Bitcoin and other cryptocurrencies’ spectacular rise over the past years has attracted considerable public and academic interest. The important question arising in this context is whether cryptocurrencies can legitimately be regarded as money. This paper contributes to the current discourse by...

This study investigated the extent of currency competition within the cryptocurrency market through the Hayek's concept of the denationalization of money, Hayek's original analysis primarily centered on competition revolving around the medium of the exchange function, This study posited that...

We investigate monopolistic tendencies and the intensity of currency competition on the crypto market in the light of Hayek’s "Denationalization of money". Interestingly, Hayek never considered differentiation and specialization by innovative private currencies could lead lasting currency...

The growing literature on Bitcoin can be divided in two groups. One performs an economic analysis of Bitcoin focusing on its monetary characteristics. The other one looks takes a financial look at the price of Bitcoin. Interestingly, both of these groups have not given much more than passing...

The properties of money commonly referenced in the economics literature were originally identified by Jevons (1876) and Menger (1892) in the late 1800s and were intended to describe physical currencies, such as commodity money, metallic coins, and paper bills. In the digital era, many...

The article proposes a critical perspective on the potential impact of the growing cryptocurrency ecosystem on the process of democratizing money. After examining the various interpretations of the term "democratization", we focus on one interpretation: that of financial inclusion. We propose a...

The success of the Bitcoin project challenges the academic eCash discourse of the last 30 years. In this paper, it is explained why some of Bitcoin's fundamentals indeed contain the elements to design sustainable money promoting self-equilibrium and thus also challenge the conventional notion of...

Bitcoin has portrayed itself as an alternative monetary system. For some it is meant to serve a parallel online p2p economy. For others it even poses a challenge to the established monetary system. We concentrate on the claim for Bitcoin as a possible replacement of established money and derive...

The cryptocurrency Bitcoin has been marketed as revolutionary new money and an attractive investment. But closer examination suggests that Bitcoin works poorly as money and does not qualify as an asset based on user value. Instead, almost all Bitcoin trading has purely speculative purposes