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

See all articles by Hanna Halaburda

Hanna Halaburda

New York University (NYU) - Leonard N. Stern School of Business

Miklos Sarvary

Columbia Business School - Marketing

Guillaume Haeringer

CUNY Baruch College

Date Written: May 28, 2021

Abstract

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

Halaburda, Hanna and Sarvary, Miklos and Haeringer, Guillaume, Means of Exchange: Ever Present Competition (Beyond Bitcoin, Chapter 2) (May 28, 2021). Beyond Bitcoin: The Economics of Digital Currencies and Blockchain Technologies, 2nd ed, 2021, Available at SSRN: https://ssrn.com/abstract=3135028

Hanna Halaburda (Contact Author)

New York University (NYU) - Leonard N. Stern School of Business ( email )

44 West 4th Street
New York, NY NY 10012
United States

Miklos Sarvary

Columbia Business School - Marketing ( email )

New York, NY 10027
United States

Guillaume Haeringer

CUNY Baruch College ( email )

17 Lexington Avenue
New York, NY 10021
United States

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