디지털 통화의 기본설계와 거래에서의 기능

Abstract

We believe that the modern cryptocurrency (virtual asset) represented by bitcoin has major drawbacks as a currency. Although cryptocurrencies have attracted the attention of many investors, they appear to be highly speculative assets and their role in the portfolio has not yet been clearly defined. Central banks will be able to issue their own digital currencies in the next few years. However, as a result, it may not be the ideal decentralized financial system conceived at the beginning of the introduction of blockchain technology. A Bitcoin, the cryptocurrency archive, and numerous other competing cryptocurrencies are firmly entrenched in the financial industry. Cryptocurrency blockchain technology is revolutionary. It enables decentralized peer-to-peer transactions that do not require the intervention of trusted third parties, and also addresses the risk of double-use of the same asset. Despite its high volatility, bitcoin has brought wealth to some investors and has attracted the attention of many people. Additionally, the amount of gold issued is limited in advance and has the potential to replace the status of gold, which is considered a safe-haven asset due to its rarity. However, despite these assessments, I believe that cryptocurrencies such as bitcoin face significant limitations in both currency and assets. It is unclear whether cryptocurrencies can join the ranks of traditional currencies, and their role in the portfolio is not yet clear. I believe that central banks are likely to issue their own digital currencies in the next few years. Even if cryptocurrencies end in a one-off boom, it will be one of the most unshakable legacies. Cryptocurrencies are highly volatile in price and are not suited to the functions of traditional currencies (stores of value, units of account, means of exchange). Transaction speed is significantly lower than that of credit cards and other payment platforms. Cryptocurrency systems are energy intensive due to the basic design of the verification process. Also, since cryptocurrencies are bearer, they are inherently an asset that is easily stolen and lost. Consider three potential roles of cryptocurrencies in a portfolio. In either case, it became clear (via bitcoin’s analysis) that cryptocurrencies have not yet convincingly demonstrated their potential to contribute to portfolio performance. Cryptocurrencies are considered to have the following properties. Unreliable as a versatile or safe haven asset. The correlation between bitcoin and stocks and bonds is volatile and much more pronounced than gold. It has limitations as an inflation hedging tool. There was no strong correlation between bitcoin and inflation expectations. It’s not a good way to increase your exposure to the tech sector. Bitcoin is more volatile than technology stocks and cannot own or control a company in the same way as stocks. The correlation between bitcoin and tech stocks is bogus and may reflect the interest of investors looking for the ‘next big thing.’ Perhaps it is most appropriate to think of the cryptocurrency in the portfolio as a call option for the underlying blockchain technology. These assets, such as options, are volatile in price and speculation and have limited potential for investors. Can a digital currency issued by a central bank compensate for the weakness of these cryptocurrencies? The existence of cryptocurrencies is putting pressure on central banks around the world to issue digital currencies, and many central banks are actively exploring the possibility. (The People’s Bank of China has already issued its own digital currency). Some central bank digital currencies will incorporate elements of blockchain technology, but the result is far from the ideal decentralized financial system that does not require a central administrator, envisioned in the early stages of the blockchain revolution. Therefore, the verification has not been completed yet, and there are many future research topics other than the discussion in this paper.