Is bitcoin a real currency? An economic appraisal I. Introduction Bitcoin became a fixture in world financial news in late 2013 and early 2014. The “virtual currency” had been launched five years earlier by computer hobbyists, and in late 2013 the U.S. dollar exchange rate for one bitcoin rose more than fivefold in the space of a few weeks. Abstract. For helpful comments I thank audience members at the 2013 annual meeting of the Southern Financ Is Bitcoin a Real Currency? An economic appraisal. David Yermack () . No 19747, NBER Working Papers from National Bureau of Economic Research, Inc Abstract: A bona fide currency functions as a medium of exchange, a store of value, and a unit of account, but bitcoin largely fails to satisfy these criteria. Bitcoin has achieved only scant consumer transaction volume, with an average well below ... Yermack, D. (2015) Is Bitcoin a Real Currency An Economic Appraisal. In Handbook of Digital Currency, Elsevier, Amsterdam, 31-43. A bona fide currency functions as a medium of exchange, a store of value, and a unit of account, but bitcoin largely fails to satisfy these criteria. Bitcoin has achieved only scant consumer transaction volume, with an average well below one daily transaction for the few merchants who accept it. Its volatility is greatly higher than the volatilities of widely used currencies, imposing large ...
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