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What Do Cryptocurrencies Do?

Erin Denison, Michael Lee and Antoine Martin
The Journal of Investing Cryptocurrency Special Issue 2019, 28 (3) 57-61; DOI: https://doi.org/10.3905/joi.2019.28.3.057
Erin Denison
is a senior research analyst at the Federal Reserve Bank of New York in New York, NY
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Michael Lee
is a financial economist at the Federal Reserve Bank of New York in New York, NY
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Antoine Martin
is a senior vice president at the Federal Reserve Bank of New York in New York, NY
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Abstract

Cryptocurrencies, like Bitcoin, are designed to facilitate payments even when there is a lack of trust. In this article, the authors discuss the features that are necessary for cryptocurrencies to play this role. They conclude that the specific features required to allow cryptocurrencies to facilitate payments when there is a lack of trust make these currencies less convenient as a payment mechanism than alternatives that rely on trust. The authors conclude that as long as sufficient trust exist in payment intermediaries, cryptocurrencies are likely too inconvenient to be widely adopted.

TOPICS: Currency, portfolio construction, wealth management

  • © 2019 Pageant Media Ltd
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The Journal of Investing: 28 (3)
The Journal of Investing
Vol. 28, Issue 3
Cryptocurrency Special Issue 2019
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What Do Cryptocurrencies Do?
Erin Denison, Michael Lee, Antoine Martin
The Journal of Investing Mar 2019, 28 (3) 57-61; DOI: 10.3905/joi.2019.28.3.057

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What Do Cryptocurrencies Do?
Erin Denison, Michael Lee, Antoine Martin
The Journal of Investing Mar 2019, 28 (3) 57-61; DOI: 10.3905/joi.2019.28.3.057
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    • Abstract
    • CRYPTOCURRENCIES AND TRUST
    • DECENTRALIZING VALIDATION
    • HOW ARE CRYPTOCURRENCIES CHANGING?
    • CONCLUSION
    • ACKNOWLEDGMENTS
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