Understanding the Currency Sector in CoinDesk Indices DACS

1. Bitcoin (BTC) is the world’s first cryptocurrency, and the largest by market capitalization. Since launching in 2009, Bitcoin has revolutionized payments with its innovation in blockchain technology, creating a global, borderless, secure, censorship-resistant, pseudonymous, permissionless and trustless medium of exchange. Bitcoin’s proof-of-work consensus mechanism makes the Bitcoin network the most secure in the world. When proper security measures are taken, a bitcoin wallet is effectively un-hackable. These features have contributed to an explosion in usage and popularity, and bitcoin has seen a massive influx of institutional and retail adoption, positioning itself as a brand-new asset class and a legitimate store of value.