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  1. 1 Ekonomia. Wrocław Economic Review

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  1. 1 Sieroń A.

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  1. 1 2013

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Czym jest Bitcoin?

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Sieroń A.
Ekonomia. Wrocław Economic Review
|
2013
|
vol. 19
|
issue 4
31 - 51
EN
The aim of this paper is to answer the question of what — from an economic point of view — is Bitcoin. For this purpose, we make a literature review, discussing different views on the subject. Using the typology of money developed by Mises, we find that Bitcoin is a private fiat money, without, however, disproving the regression theorem. Based on the analysis, we conclude that the gold, which is a commodity money, would be a better candidate to serve as a global medium of exchange in a free market. Thus, we see the future of Bitcoin in payment system allowing to make low-cost, relatively anonymous and secure transactions, especially the foreign ones.
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