| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10157 |
| DP10157 Competition in the Cryptocurrency Market | |
| Neil Gandal; Hanna Halaburda | |
| 发表日期 | 2014-09-21 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We analyze how network effects affect competition in the nascent cryptocurrency market. We do so by examining the changes over time in exchange rate data among cryptocurrencies. Specifically, we look at two aspects: (1) competition among different currencies, and (2) competition among exchanges where those currencies are traded. Our data suggest that the winner-take-all effect is dominant early in the market. During this period, when Bitcoin becomes more valuable against the U.S. dollar, it also becomes more valuable against other cryptocurrencies. This trend is reversed in the later period. The data in the later period are consistent with the use of cryptocurrencies as financial assets (popularized by Bitcoin), and not consistent with "winner-take-all" dynamics. |
| 主题 | Industrial Organization |
| 关键词 | Bitcoin Cryptocurrency Network effects |
| URL | https://cepr.org/publications/dp10157 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538990 |
| 推荐引用方式 GB/T 7714 | Neil Gandal,Hanna Halaburda. DP10157 Competition in the Cryptocurrency Market. 2014. |
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