Bitcoin - Asset or Currency? Revealing Users' Hidden Intentions
نویسندگان
چکیده
Digital currencies are a globally spreading phenomenon that is frequently and also prominently addressed by media, venture capitalists, financial and governmental institutions alike. As exchange prices for Bitcoin have reached multiple peaks within 2013, we pose a prevailing and yet academically unaddressed question: What are users' intentions when changing their domestic into a digital currency? In particular, this paper aims at giving empirical insights on whether users' interest regarding digital currencies is driven by its appeal as an asset or as a currency. Based on our evaluation, we find strong indications that especially uninformed users approaching digital currencies are not primarily interested in an alternative transaction system but seek to participate in an alternative investment vehicle.
منابع مشابه
Bitcoin: not a currency-like informational commodity
Six assertions concerning the status of Bitcoin are formulated and defended: (i) Bitcoin is not and will not become a currency-like informational commodity, (ii) currencylike informational commodities that aren’t currencies must be frauds, (ii) specific BTC amounts may become monetized and thus may be turned into financial assets, (iii) currently no BTC amounts are monetized in any currency are...
متن کاملSecureCoin: A Robust Secure and Efficient Protocol for Anonymous Bitcoin Ecosystem
Bitcoin is the first decentralized peer-to-peer electronic virtual asset and payment cryptocurrency, through which, users can transact digital currency directly, without the need for an intermediary (or authority), using a hashed version of cryptographic public keys, as pseudonyms called addresses. The Bitcoin ecosystem was supposed to be anonymous and untraceable. However, transactions from in...
متن کاملA Bayesian Approach to Identify Bitcoin Users
Bitcoin is a digital currency and electronic payment system operating over a peer-to-peer network on the Internet. One of its most important properties is the high level of anonymity it provides for its users, who are identified by their Bitcoin addresses, which are random strings in the public records of transactions, the blockchain. When a user initiates a Bitcointransaction, their Bitcoin cl...
متن کاملO Bitcoin Where Art Thou? Insight into Large-Scale Transaction Graphs
Bitcoin is a rising digital currency and exemplifies the growing need for systematically gathering and analyzing public transaction data sets such as the blockchain. However, the blockchain in its raw form is just a large ledger listing transfers of currency units between alphanumeric character strings, without revealing contextually relevant real-world information. In this demo, we present Gra...
متن کاملBitcoin: Bubble or Blockchain
This paper sets out a brief, deliberately non-technical, overview of Bitcoin, a new, but becoming more mainstream, crypto currency, generated and managed by a distributed multi–agent system. Bitcoin was developed in late 2008 by “Satoshi Nakamoto”. The nature of Bitcoin as a disruptive currency, payments system and asset, is juxtaposed against the potential for its transactional ledger, the blo...
متن کامل