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The Bitcoin Project And The Free Market

Author

Listed:
  • Mihaela Iavorschi

    (Alexandru Ioan Cuza University of Iasi, Romania)

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.

Suggested Citation

  • Mihaela Iavorschi, 2013. "The Bitcoin Project And The Free Market," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 5(4), pages 529-534, December.
    • Handle: RePEc:jes:wpaper:y:2013:v:5:i:4:p:529-534
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    File URL: http://www.ceswp.uaic.ro/articles/CESWP2013_V4_IAV.pdf
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    Citations

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    Cited by:

    1. Beate Sauer, 2015. "Central Bank Behaviour Concerning the Level of Bitcoin Regulation as a Policy Variable," Athens Journal of Business & Economics, Athens Institute for Education and Research (ATINER), vol. 1(4), pages 273-286, April.
    2. Jyotir Moy Chatterjee & Le Hoang Son & Srijani Ghatak & Raghvendra Kumar & Manju Khari, 2018. "BitCoin exclusively informational money: a valuable review from 2010 to 2017," Quality & Quantity: International Journal of Methodology, Springer, vol. 52(5), pages 2037-2054, September.
    3. Ioanna Roussou & Emmanouil Stiakakis & Angelo Sifaleras, 2019. "An empirical study on the commercial adoption of digital currencies," Information Systems and e-Business Management, Springer, vol. 17(2), pages 223-259, December.

    More about this item

    Keywords

    bitcoin; crypto-currency; free market Romania;
    All these keywords.

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange

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