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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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Journal ArticleDOI
The digital agenda of virtual currencies: Can BitCoin become a global currency?
TL;DR: It is suggested that as long as BitCoin price will be mainly driven by speculative investments, BitCoin will not be able to compete with standard currencies.
Proceedings ArticleDOI
Breaking Bad: De-Anonymising Entity Types on the Bitcoin Blockchain Using Supervised Machine Learning
Mikkel Alexander Harlev,Haohua Sun Yin,Klaus Christian Langenheldt,Raghava Rao Mukkamala,Ravi Vatrapu +4 more
TL;DR: This paper presents a novel approach for reducing the anonymity of the Bitcoin Blockchain by using Supervised Machine Learning to predict the type of yet-unidentified entities, and finds that it can indeed predict thetype of a yet- unidentified entity.
Journal ArticleDOI
A bibliometric analysis of Bitcoin scientific production
TL;DR: In this paper, a bibliometric study of Bitcoin-related research in different scientific disciplines is presented, focusing on the scientific production only around Bitcoin, excluding other blockchain applications, and restricted to papers indexed in the Web of Science Core Collection, whose topic is "bitcoin".
Posted Content
The technology of retail central bank digital currency
Raphael Auer,Rainer Boehme +1 more
TL;DR: In this article, the underlying trade-offs and the related hierarchy of design choices for CBDCs are discussed, and a hierarchy of trade-off among different technical design choices is presented.
Journal ArticleDOI
Blockchain applications in management: A bibliometric analysis and literature review
TL;DR: In this paper, the use of blockchain in management has gained substantial recognition for its ability to induce transformation and innovation in existing business models and frameworks and consequently, the application of this technology to the management domain and its processes has attracted increasing interest from academia and industry.
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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.