Author:
Luther William J.,Stein Smith Sean
Abstract
AbstractWe make a distinction between centralized, decentralized, and distributed payment mechanisms. A centralized payment mechanism processes a transaction using a trusted third party. A decentralized payment mechanism processes a transaction between the parties to the transaction. A distributed payment mechanism relies on the network of users to process a transaction on a shared ledger. We maintain that bitcoin is neither a centralized nor a decentralized payment mechanism. It is, instead, a distributed payment mechanism. We then consider decentralized and centralized aspects of the broader bitcoin payment space.
Publisher
Cambridge University Press (CUP)
Subject
General Economics, Econometrics and Finance
Cited by
15 articles.
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