Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/122006
Authors: 
Härdle, Wolfgang Karl
Trimborn, Simon
Year of Publication: 
2015
Series/Report no.: 
SFB 649 Discussion Paper 2015-048
Abstract: 
More and more companies start offering digital payment systems. Smartphones evolve to a digital wallet such that it seems like we are about to enter the era of digital finance. In fact we are already inside an digital economy. The market of e-x (x = "finance", "money", "book", you name it ... ) has not only picked up enormous momentum but has become standard for driving innovative activities of the global economy. A few clicks at y and payment at z brings our purchase to location w. Own currencies for the digital market were therefore just a matter of time. The idea of the Nobel Laureate Hayek, see [1], to let companies offer concurrent currencies seemed for a long time scarcely probabilistic, but the invention of the Blockchain made it possible to fill his vision with life. Cryptocurrencies (abbr. cryptos) came up and widened the angle towards this new level of economic interaction. Since bitcoins' appearance a bunch of new cryptos spread the web and offered new ways of proliferation. The crypto market then fanned out and showed clear signs of acceptance and deep liquidity so that one has to look closer at the general moves and dynamics.
Subjects: 
index construction
CRIX
risk analysis
bitcoin
cryptocurrency
JEL: 
C51
C52
G10
Document Type: 
Working Paper

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