Beyond Bitcoin: The Economics of Digital Currencies by Hanna Halaburda, Miklos Sarvary

By Hanna Halaburda, Miklos Sarvary

Digital currencies are a reasonably new phenomenon led to by means of the striking upward thrust of the web. whereas Bitcoin is the main well-known, there are various different electronic currencies—from Amazon Coin to Zetacoin. Beyond Bitcoin explores the industrial forces underlying the layout in their beneficial properties and their power. Halaburda and Sarvary argue that electronic currencies are most sensible understood by means of contemplating the industrial incentives using their creators and clients. The authors current a framework that might permit systemic research of this dynamic setting and aid extra dialogue of the layout of electronic currencies' positive aspects and the contest within the market.

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Technology can help diminish these costs, although arguably not eliminate them. For example, cellphones and widespread Internet coverage make it easy to convert prices quoted in a foreign currency into your home currency. Still, there is, and likely always will be, some inconvenience in, say, having to turn to your cellphone every time you want to buy something. Moreover, even if referring to your cellphone is hassle-free, it does not preclude the second large category of costs: costs of exchange.

Nonetheless, transferring the benefit to someone else became more burdensome. You cannot simply hand another person $5 worth of food stamps. If you hand over your card, you will part not only with the whole balance but also the future benefits.

This uncertainty may increase the need for bargaining, and it makes transactions more time consuming. Thus, such goods do not facilitate trade as well as otherwise similar goods that are uniform across units. On this dimension, barley may be better than dog teeth are. And since barley from different fields may have slightly different qualities, the coins and banknotes that we use today are better than barley. Similarly, other attributes influence how well a potential currency does as a store of value.

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