on the Blockchain: Smart Contracts as Legal Conduct. Article Journal of Economic Perspectives Spring 2015. Bitcoin is of interest to economists as a virtual currency with potential to disrupt existing payment systems and perhaps even monetary systems. Cryptodemocracy and its institutional possibilities. 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. Bitcoin's design allows for irreversible transactions, a prescribed path of money creation over time, and a public transaction history. Collectively, these rules yield a system that is understood to be more flexible, more private, and less amenable to regulatory oversight than other forms of paymentthough as we discuss, all these benefits face important limits.
Bitcoin economics technology and governance pdf
And Potts, Jason 2018. Global Networks, Solarte-Rivera, Julian Vidal-Zemanate, Andrés Cobos, Carlos Chamorro-Lopez, José Alejandro and Velasco, Tomas 2018. Google Scholar citations for this article. Virtualizing diaspora: new digital technologies in the emerging transnational space. Journal of Economic Perspectives vol.
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. Where the ledger records money, a blockchain is a cryptocurrency, such as Bitcoin; but ledger entries can record any data structure, including property titles, identity and certification, contracts, and. 213-38 download Full Text PDF (Complimentary abstract, bitcoin is an online communication protocol that facilitates the use of a virtual currency, including electronic payments. Berg, Chris Lane, Aaron. 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. Advanced Information Systems Engineering Workshops. Bitcoin is of interest to economists in part for its potential to disrupt existing payment systems and perhaps monetary systems as well as for the wealth of data it provides about agents' behavior and about the Bitcoin system itself.