The Role of Bitcoin in the Monetary System: Its Development and the Possible Future

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    1 Citation (Scopus)


    Bitcoin has received increasing attention since its introduction and has a market capitalization of over US$100 billion now. Bitcoin is not simply a digital currency, which mainly improves the ease of transportation by turning it from tangible to intangible money. Instead, Bitcoin comes with a breakthrough in removing record-keeping by central authorities. It provides a strong mechanism to support a credibly committed rule-based monetary system, which can avoid double-spending. The presence of such mechanism, in turn, makes a resurgence of private provision of money more feasible. In this regard, Bitcoin can reshape the world economy through a substantial revamp in the monetary system. The purpose of this chapter is to shed light on the current development of Bitcoin as a medium of exchange and its possible future role in the monetary system.
    Original languageEnglish
    Title of host publicationContemporary Issues in International Political Economy
    EditorsFu-Lai Tony Yu, Diana S. Kwan
    Place of PublicationSingapore
    PublisherPalgrave Macmillan
    Number of pages18
    ISBN (Electronic)9789811364624
    ISBN (Print)9789811364617, 9789811364648
    Publication statusPublished - 9 May 2019

    Scopus Subject Areas

    • Social Sciences(all)
    • Economics, Econometrics and Finance(all)
    • Business, Management and Accounting(all)


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