some of the topvirtual networking mistakes that you need to avoid include:\nBeing Unprofessional Because You are At Home\nSince you work at home all day, it is easy to get a little lack about yourappearance and how you portray yourself. You may sit behind a computer andhave no one see you all day long so you will be comfortable and not look atprofessional. This has to change if you are doing an interview or anothertype of meet and great where others can see you.\nDon’t let the unprofessionalism take over when you do Skype or Zoom.Pretend that you are in the office. Check that the volume and the lightinglook good before you even try to begin and be aware of some of thebackground that is behind you. Clean up the area around you, or the wholeoffice preferably, to ensure that no one is going to see a big mess whenthey look at the screen.\nThe outfit that you wear is going to be important too. You need to take offthe sweatpants and bad shirts that you are wearing and put on somethingprofessional. It is fine if you dress down to do your work most of the timesince no one is going to see you. But with a networking event, others willsee you, and you need to make sure they are\nimpressed. In networking, firstimpressions are going to be a big deal so make sure you dress up like youare showing up to the office for those video calls.Before any meeting, take the time to look around the room. Notice if thereis any mess behind you that you need to worry about. It is best to clean upthe whole room if possible just in case you need to move the computerscreen around at all. Look for anything that is embarrassing,unprofessional, or just a big mess. If you are short on time, then you canconsider just cleaning up the area that is immediately around you and thenbe careful not to move around a lot while you are talking to some of yourcontacts.\nThen it is time to move on to some of the clothes that you wear. It may beacceptable to show up in your pajamas when you work remotely, but this isnot going to look good for some of your contacts when networking. Bring outa nice shirt and pants and look like you are going to an interview alongthe way. This gives off a better impression and makes it look like you aremore of a professional while you network. Networking is Not Just About You\nThe next mistake that people will make with all sorts of networking,whether they are doing it in-person or virtually, is that they forget thatit is not just about them. Networking is something that needs to provebeneficial to both parties and not just to you. The second that it becomesall about you is the second that contact is going to lose interest and willdecide not to work with you on it at all.\nThis is a new relationship that needs to be beneficial to both parties. Itis easy to get caught up a bit in the self-promotion, which makes it easyto forget all about the true meaning of networking. In networking, you wantto focus on helping one another out. But it is easy to forget this, whichmakes it harder to form some of the long lasting connections that you wantalong the way.\nForgetting Your Existing Contacts\nIt is exciting when it comes to networking to see how many people you cangather up into the network that you want to form. You want to meet newpeople, make some new connections, and see how all of this can go. And thatis an admirable trait to have. But you need to remember some of yourcurrent contacts as well, or you may find that your list gets smaller andsmaller all the time.Networking isn’t just about you seeing how many new connections you canget. It is also not just about contacting others when you need something.If this is the way that you treat your network, you will soon find that youdo not have much of a network. There is so much more that comes withnetworking than that. So, do not just focus on the new connections and donot fall into the habit of reaching out to someone only when you needsomething from them.\nYou need to maintain some contacts the whole time. Think about when you canreach out to your current contacts and even set some reminders to help youremember when to talk to an existing contact again. It is perfectly fine tostart a conversation just to catch up. Ask how they are doing, what is new,and what you can do to help them. You may have no reason to contact them atthe time, but it will make that contact feel good. Nobody wants to becontacted just to hear a sales pitch. If you have meaningful conversationswith that person,\nyou will find that when you do want something, they aremore willing and open to help you.Send the Message\nToo many times someone will send a connect request on LinkedIn or anothersite in the hopes of increasing some of the reach that they have online.But this is not going to work and often looks like spam. Think back to howmany times this has happened to you in the past. Did you actually respondto the request? If you did not know who the person well, you probablyignored it and that is what others are going to do to you in this samesituation.\nIf you are sending out a connection request to someone else, then you needto make sure to send along a message as well. And do not use a cannedmessage that sounds like spam. Make this a personalized message that isgoing to get you noticed. This needs to happen with each and everyconnection request that you have. And the less that you know the person,the more time and thought you will need to put into the message that youwould like to send to them.\nThis may not be as necessary if you plan to send out a connection\ntosomeone you already know, especially if you work with them or know themreally well. But it doesn’t hurt to send a little one to catch up or remindthem how you both know one another just in case. It is a personal touchthat is going to make all of the difference when you want to grow your ownnetwork.Most professionals are not going to mind getting a connection request, evenfrom someone they do not know. This is how the LinkedIn profile works andthey may see it as a way to provide them with a larger network as well. Butthey still would like to know a little bit about you as well. They want toknow something about why you are so interested in being one of theirconnections and why they can benefit from working with you on this socialmedia site. A quick message stating the reasons that you want to connect isalways a good idea. Just a small message is usually fine.\nRemember the Time Zones\nThe final trick that we need to remember here is the different time zones.At first, you may just find people who are in the same time zone as you, sothis is not as big of a problem as before. However, as you grow out thoseconnections and try to reach other people, you may find that some of theprofessionals you connect with are found all over the world.The more locations where you find some of the professionals you want toconnect with, the more time zones you need to worry about. This means thatsome of your connections may not be available during the day when youusually are active. Some may need you to make special accommodations sothat they can come along and hear your message.\nTry to make your webinars and meetings as accessible as possible foreveryone. If it is just a few professionals on the other side of the world,you may need to be up in the middle of the night to get it done. If youhave a larger group of contacts to consider, then you may need to find atime that works the best for the majority of the people you want to reach.\nYour goal is to pick a time that works well for your global team and thencheck in with them ahead of time. This makes it easier to plan around theschedule for everyone else. If there are just too many\ntime zones to workwith, then you may have to do one live event at a time tha works for mostpeople and then leave up the taped recording so everyone else is able toget to it. Or you can choose to do it at a few different times so that asmany people as possible can see the information.Taking Care of Your Virtual Network\nVirtual networking is the way of the future. Many people are working fromhome or other remote locations, making it harder to get to the networkingthey need in the office. Even those who are in the office may find thattraditional ways of networking are not as easy to work with compared tosome of the ways that you can utilize with virtual networking. And thereare so many unique ways that you can utilize virtual networking in order toget results and meet new people.\nAs you decide to navigate some of your work to virtual networking, you maybe surprised by how much you are able to get done along the way. However,you need to make sure that you follow the right protocols along the way tomake it successful. By following some of the tips above, you will be ableto\nhave success at virtual networking for all your needs",
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      "title": "Earn 500USD With NTFS Designs Explained",
      "body": "![image.png](https://cdn.steemitimages.com/DQmeDH8YusKAJT3Mn9qh4z1x7M4ZVZEjGDnbrvGc8mvzmCv/image.png)\n\nTable of Contents\nIntroduction5\nNFTs Explained6\nHow NFTs Work12\nHow to Use NFTs16\nHow to Purchase NFTs22\nRisk Management25\nHow to Get Started with NFTs28\nResources35\n\n\n![image.png](https://cdn.steemitimages.com/DQmRkySejD1MLVbsEtRDha5EqMDEFDYjixABQppwWEWWFwQ/image.png)\n\n\nIntroduction\n\nOne new asset you might have seen exploding onto the market is the NFT or Non-Fungible Token. \nFrom music and art to everyday\nitems like toilet paper, these digital assets are “selling like 17th Century exotic Dutch tulips,” say Forbes writers Robyn Conti and John Schmidt. \nThe question is: are they worth the money (or the hype)? \nSome experts feel they are “a bubble poised to pop,” while others believe NFTs are going to change investing forever.\nIn this special report, we’ll take a close look at what NFTs are, how they can help your business and so much more.\nLet’s begin!\n\n\n![image.png](https://cdn.steemitimages.com/DQmPH5XP1t99oF7gn3ktCBvuMo7brMxPDkWJfVkqcAaAebx/image.png)\n\nNFTs Explained\n\nWhat exactly is an NFT? \n\nIt’s a digital asset that represents some real-world object like music, art, in-game items, or videos. NFTs are bought and sold online, often with cryptocurrency, and are usually encoded with the same underlying software as many cryptos. \nNFTs are becoming well-known now, though they’ve been around since 2014, because they’re an in\ncreasingly popular way to buy and sell digital artwork. \n\nConti and Schmidt report that “a staggering $174 million has been spent on NFTs since November 2017.”\n\nNFTs are usually either one of a kind, or one of a very limited run, so they have unique identifying codes. Arry Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing editor of Yellow Umbrella Ventures says they “essentially … create digital scarcity.” \nThis contrasts with most digital creations, which are almost always practically infinite in supply. \nSo, cutting off the supply of a given asset should raise its value (assuming it’s actually in demand at that moment).\nMany NFTs, especially nowadays, have been digital works that already exist in some form elsewhere (like securitized versions of digital artwork that’s already out on Instagram). \nWhy are people willing to spend\n\nso much money on something they could screenshot or download elsewhere? \n“Because,” say Conti and Schmidt, “an NFT allows the buyer to own the original item.” \nAlso, since it has built-in authentication to serve as proof of ownership, collectors can amass an online collection. Some collectors even value “digital bragging rights” almost more than the item they’ve purchased. \nPeople are starting to answer the question: how do we assign value to something that doesn’t exist? What is a digital object worth?\n“While we were all waiting for virtual worlds to spring up,” says Joe Procopio, entrepreneur and founder of TeachingStartup.com and GetSpiffy.com, “Facebook was selling out of Oculus. \nWhile we were laughing or wincing at the pop culture references in Ready Player One, Minecraft was letting its players build their own blocky starter-kit societies.\nAnd while we were debating the ‘realness’ of Bitcoin as a currency, someone was paying 170,000 real dollars for a CryptoKitty.”\n\nIf you’re an entrepreneur, you can’t help but wonder about the method of calculation on that $170,000 digital cat’s valuation. \nThe value of that CryptoKittywas determined by the expectation that its value would increase over time. That same speculation “drove the great alt-coin rush of 2017, and some painful lessons resulted in a hardening of the rules of value for digital currency.” \nMany have found that some of the “must-haves” for almost every type of token come down to scarcity, supply and demand, ability to transact, and tangible proof of ownership. \nThe digital coin is still only a virtual piece of money, and ownership is still only in the virtual sense. But thanks to the implicit rules in the blockchain (documented by smart contracts), virtual ownership became “real enough.”\nWhat’s the difference between an NFT and cryptocurrency then? \n\nNFT stands for Non-fungible token. A fungible asset, like physical money and cryptocurrencies, can be traded or exchanged one for another. \nThey’re also equal in value. One dollar is always equal to another dollar and one Bitcoin equals any other Bitcoin. \nIn fact, cryptocurrency’s fungibility makes it a trusted means of conducting transactions on the blockchain.\nOn the other hand, a non-fungible asset, even if built using the same kind of programming as cryptocurrency, cannot be exchanged with any other non-fungible asset. \nEach NFT has its own digital signature that makes it impossible for it to be exchanged for (or equal to) another one. \nFor example, say you have two different video clips from an NBA game.\nOne clip isn’t even necessarily equal to the other clip, much less to an entirely different work of art.\n\n\n\n![image.png](https://cdn.steemitimages.com/DQmaGVFKV8XAXNmbZdqFEhzLTZSyF2kkx1QPkwzfzWiE2iu/image.png)\n\nHow NFTs Work\n\n\nYou’ve heard of blockchain, probably as the underlying process that makes cryptocurrencies possible. It’s basically a ledger recording transactions. \nNFTS exist on a blockchain, usually the Ethereumblockchains (although other blockchains support them as well). \nAn NFT is “minted” (created) from digital objects representing both tangible and intangible items, including art, GIFs, videos, sports highlights, collectibles, video game skins & avatars, designer sneakers, and music. \nYou can even sell a tweet. In fact, Twitter co-founder Jack Dorsey sold his very first tweet as an NFT for nearly $3 million!\nEssentially, an NFT is like a physical collector’s item, only it’s digital. Instead of buying a physical painting to hang over the mantel, you get a digital file. You also get exclusive ownership rights because an NFT can only have one owner at\na time. \nIts unique data makes it easy to verify ownership and transfer tokens between owners. Also, the creator or the owner can store specific information inside their NFT, such as the artist’s signature in the metadata.\nNFTs give artists and creators the power to protect and authenticate their work like nothing before. With an NFT, a creator can certify that a piece of art is one of a kind. This can make the demand for NFT creation higher than ever. \nThe problem is, all the value proposition of a digital work is tied to speculation—the promise that the value of that work will increase (or at least hold steady) over time. Who’s making that promise, though? This is where things can get sketchy, according to Joe Procopio.\n“Speculative value is not to be confused with value derived from usage.” \nLet’s say you buy a saw to cut a piece of lumber for a shelf in your bedroom. The value of that saw is directly tied to the cost of making\nit plus how badly you need that board sawed. And as a saw owner, you’re not really interested in whether or not the value of the saw is going to go up over time. Speculative value is tied to market value. \n“Your company,” says Procopio, “is worth what’s gone into it + the speculative value of the investment in that solution once that solution reaches peak market saturation.” \nInvestors buy shares in a company for one reason: they believe that down the road, someone else will pay more for those shares. \nCollectibles like NFTs don’t have usage value like the saw does. You buy a painting, and the value of that artwork is mostly tied to how it makes you feel, not how well it can cover a stain on your wall. \nCollectibles have speculative value—and lots of it. You can purchase a piece of someone else’s painting, sitting on their wall. You may never even see that painting in person, but that’s not the point. \nWhat you want is the return when someone else buys your piece\nof that painting for more than you paid for it.\n“When you get your head around that,” says Procopio, “it opens up the possibilities for digital collectibles.” \nWhen you stop caring about having an actual painting above your mantel, it doesn’t really matter whether or not that painting even exists in the real world—so long as the rules of ownership apply.\n\n\n\n\n![image.png](https://cdn.steemitimages.com/DQmTRWj6kceSM7gU7y8jgJ3etjUXy8nnQ4GtGifU78pyhdJ/image.png)\n\nHow to Use NFTs\n\n\n\n\n“Blockchain technology and NFTs afford artists and content creators a unique opportunity to monetize their wares,” say Conti and Schmidt. \nInstead of having to rely on an art gallery or auction house, an artist can sell their work directly to the consumer as an NFT. This also lets them keep more of the profits. \nArtists can also program in royalties so they will receive a percentage of the sale when that art is sold to a new owner. \nThis is a very attractive feature to an artist, as they usually don’t get any future proceeds after the art is first sold.\nAnd art isn’t the only way to make money with NFTs. Brands like Taco Bell and Charmin have auctioned off themed NFT art for charity. Taco Bell’s art sold out in minutes, with the highest bids topping $3 million worth of cryptocoins. Charmin dubbed its offering “NFTP” for non-fungible toilet paper.\nA 2011-era GIF of a cat with a pop-tart body, called Nyan Cat, sold for nearly $600,000 in February. \nSports is a big seller also. NBA Top Shot generated more than $500 million in sales as of March, while a single LeBron James highlight NFT brought in more than $200,000 on its own. \nEven celebrities are jumping on the bandwagon. Snoop Dogg and Lindsay Lohan have released unique memories, artwork, and moments as securitized NFTs.\nLet’s get back to that imaginary painting that only exists in the digital world. The blockchain, NFTS, and a system of record for ownership would seem to solve all your problems. \nBut here’s part of that problem you might not have thought about—and its one entrepreneurs need to solve. The markets for physical things like saws are (for the most part) standardized and regulated. \n“If you want to sell me a piece of your company,” says Joe Procopio,\n“the SEC will definitely be involved.”\nThe markets for physical collectibles like paintings aren’t as regulated, but are somewhat standardized. \n“If you want to sell me your Tom Brady rookie card or your Fantastic Four #1,” says Procopio, “there is at least an agreement of value based on some standard—scarcity, condition, proof of ownership—those are all considered and balanced across the trading card or comic book industry.” \nNow think about NFTs. The markets for virtual assets are individually controlled by the smart contract that created that NFT. “Can you really buy a ‘piece’ of a celebrity or their digital equivalent?” asks Procopio. \n“No. What you’re buying is speculation, and you’re also betting on the integrity of the market maker.” \nThat’s a real problem. There will be scams and lawsuits; there will be chaos around these new markets\nas they struggle to exist without any connection to a universal marketplace.\nRight now, the value rules for digital assets like NFTs are being made up on the spot. This might be exciting to some investors, but “maybe not a great idea in terms of risk vs. reward.” \nProcopio relates the lesson learned “the hard way” with Gamestop. \n“There’s no way Gamestop is worth any more than, let’s say $40 a share max.” But lots of investors are still hanging on to $400-a-share bags of that company because they believed that others would be compelled to pay more than that. \nThe lesson, he says, is that we can lose the foundation of a digital asset’s value being tied to a physical standard—\"but what we can’t lose is the line between speculation and reality, even if that reality is virtual.”\nHere’s where Procopio thinks there is some entrepreneurial op\nportunity. \n“Most of the action around NFTs currently swirls around creating the tokens, tying them to a digital asset, and auctioning them off. This is the digital currency ICO-equivalent phase of digital assets, where the quick FOMO money is made.” \nThe vast majority of these assets, he says, will devalue back into the bits that created them. But organization of digital assets has to happen at some point.\nSomeone is eventually going to make an index like the Dow Jones or the Nasdaq, once the standards of what a digital “asset” actually is gains more definition. \n“Let’s call this the Coinbase of digital assets,” says Procopio. And since speculation is already a big part of the picture, someone is going to “white-glove” the brokering of these assets. Let’s call this the Amazon of digital assets.” \nProcopio says it’s an exciting time to get involved as an entrepreneur—just avoid the lure of the qu ick (digital) buck.\n\n\n\n![image.png](https://cdn.steemitimages.com/DQmWLShdJYLgvi1gChXCNh9oZukSdb4hCifszhEuQs9j1JG/image.png)\n\n\nHow to Purchase NFTs\n\n\n\nTo acquire your own NFT collection, you’ll need a few key items. \nFirst is a digital wallet that will allow you to store cryptocurrency and NFTs. \nYou’ll also probably need some actual cryptocurrency like Ether, depending on which currencies your NFT provider will accept. \nYou can purchase cryptocurrency with your credit card on platforms like Kraken, Coinbase, eToro, PayPal, and Robinhood. You can then move it from the exchange to your digital wallet. \nYou’ll need to keep fees in mind though, as you research your crypto options. Most exchanges charge at least a percentage of the transaction when you purchase currencies.\nOnce you’ve got your wallet set up and funded with crypto, you can start shopping for NFTs. Here are some of the largest NFT marketplaces currently:\n\nOpenSea.io – this is a peer-to-peer platform that bills itself as a purveyor of “rare digital items and collectibles.” Get started by creating an account, then start browsing their collections. You can sort pieces by sales volume to “discover” new and up-and-coming artists.\n\nRarible – this is another democratic, open marketplace like OpenSea. It allows artists and creators to issue and sell NFTs. RARI tokens issued on the platform let holders weigh in on features like community rules and fees.\n\nFoundation – this is an invitation-only platform. Artists must receive “upvotes” or an invitation from fellow creators in order to post their work. They also have to buy “gas” to create those NFTs. \nThese features mean the site may boast a higher caliber of artwork. Of course, it may also mean higher prices for the buyer, which isn’t necessarily a bad thing for artists and collectors looking to capitalize (assuming the demand for NFTs stays at current levels or even increases in the future).\nBe sure to do your research before you buy. These platforms and others host thousands of NFT creators and collectors and some artists have fallen victim to impersonators who listed and sold their work without permission.\nAlso, the verification process for creators and NFT listings aren’t consistent across the various platforms. Some platforms are more stringent than others, so always be cautious.\n\n\n![image.png](https://cdn.steemitimages.com/DQmdypZJ8Q6mmGh7jbgLn4nvyrnPybj6WbqdBkwdBynDscV/image.png)\n\n\nRisk Management\n\n\n\nArray Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council says it all depends. “NFTs are risky because their future is uncertain,and we don’t yet have a lot of history to judge their performance. Since NFTs are so new, it may be worth investing small amounts to try it out for now.”\nInvesting in NFTs is largely a personal decision—if you have money to spare, it might be worth thinking about, especially if you find a piece that has meaning to you. \nBut keep in mind, the value of an NFT is based entirely on what the public is willing to pay for it. \nDemand drives the price, not the more typical fundamental, technical, or economic indicators which influence stock prices and usually form the basis for investor demand. This means your NFT might resell for less than you paid for it. You even might find yourself stuck with an NFT you can’t unload beca\nuse there is no longer a demand for it.\nNFTs are also subject to capital gains taxes, just like when you sell stocks at a profit. \nHowever, since they are treated as collectibles, they might not receive the preferential long-term rates that stocks receive. NFTs might even be taxed as a higher collectibles tax rate, although the IRS hasn’t actually ruled on what NFTs are considered for tax purposes. \nThe cryptocurrencies you used to buy that NFT might also be taxed if they’ve increased in value since you bought them. This means you might want to check with a tax professional if you’re thinking about adding NFTs to your portfolio.\nIn other words, treat NFTs like you would any investment. Do your research, know the risks, and proceed with caution if you decide to buy.\n\n\n![image.png](https://cdn.steemitimages.com/DQmSzqobPZuZQ3YYag1qWPkHqkoG9sev8qU5yP67yJR1SY9/image.png)\n\n\nHow to Get Started with NFTs\n\n\n\n\nTyler Gallaghher, CEO and founder of Regal Assets and writer for Forbes, produced his list of ten business ideas for entrepreneurs to start working on now. \nThe good news is, you don’t have to be a digital artist to succeed as an NFT entrepreneur. There are lots of applications for NFTs besides art, across a variety of industries. \n“As a nascent industry,” says Gallagher, “the sky is truly the limit when it comes to potentially money-making ideas with NFTs.”\nHere a few of those ideas:\nCreate an NFT Online Course: if you’ve learned a thing or two about the NFT ecosystem and how to create, produce, and sell NFTs, considerdeveloping a course or masterclass. \nYou could also charge for a week long “bootcamp” or a semester\nsemester long course (depending on your level of expertise and investment).\nWrite an NFT-Themed Blog: Gallagher says that the web is desperate for well-written and informative NFT-related content. There’s a “huge potential readership” for any blog that is planning to cover NFTs and the news around them. \nThen, monetize your blog with sponsors, ads, or affiliate links after you have a dedicated readership and have built a following.\nCreate an NFT Forum or Community: The internet, says Gallagher, needs more spaces for NFT creators, sellers, and enthusiasts to talk about their projects. \nCreating an NFT-exclusive forum “that rivals Bitcointalk” could become a really lucrative project, especially if you run banner ads.\nBecome an NFT Broker: There’s a high demand for secure, encrypted marketplaces and brokerages that let buyers and sellers view, commission, and transact NFTs. \nThey’re being bought and sold in\nrecord numbers nowadays, and you can get in on the ground floor here.\nCreate an NFT Newsletter: There just aren’t a lot (if any) of NFT-themed newsletters taking a deep dive into the subject. “If you can aggregate all the latest NFT news, press releases, major auction sales and market developments into a short monthly or weekly newsletter,” says Gallagher, you might end up with a very profitable venture.\nWrite an NFT eBook: It’s not unheard of, says Gallagher, for a bestselling cryptocurrency book to earn six (potentially even seven) figures in royalties. \nIf you’re a gifted writer, think about self-publishing an eBook on NFTs, or you could always outsource it to qualified writers who are experienced with NFTs. Make sure to explore the subject from as many angles as you can while “providing actionable advice to those who want to get started with NFT investing.”\nCreate a White Label NFT Service: The NFT market needs “a Sho\npify-like service that can bring a project to life with little or no additional development.” \nIf you can manage to launch an off-the-shelf NFT service to help develop NFT ventures, “you could become one of the most popular white label platforms in the blockchain industry.”\nBecome an NFT Artist: There’s nothing stopping you from producing your own digital art, even if it’s abstract. \nYou don’t need to be the smartest or most talented physical artist in the world to get started in the digital marketplace. Convert your art into an NFT and market it on popular forums such as DeviantArt, Reddit, or Wetcanvas.\nCreate NFT Collectibles: NFTs lend themselves well to preserving and authenticating collectibles. For example, “you could mint NFTs out of authentic collectible items, like sports trading cards or autographed photos.”\nLaunch an NFT App: Centralized apps for buying, selling, trading, or minting NFTS are “likely in\nhigh demand.” \nAn app that would mimic Bid Beacon or BiddingOwl—but is solely focused on the NFT market—could be quite a lucrative project if you take a commission from every sale.\nUnlike other industries, says Gallagher, The NFT business is totally new. It’s going to take years of development before it fully matures. The same is true of whatever business venture you launch into NFTs. \nIf at first you don’t succeed, don’t sweat it. At this stage, there’s plenty of room for error. \nIf an NFT can bring in over $11 million at auction, there’s really no reason why a “bold and adventurous entrepreneur” can’t build on that momentum. \nConsider the many ways you can make money with NFTs, such as the ideas we’ve discussed in this chapter, and then decide on a plan of action. \nRemember, it’s the wild west right now when it comes to startup projects and monetization methods in the NFT space. You’re getting in at a great time so seize the mo ment! To your success,\n\n\n![image.png](https://cdn.steemitimages.com/DQmdRTUQANj4D9ycJ5ovS7PLjDeTw687zQbELtiGScEgRWL/image.png)",
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      "body": "![image.png](https://cdn.steemitimages.com/DQmVJXpi6Dc5o7merkhdWuW7ZpzjTX5YihkpwkdowE3encN/image.png)\n\nDo you know how much YouTube earned in 2021?\n\nas of 2021\n\n$19.18 billion\n\nLaunching Date:-2005\n\nHeadquarters:- San Bruno, California\n\nMonthly Active Users:- 2 billion",
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      "body": "Do you know how much Facebook earned in 2021?\n\nas of 2021\n\n$86 billion\n\nLaunching Date:-2004\n\nHeadquarters:- Menlo Park, CA\n\nMonthly Active Users:- 2.7 billion\n\n\n\n\n\n\n![image.png](https://cdn.steemitimages.com/DQmd9DoEWBW2QsJx1kks11gc3tG73CzVArzYSLMYCj72Nyb/image.png)",
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      "body": "![image.png](https://cdn.steemitimages.com/DQmbi1CaCa78nyPSWygHzBpxVW9wFWM7Xt5WZQCRPmERUwQ/image.png)\n\nDo you know how much Amazon earned in 2020?\n\nas of 2020\n\n$386.06 (B$)\n\nEmployees:- 1,298,000\n\nIndustry:- Ecommerce\n\nIts Headquarters Seattle (US)",
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      "body": "Hello welcome to Steemit world! \n I'm @steem.history, who is steem witness. \n This is a recommended post for you.[Newcomers Guide](https://steemitdev.com/guide/@steemitblog/steemit-a-guide-for-newcomers) and [The Complete Steemit Etiquette Guide (Revision 2.0)](https://steemit.com/steem/@steem.history/the-complete-steemit-etiquette-guide-revision-20-homage-1598425779) and, recommended community [Newcomers Community](https://steemit.com/trending/hive-172186) \n I wish you luck to your steemit activities.<center> \n \n \n https://cdn.steemitimages.com/DQmXHwdcNs5VPcBft1iSosPdHLpBNBfjuG84g3ffWhMw5JQ/image.png \n <sub>(The bots avatar has been created using https://robohash.org/)</sub> \n @steem.history \n \n ### My witness activity \n - [My aspiration for STEEM witness](https://steemit.com/hive-185836/@steem.history/my-aspiration-for-steem-witness-1601280729) \n - Provides information on Steem.  \n [Reference](https://steemit.com/trending/hive-130095) \n - Supporting the Steem project. \n [SPUD4STEEM project](https://steemit.com/trending/spud4steem) \n - Supporting the community. \n [Newcomers Community](https://steemit.com/trending/hive-172186),[Steem Sri Lanka](https://steemit.com/trending/hive-133716) ,[WORLD OF XPILAR](https://steemit.com/trending/hive-185836), [GLOBAL STEEM](https://steemit.com/trending/hive-145160), [Scouts](https://steemit.com/trending/hive-181136), [Latino Community](https://steemit.com/trending/hive-188619) \n \n ### My featured posts \n - [The Complete Steemit Etiquette Guide (Revision 2.0) -Homage](https://steemit.com/steem/@steem.history/the-complete-steemit-etiquette-guide-revision-20-homage-1598425779) \n \n [![image.png](https://cdn.steemitimages.com/DQmd7of2TpLGqvckkrReWahnkxMWH6eMg5upXesfsujDCnW/image.png)](https://steemlogin.com/sign/account-witness-vote?witness=steem.history&amp;approve=1) \n <sub>please click it!</sub> \n \n ![image.png](https://cdn.steemitimages.com/DQmWDnFh7Kcgj2gdPc5RgG9Cezc4Bapq8sQQJvrkxR8rx5z/image.png) \n <sub>(Go to https://steemit.com/~witnesses and type fbslo at the bottom of the page)</sub> \n \n </center>",
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      "author": "devid2",
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      "title": "Techniques To Beat Barriers In Day Trading",
      "body": "It has been said that you must “face the thing you fear, and you do away with that fear.”\nFear is an ingredient of life. Different individuals have different types of fear. Some have shallow fears, others have extremely profound fears. Fears are for humans. The business industry such as day trading has its own fear; they call it “barriers.”\nBarriers are around at all times for no apparent reason. However, there is no reason why you should be overwhelmed by barriers especially if a good sum of money is at stake. With this you need to think of ways to beat the barriers – you need techniques for a successful day trading.\n\n\nEducate yourself\n\n\nThere is no better way to prepare you into beating the barriers than educating itself. Once you have familiarized yourself with the ins and outs of day trading, then you can be confident that you will win, if not half the battle – all of it.\nYou need to understand the day trading market. You need to comprehend why a trend goes up or down, why charts seem to vary from one tick of the clock to the other.\n\n\nPlan ahead \n\n\nSince most people view day trading close to gambling, it is suggested that you come up with a trading plan to be fully equipped with your battle.\nA trading plan will be your guide to help you progress from the starting point to the end point of your day trading goals. It will serve as your map to demonstrate which paths are good to walk into and which paths to avoid. By doing so, you will avoid getting too much losses.\n\n\nManage monetary resources \n\n\nMost day traders fail due to their inability to properly manage their finances. It is a common practice for day traders to allocate a specific amount of money and then have a loan on the entire margin. By doing so, some day traders lose a good sum of money instead of gaining them.\nIt is not all about giving out money; it is about winning by thinking. If you observe that the market fall short of meeting your chances of gaining profit, then it is time to think fast of strategies to prevent losses.\n\n\nSell short-term stock\n\n It is recommended that if you have short-term stock which suffers for ten uninterrupted trading days it is best to sell it. This is done to prevent tying weak stocks to your capital. By doing so, you will avoid any pitfalls over your capital.\nIf you have stocks which are likely to hurl for over 25 % on the first three trading days, it is wise to sell one-half of it. According to market trend studies, if you sell any stock which hurls 25 % or further during the first three days, you are more likely to gain profit.\nDay trading techniques are everywhere. All you need to do is patiently compile them within your bounds. Once you have them, have a thorough comparison of the available techniques you have. From your techniques compilation, it is wise to select which ones will be suitable for you.\nYou should not stop though, continue searching for different techniques since the market varies and it makes drastic changes. It is best to be updated than be left behind. It is preeminent to know how to face fears or barriers than be simply alarmed by it.",
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