Department Chair
Frederick G. Floss, Ph.D., Chair and Professor of Economics & Finance
Date of Award
5-2018
Access Control
Open Access
Degree Name
Applied Economics, M.A.
Department
Economics and Finance Department
Advisor
Tae-Hee Jo, Ph.D., Associate Professor of Economics & Finance
Department Home page
http://economics.buffalostate.edu
First Reader
Tae-Hee Jo, Ph.D., Associate Professor of Economics & Finance
Second Reader
Victor Kasper Jr., Ph.D., Associate Professor of Economics & Finance
Third Reader
Ted P. Schmidt, Ph.D., Professor of Economics & Finance
Abstract
The recent popularity of cryptocurrencies is largely associated with a particular application referred to as Bitcoin. Cryptocurrency has a mix of properties that make it difficult to examine. These properties consist of being infinitely divisible, durable, transferable, fungible and can be controlled to be artificially scarce. Further, cryptocurrencies can act as a means of payment, a medium of exchange, a store of value, and a unit of account. This thesis will analyze the technical features underlying cryptocurrencies and find out whether or not they can function as an alternative to fiat money. Since Bitcoin is the most commonly understood application I will examine it from two antithetical economic frameworks. Austrian monetary theory and Modern Monetary Theory have been selected to study because of their different views on the functions and origin of money. I will explore their interpretations of money to gain insight and make a general conclusion on whether or not Bitcoin could operate as an alternative to fiat money.
Recommended Citation
Georgeson, David A., "Cryptocurrencies as an Alternative to Fiat Monetary Systems" (2018). Applied Economics Theses. 35.
https://digitalcommons.buffalostate.edu/economics_theses/35
Included in
Economic Theory Commons, Finance Commons, Other Economics Commons
