Monopoly without a Monopolist: An Economic Analysis of the Bitcoin Payment System

Abstract Bitcoin provides its users with transaction-processing services which are similar to those of traditional payment systems. This article models the novel economic structure implied by Bitcoin’s innovative decentralized design, which allows the payment system to be reliably operated by unrela...

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Veröffentlicht in:	The Review of economic studies 2021-11, Vol.88 (6), p.3011-3040
Hauptverfasser:	Huberman, Gur, Leshno, Jacob D, Moallemi, Ciamac
Format:	Artikel
Sprache:	eng
Online-Zugang:	Volltext
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