We document systematic differences in bitcoin prices across 11 different markets representing 26\% of global bitcoin trade volume. These differences must --- due to the identical nature of all bitcoin--- result from characteristics of markets themselves. We examine differences across the markets...

One of the most unexpected global monetary developments in the past decade has been the emergence of decentralized virtual currencies. Bitcoin, the largest and best known of the decentralized virtual currencies, has well-documented market properties—including its use as an international...

We document systematic differences in bitcoin prices across 11 different markets representing 26% of global bitcoin trade volume. These differences must — due to the identical nature of all bitcoin — result from characteristics of markets themselves. We examine differences across the markets...

We document significant differences in Bitcoin prices across 11 different markets representing 26% of global Bitcoin trade volume. These differences must — due to the identical nature of all bitcoin — result from characteristics of markets themselves. We examine differences across the...