On this test, Bitcoin increasingly serves as a medium of exchange because more companies accept it, Yermack said. Where it fails is as a unit of account and store of value, he said. Is Bitcoin a Real Currency? An economic appraisal David Yermack. NBER Working Paper No. 19747 Issued in December 2013, Revised in April 2014 NBER Program(s):Law and Economics, Monetary Economics 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. David Yermack. Yermack, also an early Bitcoin observer, was likewise struck by the technological elegance of the currency. Every bitcoin transaction appears in a permanent public ledger called the block chain, published to all nodes in the Bitcoin network as a novel solution to prevent fraudulent double-spending of the same bitcoin. The euphoric news surrounding bitcoin at the end of 2013 gave way to catastrophe in 2 February 2014, when the Mt. Gox exchange, once the leader in worldwide bitcoin trading, This entry was posted in Bitcoin News, Blockchain, Brazil, David Yermack, digital currency, education, IBM’s Blockchain Technologies division, Ireland, News, Northeastern University College of Engineering, NYC Stern School of Business, Technology, UK, University of Sterling, US, Wyoming on June 18, 2018 by adminbtc.
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