Cryptocurrencies: A survey on acceptance, governance and market dynamics

【Author】 Hairudin, Aiman; Sifat, Imtiaz Mohammad; Mohamad, Azhar; Yusof, Yusniliyana

【Source】INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS

【影响因子】1.634

【Abstract】This paper briefly overviews several challenging dimensions pertaining to cryptocurrencies with respect to their valuation, legitimacy, design, consensual acceptance and market-based stylized facts with a view to understanding whether this new asset class indeed has the potential to become an alternative, or a replacement, to traditional fiat currencies. Our survey indicates that public embrace of cryptocurrencies continues to lag as the masses currently show reluctance in embracing cryptocurrencies as a complement, let alone a substitute to fiat counterparts. Governments have also successfully defended their sovereignty in preserving legal tender status, structural seigniorage and exclusivity. Market-based studies hint at consistent inefficiencies across the spectrum. Furthermore, whether fundamental and mining factors determine cryptocurrencies' values remain unsettled. The most promising areas of research for crypto-financial intelligentsia would be delving into establishing trial runs for central bank-backed cryptocurrencies. In addition, we highlight that several methodological and data-based obstacles remain in assessing the link between cryptocurrencies and their traditional rivals. This avenue remains a fertile ground for potential future research.

【Keywords】bitcoin; cryptocurrency; literature review; survey

【发表时间】2020

【收录时间】2022-01-02

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