Journal Article

A Short Introduction to the World of Cryptocurrencies

Abstract: In this article, we give a short introduction to cryptocurrencies and blockchain technology. The focus of the introduction is on Bitcoin, but many elements are shared by other blockchain implementations and alternative cryptoassets. The article covers the original idea and motivation, the mode of operation and possible applications of cryptocurrencies, and blockchain technology. We conclude that Bitcoin has a wide range of interesting applications and that cryptoassets are well suited to become an important asset class.

Keywords: Digital currency; Bitcoin; Cryptocurrency; Blockchain;

JEL Classification: G23; E50; E59;

https://doi.org/10.20955/r.2018.1-16

Bibliographic Information

Provider: Federal Reserve Bank of St. Louis

Part of Series: Review

Publication Date: 2018

Volume: 100

Issue: 1

Pages: 1-16