publication . Book . Other literature type . Article . 2016

The digital agenda of virtual currencies: Can BitCoin become a global currency?

Pavel Ciaian; Miroslava Rajcaniova; d’Artis Kancs;
Open Access English
  • Published: 02 Feb 2016
  • Publisher: Publications Office of the European Union
Abstract
This paper identifies and analyzes BitCoin features which may facilitate Bitcoin to become a global currency, as well as characteristics which may impede the use of BitCoin as a medium of exchange, a unit of account and a store of value, and compares BitCoin with standard currencies with respect to the main functions of money. Among all analyzed BitCoin features, the extreme price volatility stands out most clearly compared to standard currencies. In order to understand the reasons for such extreme price volatility, we attempt to identify drivers of BitCoin price formation and estimate their importance econometrically. We apply time-series analytical mechanisms ...
Subjects
free text keywords: Information Systems, Economics, Virtual currency, Cryptocurrency, Currency, Digital currency, Financial economics, Medium of exchange, Monetary economics, Unit of account, Exchange rate, Store of value
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publication . Book . Other literature type . Article . 2016

The digital agenda of virtual currencies: Can BitCoin become a global currency?

Pavel Ciaian; Miroslava Rajcaniova; d’Artis Kancs;