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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
Toward Socially Optimal Bitcoin Mining
TL;DR: In this paper, an alternative socially optimal model for the Bitcoin market and other cryptocurrencies in general was proposed through equilibrium analysis, emphasizing the need to limit speculation in Bitcoin transactions, improve efficiency, diversify currency portfolio, and minimize negative externalities of the Bitcoin mining business.
Book ChapterDOI
Blockchain Technologically Driven Innovation at the Gulf Cooperation Council Countries: An Overview
Yousef Alabbasi,Kamaljeet Sandhu +1 more
TL;DR: This chapter delves into the innovation of blockchain technology and its benefits for advancing the economic growth in the Gulf Cooperation Council (GCC) countries.
Journal ArticleDOI
Accounting for pandemics and economic crises management: Moral hazard, blockchain, and smart-contracts
TL;DR: Rainero et al. as discussed by the authors proposed accounting for pandemics and economic crises management: Moral hazard, blockchain, and smart-contracts, using blockchain and smart contracts, with a focus on smart contracts.
Journal ArticleDOI
Blockchain as Schumpeter Mark 1 or Mark 2? An empirical analysis of blockchain job offers in France and Germany
TL;DR: This article investigates whether blockchain technology corresponds to Schumpeter Mark 1 or Mark 2 industrial dynamics, using an original database of 385 job offers in three different domains, namely, blockchain, biotechnology, and storekeeping to identify the main features of blockchain industrial dynamics.
Proceedings ArticleDOI
Leveraging Towards Analytical Approach of Fixed batch-based Queueing assisted Blockchain System
Veena Goswami,B. B. Dash,Subhranshu Sekhar Tripathy,Barun Bikram Dash,Sudhansu Shekhar Patra,Rabindra K. Barik +5 more
TL;DR: The transaction-confirmation time is investigated in this paper by simulating the mining process using a queueing system with batch service, and a Markovian queue that processes transactions in fixed batch K is assumed.
References
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Tor: the second-generation onion router
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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.
Journal ArticleDOI
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.