Research on Bitcoin’s Working Mechanism and Monetary Attributes

Shengye Tao, Zhen Li

2022

Abstract

This paper analyses the currency attributes of bitcoin starting with the operation principle of bitcoin. This paper argues that 1. Bitcoins are automatically generated by computer algorithms and do not involve social labor; 2. transaction confirmation time is so long, block capacity is so small, that bitcoin has difficulty in dealing with the huge amount of transaction payment information; 3. the total amount fixed and high concentration make the bitcoin unable to perform the function of storage means; 4. the bitcoin is difficult to conduct credit transactions and financing activities because of highly anonymity; 5. unstable transaction value and the number of issues of bitcoin does not match the growth of international trade make it difficult to be an international currency.

Paper Citation

in Harvard Style

Tao S. and Li Z. (2022). Research on Bitcoin’s Working Mechanism and Monetary Attributes. In Proceedings of the 1st International Conference on Public Management, Digital Economy and Internet Technology - Volume 1: ICPDI; ISBN 978-989-758-620-0, SciTePress, pages 208-214. DOI: 10.5220/0011733200003607

in Bibtex Style

@conference{icpdi22,
author={Shengye Tao and Zhen Li},
title={Research on Bitcoin’s Working Mechanism and Monetary Attributes},
booktitle={Proceedings of the 1st International Conference on Public Management, Digital Economy and Internet Technology - Volume 1: ICPDI},
year={2022},
pages={208-214},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0011733200003607},
isbn={978-989-758-620-0},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 1st International Conference on Public Management, Digital Economy and Internet Technology - Volume 1: ICPDI
TI - Research on Bitcoin’s Working Mechanism and Monetary Attributes
SN - 978-989-758-620-0
AU - Tao S.
AU - Li Z.
PY - 2022
SP - 208
EP - 214
DO - 10.5220/0011733200003607
PB - SciTePress