🗺 [Analysis] Mapping out bitcoin's supply chain – Steven Zheng
At the start of the bitcoin supply chain is the bitcoin ($BTC) network. Miners earn bitcoin by solving cryptographic puzzles. Then, the miners sell the minted coins via exchanges or OTC platforms which then circulate the coins to users and investors via ATMs, investment-product providers, and P2P exchanges. Users and investors have three options: saving, trading, or using. Thus, merchants are at the end of the supply chain.
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