Transcription of The Economics of Cryptocurrencies { Bitcoin and Beyond
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The Economics of Cryptocurrencies Bitcoin and Beyond Jonathan ChiuBank of CanadaVictoria University of WellingtonThorsten KoepplQueen s UniversityApril, 2017 AbstractA general equilibrium monetary model is developed to study the optimal design of a cryptocur-rency system based on a blockchain. The model is then calibrated to Bitcoin transaction datato perform a quantitative assessment of the scheme. We formalize the critical elements of acryptocurrency: the blockchain to keep a history of transactions, the distributed updating ofinformation and consensus through competition for such updating.
A general equilibrium monetary model is developed to study the optimal design of a cryptocur- ... rent Bitcoin scheme generates a welfare loss of 1.4% of consumption. Such loss can be lowered ... the Bank of Canada and Monetary Authority of Singapore are studying its usage for interbank payment systems; the Deutsche Bun- ...
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