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A Short Introduction to the World of Cryptocurrencies

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Abstract

In this article, we give a short introduction to cryptocurrencies and blockchain technology. The focus of the introduction is on Bitcoin, but many elements are shared by other blockchain implementations and alternative cryptoassets. The article covers the original idea and motivation, the mode of operation and possible applications of cryptocurrencies, and blockchain technology. We conclude that Bitcoin has a wide range of interesting applications and that cryptoassets are well suited to become an important asset class.

Suggested Citation

  • Berentsen, Aleksander & Schar, Fabian, 2018. "A Short Introduction to the World of Cryptocurrencies," Review, Federal Reserve Bank of St. Louis, vol. 100(1), pages 1-16.
  • Handle: RePEc:fip:fedlrv:00092
    DOI: 10.20955/r.2018.1-16
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    1. Berentsen, Aleksander, 1998. "Monetary Policy Implications of Digital Money," Kyklos, Wiley Blackwell, vol. 51(1), pages 89-117.
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    1. repec:fip:fedfel:00163 is not listed on IDEAS
    2. repec:fip:fedlrv:00096 is not listed on IDEAS

    More about this item

    Keywords

    Cryptocurrency; Bitcoin; Digital currency; Blockchain;

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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