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What Proportion of the Bitcoin Ecosystem Is Controlled by Bots?

In: Global Economic Challenges

Author

Listed:
  • Yavuz Selim Balcıoğlu

    (Gebze Technical University)

  • Gökhan Özer

    (Gebze Technical University)

Abstract

Its proponents argue that Bitcoin allows for disruption of how money transfers are made. They also claim that Bitcoin is less susceptible to fraud than money because the BTC balance cannot be duplicated and used by another person. Its critics claim it is a bubble because of its high volatility and the number of security breaches. People who create bitcoin or other cryptocurrencies care because the use of bots means their technology is less trusted and valuable. Also, people who sell assets that rely on Bitcoin price stability (such as bitcoin futures and options) care because bot activity can cause price fluctuations and financial losses. This research aims to study how to control and regulate the influence of Bitcoin bots. Our market analysis reveals unusual trading recently that was most likely triggered by some significant event. This finding is consistent with our extensive robustness checks.

Suggested Citation

  • Yavuz Selim Balcıoğlu & Gökhan Özer, 2023. "What Proportion of the Bitcoin Ecosystem Is Controlled by Bots?," Springer Proceedings in Business and Economics, in: Nesrin Özataç & Korhan K. Gökmenoğlu & Daniel Balsalobre Lorente & Nigar Taşpınar & Bezhan Rustamov (ed.), Global Economic Challenges, pages 31-38, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-23416-3_3
    DOI: 10.1007/978-3-031-23416-3_3
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    Keywords

    Bitcoin; Ecosystem; Bots;
    All these keywords.

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