Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212398 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 27/2017
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
Owned by nobody and controlled by an almost immutable protocol the Bitcoin payment system is a platform with two main constituencies: users and profit seeking miners who maintain the system's infrastructure. The paper seeks to understand the economics of the system: How does the system raise revenue to pay for its infrastructure? How are usage fees determined? How much infrastructure is deployed? What are the implications of changing parameters in the protocol? A simplified economic model that captures the system's properties answers these questions. Transaction fees and infrastructure level are determined in an equilibrium of a congestion queueing game derived from the system's limited throughput. The system eliminates dead-weight loss from monopoly, but introduces other inefficiencies and requires congestion to raise revenue and fund infrastructure. We explore the future potential of such systems and provide design suggestions.
JEL: 
D40
D20
L10
L50
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-323-186-3
Dokumentart: 
Working Paper

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