Gandal, Neil; Halaburda, Hanna - C.E.P.R. Discussion Papers - 2014
We analyze how network effects affect competition in the nascent cryptocurrency market. We do so by examining the …-take-all effect is dominant early in the market. During this period, when Bitcoin becomes more valuable against the U.S. dollar, it … later period are consistent with the use of cryptocurrencies as financial assets (popularized by Bitcoin), and not …