Means of Exchange: Ever Present Competition (Beyond Bitcoin, Chapter 2)
Beyond Bitcoin: The Economics of Digital Currencies and Blockchain Technologies, 2nd ed, 2021
25 Pages Posted: 9 Mar 2018 Last revised: 3 Sep 2021
Date Written: May 28, 2021
In this chapter, we present the history of money in the light of ever-present competition between means of payment. 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?
For Chapter 1 (Introduction), see https://ssrn.com/abstract=3135021.
For Chapter 2 (Means of Exchange: Ever-present Competition), see https://ssrn.com/abstract=3135028.
For Chapter 3 (Platform-based Currencies), see https://ssrn.com/abstract=3135030.
For Chapter 4 (Bitcoin and Emergence of Cryptocurrencies), see https://ssrn.com/abstract=3135043.
For Chapter 5 (The Rich Land of Crypto), see https://ssrn.com/abstract=3135057.
For Chapter 6 (Smart Contracts and Blockchain), see https://ssrn.com/abstract=3894110.
For Chapter 7 (Enterprise Blockchains), see https://ssrn.com/abstract=3894117.
For Chapter 8 (Conclusions: Future Full of Possibilities), see https://ssrn.com/abstract=3894118.
Keywords: Bitcoin, digital currencies, network effects, cryptocurrencies
JEL Classification: D8, E4, G2, O3, D83, D84, E42, G21, G23, O33
Suggested Citation: Suggested Citation