Publicación:
Transactions market in Bitcoin. Empirical analysis of the demand and supply block space curves

Vista sencilla de ítem
dc.contributor.authorRico Peña, Juan Jesus
dc.contributor.authorArguedas Sanz, Raquel
dc.contributor.authorLópez Martín, Carmen
dc.contributor.orcidhttps://orcid.org/0000-0001-7369-1226
dc.date.accessioned2025-01-13T11:15:55Z
dc.date.available2025-01-13T11:15:55Z
dc.date.issued2024-12-26
dc.descriptionThis is the Accepted Manuscript of an article published by Springer in "Computational Economics" on Dic 2024, available online: https://doi.org/10.1007/s10614-024-10775-2 Este es el manuscrito aceptado de un artículo publicado por Elsevier en "Computational Economics" on Dic 2024, disponible en línea: https://doi.org/10.1007/s10614-024-10775-2
dc.description.abstractBlockchain transactions market is expected to gain momentum in the coming years, in a context with gradual transition to fee-regime in many cryptocurrencies, the expansion of blockchain technology to different business areas and the requirement for high transaction throughput in new blockchain-based applications. In this context, the economic assessment of the supply and demand curves defining the transactions market is key to recognize its potential weaknesses, but also to minimize risks and to improve operational efficiency when designing or upgrading blockchain-based applications. The research covers a gap by conducting an empirical analysis of these curves in Bitcoin, based on an extensive dataset spanning two time periods in 2021 and 2023 selected as having different levels of Mempool congestion. The empirical findings support the understanding of why Bitcoin transaction fees are subject to high volatility and how the protocol evolutions made to date have shifted the supply curve. The demand curve, although relatively elastic around the equilibrium price, turns out to be extremely dynamic. On the other hand, the inelasticity of the supply curve, described by an exponential distribution, explains the sharp variations in transaction fees observed under demand shocks. The results bring to light the importance of the transactions market layout as an element of control over the intrinsic problems associated with an imperfect competition, whereas additional sustainability and security aspects beyond pure economic considerations are to be taken into account in the design of this market.en
dc.description.versionversión final
dc.identifier.citationRico-Peña, J.J., Arguedas-Sanz, R. & López-Martín, C. Transactions Market in Bitcoin: Empirical Analysis of the Demand and Supply Block Space Curves. Comput Econ (2024). https://doi.org/10.1007/s10614-024-10775-2
dc.identifier.doihttps://doi.org/10.1007/s10614-024-10775-2
dc.identifier.issn0927-7099 | eISSN 1572-9974
dc.identifier.urihttps://hdl.handle.net/20.500.14468/25218
dc.journal.titleComputational Economics
dc.language.isoen
dc.publisherSpringer
dc.relation.centerFacultad de Ciencias Económicas y Empresariales
dc.relation.departmentEconomía de la Empresa y Contabilidad
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.es
dc.subject53 Ciencias Económicas
dc.subject.keywordsBlockchainen
dc.subject.keywordstransaction feesen
dc.subject.keywordsBitcoinen
dc.subject.keywordssupplyen
dc.subject.keywordsdemanden
dc.subject.keywordstransactions marketen
dc.titleTransactions market in Bitcoin. Empirical analysis of the demand and supply block space curveses
dc.typejournal articleen
dspace.entity.typePublication
relation.isAuthorOfPublication5caf1cb0-3213-4235-ae2e-9dfe4bea1889
relation.isAuthorOfPublicationc97e2d29-4ce5-49e3-b864-9810ead93be6
relation.isAuthorOfPublication.latestForDiscovery5caf1cb0-3213-4235-ae2e-9dfe4bea1889
Archivos
Bloque original
Mostrando 1 - 1 de 1
Miniatura
Nombre:
ArguedasSanz_Raquel_Transactions market .pdf
Tamaño:
7.18 MB
Formato:
Adobe Portable Document Format
Descargar
Bloque de licencias
Mostrando 1 - 1 de 1
No hay miniatura disponible
Nombre:
license.txt
Tamaño:
3.62 KB
Formato:
Item-specific license agreed to upon submission
Descripción:
Descargar
Colecciones
Artículos y papers