PL EN


Journal
2017 | 4 (69) | 147-167
Article title

Will digital money crowd out national currencies?

Content
Title variants
Languages of publication
Abstracts
EN
Despite a relatively short period that elapsed since the development of the blockchain or Distributed Ledger technology (DLT), it has been put to multiple uses by multinational corporations, central banks, governments and individuals. It has been responsible for the emergence of digital money and revolutionary changes in a wide array of financial services. The paper examines opportunities and threats associated with the use of the DLT, with a special emphasis on the first experimental digital money, applying a heuristic SWOT analysis. It includes the analysis of properties of the Bitcoin in comparison to traditional money together with detailed examination of protocols that created it in terms of associated dangers.
Journal
Year
Issue
Pages
147-167
Physical description
Contributors
References
  • Back A. Hashcash – a denial of service counter-measure, 2002. Retrieved from: http:// www.hashcash.org/papers/hashcash.pdf
  • Bayer D., Haber S., Stornetta, W.S. Improving the efficiency and reliability of digital timestamping Sequences II: Methods in Communication, 1993, Security and Computer Science.
  • Bouoiyour J., Selmi R., Bitcoin Price: Is it really that New Round of Volatility can be on way?, 2015. Retrieved from: http://mpra.ub.uni-muenchen.de/65580/.
  • Castro M. , Liskov B. Practical Byzantine Fault Tolerance, 1999, Proceedings of the Third Symposium on Operating Systems Design and Implementation, New Orleans, USA.
  • Cianian P., Rajcaniova M., Kancs d’A., The digital agenda of virtual currencies: Can BitCoin become a global currency?, 2016, Information Systems E-Business Management 14:883-919 doi: 10.1007/s10257-016-0304-0.
  • Cobham J., Bitcoin and the Future of Money, Harvard Political Review 2016. Retrieved from http://harvardpolitics.com/united-states/bitcoin-future-money/.
  • Dai W., b-money, 1998. Retrieved from http://www.weidai.com/bmoney.txt.
  • Economist, The Craig Steven Wright claims to be Satoshi Nakamoto. Is he?, 2016. Retrieved from http://www.economist.com/news/briefings/21698061-craig-stevenwright-claims-be-satoshi-nakamoto-bitcoin.
  • Egorova N.E., Torzhevskiy K.A., Bitcoin: Main Trends and Perspectives, 2016, British Journal of Economics, Management & Trade, 12(1).
  • European Central Bank Opinion of the European Central Bank of 12 December 2016 on a proposal for a directive of the European Parliament and of the Council amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and amending, 2016, Directive 2009/101/EC. Retrieved from https://www.ecb.europa.eu/ecb/legal/pdf/en_con_2016_49_f_sign.pdf.
  • Grigg I., Triple Entry Accounting, 2005. Retrieved from http://iang.org/papers/triple_ entry.html.
  • Guo Y., Liang C. Blockchain application and outlook in the banking industry, 2016, Financial Innovation 2:24 DOI: 10.1186/s40854-016-0034-9.
  • Haber S., Stornetta W.S., How to time-stamp a digital document, Journal of Cryptology 1991, Vol. 3, No. 2.
  • Haber S., Stornetta W.S., Secure names for bit-strings, 1997, Proceedings of the 4th ACM Conference on Computer and Communications Security.
  • Harrison V., This could be the first country to go cashless, 2015. Retrieved from http:// money.cnn.com/2015/06/02/technology/cashless-society-denmark/.
  • Henley J., Sweden leads the race to become cashless society, 2016. Retrieved from https:// www.theguardian.com/business/2016/jun/04/sweden-cashless-society-cards-phoneapps-leading-europe
  • Kitco News 2013: Year of the Bitcoin, 2013, Forbes. Retrieved from https://www.forbes. com/sites/kitconews/2013/12/10/2013-year-of-the-bitcoin/#1633fd66303c.
  • Krugman P., Bitcoin is Evil, 2013, Retrieved from https://krugman.blogs.nytimes. com/2013/ 12/28/bitcoin-is-evil/.
  • Marr B., How Blockchain Technology Could Change the World, 2016. Retrieved from http://www.forbes.com/sites/bernardmarr/2016/05/27/how-blockchain-technologycould-change-the-world/#72e19dcb49e0.
  • Mankiw G.N., Taylor P.M., Makroekonomia, Polskie Wydawnictwo Ekonomiczne, Warszawa 2009.
  • Massias H., Avila X.S., Quisquater J.-J., Design of a secure timestamping service with minimal trust requirements, 1999, 20th Symposium on Information Theory in the Benelux. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.13.6228.
  • Moore T., Christin N., Beware the Middleman: Empirical Analysis of Bitcoin-Exchange Risk, 2013, Financial Cryptography Data Security 7859, 25-33.
  • Nakamoto S., Bitcoin: A Peer-to-Peer Electronic Cash System, 2008. Retrieved from https://bitcoin.org/bitcoin.pdf.
  • Palmeri T., Looking for Liberland, 2016, Politico. Retrieved from http://www.politico. eu/article/looking-for-liberland-serbia-croatia-vit-jedlicka-danube-swamp-anarchistlibertarian-utopia-taxation-flood-plain-swamp/.
  • Plassaras N.A., Regulating Digital Currencies: Bringing Bitcoin within the Reach of the IMF, Chicago Journal of International Law 2013, Vol. 14, No. 1, Article 12. Retrieved from http://chicagounbound.uchicago.edu/cjil/vol14/iss1/12.
  • Reid F., Harrigan M., An Analysis of Anonymity in the Bitcoin System, 2011, International Conference of Privacy, Security, Risk and Trust and IEEE on Social Computing DOI: 98-0-7695-4578-3/11.
  • Rometty G., How Blockchain Will Change Your Life The technology’s potential goes way beyond finance, The Wall Street Journal 2016. Retrieved from http://www.wsj.com/ articles/how-blockchain-will-change-your-life-1478564751.
  • Shin L., Bitcoin’s Price Was Volatile Last Week, But Not Last Year, 2017, Forbes. Retrieved from https://www.forbes.com/sites/laurashin/2017/01/09/bitcoins-pricewas-volatile-last-week-but-not-last-year/#784fa1e8126f.
  • Vigna P., People Love Talking About Bitcoin More Than Using It, The Wall Street Journal 2017. Retrieved from https://www.wsj.com/articles/people-love-talking-about-bitcoinmore-than-using-it-1491989403.
  • Walport M., Distributed Ledger Technology: beyond block chain, United Kingdom Government Office of Sciences 2015. Retrieved from https://www.gov.uk/government/ uploads/system/uploads/attachment_data/file/492972/gs-16-1-distributed-ledgertechnology.pdf.
  • Zweig J., Should You Have Bitcoin in an IRA?, The Wall Street Journal 2017. Retrieved from https://www.wsj.com/articles/should-you-have-bitcoin-in-an-ira-1484341903.
Document Type
Publication order reference
Identifiers
YADDA identifier
bwmeta1.element.desklight-4ac9acbd-6c96-48d5-850f-d56713929d0d
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.