We examine whether decentralization is sustainable in the Bitcoin system. The Bitcoin system is a decentralized system in that any participant can potentially verify and record transactions onto a public ledger. Using a game-theoretic model, we show that operating costs and financial constraints...

Bitcoin as a cryptocurrency has received wide public interest. As a decentralized transaction system, Bitcoin relies on the mining process, which is a necessary process to validate transactions. The mining process involves solving complex crypto-puzzles which requires significantly high...

Information technology (IT) is all-pervading, and as an infrastructure, it is likely to mold institutional quality. As such, we examine whether IT availability and use moderate the relationship between country-level institutional quality and firm performance. Using the Economic Freedom Index of...