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Bitcoin: Economics, Technology, and Governance
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In this paper, the authors present the design principles and properties of Bitcoin for a non-technical audience, reviews its past, present and future uses, and points out risks and regulatory issues as Bitcoin interacts with the conventional financial system and real economy.Abstract:
Bitcoin is an online communication protocol that facilitates virtual currency including electronic payments. Since its inception in 2009 by an anonymous group of developers, Bitcoin has served tens of millions of transactions with total dollar value in the billions. Users have been drawn to Bitcoin for its decentralization, intentionally relying on no single server or set of servers to store transactions and also avoiding any single party that can ban certain participants or certain types of transactions. Bitcoin is of interest to economists in part for its potential to disrupt existing payment systems and perhaps monetary systems, and also for the wealth of data it provides about agents’ behavior and about the Bitcoin system itself. This article presents the platform’s design principles and properties for a non-technical audience, reviews its past, present and future uses, and points out risks and regulatory issues as Bitcoin interacts with the conventional financial system and the real economy.read more
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Proceedings ArticleDOI
Have the security flaws surrounding BITCOIN effected the currency's value?
TL;DR: It is proposed that based on the data analyzed, the current integrity of the Bitcoin security is trusted by general users and the value and usage of the currency is growing.
Journal ArticleDOI
Centralized Decentralization: Does Voting Matter? Simple Economics of the DPoS Blockchain Governance
TL;DR: This work finds the optimal number of votes per account (VPA) that minimizes takeover risks yet maximizes voting flexibility, implying that the ``one vote per account'' rule adopted by some major blockchains to mitigate centralization may be unnecessary.
Dissertation
Application of blockchain technology and crowdfunding to solve structural inefficiencies in digital rights and patents : a comparative analysis
TL;DR: This study examines the structural inefficiencies of the two segments of patents and explores how blockchain and crowdfunding could solve these and finds promising use cases for both concepts in the market of digital rights.
Proceedings ArticleDOI
Visual Analytics of Bitcoin Mining Pool Evolution: On the Road Toward Stability?
TL;DR: An extensive data collection on Bitcoin mining pools, the development of two custom visualizations, and the first exploratory data analysis leading to hypotheses and documented activities about pools’ main features such as market share, reward rules, or location are presented.
Blockchain Technology for Governmental Processes: The Design of a Blockchain Assessment Tool: a Design Science Approach
TL;DR: The blockchain assessment tool was demonstrated in two case studies exploring the possibilities of blockchain for an EU registration or information exchange system, for which the tool proved to provide key insights and was suggested to focus on the trade-offs between the design features to provide a better view on the possible blockchain architectures.
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TL;DR: Automation of the way the authors pay for goods and services is already underway, as can be seen by the variety and growth of electronic banking services available to consumers.
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A program for monetary stability
TL;DR: The only really sure way to beat inflation is to cut off inflation at the root as mentioned in this paper, and this is controversial stuff, and Professor Friedman doesn't blanch at what he feels is his call of duty.
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Bitcoin, gold and the dollar – A GARCH volatility analysis
TL;DR: In this article, the authors explored the financial asset capabilities of bitcoin using GARCH models and found that bitcoin can be classified as something in between gold and the American dollar on a scale from pure medium of exchange advantages to pure store of value advantages.