Currency is naturally defined as having three major functions: a unit of account, a store of wealth, and a standard of exchange. Among the various forms of currency, cryptocurrencies are (a) clearly distinguished from standard currencies like coins and paper formats, (b) labeled as legal tender,...

The market for payment cards is inherently two sided. Consumers benefit from increased merchant acceptance of payment cards and vice versa. To quantify the interdependence of consumer and merchants or network externalities, we construct and estimate a structural two-sided model of a payment...