Monopoly Without a Monopolist: An Economic Analysis of the Bitcoin Payment System

Trading and Arbitrage in Cryptocurrency Markets

Makarov, I., & Antoinette Schoar, B. (2018) · Journal of Financial Economics · doi:10.1016/j.jfineco.2019.07.001 · Cited by 909 · see citing works

Blockchain-Based Settlement for Asset Trading

Chiu, J., & Koeppl, T. V. (2018) · Review of Financial Studies · doi:10.1093/rfs/hhy122 · Cited by 334 · see citing works

Decentralized Mining in Centralized Pools

Cong, L. W., He, Z., & Li, J. (2020) · Review of Financial Studies · doi:10.1093/rfs/hhaa040 · Cited by 351 · see citing works

Blockchain Disruption and Smart Contracts

Cong, L. W., & He, Z. (2018) · National Bureau of Economic Research · doi:10.3386/w24399 · Cited by 310 · see citing works

The Economic Limits of Bitcoin and the Blockchain

Budish, E. B. (2018) · National Bureau of Economic Research · doi:10.3386/w24717 · Cited by 244 · see citing works

Risks and Returns of Cryptocurrency

Liu, Y., & Tsyvinski, A. (2018) · National Bureau of Economic Research · doi:10.3386/w24877 · Cited by 208 · see citing works

An Equilibrium Valuation of Bitcoin and Decentralized Network Assets

Pagnotta, E., & Buraschi, A. (2018) · doi:10.2139/ssrn.3142022 · Cited by 199 · see citing works

Predicting bitcoin returns using high-dimensional technical indicators

Huang, J.-Z., Huang, W., & Ni, J. (2019) · The Journal of Finance and Data Science · doi:10.1016/j.jfds.2018.10.001 · Cited by 177 · see citing works

Expert oriented approach for analyzing the blockchain adoption barriers in humanitarian supply chain

Sahebi, I. G., Masoomi, B., & Ghorbani, S. (2020) · Technology in Society · doi:10.1016/j.techsoc.2020.101427 · Cited by 179 · see citing works

Investigating the Adoption Factors of Cryptocurrencies—A Case of Bitcoin: Empirical Evidence From China

Nadeem, M. A., Liu, Z., Pitafi, A. H., Younis, A., & Xu, Y. (2021) · SAGE Open · doi:10.1177/2158244021998704 · Cited by 161 · see citing works

On the Value of Virtual Currencies

Bolt, W., & van Oordt, M. R. C. (2019) · Journal of money credit and banking · doi:10.1111/jmcb.12619 · Cited by 123 · see citing works

Beyond the Doomsday Economics of “Proof-of-Work” in Cryptocurrencies

Settlements, B. F. I., & Auer, R. (2019) · doi:10.24149/gwp355 · Cited by 83 · see citing works

Stability of Transaction Fees in Bitcoin: A Supply and Demand Perspective

Ilk, N., Shang, G., Fan, S., & Zhao, J. L. (2021) · MIS Quarterly · doi:10.25300/misq/2021/15718 · Cited by 87 · see citing works

Decentralized Mining in Centralized Pools

Cong, L. W., He, Z., & Li, J. (2019) · National Bureau of Economic Research · doi:10.3386/w25592 · Cited by 88 · see citing works

Market Structure in Bitcoin Mining

Ma, J., Gans, J., & Tourky, R. (2018) · National Bureau of Economic Research · doi:10.3386/w24242 · Cited by 78 · see citing works

Embedded Supervision: How to Build Regulation into Blockchain Finance

Settlements, B. O. I., & Auer, R. (2019) · doi:10.24149/gwp371 · Cited by 74 · see citing works

Understanding CryptocurrenciesPreprint

Härdle, W. K., Harvey, C. R., & Reule, R. C. G. (2019) · SSRN Electronic Journal · doi:10.2139/ssrn.3360304 · Cited by 63 · see citing works

The economics of cryptocurrency: Bitcoin and beyond

Chiu, J., & Koeppl, T. V. (2022) · Canadian Journal of Economics/Revue canadienne d économique · doi:10.1111/caje.12625 · Cited by 60 · see citing works

Some Simple Bitcoin Economics

Schilling, L. M., & Uhlig, H. (2018) · National Bureau of Economic Research · doi:10.3386/w24483 · Cited by 58 · see citing works

Transaction Queuing Game in Bitcoin BlockChain

Li, J., Yuan, Y., Wang, S., & Wang, F. (2018) · IEEE Intelligent Vehicles Symposium · doi:10.1109/ivs.2018.8500403 · Cited by 53 · see citing works

A novel GSP auction mechanism for ranking Bitcoin transactions in blockchain mining

Li, J., Yuan, Y., & Wang, F. (2019) · Decision Support Systems · doi:10.1016/j.dss.2019.113094 · Cited by 51 · see citing works

An Incentive Mechanism for Sustainable Blockchain Storage

Liu, Y., Fang, Z., Cheung, M. H., Cai, W., & Huang, J. (2022) · IEEE/ACM Transactions on Networking · doi:10.1109/tnet.2022.3166459 · Cited by 49 · see citing works

The Future of Money and the Central Bank Digital Currency Dilemma

Viñuela, C., Sapena, J., & de Bobadilla, G. W. F. (2020) · Sustainability · doi:10.3390/su12229697 · Cited by 48 · see citing works

Money, privacy, anonymity: What do experiments tell us?

Borgonovo, E., Caselli, S., Cillo, A., Masciandaro, D., & Rabitti, G. (2021) · Journal of Financial Stability · doi:10.1016/j.jfs.2021.100934 · Cited by 47 · see citing works

Central Bank Digital Cash and Cryptocurrencies: Insights from a New Baumol–Friedman Demand for Money

Masciandaro, D. (2018) · Australian Economic Review · doi:10.1111/1467-8462.12304 · Cited by 46 · see citing works

Project Based Learning: Predicting Bitcoin Prices using Deep Learning

Yogeshwaran, S., Kaur, M., & Maheshwari, P. (2019) · IEEE Global Engineering Education Conference (EDUCON) · doi:10.1109/educon.2019.8725091 · Cited by 46 · see citing works

Do the Rich Get Richer? Fairness Analysis for Blockchain Incentives

Huang, Y., Tang, J., Cong, Q., Lim, A. E. B., & Xu, J. (2021) · ACM SIGMOD International Conference on Management of Data (SIGMOD) · doi:10.1145/3448016.3457285 · Cited by 45 · see citing works

Designing a Global Digital Currency

Balvers, R. J., & McDonald, B. (2021) · Journal of International Money and Finance · doi:10.1016/j.jimonfin.2020.102317 · Cited by 40 · see citing works

What can blockchain do and cannot do?

Xu, Z., & Zou, C. (2020) · China Economic Journal · doi:10.1080/17538963.2020.1748968 · Cited by 38 · see citing works

Models used to characterise blockchain features. A systematic literature review and bibliometric analysis

Rico-Peña, J. J., Sanz, R. A., & López-Martín, C. (2023) · Technovation · doi:10.1016/j.technovation.2023.102711 · Cited by 41 · see citing works

Redesigning Bitcoin’s Fee Market

Lavi, R., Sattath, O., & Zohar, A. (2022) · ACM Transactions on Economics and Computation · doi:10.1145/3530799 · Cited by 37 · see citing works

A new “Wall Street Darling?” effects of regulation sentiment in cryptocurrency markets

Bonaparte, Y., & Bernile, G. (2022) · Finance research letters · doi:10.1016/j.frl.2022.103376 · Cited by 30 · see citing works

A Batch-Service Queueing System with General Input and Its Application to Analysis of Mining Process for Bitcoin Blockchain

Kawase, Y., & Kasahara, S. (2018) · IEEE International Conference on Internet of Things (iThings) and IEEE Green Computing and Communications (GreenCom) and IEEE Cyber, Physical and Social Computing (CPSCom) and IEEE Smart Data (SmartData) · doi:10.1109/cybermatics_2018.2018.00245 · Cited by 26 · see citing works

Payments on digital platforms: Resiliency, interoperability and welfare

Chiu, J., & Wong, T.-N. (2021) · Journal of Economic Dynamics and Control · doi:10.1016/j.jedc.2021.104173 · Cited by 25 · see citing works

Auction Market Design: Recent Innovations

Milgrom, P. (2019) · Annual Review of Economics · doi:10.1146/annurev-economics-080218-025818 · Cited by 23 · see citing works

Queuing Without Patience: A Novel Transaction Selection Mechanism in Blockchain for IoT Enhancement

Shi, H., Wang, S., & Xiao, Y. (2020) · IEEE Internet of Things Journal · doi:10.1109/jiot.2020.2996614 · Cited by 22 · see citing works

Deflationary policy under digital and fiat currency competition

Rahman, A. J. (2018) · Research in Economics · doi:10.1016/j.rie.2018.04.004 · Cited by 20 · see citing works

Central Bank Digital Currency: When Price and Bank Stability CollidePreprint

Schilling, L. M., Fernández‐Villaverde, J., & Uhlig, H. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3750378 · Cited by 19 · see citing works

Embedded Supervision: How to Build Regulation into Decentralised FinancePreprint

Auer, R. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4127658 · Cited by 19 · see citing works

Transaction Throughput Provisioning Technique for Blockchain-Based Industrial IoT Networks

Shamieh, F., Wang, X., & Refaey, A. (2020) · IEEE Transactions on Network Science and Engineering · doi:10.1109/tnse.2020.3017389 · Cited by 18 · see citing works

An Incentive Analysis of Some Bitcoin Fee Designs (Invited Talk)Preprint

Yao, A. C.-C. (2018) · arXiv (Cornell University) · doi:10.4230/lipics.icalp.2020.1 · Cited by 17 · see citing works

Cyclic Arbitrage in Decentralized Exchange MarketsPreprint

Wang, Y., Chen, Y., Deng, S., & Wattenhofer, R. P. (2021) · SSRN Electronic Journal · doi:10.2139/ssrn.3834535 · Cited by 16 · see citing works

Cryptocurrencies and Cagan’s model of hyperinflation

Jermann, U. J. (2021) · Journal of Macroeconomics · doi:10.1016/j.jmacro.2021.103340 · Cited by 15 · see citing works

A Practical Model to Measure E-Service Quality and E-Customer Satisfaction of Crypto Wallets

Nikzat, P., & Hosseinzade, S. (2025) · Open Journal of Business and Management · doi:10.4236/ojbm.2025.133085 · Cited by 16 · see citing works

Asymmetric determinants of Bitcoin's wild price movements

Benlagha, N., & Hemrit, W. (2022) · Managerial Finance · doi:10.1108/mf-03-2022-0105 · Cited by 12 · see citing works

Issues of regulating cryptocurrency and control over its turnover: international experience

Dumchikov, M. O., Kononenko, N., Batsenko, L., Halenin, R., & Hlushchenko, N. (2020) · Revista Amazonia Investiga · doi:10.34069/ai/2020.31.07.1 · Cited by 11 · see citing works

Bubbly Bitcoin

Dong, F., Xu, Z., & Zhang, Y. (2021) · Economic Theory · doi:10.1007/s00199-021-01389-y · Cited by 11 · see citing works

Bitcoin and Cagan's Model of HyperinflationPreprint

Jermann, U. J. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3132050 · Cited by 11 · see citing works

Too Big to Cheat? Pools’ Incentives to Conduct Majority Attacks in Blockchain-Based CryptocurrenciesPreprint

Savolainen, V., & Soria, J. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3506748 · Cited by 11 · see citing works

As criptomoedas e os novos desafios ao sistema monetário: uma abordagem pós-keynesiana

Mattos, O. B., Abouchedid, S. C., & Silva, L. A. E. (2020) · Economia e Sociedade · doi:10.1590/1982-3533.2020v29n3art04 · Cited by 10 · see citing works

Is Decentralization Sustainable in the Bitcoin System?

Jacob, V. S., Mishra, S. P., & Radhakrishnan, S. (2019) · Decision Support Systems · doi:10.1016/j.dss.2024.114178 · Cited by 10 · see citing works

The Wolf and the Caribou: Coexistence of Decentralized Economies and Competitive Markets

Freund, A., & Stanko, D. (2018) · Journal of risk and financial management · doi:10.3390/jrfm11020026 · Cited by 9 · see citing works

Measuring Utility and Speculation in Blockchain TokensPreprint

Silberholz, J., & Wu, D. (2021) · SSRN Electronic Journal · doi:10.2139/ssrn.3915269 · Cited by 9 · see citing works

Examining the Psychological State Analysis Relationship Between Bitcoin Prices and COVID-19

Hou, J.-P., Liu, J., & Jie, Y. (2021) · Frontiers in Psychology · doi:10.3389/fpsyg.2021.647691 · Cited by 8 · see citing works

Dynamic posted-price mechanisms for the blockchain transaction-fee market

Ferreira, M. V. X., Moroz, D. J., Parkes, D. C., & Stern, M. (2021) · ACM Conference on Advances in Financial Technologies (AFT) · doi:10.1145/3479722.3480991 · Cited by 8 · see citing works

Bitcoin Fee Decisions in Transaction Confirmation Queueing Games Under Limited Multi-Priority Rule

Li, J., Yuan, Y., & Wang, F. (2019) · IEEE International Conference on Service Operations and Logistics, and Informatics (SOLI) · doi:10.1109/soli48380.2019.8955077 · Cited by 7 · see citing works

The Implications of the Incursion of Cryptocurrency on the Effectiveness of Fiscal Policy

Obu, O. C., & Ukpere, W. I. (2022) · Review of Applied Socio-Economic Research · doi:10.54609/reaser.v23i1.214 · Cited by 6 · see citing works

Strategic Interactions in Blockchain: A Survey of Game-Theoretic Approaches

Biais, B., Bisière, C., Bouvard, M., & Casamatta, C. (2021) · Synthesis lectures on computer science · doi:10.1007/978-3-031-01807-7_6 · Cited by 6 · see citing works

How Resilient is the Bitcoin Protocol ?Preprint

Bertucci, C., Bertucci, L., Lasry, J., & Lions, P. (2021) · SSRN Electronic Journal · doi:10.2139/ssrn.3907822 · Cited by 6 · see citing works

Game-Theoretic Analysis of an Exclusively Transaction-Fee Reward Blockchain System

Kruminis, E., & Navaie, K. (2022) · IEEE Access · doi:10.1109/access.2022.3140921 · Cited by 4 · see citing works

INTERNATIONAL CAPITAL FLOWS AND THE CRYPTOCURRENCY EFFECT

AKBALIK, M., Apergis, N., Zeren, M., & Sarıgül, Ö. (2021) · Finansal Araştırmalar ve Çalışmalar Dergisi · doi:10.14784/marufacd.879164 · Cited by 3 · see citing works

Payments on Digital Platforms: Resiliency, Interoperability and Welfare

Canada, B. O., Chiu, J., Wong, T.-N., & Richmond, F. R. B. O. (2021) · Federal Reserve Bank of Richmond Working Papers · doi:10.21144/wp21-04 · Cited by 3 · see citing works

Cryptocurrencies and Approaches to Their Regulation

Криворучко, С. В. (2018) · Financial Journal · doi:10.31107/2075-1990-2018-5-120-129 · Cited by 3 · see citing works

Potential Legal Challenges for Blockchain Technology in Competition Law

Hutchinson, C. S., & Egorova, M. A. (2020) · Baltic Journal of Law & Politics · doi:10.2478/bjlp-2020-0004 · Cited by 2 · see citing works

Bitcoin: Future Transaction Currency?

Hosain, S. (2018) · Journal of Computer Engineering and Information Technology · doi:10.4172/2324-9307.1000199 · Cited by 2 · see citing works

The Impact of Innovation Practices on the Performance of Financial Technology Companies: An Empirical Study in UAE

(2023) · Quality - Access to Success · doi:10.47750/qas/24.196.30 · Cited by 2 · see citing works

Exploring the Ethereum Blockchain

Krishna, G. C. P., & R, P. J. I. (2023) · Advances in information security, privacy, and ethics book series · doi:10.4018/978-1-6684-8145-5.ch014 · Cited by 2 · see citing works

Decrypting Cryptoassets: An Introduction to BlockchainPreprint

Buchwalter, B. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3271641 · Cited by 2 · see citing works

Bubbly BitcoinPreprint

Dong, F., Xu, Z., & Zhang, Y. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3290125 · Cited by 2 · see citing works

BLOCKCHAIN MARKET: REGULATORY CONCERNS ARISING FROM THE ‘DIEM’ EXAMPLE IN THE FIELD OF FREE COMPETITION

Katopodi, E. (2021) · EU and comparative law issues and challenges series · doi:10.25234/eclic/18821 · Cited by 1 · see citing works

Cryptocurrencies and Their Economic Implications: Analyse the Impact of Cryptocurrencies Like Bitcoin on Traditional Financial Systems, Including Their Potential to Disrupt Traditional Banking and the Role of Blockchain Technology in Creating Decentralised Economies

Rai, P., Gupta, D., & Gupta, M. P. (2024) · Lecture notes in networks and systems · doi:10.1007/978-981-97-2671-4_10 · Cited by 1 · see citing works

The Forms and Effects of Cryptocurrencies in a Dual Banking System

Jedidia, K. B., & Hamza, H. (2021) · Springer eBooks · doi:10.1007/978-3-030-45827-0_9 · Cited by 1 · see citing works

Potential applications of Distributed Ledger Technology to the Defence Support NetworkPreprint

Hackman, J. D. (2018) · arXiv.org · doi:10.48550/arxiv.1811.11471 · Cited by 1 · see citing works

Fiscal Policy and Private MoneyPreprint

Obu, O. C. (2021) · SSRN Electronic Journal · doi:10.2139/ssrn.3995013

Private versus Staatliche Digitalwährungen – eine interdisziplinäre Einordnung des Disruptionspotentials

Wenger, T. (2022) · Springer eBooks · doi:10.1007/978-3-658-36889-0_7

Submartingale on Bitcoin PricesPreprint

Pyo, U. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4493239

Do the Blockchain’s Scaling Solutions Work? An Empirical Analysis of Segwit Policy ChangePreprint

Mishra, S. P., Qiu, L., & Kumar, S. (2023) · SSRN Electronic Journal · doi:10.2139/ssrn.4517755

Maypoles: Lightning Striking Twice

Shikhelman, C. (2024) · doi:10.21428/58320208.12c632db

Do News Reports and Google Searches Impact Bitcoin Prices? An Analysis of Granger Causality

Prates, R. C., & da Fonseca, M. W. (2024) · Revista de Gestão Social e Ambiental · doi:10.24857/rgsa.v18n10-165

INTERNATIONAL CAPITAL FLOWS AND THE CRYPTOCURRENCY EFFECT

AKBALIK, M., Apergis, N., Zeren, M., & Sarıgül, Ö. (2020) · DergiPark (Istanbul University)

Two essays on the market for Bitcoin mining and one essay on the fixed effects logit model with panel data.

Walter, B. (2018) · doi:10.70675/4fe5f69az5cb7z4136zbe2dz70f43a1d98f7

Welfare of the Participants in the Bitcoin Payment SystemPreprint

Mohazab, A. (2025) · SSRN Electronic Journal · doi:10.2139/ssrn.5793122

Redesigning Bitcoin’s Fee Market

Lavi, R., Sattath, O., & Zohar, A. (2022) · ACM Transactions on Economics and Computation · doi:10.1145/3530799 · Cited by 37 · see citing works

Transaction Queuing Game in Bitcoin BlockChain

Li, J., Yuan, Y., Wang, S., & Wang, F. (2018) · IEEE Intelligent Vehicles Symposium · doi:10.1109/ivs.2018.8500403 · Cited by 53 · see citing works

Blockchain Transaction Decision: Through the Lens of Mempool

Agarwal, A., Chen, C. Y., & Hernandez, E. (2025) · Springer handbooks of computational statistics · doi:10.1007/978-3-031-95418-4_8

Dynamic User Competition and Miner Behavior in the Bitcoin MarketPreprint

Kamada, Y., & Noda, S. (2025) · RePEc: Research Papers in Economics · doi:10.48550/arxiv.2502.15505