THE BITCOIN PROJECT AND THE FREE MARKET
Journal Title: CES Working Papers - Year 2013, Vol 5, Issue 4
Abstract
The human innovation in the field of monetary freedom takes shape in the virtual communities. Developed and implemented through a decentralized algorithm, the bitcoin project has so far proved itself a success in the field of virtual currency. Beyond the technical part of operation, in this paper we will analyse the theoretical principles underlying the bitcoin. This study shows that the bitcoin largely meets the role of natural money of gold and silver, in compliance to the free market’s behaviour. This allows us to observe the fact that people are aware of the negative implications the state’s intervention has in the monetary filed, thus deciding to create and use their own currency in online transactions.
Authors and Affiliations
Mihaela Iavorschi
Keywords
Related Articles
- EP ID EP104681
- DOI -
- Views 107
- Downloads 0
Bulgaria’s energy security in the context of energy dependence on the import of oil products
Over the years Bulgaria has remained strongly dependent on its import of oil products mainly due to the lack of oil resources on its territory. This import dependence poses a significant risk for the country’s energy sec...
ECONOMIC SECURITY – NEW APPROACHES IN THE CONTEXT OF GLOBALIZATION
Nowadays, more than ever, economic relations between states are the ones that define the general character of the relations between them and establish economic security as a concept which cannot be neglected anymore. Glo...
THE IMPORTANCE OF CAPITAL MARKET IN ECONOMY
All participants in capital markets are asking how to finance investments or to invest money available. The answer to these questions depends on the situation you have: deficit or surplus capital. This article addresses...
ILLEGAL DRUG MARKETS IN EUROPE: THE NEGATIVE CONSEQUENCES OF GLOBALIZATION
Globalizing processes have profoundly shaped the European drugs situation. The illegal drug markets have reached to evolve and to transform all the advantages of this phenomenon, in their favor. Based on globalization as...
RISE OF MOBILITY PROGRAMS IN GERMANY DUE TO GLOBALISATION
Learning has come to the front position of the educational agenda in many countries of the world – the knowledge society, learning society, learning organization and so forth are the common terms now in the 21st century....