Cryptocurrency and double spending history: transactions with zero confirmation

Kang, Kee-Youn

doi:10.1007/s00199-021-01411-3

Cited by 8 publications

(3 citation statements)

References 38 publications

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“…Nakamoto was the first to use the Proof of Work consensus mechanism to resolve the double spending issue with cryptocurrencies. Miners have to invest their time and computing power in order to mine blocks and obtain new Bitcoins in order to maintain security and prevent double spending [33].…”

Section: Proof Of Workmentioning

confidence: 99%

Beyond Bitcoin: Evaluating Energy Consumption and Environmental Impact across Cryptocurrency Projects

Khosravi,

Säämäki

2023

Energies

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Since their inception with Bitcoin in the late 2000s, cryptocurrencies have grown exponentially, reshaping traditional financial paradigms. This transformative journey, while innovative, brings forth pressing concerns about their energy consumption and carbon footprint. While many studies tend to zoom in on Bitcoin, this paper broadens the perspective by evaluating energy consumption across various cryptocurrencies. We analyze nine cryptocurrency projects, chosen for their market value, technology, and data availability. These span a spectrum from pioneering to emerging digital coins, offering a holistic view of the crypto realm. To contextualize, we juxtapose the energy usage of these digital currencies with traditional payment means like Visa and Mastercard. Our analysis shows vast differences in energy use among cryptocurrencies, largely tied to their consensus algorithms. Notably, while Bitcoin stands out as highly energy-intensive, several newer digital currencies have energy footprints mirroring those of conventional payment methods. Additionally, CO2 emissions estimation presents challenges due to variances in miner locations and regional energy sources, with potential higher emissions if concentrated in carbon-intensive regions like China. Nonetheless, the silver lining emerges as many cryptocurrencies, especially those beyond Bitcoin, register considerably lower CO2 emissions. By moving the lens beyond Bitcoin, this paper paints a more nuanced picture of the environmental ramifications of the crypto world.

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Section: Proof Of Workmentioning

confidence: 99%

Beyond Bitcoin: Evaluating Energy Consumption and Environmental Impact across Cryptocurrency Projects

Khosravi,

Säämäki

2023

Energies

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“…Chiu and Wong (2015) and Carli and Uras (2023) examine how E‐money improves the efficiency of the economy. Chiu and Koeppl (2022b) and Kang (2023) investigate double spending incentives in the Bitcoin system, and Choi and Rocheteau (2021) and Pagnotta (2022) study cryptocurrency pricing. Fernández‐Villaverde and Sanches (2019), Schilling and Uhlig (2019), and Kang and Lee (forthcoming) explore the macroeconomic implications of cryptocurrencies via currency competition.…”

Section: Introductionmentioning

confidence: 99%

Digital currency and privacy

Kang

2024

Self Cite

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We develop a monetary model in which a private company issues digital currency and uses payment data to estimate consumers' preferences. Sellers purchase preference information to produce goods that better match consumers' preferences. A monopoly arises in the digital currency industry, and digital currency is not issued if the inflation rate is sufficiently high. Due to reinforcing interactions between the value of preference information and trade volume, multiple equilibria (with and without digital currency) can exist, depending on market structures for monetary exchanges. When left to market forces alone, socially efficient uses of payment data may not occur.

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“…Blockchain was first used in Bitcoin, a peer-to-peer payment system created by Nakomoto [3] during the financial crisis to fix the double-spending issue (i.e. spending the same cryptocurrency more than once) [4] .…”

Section: Introductionmentioning

confidence: 99%

A qualitative analysis of rural fishermen: Potential for blockchain-enabled framework for livelihood sustainability

Enayati,

Arlikatti,

Ramesh

2024

Heliyon

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Cryptocurrency and double spending history: transactions with zero confirmation

Cited by 8 publications

References 38 publications

Beyond Bitcoin: Evaluating Energy Consumption and Environmental Impact across Cryptocurrency Projects

Beyond Bitcoin: Evaluating Energy Consumption and Environmental Impact across Cryptocurrency Projects

Digital currency and privacy

A qualitative analysis of rural fishermen: Potential for blockchain-enabled framework for livelihood sustainability

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