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Is Bitcoin a Waste of Resources?

Author

Listed:
  • Williamson, Stephen D.

    ()

Abstract

Do Bitcoin and other cryptocurrencies play a useful social role, or do they represent a social waste? Bitcoin is a decentralized recordkeeping system, with updating of the record of transactions in the blockchain.

Suggested Citation

  • Williamson, Stephen D., 2018. "Is Bitcoin a Waste of Resources?," Review, Federal Reserve Bank of St. Louis, vol. 100(2), pages 107-115.
  • Handle: RePEc:fip:fedlrv:00098
    DOI: 10.20955/r.2018.107-15
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    File URL: https://files.stlouisfed.org/files/htdocs/publications/review/2018/04/16/is-bitcoin-a-waste-of-resources.pdf
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    File URL: https://doi.org/10.20955/r.2018.107-15
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    References listed on IDEAS

    as
    1. Ben Fung & Scott Hendry & Warren E. Weber, 2017. "Canadian Bank Notes and Dominion Notes: Lessons for Digital Currencies," Staff Working Papers 17-5, Bank of Canada.
    2. George A. Akerlof & Robert J. Shiller, 2010. "Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism," Economics Books, Princeton University Press, edition 1, number 9163, December.
    3. repec:fip:fedlrv:00096 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    More about this item

    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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