Abstract
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 language | English |
---|---|
Title of host publication | Contemporary Issues in International Political Economy |
Editors | Fu-Lai Tony Yu, Diana S. Kwan |
Place of Publication | Singapore |
Publisher | Palgrave Macmillan |
Pages | 395–412 |
Number of pages | 18 |
Edition | 1st |
ISBN (Electronic) | 9789811364624 |
ISBN (Print) | 9789811364617, 9789811364648 |
DOIs | |
Publication status | Published - 9 May 2019 |