Beyond Bitcoin The Economics of Digital Currencies
Digital currencies are a fairly new phenomenon brought about by the spectacular rise of the internet. While Bitcoin is the most famous, there are numerous other digital currencies—from Amazon Coin to Zetacoin. Beyond Bitcoin explores the economic forces u
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THE ECONOMICS OF DIGITAL CURRENCIES
Hanna Halaburda and Miklos Sarvary
Bey ond Bit coin
Beyond Bit coin Th e E c o n o m i c s o f D i g i ta l Cu rrenc i e s
Hanna Halabur da and Miklos Sar var y
BEYOND BITCOIN Copyright © Hanna Halaburda and Miklos Sarvary 2016 Softcover reprint of the hardcover 1st edition 2016 978-1-137-50641-2 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission. In accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6-10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published 2016 by PALGRAVE MACMILLAN The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire, RG21 6XS. Palgrave Macmillan in the US is a division of Nature America, Inc., One New York Plaza, Suite 4500, New York, NY 10004-1562. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. ISBN: 978-1-349-55435-5 E-PDF ISBN: 978-1-137-50642-9 DOI: 10.1057/9781137506429 Distribution in the UK, Europe and the rest of the world is by Palgrave Macmillan®, a division of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Library of Congress Cataloging-in-Publication Data Halaburda, Hanna. Beyond bitcoin : the economics of digital currencies / Hanna Halaburda and Miklos Sarvary. pages cm Includes bibliographical references and index. 1. Electronic funds transfers. 2. Bitcoin. 3. Foreign exchange. I. Sarvary, M. (Miklos) II. Title. HG1710.H275 2015 332.40285'4678—dc23 2015021525 A catalogue record for the book is available from the British Library.
Orzeszkowi —HH To Eva, Peter, and Tamas —MS
Contents
List of Tables
ix
1 Introduction
1
2 Medium of Exchange: Ever-Present Competition 2.1. The Medium of Exchange—Historical Overview 2.2. What Roles Does Money Serve? 2.3. Competing Money 2.3.1. Coexistence Is Costly 2.3.2. Network Effects 2.3.3. The Difficulty of Introducing New Currency: Excess Inertia 2.3.4. Coexistence of Various Currencies 2.4. Virtual Money?
11 12 21 32 33 37 42 45 47
3 Platform-Based Currencies 3.1. Special Currencies of the Off-Line World 3.2. Platform-Based Currencies in the Digital Era 3.2.1. Online Video Games and World of Warcraft Gold 3.2.2. Virtual Worlds and Linden Dollars 3.2.3. Social Networks and Facebook Credits 3.2.4. Promotion Platforms and Amazon Coins 3.3. The Futu
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