Monopoly Without a Monopolist: An Economic Analysis of the Bitcoin Payment System

Department of Economics

Professor Gur Huberman will deliver a public lecture at EUSP on June 19.

The lecture will consider the peculiarities of functioning of payments in blockchain-based systems such as Bitcoin. Specific features of the network's structure cause long delays in making payments and an increase in commission fees for priority transfers. Professor Huberman will show the dynamics of the Bitcoin payment system as a result of the interaction between users and miners from the standpoint of the economics of defining commissions and waiting times. He will also compare it with the traditional payment systems. 

Gur Huberman is the Robert G. Kirby Professor of Behavioral Finance at Columbia Business School.