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Bitcoin Differences

In: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations

Author

Listed:
  • P. Carl Mullan

    (PDX Currency Corporation)

Abstract

Existing centralized digital currency systems derive value from assets backing the digital units. Bitcoins have no assets backing the units. They are valued from being traded in public online market. In previous digital currency systems units were non-negotiable. Bitcoin units transfer value with each transaction and hold more obvious cash-like features than previous digital currency products. Bitcoin transactions are pushed from a user account, opposite of bank checks and credit cards that are pulled out by someone other than the account owner.

Suggested Citation

  • P. Carl Mullan, 2014. "Bitcoin Differences," Palgrave Macmillan Books, in: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations, chapter 15, pages 102-110, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-38255-9_16
    DOI: 10.1057/9781137382559_16
    as

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