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How Does Bitcoin Work?The paper constructs a multi-variate Hawkes process model of Bitcoin block arrivals and price jumps. Hawkes processes are selfexciting point. On any given day, the number of transactions (modelled as Hawkes-process arrivals) differs greatly among currencies. Bitcoin contracts account for almost two. Both univariate and bivariate Hawkes' models are employed on the Bitcoin trades, which cluster as well as any trades of other financial prod- ucts. We also.
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