THE BITCOIN PROJECT AND THE FREE MARKET

Mihaela Iavorschi ()
Additional contact information
Mihaela Iavorschi: Alexandru Ioan Cuza University of Iasi, Romania

CES Working Papers, 2013, vol. 5(4), issue 4, 529-534

Abstract: The human innovation in the field of monetary freedom takes shape in the virtual communities. Developed and implemented through a decentralized algorithm, the bitcoin project has so far proved itself a success in the field of virtual currency. Beyond the technical part of operation, in this paper we will analyse the theoretical principles underlying the bitcoin. This study shows that the bitcoin largely meets the role of natural money of gold and silver, in compliance to the free market’s behaviour. This allows us to observe the fact that people are aware of the negative implications the state’s intervention has in the monetary filed, thus deciding to create and use their own currency in online transactions.

Keywords: bitcoin; crypto-currency; free market Romania (search for similar items in EconPapers)
JEL-codes: F31 (search for similar items in EconPapers)
Date: 2013
References: View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
http://www.ceswp.uaic.ro/articles/CESWP2013_V4_IAV.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:jes:wpaper:y:2013:v:5:i:4:p:529-534

Access Statistics for this article

More articles in CES Working Papers from Centre for European Studies, Alexandru Ioan Cuza University Contact information at EDIRC.
Bibliographic data for series maintained by Alupului Ciprian ().