Digital currency is designed to compete with central bank fiat money and the banking system but may create new financial stability risk. Central banks are considering issuing their own fiat public digital currency in response. This paper shows that privately issued digital currency, such as...

Bitcoin is emerging as a popular financial asset and means of transacting. However, little is known about its liquidity. We consider whether various dimensions evident in other asset class liquidity apply to bitcoin liquidity. We find there is both substantial variation in the level of liquidity...

Bitcoin, a cryptocurrency invented in 2008 is both puzzling and inspiring. High volatility of its price is challenges financial analysts as well as scholars. We look at the incentive mechanisms that make Bitcoin work, and we discuss current and potential uses of Bitcoin and technologies inspired...

Bitcoin emerged as a cryptocurrency relying on new blockchain technology in 2009, but how to regulate it was not immediately clear. The recent emergence of bitcoin futures poses a new level of risk to the economy, again raising questions of regulation. This is the first law review article to...

Bitcoin is the most successful cryptocurrency and one of the best types of private money ever. The blockchain technology underlying bitcoin is presented with the spotlight on distributed consensus, allowing for proper understanding of its peculiarities. Notarization and trust anchoring are...

Bitcoin is a relatively new technology with much promise. As the world's first successful cryptocurrency, it seems likely to lower the costs of transacting. Nonetheless, many regulators hold a strong presumption that something must be done. I considered the popular justifications for regulating...

In 2008-09, after the subprime mortgage crisis, the governments of several developed countries had to print billions of dollars to bail out banks and insurance companies. Bitcoins, unlike paper currencies, cannot be minted, but can only be mined by bots. Although bitcoin is yet to gain...

Recent innovations have made it feasible to transfer private digital currency without the intervention of an institution. A digital currency must prevent users from spending their balances more than once, which is easier said than done with purely digital currencies. Current digital currencies...