Confirmation of the settlement on-[block]chain transactions is both costly and takes time as it requires the actions of others (i.e., “bitcoin miners”) who compete to mine a block into which they can compile transactions. In the on-chain settlement competition for bitcoin transactions, users...

This study examines how the issuance of a central bank digital currency (CBDC) affects both the payment instrument choice and asset allocation decisions of consumers, as well as the profitability of financial intermediaries. Specifically, we suggest a theoretical model where introducing a CBDC...

Confirmation of the settlement on-[block]chain transactions is both costly and takes time as it requires the actions of others (i.e., “bitcoin miners”) who compete to mine a block into which they can compile transactions. In the on-chain settlement competition for bitcoin transactions, users...

In the blockchain world, proof-of-work is the dominant protocol mechanism that determines the consensus of the ledger. The hashrate, a measure of the computational power directed toward securing a blockchain through proof-of-work consensus, is a fundamental measure of preventing various attacks....

We examine the relationship between national culture and a country’s Bitcoin usage. Given that Bitcoin is a high-risk currency/investment that is frequently used for illegal purposes and whose market is relatively opaque, we focus on the cultural dimension of individualism, which has been...

This paper investigates whether market quality, uncertainty, investor sentiment and attention, and macroeconomic news affect bitcoin price discovery in spot and futures markets. Over the period December 2017–March 2019, we find significant time variation in the contribution to price discovery...