Cryptofinance: A New Currency for a New Economy
- Length: 211 pages
- Edition: 1
- Language: English
- Publisher: World Scientific Pub Co Inc
- Publication Date: 2021-10-13
- ISBN-10: 9811239665
- ISBN-13: 9789811239663
- Sales Rank: #0 (See Top 100 Books)
The rapid advancement in encryption and network computing gave birth to new tools and products that have influenced the local and global economy alike. One recent and notable example is the emergence of virtual currencies, also known as cryptocurrencies or digital currencies. Virtual currencies, such as Bitcoin, introduced a fundamental transformation that affected the way goods, services, and assets are exchanged. Virtual currencies are experiencing an increasing popularity in the financial markets and in portfolio management as can be classified as financial asset or commodities on a scale from pure medium of exchange advantages to pure store of value advantages. As a result of its distributed ledgers based on blockchain, cryptocurrencies offer some unique advantages to the economy, investors, and consumers, but also pose considerable risks to users and challenges for regulators when fitting the new technology into the old legal framework. Bitcoin for example may be useful in risk management and ideal for risk-averse investors in anticipation of negative shocks to the market. The core objective of this proposed book is to provide a comprehensive discussion on the important issues related to cryptocurrencies ranging from pricing, financial, legal to technological aspects.
Contents Preface About the Editors About the Contributors Chapter 1 Cryptocurrencies: Concept and Current Market Structure 1. A Brief History of Cryptocurrencies 1.1 The Precursors of Bitcoin 1.2 The Emergence of Bitcoin 2. The Mechanisms Behind Cryptocurrencies 2.1 Transaction Path and Wallets 2.2 Blockchain 2.3 Mining 2.4 Vulnerability to Cyber Attacks 3. The Governance of Cryptocurrencies 3.1 Governance within the Blockchain 3.1.1 The centralization of the blockchain 3.1.2 Verification mechanisms 3.2 Governance of the Blockchain 4. Conclusion Acknowledgments References Chapter 2 The Impact of Coronavirus Pandemic on Bitcoin: A Literary Overview 1. Introduction 2. Theoretical Framework 2.1 Cryptocurrency 2.2 Bitcoin 2.3 Advantages of Bitcoin 3. Bitcoin Classification: Advantages for the Investor 3.1 Hedge 3.2 Portfolio Diversification 3.3 Safe Haven 3.4 Externalities: Historical Incidences 4. Coronavirus (COVID-19) 4.1 Coronavirus and Financial Markets’ Volatility 4.2 Hedging and Safe haven Potentials of Bitcoin during the Coronavirus Outbreak 5. Conclusion References Chapter 3 Cryptocurrencies and Inequality 1. Introduction: Cryptoanarchism’s Shadow 2. Testing for Inequality in Cryptocurrencies 3. Discussion: Wherefore Cryptoanarchism? 4. Conclusion References Chapter 4 Towards a Better Understanding of the Resistance Factors of Cryptocurrency Spread 1. Introduction 2. What is Cryptocurrency? 2.1 Consumer Psychology 2.1.1 Individual factors 2.1.2 The collective and organizational factors 2.1.3 Functional barriers and perceived difficulty 2.1.4 The need for human interaction 2.1.5 The perceived risk 2.2 National Culture 2.2.1 Power distance 2.2.2 Uncertainty avoidance 2.2.3 Collectivism versus individualism 2.2.4 Masculinity versus feminity 2.2.5 Long-term versus short-term orientation 2.3 Monetary Policy 2.4 Regulation as an Inhibitory Factor to Cryptocurrency Use 2.4.1 The need for regulation 2.4.2 Regulation’s risk 2.4.3 The perceived regulation risks around the world 3. Conclusion References Chapter 5 Tokenization Disrupts ETFs 1. The Old and New Worlds of Asset Management 1.1 Exchange-traded Funds — Challenges of a Passive Investment 1.2 Costs of ETFs 1.3 Issues of ETFs 1.4 Crypto-asset Management 1.5 Tokenization of Existing Assets 1.6 Trading of Token 1.7 Custody of Tokens 1.8 Implications of Custody 1.9 Tokens in Comparison to ETFs 2. Conclusion References Chapter 6 Oversight and Regulation of Cryptocurrencies: BitLicense 1. Introduction 2. BitLicense: An Overview 3. Impact and Critique 4. A Public Value Perspective on BitLicense 5. Conclusion References Chapter 7 Cryptocurrencies: Key Risks and Challenges 1. Introduction 2. Technology Risk 3. Fraud/Theft Risk 4. Cryptocurrency Regulations and Legal Risk 5. Market Risk 6. Liquidity Risk 7. Cryptocurrency Market at the Time of the COVID-19 Pandemic 8. Conclusion 8.1 But What Comes Afterwards? References Chapter 8 Factors Influencing Individual and Organizational Adoption of Cryptocurrencies 1. Introduction 2. Theoretical Background 2.1 Cryptocurrencies’ Adoption at the Individual Level 2.1.1 Relative advantage 2.1.2 Perceived ease of use 2.1.3 Image 2.1.4 Visibility 2.1.5 Compatibility 2.1.6 Result demonstrability 2.1.7 Voluntariness 2.1.8 Trialability 2.1.9 Personal innovativeness 3. Organizational Adoption of Cryptocurrencies 3.1 Technology–Organization–Environment (TOE) Framework 3.2 Factors Affecting Organizational Adoption of Cryptocurrencies 3.2.1 Technological factors 3.2.2 Organizational factors 3.2.3 Environmental factors 4. Conclusion References Chapter 9 Crypto-asset Valuation: A Review and Analysis of Current Methods 1. Introduction 2. Fundamentals of Crypto-assets 2.1 Crypto-assets: An Introduction 2.2 Tokenomics 2.3 Literature Review 3. Crypto-asset Valuation: The General Framework 4. Crypto-asset Valuation: The Income Approach 4.1 The Crypto Quantity Theory of Money (QTM) 4.2 Crypto J-Curve Methodology 4.3 Network Model and Metcalfe’s Law 5. Crypto-asset Valuation: The Market Approach 5.1 Network Value-to-Transaction Ratio (NVT) 5.2 Price-to-Utility Ratio 6. Crypto-asset Valuation:The Cost Approach 7. Conclusion References Chapter 10 The Nexus between Cryptocurrencies, Currencies and Commodities: A Primer 1. Introduction 2. The Nexus 2.1 Cryptocurrencies Versus Currencies 2.2 Cryptocurrencies Versus Hard Commodities 3. Empirical Research Investigating the Nexus 3.1 Returns 4. Conclusion References Index
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