Decentralizing Money: Bitcoin Prices and Blockchain Security

We address the determination of bitcoin prices and decentralized security. Users forecast the transactional and resale values of holdings, pricing the risk of systemic attacks. Miners contribute resources to protect against attackers and compete for block rewards. Bitcoin’s design leads to multiple...

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Bibliographic Details
Published in:The Review of financial studies 2022-02, Vol.35 (2), p.866-907
Main Author: Pagnotta, Emiliano S.
Format: Article
Language:English
Subjects:
Acceptability
Decentralization
Digital currencies
Feedback
Inflation
Monetary policy
Money
Prices
Resale
Rewards
Security
Welfare
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