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Keywords:bitcoin 

Discussion Paper
Bitcoin Is Not a New Type of Money

Bitcoin, and more generally, cryptocurrencies, are often described as a new type of money. In this post, we argue that this is a misconception. Bitcoin may be money, but it is not a new type of money. To see what is truly new about Bitcoin, it is useful to make a distinction between “money,” the asset that is being exchanged, and the “exchange mechanism,” that is, the method or process through which the asset is transferred. Doing so reveals that monies with properties similar to Bitcoin have existed for centuries. However, the ability to make electronic exchanges without a trusted ...
Liberty Street Economics , Paper 20200618

Discussion Paper
Is Bitcoin Really Frictionless?

Bitcoin is the most popular virtual currency yet developed. Proponents assert that bitcoin can remove frictions involved in payment and settlement systems by eliminating the need for the financial intermediaries that exist in traditional currencies. In this blog post, we show that while bitcoin transfers themselves are relatively frictionless for the user, there are significant frictions when bitcoins trade in exchange markets resulting in meaningful and persistent price differences across bitcoin exchanges. These exchange-related frictions reduce the incentive of market participants to use ...
Liberty Street Economics , Paper 20160323

Speech
Transcript of Fireside Chat at Rutgers University—New Brunswick: November 29, 2017

Transcript of Fireside Chat at Rutgers University?New Brunswick: November 29, 2017.
Speech , Paper 265

Working Paper
Beyond the Doomsday Economics of “Proof-of-Work” in Cryptocurrencies

This paper discusses the economics of how Bitcoin achieves data immutability, and thus payment finality, via costly computations, i.e., ?proof-of-work.? Further, it explores what the future might hold for cryptocurrencies modelled on this type of consensus algorithm. The conclusions are, first, that Bitcoin counterfeiting via ?double-spending? attacks is inherently profitable, making payment finality based on proof-of-work extremely expensive. Second, the transaction market cannot generate an adequate level of ?mining? income via fees as users free-ride on the fees of other transactions in a ...
Globalization Institute Working Papers , Paper 355

Journal Article
Bitcoin vs. the Buck: Is Currency Competition a Good Thing?

Ever since the U.S. established a single currency in the 19th century, the idea of private money has evoked panics and bank failures. In the cryptocurrency era, can the dollar stay sound?
Economic Insights , Volume 3 , Issue 2 , Pages 9-14

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