Since its inception, bitcoin buy, a virtual currency, has grown in both its popularity and its use. Despite this , there still exists a relative dearth of economic analysis in academia about this new economic phenomenon. Variou s topics have been researched with regard to bitcoin, including its economic status as a currency (Yermack 2013), the incentives of bitcoin miners (Kroll et al 2013) , the economics of bitcoin exchange prices (Ciaian et al 2014) , among others . Macroeconomi st Paul Krugman weighed in strongly on the normative side of the economic debate with his article “Bitcoin is Evil” published in late 2013. The object of this paper is to investigate a yet unexplored topic in bitcoin, purchasing , and utilize a differe nt approach to the topic explored by Kroll et al, the economics of bitcoin mining. Therefore, the structure of the paper will be as follows. The remainder of chapter one will provide a brief history of bitcoin and an explana tion of how bitcoin operates. C hapter two, entitled “Purchasing in the Bitcoin Exchange Market” will analyze bitcoin from the perspective of pu rchasing power parity across three different currency exchange markets in which bitcoin trades. Chapter three, entitled “ An Econ omic Analysis of Bitcoin Mining 47916https://www.x-crypto.com
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