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56 x 10 2.585 50 x 10 9.8848 2.58 2.575 40 30 20 10 9.8848 9.8847 9.8847 9.8846 9.8846 9.8845 1500 1000 500 0 2.57 0 0 0.02 0.04 6 x 10 9.8846 10 0 0.02 0.04 0 0.02 0.04 9.8844 9.8842 9.884 9.8838 9.8836 8 6 4 2 9.8834 0 0 0.02 0.04 0 0.02 0.04 0 0.02 0.04 Figure 5.3: Effects of money growth 5.3 Efficiency of Cryptocurrencies For the distribution of preference shocks in Figure 5.1, Table 5.3 evaluates the efficiency of Bitcoin as a means of payment relative to a cash system. All computations are for our benchmark model with the same preference parameters, but using different payments systems: cash, Bitcoin, optimal reward structure for Bitcoin. Besides mining costs, we report two measures of the welfare cost. The first measure gives the fraction of consumption people are willing to sacrifice in order to use cash under the Friedman rule which implies zero welfare costs. The second one computes the inflation rate with traditional cash so that people are indifferent between such system and the cryptocurrency. The current Bitcoin design is very inefficient, generating a welfare loss of 1.4% relative to an efficient cash system.27 The main source for this inefficiency is the large mining cost, which is estimated to be 360 mn USD per year. This translates into people being willing to accept a cash system with an inflation rate of 230% before being better off using Bitcoin as a means of payment. 27For comparison, a cash system with a 2% money growth rate generates a relatively small welfare cost of 0.003%. 31 Welfare σ B E(x) R Wgt. Avg. N Mining Cost UtilityPDF Image | The Economics of Cryptocurrencies Bitcoin and Beyond
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