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Bitcoin and its effect on microeconomics - Research Paper Example

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It is a digital currency, which people create and hold electronically. There is no a single person or institution that controls the currency. Unlike the dollars or Euros, this currency is not printed. It is…
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Bitcoin and its effect on microeconomics
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Bitcoin and its effect on microeconomics

Download file to see previous pages... Some people ask themselves why Bitcoins. People can use them to buy goods and services anonymously. Another key reason why people prefer this kind of currency is the fact that they make international payments, not only easy, but cheap as well. This is because the currency does not belong to any country, and there is no a single country that regulates it. Many small businesses prefer them because they do not have fees like some medium of exchange, for example, the credit cards. Some investors buy this currency for investment purposes. For example, some buy them hoping that the value would go up in the future (Böhme, 2013).
One may wonder how they could acquire the currency. There are numerous marketplaces where individuals can buy and sell the currency using other currencies like the dollar or Euro. These marketplaces referred as Bitcoin exchanges. People store Bitcoins in digital wallets existing in their user’s computer. It is like a virtual bank account and allows the owner of the Bitcoins to send them or receive them, save them, or pay for products or services.
One of the key effects of Bitcoins is the fact they would reduce trade barriers. This would not only increase the global income, but also the global production. A key reason why Bitcoins would reduce trade barriers is the fact that there is no a single country that regulates or controls them. Therefore, there is no transaction friction. Individuals can make transactions easily and fast (Böhme, 2013). There are no transaction costs. The fact that there is no intermediary like a bank makes transactions fast. The fact that there are no additional charges makes goods and services cheaper. This increases the consumer surplus and so is their utility. People can afford more and cheaper goods, which increases their level of satisfaction.
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