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Bitcoin's limited adoption problem
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AI
DOI：10.1016/j.jfineco.2022.01.003.png)
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摘要
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We demonstrate theoretically that Bitcoin's limited adoption arises as an equilibrium out -come rather than as a short-lived property. Our results are driven by negative network effects which arise due to Bitcoin's need for consensus and the existence of network de-lay. As the Bitcoin network expands, network delay grows thereby prolonging the time needed for generating consensus. In turn, transaction settlement becomes prolonged, and users abandon the system, yielding limited adoption. Increasing transaction rates fails to solve this problem because increasing transaction rates increases fork probabilities which prolongs the consensus process and generates limited adoption. (c) 2022 Elsevier B.V. All rights reserved.
Keyword:
Bitcoin
Limited adoption
Consensus
Network delay
Blockchain
Fintech
期刊
IF:
12
论文数:
3.8K
被引数:
5.5W
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