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Fall 2015

ISSN 0890-913X

Volume 30, Number 3

Categories: Fall 2015 | Technological Innovations

Economics beyond Financial Intermediation: Digital Currencies' Possibilities for Growth, Poverty Alleviation, and International Development

Saifedean Ammous , Lebanese American University

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TheJournalofPrivateEnterprise30(3),2015,19–50EconomicsbeyondFinancialIntermediation:DigitalCurrencies’PossibilitiesforGrowth,PovertyAlleviation,andInternationalDevelopmentSaifedeanAmmous*LebaneseAmericanUniversity______________________________________________________AbstractBitcoinisthefirsttechnologyforthefinaltransferofdigitalgoodsonline,facilitatinginstantglobalpaymentswithoutintermediation.Bitcoin’soperationisbasedonadistributed,decentralized,andtransparentassetledgerthatactsasanongoingchainrecordofalltransactions.Thesystemissuescoinstorewardthosewhocontributeprocessingpowertothenetwork’soperation.Thepossibilitiescreatedbythisinnovationaresignificantfortheworld’spoor,whocouldskiptraditionalpoliticalandfinancialinstitutionsandmovetodigitalcurrenciesinthesamewaytheyhavegonestraighttousingmobilephonesandskippedlandlinetelephones.______________________________________________________JELCodes:F30,O31Keywords:bitcoin,innovation,finance,developmentI.IntroductionAtthebeginningofthetwenty-firstcentury,thetelecommunicationrevolutionhasimprovedvirtuallyallaspectsofmoderneconomiclife.Emailhasvastlyincreasedtheabilitytocommunicateinformationacrosstheworld,comparedwithpapermailandthetelegram.WebsiteslikeAmazonandeBayhavegivenconsumersaninfinitelywiderarrayofproductsandproducerswhileallowingproducerstoextendtheirreachtolargenumbersofconsumers.GlobalPositioningSatellitesystemshavemadedrivingandnavigationsaferandeasier.Variousfieldsofindustryandagriculture*IthankEdmundPhelps,RyanX.Charles,DavidAl-Achkar,LynnChouman,AmyFontinelle,andananonymousrefereeforhelpfulcomments,aswellasparticipantsintheCenterforCapitalismandSocietyatColumbiaUniversity’sseminarseries,andtheNewYorkUniversityColloquiumonMarketInstitutionsandEconomicProcesses.ASeedFundgrantfromtheLebaneseAmericanUniversityfacilitatedmyresearchonthistopic.19

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Title	Economics beyond Financial Intermediation: Digital Currencies' Possibilities for Growth, Poverty Alleviation, and International Development
Authors/Creators:	Saifedean Ammous , Lebanese American University
Year:	2015
Volume:	30
Number:	3
Pages:	19 - 50
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	bitcoin, innovation, finance, development

Citation:
Ammous, Saifedean / 2015. "Economics beyond Financial Intermediation: Digital Currencies' Possibilities for Growth, Poverty Alleviation, and International Development." The Journal of Private Enterprise, 30(3): 19-50.