Mark Cuban is well known for his love of all things tech and crypto. So what crypto does he own? Let’s take a look.
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Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Nakamoto proposed the creation of a new electronic cash system that was completely decentralized, with no trusted third party. Transactions would be verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin was the first practical implementation of a blockchain, and is still the largest blockchain network in terms of total value held.
Cuban has been critical of Bitcoin in the past, calling it a “bubble” in 2017. However, he has apparently softened his stance since then, and even hinted that he might be open to investing in it himself. In October 2018, Cuban announced that his NBA team, the Dallas Mavericks, would start accepting Bitcoin as payment for tickets and merchandise.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, fraud or third party interference. In the Ethereum protocol and blockchain there is a price for each operation. The general ledger is a blockchain, a decentralized database, kept by thousands of computers around the earth. These are called nodes in the Ethereum network.
Mark Cuban has been one of the most outspoken critics of Bitcoin, but he is a fan of Ethereum. In June 2017, he said on Twitter that Ethereum was his favorite investment:
“If I had to pick one crypto to buy, it would be ETH”
In September 2017, on the show “Beyond Bitcoin” on CNBC’s Fast Money Cuban said that he had bought some ETH, and hinted at buying more:
“I think it [Ethereum] has actually created an ecosystem where people are building stuff on top of it… [and] if you believe there’s going to be a next big thing, or multiple big things… then you want to be involved with ETH.”
Cuban has also been a big advocate of Litecoin, even going as far as calling it “the safest cryptocurrency” back in June. At the time of writing, Cuban owns an undisclosed amount of Litecoin.
Bitcoin Cash (BCH) is a cryptocurrency established as a result of the hard fork that took place to manage the scalability problem. Bitcoin cash resulted from splitting the blockchain due to different opinions on how to solve the scalability issue. While Bitcoin increased the block size to 8MB, Bitcoin Cash increased it to 32MB.