A Short Introduction to the World of Cryptocurrencies

January 10, 2018
By  Aleksander Berentsen ,  Fabian Schär

Abstract

This article is a short introduction to cryptocurrencies and blockchain technology. The focus of the introduction is on Bitcoin, but many elements are shared by other blockchain implementations and alternative cryptoassets. The article covers the original idea and motivation, the mode of operation and possible applications of cryptocurrencies, and blockchain technology. We conclude that Bitcoin has a wide range of interesting applications and that cryptoassets are well suited to become an important asset class.

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About the Authors
Aleksander Berentsen

Aleksander Berentsen is a St. Louis Fed research fellow and a professor of economics at the Faculty of Business and Economics of the University of Basel.

Aleksander Berentsen

Aleksander Berentsen is a St. Louis Fed research fellow and a professor of economics at the Faculty of Business and Economics of the University of Basel.

Fabian Schär

Fabian Schär is a professor for distributed ledger technologies and fintech at the University of Basel and the managing director of the Center for Innovative Finance at the Faculty of Business and Economics, University of Basel.

Fabian Schär

Fabian Schär is a professor for distributed ledger technologies and fintech at the University of Basel and the managing director of the Center for Innovative Finance at the Faculty of Business and Economics, University of Basel.

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Editors in Chief
Michael Owyang and Juan Sanchez

This journal of scholarly research delves into monetary policy, macroeconomics, and more. Views expressed are not necessarily those of the St. Louis Fed or Federal Reserve System. View the full archive (pre-2018).

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