Kryptowährungen als nächste Evolutionsstufe in der Finanzwirtschaft? Eine kritische Betrachtung der Chancen und Risiken

Mario Wloch
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Mario Wloch: Allensbach University Konstanz

Zeitschrift für interdisziplinäre ökonomische Forschung, 2018, issue 1, 15-33

Abstract: The experience of the past financial crisis has led to the development of cryptocurrencies and technological advances have favored their dissemination. Due to the novelty, it is not yet clear, whether this is a new asset class or whether an integration into existing categories makes more sense. However, there is consensus that their basic technology, the blockchain, has disruptive potential for the entire financial industry. Cryptocurrencies are the prototype of this technology and thus they represent the most advanced part of blockchain technology. In this article, the current developments of cryptocurrencies are analyzed in the context of economic effects. The focus is on the question of how far cryptocurrencies have an economic benefit and which risks are associated with their use or introduction.

Keywords: Blockchain; Cryptocurrency; Bitcoin; Ethereum; Ripple; Mining; Micropayments; Microfinance; Bid- Ask-Spread; Speculative Bubble; Financial Inclusion; 51%-Attack; Cyber Risks; ASIC (search for similar items in EconPapers)
JEL-codes: L22 M14 O14 O33 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:ris:zfioef:0110

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