比特币支付系统的经济分析

比特币支付系统的经济分析
Columbia Business School Research Paper No. 17-92
作者：Gur Huberman，Jacob Leshno，Ciamac C. Moallemi

摘要：与传统支付系统不同，比特币没有所有者，并且受计算机协议约束。本文将比特币作为用户和运行比特币支付系统（BPS）的计算机服务器（“矿工”）之间的中介平台进行建模，并研究了这种无所有者平台的新颖市场设计。本文发现，BPS可以消除由于市场力量造成的效率低下，但会产生其他成本。BPS具有固定的事务处理能力，因此会经历服务延迟，从而促使用户为服务优先级付费。免费进入意味着矿工无法从利润上影响用户支付的费用水平。本文得出费用和等待时间的封闭式公式，并研究其性质；比较BPS下的定价与利润最大化公司运营的传统支付系统下的定价；并建议修改协议设计以提高平台效率。附录描述并解释了比特币的主要属性以及底层的区块链技术。

An Economic Analysis of the Bitcoin Payment System
Abstract: Unlike traditional payment systems, Bitcoin has no owner and is governed by a computer protocol. This paper models Bitcoin as a platform that intermediates between users and computer servers (“miners”) which operate the Bitcoin payment system (BPS), and studies the novel market design of this owner-less platform. We find that the BPS can eliminate inefficiencies due to market power, but incurs other costs. Having fixed transaction processing capacity, the BPS experiences service delays which motivate users to pay for service priority. Free entry implies that miners cannot profitably affect the level of fees paid by users. The paper derives closed form formulas of the fees and waiting times and studies their properties; compares pricing under the BPS to that under a traditional payment system operated by a profit maximizing firm; and suggests protocol design modification to enhance the platform’s efficiency. The appendix describes and explains the main attributes of Bitcoin and the underlying blockchain technology.

翻译：郭昊晟

CAFR区块链应用研究

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