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theoretical literature of payment systems as a record-keeping device.3 Our work is thus a first attempt to explicitly model the distinctive technological features of a cryptocurrency system which are a blockchain, mining and double-spending incentives within a quantitative economic model. We are also first to theoretically analyze the optimal design of a cryptocurrency and giving a quantitative answer to the efficiency properties of cryptocurrencies. Some recent contribution have analyzed – from a qualitative perspective – whether Bitcoin can function as a real currency given its security features and lack of usage for making frequent payments (see for example Yermack (2013) and B ̈ohme et al. (2015)). One question in this line of research is to empirically explain the valuation of cryptocurrencies. Gandal and Halaburda (2014) look at network effects associated with cryptocurrencies and investigate how such effects are reflected in their relative valuation. Glaser et al. (2014) look at how media coverage of Bitcoin drives part of the volatility in its valuation.4 Another area of research investigates how digital currencies can influence the way monetary policy is conducted. But none of this work can be applied to cryptocurrencies that are based on a blockchain and operate without a designated third-party to issue the currency. Agarwal and Kimball (2015) advocate here that the adoption of digital currencies can facilitate the implementation of a negative interest rate policy, while Rogoff (2016) suggests that phasing out paper currency can undercut undesirable tax evasion and criminal activities. Our findings complements this work as we establish some potential bounds on the costs that can be levied on people through central bank issued digitalcurrency.5 Finally,Fern ́andez-VillaverdeandSanches(2016)modelcryptocurrenciesas privately issued fiat currencies and analyze – in the tradition of the literature on the free banking era – whether competition among different currencies can achieve price stability and efficiency of exchange. 3See for example Koeppl et al. (2008) and (2012). 4Models have been developed for studying other forms of electronic money technologies. For example, Berentsen (1998) studies digital money such as smart cards; Gans and Halaburda (2013) study platform-specific digital currencies such as Facebook Credits; Chiu and Wong (2015) review e-money technologies including PayPal and Octopus Card. 5See the recent discussion of Bordo and Levin (2017) on central bank issued digital currency. Also, Camera (2017) reviews the monetary literature and discusses the challenges of issuing and adopting electronic alternatives to cash. 4PDF Image | The Economics of Cryptocurrencies Bitcoin and Beyond
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