IDEAS home Printed from https://ideas.repec.org/a/ers/journl/vxxiiiy2020ispecial2p905-915.html
   My bibliography  Save this article

Cryptocurrencies in the Light of Money Definitions

Author

Listed:
  • Robert Poskart

Abstract

Purpose: The aim of the article is to attempt to assess the phenomenon of digital currencies through the prism of existing money definitions as well as to determine to what extent the existing definitions of money are able to answer the question whether private decentralized digital currencies are money in the traditional sense or are they a completely new phenomenon that cannot be put in the framework of previous definitions of money. Design/methodology/approach: This study provides a critical literature review of the cryptocurrency’s definitions in comparison to traditional money definition. The literature review was intended to determine whether bitcoin could be treated as money. Findings: The findings indicate that all the cryptocurrency definitions quoted in this study demonstrate that bitcoin together with other cryptocurrencies have ceased to be a niche phenomenon as at the time of the definitions being published and that in no way can the novel trend already marked across the world be ignored by pretending it simply does not exist. Originality/value: This article intends to cover the gap observable in the current scientific discourse in the relations between the notions of classic money and digital currencies.

Suggested Citation

  • Robert Poskart, 2020. "Cryptocurrencies in the Light of Money Definitions," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 905-915.
    • Handle: RePEc:ers:journl:v:xxiii:y:2020:i:special2:p:905-915
    as

    Download full text from publisher

    File URL: https://www.ersj.eu/journal/1905/download
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Amy Ellen Schwartz, 2004. "Introduction," Chapters, in: Amy Ellen Schwartz (ed.), City Taxes, City Spending, chapter 1, Edward Elgar Publishing.
    2. A. C. Pigou, 1917. "The Value of Money," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 32(1), pages 38-65.
    3. Hicks, J. R., 1979. "Critical Essays in Monetary Theory," OUP Catalogue, Oxford University Press, number 9780198284239.
    4. Sarah Rotman, 2014. "Bitcoin Versus Electronic Money," World Bank Publications - Reports 18418, The World Bank Group.
    5. Milton Friedman & Anna Jacobson Schwartz, 1970. "Part One: Definition of Money, Introduction," NBER Chapters, in: Monetary Statistics of the United States: Estimates, Sources, Methods, pages 89-92, National Bureau of Economic Research, Inc.
    6. Milton Friedman & Anna Jacobson Schwartz, 1970. "Monetary Statistics of the United States: Estimates, Sources, Methods," NBER Books, National Bureau of Economic Research, Inc, number frie70-1.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bordo, Michael D., 1986. "Explorations in monetary history: A survey of the literature," Explorations in Economic History, Elsevier, vol. 23(4), pages 339-415, October.
    2. Marta Maciejasz-Swiatkiewicz & Robert Poskart, 2020. "Cryptocurrency Perception Within Countries: A Comparative Analysis," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 186-203.
    3. Marvin Goodfriend & Bennett T. McCallum, 1988. "Theoretical analysis of the demand of money," Economic Review, Federal Reserve Bank of Richmond, vol. 74(Jan), pages 16-24.
    4. Calomiris, Charles W. & Mason, Joseph R. & Wheelock, David C., 2011. "Did Doubling Reserve Requirements Cause the Recession of 1937-1938? A Microeconomic Approach," Working Papers 11-03, University of Pennsylvania, Wharton School, Weiss Center.
    5. Söderlind, Paul, 1995. "Forward Interest Rates as Indicators of Inflation Expectations," CEPR Discussion Papers 1313, C.E.P.R. Discussion Papers.
    6. Dallas S. Batten & Daniel L. Thornton, 1985. "Weighted monetary aggregates as intermediate targets," Working Papers 1985-010, Federal Reserve Bank of St. Louis.
    7. Vijay VICTOR & Maria FEKETE FARKAS & Florence JEESON, 2018. "Inflation unemployment dynamics in Hungary – A structured cointegration and vector error correction model approach," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(2(615), S), pages 195-204, Summer.
    8. Jack High, 2011. "Dr. Anderson and the Austrians: Price formation as a cumulative process," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(2), pages 199-211, June.
    9. Charles Van Marrewijk, 2004. "An Introduction to International Money and Foreign Exchange Markets," Centre for International Economic Studies Working Papers 2004-07, University of Adelaide, Centre for International Economic Studies.
    10. Coenen Günter & Orphanides Athanasios & Wieland Volker, 2004. "Price Stability and Monetary Policy Effectiveness when Nominal Interest Rates are Bounded at Zero," The B.E. Journal of Macroeconomics, De Gruyter, vol. 4(1), pages 1-25, February.
    11. Allen Sinai & Houston H. Stokes, 1989. "Money Balances in the Production Function: A Retrospective Look," Eastern Economic Journal, Eastern Economic Association, vol. 15(4), pages 349-363, Oct-Dec.
    12. Livio Di Matteo & Angela Redish, 2015. "The evolution of financial intermediation: Evidence from 19th-century Ontario microdata," Canadian Journal of Economics, Canadian Economics Association, vol. 48(3), pages 963-987, August.
    13. William A. Barnett, 2000. "Which Road Leads to Stable Money Demand?," Contributions to Economic Analysis, in: The Theory of Monetary Aggregation, pages 577-592, Emerald Group Publishing Limited.
    14. Elizabeth J. Mueller, 2010. "Old apartments and new plans: reconciling planning and housing goals in two Texas cities," Community Development, Taylor & Francis Journals, vol. 41(1), pages 121-140, January.
    15. Peter F. Basile & John Landon-Lane & Hugh Rockoff, 2010. "Money and Interest Rates in the United States during the Great Depression," NBER Working Papers 16204, National Bureau of Economic Research, Inc.
    16. Dahalan, Jauhari & Sharma, Subhash C. & Sylwester, Kevin, 2005. "Divisia monetary aggregates and money demand for Malaysia," Journal of Asian Economics, Elsevier, vol. 15(6), pages 1137-1153, January.
    17. Lawson, Julie & Pawson, Hal & Troy, Laurence & van den Nouwelant, Ryan & Hamilton, Carrie & Hayward, Richard Donald, 2018. "Social housing as infrastructure: an investment pathway," SocArXiv e9hky, Center for Open Science.
    18. George Bitros, 2008. "Why the structure of capital and the useful lives of its components matter: A test based on a model of Austrian descent," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(4), pages 301-328, December.
    19. Giovannini, Alberto & Labadie, Pamela, 1991. "Asset Prices and Interest Rates in Cash-in-Advance Models," Journal of Political Economy, University of Chicago Press, vol. 99(6), pages 1215-1251, December.
    20. Charles W. Calomiris, 1993. "Financial Factors in the Great Depression," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 61-85, Spring.

    More about this item

    Keywords

    Cryptocurrency; money definitions; bitcoin.;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ers:journl:v:xxiii:y:2020:i:special2:p:905-915. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Marios Agiomavritis (email available below). General contact details of provider: https://ersj.eu/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.