Bitcoin dilemma: Is popularity destroying value?

【Author】 Kim, S. Thomas

【Source】FINANCE RESEARCH LETTERS

【影响因子】9.848

【Abstract】I measure the amount of congestion in the Bitcoin network by the time to execute a trade and find that congestion is harming Bitcoin's ability to function as a method of trade. The average time to execute a Bitcoin transaction increased from 30 min in 2016 to 413 min in 2018. I find that the congestion is associated with higher transaction fees and reduced volume. The congestion is also creating a distortion in Bitcoin price. The relationship between congestion and price is strongest during the business hours of East Asia.

【Keywords】Bitcoin; Confirmation time; Congestion; Scalability

【发表时间】2020 MAR

【收录时间】2022-01-02

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