Bitcoin and the legitimacy crisis of money

Beat Weber

Cambridge Journal of Economics, 2016, vol. 40, issue 1, 17-41

Abstract: The virtual currency and payment project Bitcoin intends to challenge the current monetary and payment system that finds itself in a legitimacy crisis in the aftermath of the financial market turmoil of 2008. In examining the governance of the Bitcoin system, I try to assess its potential to create input and output legitimacy as a payment system and as a monetary system in comparison with current practice.

Date: 2016
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