Beware the Middleman: Empirical Analysis of Bitcoin-Exchange Risk
Abstract
Bitcoin has enjoyed wider adoption than any previous crypto- currency; yet its success has also attracted the attention of fraudsters who have taken advantage of operational insecurity and transaction irreversibility. We study the risk investors face from Bitcoin exchanges, which convert between Bitcoins and hard currency. We examine the track record of 40 Bitcoin exchanges established over the past three years, and find that 18 have since...
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Paper Details
Title
Beware the Middleman: Empirical Analysis of Bitcoin-Exchange Risk
DOI
Published Date
Jan 1, 2013
Journal
Pages
25 - 33
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