“Many economists dismissed it as a flawed form of money, something that could never achieve the level of adoption that it has. Today we estimate 5 to 10 million unique active users of cryptocurrencies, and in my opinion that’s nothing short of a minor economic miracle.”
What Bitcoin represents
Bitcoin is the world’s first form of decentralized money; a store of value that is censorship-resistant and that is immutable against manipulation by central entities, authorities and governments.
The decentralized structure and peer-to-peer protocol of Bitcoin are unique in that they allow the Bitcoin network to operate as its own economy, without intermediaries and third party service providers. While some central banks and financial institutions have begun to fear such aspects of Bitcoin, the Bank of Finland encouraged economists to study the “marvelous structure” of Bitcoin.
In a paper entitled “Monopoly without a monopolist: An economic analysis of the Bitcoin payment system,” Bank of Finland researchers wrote: […]