Is Bitcoin the Only Cryptocurrency in the Town? Economics of Cryptocurrency and Friedrich A.Hayek
This paper overviews the entire landscape of Bitcoin-like cryptocurrencies. Bitcoin has not emerged out of cryptocurrency competition, but rather became a dominant currency as the first broad market based cryptocurrency. But there are more than a hundred of cryptocurrencies in the market, and some are catching up to Bitcoin. This is a healthy sign of currency competition á la Hayek. Through this competition new technological and security innovations may emerge. In this paper, we point out potential problems with Bitcoin and propose some ideas for an alternative cryptocurrency.
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- Martin, Antoine & Schreft, Stacey L., 2006.
"Currency competition: A partial vindication of Hayek,"
Journal of Monetary Economics,
Elsevier, vol. 53(8), pages 2085-2111, November.
- Antoine Martin & Stacey L. Schreft, 2003. "Currency competition : a partial vindication of Hayek," Research Working Paper RWP 03-04, Federal Reserve Bank of Kansas City.
- Ross M. Starr, 2012. "Why is there Money?," Books, Edward Elgar Publishing, number 13763.
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