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The Microeconomics of Cryptocurrencies

Author

Listed:
  • Hanna Halaburda
  • Guillaume Haeringer
  • Joshua S. Gans
  • Neil Gandal

Abstract

Since its launch in 2009 much has been written about Bitcoin, cryptocurrencies and blockchains. While the discussions initially took place mostly on blogs and other popular media, we now are witnessing the emergence of a growing body of rigorous academic research on these topics. By the nature of the phenomenon analyzed, this research spans many academic disciplines including macroeconomics, law and economics and computer science. This survey focuses on the microeconomics of cryptocurrencies themselves. What drives their supply, demand, trading price and competition amongst them. This literature has been emerging over the past decade and the purpose of this paper is to summarize its main findings so as to establish a base upon which future research can be conducted.

Suggested Citation

  • Hanna Halaburda & Guillaume Haeringer & Joshua S. Gans & Neil Gandal, 2020. "The Microeconomics of Cryptocurrencies," NBER Working Papers 27477, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:27477
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    References listed on IDEAS

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    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D4 - Microeconomics - - Market Structure, Pricing, and Design

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