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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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Crowding Out in a Dual Currency Regime? Digital Versus Fiat Currency
TL;DR: In this article, the authors analyzed a dual currency regime with both fiat and digital currencies and investigated the potential crowding-out effects of either currency under the traditional monetary economic model, and they found that crowding out occurs only under extreme assumptions, i.e., extremely high costs associated with the use (medium of exchange and store of value) of one currency and extremely low costs associated to the use of the other currency.
Journal ArticleDOI
How does the cryptocurrency market affect the stock market performance in the MENA region
Mina Sami,Wael Abdallah +1 more
TL;DR: In this article, the authors examined the impact of cryptocurrency market on the stock market performance in Middle East and North Africa (MENA) region and provided an empirical guideline for governments in the MENA region for efficient measures in their stock market, given the important expansion of the cryptocurrency market and government type.
Journal ArticleDOI
Bitcoin and Altcoins Price Dependency: Resilience and Portfolio Allocation in COVID-19 Outbreak
TL;DR: In this paper, the authors examined the inter-relationships among the top cryptocurrencies on the crypto stock market in the presence and absence of the COVID-19 pandemic and found strong evidence of a long-run relationship between Bitcoin and altcoins irrespective of whether it is pre-pandemic or pandemic period.
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IoT based smart energy grid for sustainable cites
TL;DR: Internet of Things based smart grid which helps in the energy conservation process to meet the future demands and blockchain techniques applied for energy storage systems are outlined along with the applications and future directions of smart grid.
Book ChapterDOI
Decentralized Industrial IoT Data Management Based on Blockchain and IPFS
TL;DR: A decentralized IIoT data management approach based on blockchain and IPFS technology is proposed and a proof-of-concept implementation is realized and the results demonstrated the feasibility of the proposed approach.
References
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TL;DR: This paper suggests ways to solve currently open problems in cryptography, and discusses how the theories of communication and computation are beginning to provide the tools to solve cryptographic problems of long standing.
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Tor: the second-generation onion router
TL;DR: This second-generation Onion Routing system addresses limitations in the original design by adding perfect forward secrecy, congestion control, directory servers, integrity checking, configurable exit policies, and a practical design for location-hidden services via rendezvous points.
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Blind Signatures for Untraceable Payments
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.