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The Biturai crypto encyclopedia: AI-assisted, data-informed, and continuously quality-audited.
The Blocksize War: Bitcoin Core vs. Big Blocks (2015-2017)
The Blocksize War was a significant technical and ideological debate within the Bitcoin community from 2015 to 2017, centered on how to scale the network to handle more transactions. This conflict ultimately led to a network split and the
The 2010 Bitcoin Value Overflow Incident: The 184 Billion BTC Bug
In 2010, a critical bug in the Bitcoin network allowed the creation of 184 billion bitcoins, far exceeding its intended supply limit. This 'Value Overflow Incident' was swiftly identified and patched, demonstrating the early network's
The Bitcoin Whitepaper of 2008: A Section-by-Section Analysis
The Bitcoin Whitepaper, published in 2008 by Satoshi Nakamoto, introduced a revolutionary peer-to-peer electronic cash system. This foundational document meticulously outlines the technical architecture and economic incentives behind
Bitcoin Mining Difficulty All-Time High and Its Implications
Bitcoin mining difficulty is a self-adjusting metric that ensures consistent block times and network security. A new all-time high in difficulty reflects increased network hash rate and robust participation.
Stratum V2: The Next-Generation Mining Pool Protocol Explained
Stratum V2 is a significantly improved communication protocol for Bitcoin miners and mining pools. It enhances decentralization, security, and efficiency compared to its predecessor, Stratum V1, by introducing encrypted connections and
Mining Difficulty vs. Hashrate: Explaining the Relationship
Mining difficulty and hashrate are fundamental concepts in cryptocurrency mining, intricately linked to the security and stability of a blockchain network. This article explains their definitions, mechanics, and the crucial relationship
Bitcoin Hash Ribbons: Mining Capitulation and Recovery
The Bitcoin Hash Ribbons indicator identifies significant price bottoms by analyzing miner behavior through hash rate moving averages. It signals potential long-term buying opportunities after periods of intense miner stress and subsequent
Bitcoin Exchange Netflow: Accumulation Versus Selling Pressure
Bitcoin Exchange Netflow measures the net movement of BTC onto or off centralized exchanges, providing insights into potential market sentiment. Positive netflow suggests increased selling pressure, while negative netflow often indicates
Bitcoin Long-Term Holder vs. Short-Term Holder Supply
Understanding the distinction between Bitcoin's long-term and short-term holder supply provides critical insights into market sentiment and potential price movements. These metrics categorize investors based on how long they have held
Bitcoin Reserve Risk as a Long-Term Cycle Indicator
Bitcoin Reserve Risk is a metric that assesses the confidence of long-term Bitcoin holders relative to the asset's price. It helps identify periods where the risk-reward ratio for investing in Bitcoin is particularly attractive for patient
Coin Days Destroyed: Measuring Bitcoin's Dormancy and Movement
Coin Days Destroyed (CDD) is an on-chain metric that provides insight into the movement of Bitcoin by weighting transactions based on how long coins have remained dormant. It offers a more nuanced view than simple transaction volume,
Bitcoin RHODL Ratio as a Cycle Top Indicator
The Bitcoin RHODL Ratio is an on-chain indicator designed to identify periods of market overheating and potential cycle tops. It compares the realized value of recently moved coins against those held for longer durations, adjusted for
STH-SOPR and LTH-SOPR: Short-Term vs. Long-Term Holder Behavior
STH-SOPR and LTH-SOPR are on-chain metrics that reveal whether short-term or long-term cryptocurrency holders are selling their assets at a profit or a loss. These indicators provide insight into market sentiment and potential price
aSOPR vs. SOPR: The Adjusted Spent Output Profit Ratio
The Spent Output Profit Ratio (SOPR) measures the profitability of coins moved on the blockchain, indicating whether market participants are selling at a profit or a loss. The Adjusted SOPR (aSOPR) refines this by filtering out short-term
MVRV Z-Score: Identifying Bitcoin Market Tops and Bottoms
The MVRV Z-Score is an on-chain indicator that helps determine if Bitcoin's price is overvalued or undervalued relative to its fair value. It achieves this by comparing the asset's Market Value to its Realized Value, normalized by the
Bitcoin Realized Price: The On-Chain Cost Basis
The Bitcoin Realized Price represents the average acquisition cost of all bitcoins in circulation, based on their last movement on the blockchain. It provides a macro-level view of the market's overall profitability or loss, distinguishing
Why There Will Never Be 21 Million Bitcoin (Rounding Losses)
The theoretical maximum supply of Bitcoin is often cited as 21 million, but the actual number minted will be slightly less due to the protocol's design. This discrepancy arises from the integer arithmetic used in calculating block rewards,
Bitcoin Inflation Rate: Annual Emission Over Time
Bitcoin's inflation rate refers to the predictable, decreasing rate at which new bitcoins are introduced into circulation, governed by its fixed supply cap and halving events. This programmatic scarcity distinguishes it from traditional
S2FX: The Extended Stock-to-Flow Cross-Asset Model
The S2FX model is an advanced valuation framework for Bitcoin, extending the original Stock-to-Flow concept by incorporating phase transitions. It estimates long-term price based on increasing scarcity and Bitcoin's evolution through
Bitcoin Stock-to-Flow Model: Limitations and Real-World Price Discrepancies
The Bitcoin Stock-to-Flow model estimates Bitcoin's price based on scarcity, comparing existing supply to new issuance. While historically influential, the model has shown significant deviations from actual market prices, revealing its