Cryptocurrencies: a survey on acceptance, governance and market dynamics
This paper briefly overviews several challenging dimensions pertaining to cryptocurrencies with respect to their valuation, legitimacy, design, consensual acceptance and market-based stylized facts with a view to understanding whether this new asset class indeed has the potential to become an altern...
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| Main Authors: | , , , |
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| Format: | Article |
| Language: | English English English |
| Published: |
John Wiley and Sons Ltd
2020
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/101439/1/101439_Cryptocurrencies%20a%20survey%20on%20acceptance.pdf http://irep.iium.edu.my/101439/2/101439_Cryptocurrencies%20a%20survey%20on%20acceptance_SCOPUS.pdf http://irep.iium.edu.my/101439/3/101439_Cryptocurrencies%20a%20survey%20on%20acceptance_WoS.pdf http://irep.iium.edu.my/101439/ https://onlinelibrary.wiley.com/doi/10.1002/ijfe.2392 |
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| Summary: | This paper briefly overviews several challenging dimensions pertaining to cryptocurrencies with respect to their valuation, legitimacy, design, consensual acceptance and market-based stylized facts with a view to understanding whether this new asset class indeed has the potential to become an alternative,
or a replacement, to traditional fiat currencies. Our survey indicates that public embrace of cryptocurrencies continues to lag as the masses currently show reluctance in embracing cryptocurrencies as a complement, let alone a substitute
to fiat counterparts. Governments have also successfully defended their sovereignty in preserving legal tender status, structural seigniorage and exclusivity. Market-based studies hint at consistent inefficiencies across the spectrum. Furthermore, whether fundamental and mining factors determine cryptocurrencies' values remain unsettled. The most promising areas of research for crypto-financial intelligentsia would be delving into establishing trial runs for central bank-backed cryptocurrencies. In addition, we highlight that several methodological and data-based obstacles remain in assessing the link between cryptocurrencies and their traditional rivals. This avenue remains a fertile ground for potential future research. |
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