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

By Hanna Halaburda, Miklos Sarvary

Digital currencies are a reasonably new phenomenon caused via the impressive upward push of the web. whereas Bitcoin is the main recognized, there are many different electronic currencies—from Amazon Coin to Zetacoin. Beyond Bitcoin explores the industrial forces underlying the layout in their positive factors and their strength. Halaburda and Sarvary argue that electronic currencies are most sensible understood through contemplating the commercial incentives riding their creators and clients. The authors current a framework that would let systemic research of this dynamic atmosphere and aid additional dialogue of the layout of electronic currencies' positive aspects and the contest within the market.

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Sample text

When merchants had a chance to conduct trade in florins and ducats or in some other coins, they preferred florins and ducats. Thus, florins and ducats were becoming more popular, becoming the dominant currencies of Europe, and pushing out other currencies. Our final example is that of the Maria Theresa thaler. The thaler (a name from which the word “dollar” is derived) was introduced in 1773 in honor of the Austrian empress, the wife of Holy Roman Emperor Francis I. 20 People became reluctant to use any other currency.

And as supply of money fluctuates, so will the prices. In a year of a good harvest, there is a lot of barley everywhere and the prices of non-barley goods increase. Unstable (that is, changing and unmanaged) supply leads to a greater variability in prices. Such variability intensifies uncertainty, which in turn may create frictions in trade. It makes metal, with its more stable supply, more preferred 28 Beyond Bitcoin as money. Of course, even metal money supply may experience large fluctuations.

In this sense, it just describes an equilibrium. What it cannot do is tell us whether a can of mackerel or a Zimbabwean dollar is money. Moreover, the definition sounds like three yes-or-no questions, suggesting that if you answer “yes” three times, what you are evaluating is money. That’s not the case. 12 If we take this interpretation, suddenly perfectly good currencies do not satisfy the definition. Take the euro or the Swedish krona 24 Beyond Bitcoin or the Polish zloty. Are they good store of value for the next 300 years?

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