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The Microeconomics of Cryptocurrencies

Author

Listed:
  • Hanna Halaburda
  • Guillaume Haeringer
  • Joshua 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 Gans & Neil Gandal, 2021. "The Microeconomics of Cryptocurrencies," CESifo Working Paper Series 8841, CESifo.
    • Handle: RePEc:ces:ceswps:_8841
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    References listed on IDEAS

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    More about this item

    Keywords

    Bitcoin; blockchain; cryptocurrencies;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • L00 - Industrial Organization - - General - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • Y20 - Miscellaneous Categories - - Introductions and Prefaces - - - Introductions and Prefaces

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