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the individual transaction size. This insight seems to be very much ignored in the current debate, but puts scalability of cryptocurrencies front and centre as the main technological challenge to be overcome. Our exercise shows that cryptocurrency systems can potentially be a viable alternative to retail payment systems, as soon as some technological limits can be resolved.30 For Bitcoin we find that it is not only extremely expensive in terms of its mining costs, but also inefficient in its long-run design. However, the efficiency of the Bitcoin system can be significantly improved by optimizing the rate of coin creation and minimizing transaction fees. Another poten- tial improvement is to eliminate inefficient mining activities by changing the consensus protocol altogether. In the Appendix, we explore the possibility of replacing PoW by a Proof-of-Stake (PoS) protocol. Our analysis finds conditions under which PoS can strictly dominate PoW and even sup- port immediate and final settlement. Notwithstanding, as we point out in this Appendix as well, many fundamental issues of a PoS protocol remain still to be sorted out. There remains much to be learned about the economic potential and the efficient, economic design of blockchain technology. References Agarwal, R. and M. Kimball, (2015). “Breaking through the Zero Lower Bound.”Working Paper WP/15/224, International Monetary Fund. Aumann, Robert J. (1965). “Integrals of set-valued functions”, Journal of Mathematical Analysis and Applications, 12.1, 1-12. Berentsen, A. (197). “Monetary policy implications of digital money”, Kyklos, 51(1), 89-117. Biais, B., Bisi`ere, C., Bouvard, M. and Cassamatta, C. (2017), “The Blockchain Folk Theorem”, Working paper 817, Toulouse School of Economics. 30As pointed out by Christine Lagarde, the head of the International Monetary Fund, cryptocurrencies could in time be embraced more broadly: “For now, virtual currencies such as Bitcoin pose little or no challenge to the existing order of fiat currencies and central banks ... But many of these [impediments] are technological challenges that could be addressed over time. Not so long ago, some experts argued that personal computers would never be adopted, and that tablets would only be used as expensive coffee trays. So I think it may not be wise to dismiss virtual currencies.” Source: https://www.imf.org/en/News/Articles/2017/09/28/sp092917-central-banking- and-fintech-a-brave-new-world 35PDF Image | The Economics of Cryptocurrencies Bitcoin and Beyond
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