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Bitcoins: Inception of New Era in Monetary Policy?
Vít, Ondřej ; Doležal, Ondřej (advisor) ; Sunega, Petr (referee)
This work presents an economic analysis of virtual currency and a system of payment known as Bitcoin. From many goals of this work, the main is to answer a question, whether the Bitcoins are to cause revolution at financial markets. To solve this I applied theoretical knowledge of Austrian school on the Bitcoin currency. Given this facts it has turned out, that the nature of Bitcoin truly is revolutionary. However, it would be wrong to assume, that the Bitcoins are to actually spark significant changes in current monetary system. For a better understanding of all circumstances, the development of an exchange and the evolution of money was involved in this work. From an economical perspective, it is obvious, that the Bitcoins certainly are a new kind of currency that flows beside money but also cannot replace it. It is the specificity of the system what creates barriers preventing Bitcoins from becoming more widespread and used more often. The benefits of this thesis lie in a complex economic analysis of Bitcoin currency and a prediction of its future development.
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Potential of Bitcoin from the view of Austrian school
Šembera, Tomáš ; Potužák, Pavel (advisor) ; Čermáková, Klára (referee)
The bachelor thesis deals with potential of digital currency Bitcoin to become universally accepted medium of exchange and with advantages, which its usage would bring to economy. In the thesis there are analysed factors important for its future progression. There are identified both positive and negative factors. Among the positive ones there is pseudonymity, low transaction costs, protection against government actions and inovative potential in the field of financial services. Among the negative ones there is the question of the system security, network effect, the risk of government against Bitcoin itself and high volatility. Volatility of bitcoin valu is identified as the major disadvantage of the currency. Next part of theoretical part deals with the confusion about virtual currencies and regression theorem. Logical analysis suggests that this confusion is caused by wrong interpretation of regression theorem, which is mostly caused by improper understanding of the term direct use. In the next part, Bitcoin is analysed from the view of the Austrian business cycle theory. Because of the inability of performing credit expansion, Bitcoin is identified as currency significantly limiting the strenght of business cycles. Practical part analysis the developement of volatility in time and its dependence on events and spekulative demand. The hypothesis, that high volatility of bitcoin value is caused by immaturity of the technology is not confirmed.
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