The recent development of private cryptocurrencies has created a need to extend existing models of private currency provision and currency competition. The outcome of cryptocurrency competition should be analyzed in a model which incorporates important features of the modern cryptocurrencies. In...

The recent emergence of blockchain-based cryptocurrencies has received a considerable attention. The growing acceptance of cryptocurrencies has led many to speculate that the blockchain technology can surpass a traditional centralized monetary system. However, no monetary model has yet been...