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

Aries Kin Ming Wong

doi:10.1007/978-981-13-6462-4_17

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

Aries Kin Ming Wong

Research output: Chapter in book/report/conference proceeding › Chapter › peer-review

1 Citation (Scopus)

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	https://doi.org/10.1007/978-981-13-6462-4_17
Publication status	Published - 9 May 2019

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10.1007/978-981-13-6462-4_17

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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.",

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

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