For the curve $y=(2x-1)^4$, the derivative $8(2x-1)^3$ shows that the only stationary point is $(0.5, 0)$, which means it just touches the $x$-axis at that point. However, when determining the nature of the stationary point, the second derivative is $48(2x-1)^2$. Substituting $x=0.5$ into the second derivative gives $\frac{d^2y}{dx^2}=0$, which implies the stationary point is a point of inflection. However, when drawing the graph, it is actually a minimum point.
I also checked it by substituting $x=0.49$ and $x=0.51$ into the first derivative, which gives a negative and positive gradient, respectively, showing a minimum point.
So why does the second derivative show a point of inflection?
Shouldn't it be positive, which shows a minimum point?
Is it possibly to do with the fact that the curve does not actually cross the $x$-axis but only touches it, or is that irrelevant?
$\dfrac{d^2y}{dx^2}=0$ does not imply that there is a zone of inflection. As an example, $y=x^4$. This has a stationary point at $x=0$, and the second derivative here is $12x^2=12\cdot0^2=0$. But this is not a zone of inflection, it is a minimum. The point is, second derivative being $0$ is not a definitive way of checking if there is a zone of inflection. It is true that at any zone of inflection, the second derivative will be $0$, but the converse is not true, as illustrated by my example above.
An alternative method is that you can check values either side of the stationary point to see what the true nature is. (Alternatively you could check higher derivatives, but that is sometimes tedious).
In this case, $$y=(2x-1)^4\\y'=8(2x-1)^3$$ You know there is a stationary point at $\frac12$, so substitute in $x=\frac12\pm\epsilon$ where $\epsilon$ is small. Then $$y'=8(\pm2\epsilon)^3=\pm16\epsilon^3$$ So is $\epsilon<0$ then $y'<0$, and if $\epsilon>0$ then $y'>0$. This means it is a minimum, since the function is decreasing just before the stationary point (i.e. for $\epsilon<0$), and is increasing after (i.e. for $\epsilon>0$).