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A New Form of Currency: Description and Economic Principle

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  • Lamiha Gün

    (Department of Economics, Turgut Özal University, Turkey.)

Abstract

Faced with various banking and financial crises, many works are wondering whether the money itself is the real problem or not! In 2009, a system of decentralized currency was born. This decentralized electronic money (which is known as Bitcoin), uses cryptography to perform these transactions. Free of state control (or central bank or financial authority), this new form of digital currency raises many questions. The purpose of this paper is to study the semiotics of Bitcoin, through the discussion of whether it really solves the crucial problem of trust model or not. And highlight the problems and difficulties raised by Bitcoin. Our analysis shows that the Bitcoin digital currency based on the principle of peer-to- peer certainly highlights a number of significant advantages such as minimizing the maximum transaction costs and provides freedom of transactions without but it also eludes surveillance and that, beyond the resolution of the problem of trust model, this digital currency is not immune to a bubble, real issue of all banking and financial crises.

Suggested Citation

  • Lamiha Gün, 2014. "A New Form of Currency: Description and Economic Principle," Post-Print hal-05467162, HAL.
    • Handle: RePEc:hal:journl:hal-05467162
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