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Since its inception, Bitcoin has been positioned as a revolutionary alternative to national currencies, attracting immense public and academic interest. This paper presents a critical evaluation of this claim, suggesting that Bitcoin faces…
The question "what is Bitcoin" allows for many answers depending on the objectives aimed at when providing such answers. The question addressed in this paper is to determine a top-level classification, or type, for Bitcoin. We will classify…
The famous new money Bitcoin is classified as a technical informational money (TIM). Besides introducing the idea of a TIM, a more extreme notion of informational money will be developed: exclusively informational money (EXIM). The…
We organize existing empirical regularities of cryptocurrencies into seven stylized facts and analyze cryptocurrencies through the lens of empirical asset pricing. We find important similarities with traditional markets--risk-adjusted…
We review different classes of cryptocurrencies with emphasis on their economic properties. Pure-asset coins such as Bitcoin, Ethereum and Ripple are characterized by not being a liability of any economic agent and most resemble commodities…
Two taxonomies of money that include cryptocurrencies are analyzed. A definition of the term cryptocurrency is given and a taxonomy of them is presented, based on how its price is fixed. The characteristics of the use of current fiat money…
The educability model is a computational model that has been recently proposed to describe the cognitive capability that makes humans unique among existing biological species on Earth in being able to create advanced civilizations.…
A collection of questions about Bitcoin and its hypothetical relatives Bitguilder and Bitpenny is formulated. These questions concern technical issues about protocols, security issues, issues about the formalizations of informational monies…
Recent advances in the blockchain research have been made in two important directions. One is refined resilience analysis utilizing game theory to study the consequences of selfish behaviors of users (miners), and the other is the extension…
The accelerating digitization of economic activity has made information a dominant driver of market expectations, coordination, and systemic risk. Yet contemporary monetary systems remain anchored in architectures designed for material…
Based on 1-minute price changes recorded since year 2012, the fluctuation properties of the rapidly-emerging Bitcoin (BTC) market are assessed over chosen sub-periods, in terms of return distributions, volatility autocorrelation, Hurst…
Designed to compete with fiat currencies, bitcoin proposes it is a crypto-currency alternative. Bitcoin makes a number of false claims, including: solving the double-spending problem is a good thing; bitcoin can be a reserve currency for…
Heretofore the concept of "blockchain" has not been precisely defined. Accordingly the potential useful applications of this technology have been largely inflated. This work sidesteps the question of what constitutes a blockchain as such…
Bitcoins have emerged as a possible competitor to usual currencies, but other crypto-currencies have likewise appeared as competitors to the Bitcoin currency. The expanding market of crypto-currencies now involves capital equivalent to…
Digitalisation transforms money from distinguishable physical objects into fungible informational units. A recent theoretical framework predicts that such indistinguishable wealth obeys bosonic occupancy statistics, leading to geometric…
Modern technology has brought novel types of wealth. In contrast to hard cashes, digital currencies do not have a physical form. They exist in electronic forms only. Yet, it has not been clear what impacts their ongoing growth will make, if…
In this paper, based on results of exact learning and test theory, we study arbitrary infinite binary information systems each of which consists of an infinite set of elements and an infinite set of two-valued functions (attributes) defined…
In financial markets valuable information is rarely circulated homogeneously, because of time required for information to spread. However, advances in communication technology means that the 'lifetime' of important information is typically…
This discussion applies quantitative finance methods and economic arguments to cryptocurrencies in general and bitcoin in particular -- as there are about $10,000$ cryptocurrencies, we focus (unless otherwise specified) on the most…
The aim of this paper is to analyse the Bitcoin in order to shed some light on its nature and behaviour. We select 9 cryptocurrencies that account for almost 75\% of total market capitalisation and compare their evolution with that of a…