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VIRTUAL CURRENCY SCHEMES, OCTOBER 2012

V i r t ua l c u r r e n c y s c h e m e s O CT O B ER 2012 . VIRTUAL CURRENCY schemes . O cto b er 2012 . In 2012 all ECB. publications feature a motif taken from the 50 banknote. European Central Bank, 2012 . Address Kaiserstrasse 29. 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19. 60066 Frankfurt am Main Germany Telephone +49 69 1344 0. Website Fax +49 69 1344 6000. All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. ISBN: 978-92-899-0862-7 (online). CONTENTS. Executive summary 5. 1 Introduction 9. Preliminary remarks and motivation 9. A short historical review of money 9. Money in the VIRTUAL world 10. 2 VIRTUAL CURRENCY schemes 13.

October 2012 The firstcase study in this report relates to Bitcoin, a virtual currency scheme based on a peer-to-peer network. It does not have a central authority in charge of money supply, nor a central clearing house, nor are financialinstitutions involved in the transactions, since users perform all these tasks themselves.

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  Virtual, 2012, Schemes, Currency, Virtual currency, Virtual currency schemes

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