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Security of blockchain make double spending costly Mining activities Value of currency merchants willing to accept currency reward scheme Figure 2.5: Bootstrapping in a Cryptocurrency System (ii) settlement lags: double spending is discouraged by sellers waiting for N validations before delivering the goods so that the buyer needs to win the mining game N + 1 times in order to revoke a payment (iii) a reward scheme: rewards for winning miners are financed by seigniorage (new coins) and transaction fees. 3 The Double Spending Problem As pointed out in the previous section, due to its digital nature, a cryptocurrency system is subject to the double spending problem. To focus on this problem, this section develops a partial equilib- rium model to study the mining and double-spending decision within one payment cycle. Taking as given the price and quantity of balances, the terms of trade and the mining rewards, this basic model determines the mining activities and the buyers’ incentives to double spend. In the next section, we will incorporate this basic set-up into a general equilibrium monetary model to perform a full analysis. 12PDF Image | The Economics of Cryptocurrencies Bitcoin and Beyond
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