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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
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.
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Blockchain Technology: Principles and Applications
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The inefficiency of Bitcoin
TL;DR: In this article, the authors study the market efficiency of Bitcoin and find that returns are significantly inefficient over the full sample, but when split into two subsample periods, some tests indicate that Bitcoin is efficient in the latter period.
Proceedings ArticleDOI
Blockchain technology in healthcare: The revolution starts here
TL;DR: In this article, the authors present several starting points for blockchain technology in the healthcare industry, including public healthcare management, user-oriented medical research and drug counterfeiting in the pharmaceutical sector, and illustrate possible influences, goals and potentials connected to this disruptive technology.
Journal ArticleDOI
The Economics of Privacy
TL;DR: The authors summarizes and draws connections among diverse streams of theoretical and empirical research on the economics of privacy, focusing on the economic value and consequences of protecting and disclosing personal information, and on consumers' understanding and decisions regarding the tradeoffs associated with the privacy and the sharing of personal data.
References
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Journal ArticleDOI
The Economics of Privacy
TL;DR: The authors summarizes and draws connections among diverse streams of theoretical and empirical research on the economics of privacy, focusing on the economic value and consequences of protecting and disclosing personal information, and on consumers' understanding and decisions regarding the tradeoffs associated with the privacy and the sharing of personal data.
Posted Content
An Analysis of Anonymity in the Bitcoin System
Fergal Reid,Martin Harrigan +1 more
TL;DR: In this article, the authors consider the topological structure of two networks derived from Bitcoin's public transaction history and combine these structures with external information and techniques such as context discovery and flow analysis to investigate an alleged theft of Bitcoins.
Book ChapterDOI
Evaluating User Privacy in Bitcoin
TL;DR: This research examines the use of pseudonymity in the Bitcoin network, and the role that it plays in the development of trust and confidence in the system.
Proceedings ArticleDOI
Double-spending fast payments in bitcoin
TL;DR: It is shown that, unless appropriate detection techniques are integrated in the current Bitcoin implementation, double-spending attacks on fast payments succeed with overwhelming probability and can be mounted at low cost.
Posted Content
Bitcoin - Asset or Currency? Revealing Users' Hidden Intentions
Florian Glaser,Florian Glaser,Kai Zimmermann,Martin Haferkorn,Moritz Christian Weber,Michael Siering +5 more
TL;DR: Empirical insights are given on whether users’ interest regarding digital currencies is driven by its appeal as an asset or as a currency, finding strong indications that especially uninformed users approaching digital currencies are not primarily interested in an alternative transaction system but seek to participate in anAlternative investment vehicle.