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題名 探討傳統貨幣與數位貨幣的運作機制之差異- 以黃金與比特幣為例
Explore the difference between the operation mechanism of traditional currency and digital currency – Using Gold and Bitcoin as an example
作者 劉智鈞
Liu, Chih-Chun
貢獻者 尚孝純
Shang, Shari S. C.
劉智鈞
Liu, Chih-Chun
關鍵詞 黃金
比特幣
貨幣
金錢
數位貨幣
Gold
Bitcoin
Currency
Money
Digital currency
日期 2018
上傳時間 7-八月-2018 17:21:40 (UTC+8)
摘要 貨幣一直存在，從個別銀行打印的票據到比特幣。如今，全球有數十億人正在使用數字貨幣。與此同時，銀行印刷的真實貨幣越來越數字化，它與比特幣等數字貨幣競爭。2017 年3 月3 日，比特幣的價格攀升至一盎司黃金價格之上。許多投資者已經將比特幣視為避險和投機選擇之一，這也許並不令人驚訝，有鑑於此，本文的研究問題是：（1）比特幣是不是貨幣？（2）比特幣會成為新的黃金嗎？（3）為什麼比特幣變得如此受歡迎與不受歡迎？

本研究旨在對傳統貨幣和數字貨幣進行內容分析，以了解“比特幣爭議”。為了回答研究問題，我們匯總了一些先前的研究，並從包括官方網站、新聞報導、雜誌等線上資源，從各種專業人員案例中研究了財務和技術審查。收集的數據將透過三個主要維度進行分析和比較。第一個維度是貨幣的功能和內在價值。第二個維度是貨幣的特徵。第三個維度是比特幣的經濟學，比如供需、投資、比特幣操縱、比特幣搜索趨勢、首次代幣發行（ICO）等等。深入和全面地實現黃金和比特幣運作的相似性與差異性。

這項研究應該有助於人們理解“比特幣爭議”。首先，比特幣潛在的高風險和波動性以及加密貨幣仍然是一個實驗性概念的事實是第一個關鍵點，接下來，與比特幣密切相關的是，比特幣沒有明顯的內在價值，比特幣看起來更像是投機性的投資而非貨幣。比較顯示，與黃金相比，比特幣似乎不是一個安全的投資避風港。因此，透過延伸，比特幣不會成為新的黃金。比特幣的價格是由區塊鏈，比特幣交易成本，比特幣詐騙等驅動的。有鑑於此，我們希望這項研究能夠對傳統貨幣和數字貨幣提供客觀和系統的觀點，並揭示比特幣現象的見解。
Currencies have always existed, all the way from notes printed by individual banks to bitcoin. Today there are billions of people around the world now using digital currency. At the same time, real money printed by banks is increasingly going digital, where it competes with digital currencies like bitcoin. The price of a bitcoin had climbed above that of a troy ounce of gold on 3 March 2017. It is perhaps not so surprising that many investors have already considered bitcoin as one of the safe-havens or a speculative option. In the light of this, the research questions of this
paper are: (1) Is bitcoin a currency or not? (2) Will bitcoin become the new gold? (3) Why did bitcoin become so popular and unpopular?

This study aims to conduct content analysis on traditional and digital currencies in order to understand the “Bitcoin controversy”. To answer the research questions, we aggregated some prior studies and studied the finance and technology reviews of various practitioner cases from online resources including official websites, newsletters, magazines, and so on. The collected data will be analyzed and compared by three primary dimensions. The first dimension is the functions of money and its intrinsic value. The second dimension is the characteristics of money. The third
dimension is the economics of bitcoin, such as supply and demand, investment, bitcoin manipulation, bitcoin search trends, initial coin offering (ICO) and so on, as well as to understand both deeply and comprehensively the operation of gold and bitcoin in terms of their similarities and differences.

This research should help people understand the “Bitcoin controversy”. To start with the potential high risk and volatility of bitcoin and the fact that cryptocurrency remains an experimental concept is the first key point. Next, closely associated to that, bitcoin has no tangible intrinsic value. Bitcoin appears to behave more like a speculative investment than a currency. As comparison shows, it does not appear to be a safe haven for investment compared to gold. Therefore, by extension, it will not become the new gold. The price of bitcoins is driven by blockchain, bitcoin transaction cost, bitcoin scams and so on. Given this, we hope that the research will offer an objective and systematic perspective about traditional currency and digital currency and reveal the insights of the bitcoin phenomena.
參考文獻 1. Aggarwal, R., & Soenen, L. A. (1988). The nature and efficiency of the gold market. The Journal of Portfolio Management, 14(3), 18-21.
2. Barber, B. M., & Odean, T. (2007). All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. The review of financial studies, 21(2), 785-818.
3. Barber, S., Boyen, X., Shi, E., & Uzun, E. (2012, February). Bitter to better—how to make bitcoin a better currency. In International Conference on Financial Cryptography and Data Security (pp. 399-414). Springer, Berlin, Heidelberg.
4. Bernstein, P. L. (2008). A Primer on Money, Banking, and Gold (Peter L.
Bernstein`s Finance Classics) (Vol. 9). John Wiley & Sons.
5. Brito, J., & Castillo, A. (2013). Bitcoin: A primer for policymakers. Mercatus Center at George Mason University.
6. Buchholz, M., Delaney, J., Warren, J., & Parker, J. (2012). Bits and Bets,
Information, Price Volatility, and Demand for Bitcoin. Economics, 312.
7. Capie, F., Mills, T. C., & Wood, G. (2005). Gold as a hedge against the
dollar. Journal of International Financial Markets, Institutions and Money, 15(4), 343-352.
8. Cartas, M. J. M., & Harutyunyan, A. (2017). Monetary and Financial Statistics Manual and Compilation Guide. International Monetary Fund.
9. Castronova, E. (2014). Wildcat currency: How the virtual money revolution is transforming the economy. Yale University Press.
10. Ciner, C. (2001). On the long run relationship between gold and silver prices A note. Global Finance Journal, 12(2), 299-303.
11. Cuthbertson, A. (2015). Bitcoin now accepted by 100,000 merchants worldwide. International Business Times, 4.
12. Davidson, S., Faff, R., & Hillier, D. (2003). Gold factor exposures in international asset pricing. Journal of International Financial Markets, Institutions and Money, 13(3), 271-289.
13. Dooley, M. P., Isard, P., & Taylor, M. P. (1995). Exchange rates, country-specific shocks, and gold. Applied financial economics, 5(3), 121-129.
14. European Banking Authority. (2014, July 4). EBA Opinion on “virtual currencies.”Retrieved from http://www.eba.europa.eu/documents/10180/657547/EBA-Op-2014-08+Opinion+on+Virtual+Currencies.pdf
15. European Central Bank. (2012, October 12). Virtual Currency Schemes. Retrieved from https://www.ecb.europa.eu/ecb/legal/pdf/en_con_2016_49_f_sign.pdf
16. Federal Reserve Bank of St. Louis (2012, September 3). Functions of Money -37 The Economic Lowdown Podcast Series, Episode 9.
17. Gervais, S., Kaniel, R., & Mingelgrin, D. H. (2001). The high-volume return premium. The Journal of Finance, 56(3), 877-919.
18. Goldberg, D. (2005). Famous myths of" fiat money". Journal of Money, Credit, and Banking, 37(5), 957-967.
19. Goodman, B. (1956). The price of gold and international liquidity. The Journal of Finance, 11(1), 15-28.
20. Greenberg, A. (2011). CRYPTO CURRENCY-Money you can`t trace. Forbes, 40.
21. Grullon, G., Kanatas, G., & Weston, J. P. (2004). Advertising, breadth of ownership, and liquidity. The Review of Financial Studies, 17(2), 439-461.
22. Gwartney, J. D., Stroup, R. L., Sobel, R. S., & Macpherson, D. A. (2014). Economics: Private and public choice. Nelson Education
23. Gwartney, J. D., Stroup, R. L., Sobel, R. S., & Macpherson, D. A.
(2014). Economics: Private and public choice. Nelson Education.
24. Hammoudeh, S. M., Yuan, Y., McAleer, M., & Thompson, M. A. (2010). Precious metals–exchange rate volatility transmissions and hedging strategies. International Review of Economics & Finance, 19(4), 633-647.
25. Hillier, D., Draper, P., & Faff, R. (2006). Do precious metals shine? An investment perspective. Financial Analysts Journal, 62(2), 98-106.
https://www.stlouisfed.org/education/economic-lowdown-podcast-series/episode-9-functions-of-money
26. Johnson, R., & Soenen, L. (1997). Gold as an investment asset: Perspectives from different countries.
27. Kiyotaki, N., & Wright, R. (1989). On money as a medium of exchange. Journal of political Economy, 97(4), 927-954.
28. Kolluri, B. R. (1981). Gold as a hedge against inflation-an
empirical-investigation. Quarterly Review of Economics and Business, 21(4),13-24.
29. Kristoufek, L. (2013). BitCoin meets Google Trends and Wikipedia: Quantifying the relationship between phenomena of the Internet era. Scientific reports, 3, 3415.
30. Low, R. K. Y., Yao, Y., & Faff, R. (2016). Diamonds vs. precious metals: What shines brightest in your investment portfolio?. International Review of Financial Analysis, 43, 1-14.
31. Mankiw, N. G. (2014). Essentials of economics. Cengage learning.
32. Mankiw, N. G. (2014). Principles of macroeconomics. Cengage Learning. Minneapolis: Federal.
33. Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system.
34. Peters, C., & Egan, P. (2001). The performance of defensive investments. The 38 Journal of Alternative Investments, 4(2), 49-56.
Retrieved from https://www.ft.com/content/d3f76030-a03a-3f7e-
9262d43dbb438f8b
35. Samuelson, P. A. (1958). An exact consumption-loan model of interest with or without the social contrivance of money. Journal of political economy, 66(6), 467-482.
36. Sherman, E. J. (1982). Gold: a conservative, prudent diversifier. The Journal of Portfolio Management, 8(3), 21-27.
37. Solt, M. E., & Swanson, P. J. (1981). On the efficiency of the markets for gold and silver. Journal of Business, 453-478.
38. Sullivan, A., & Sheffrin, S. M. (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall.
39. van Wijk, D. (2013). What can be expected from the BitCoin. Erasmus Universiteit Rotterdam.
40. Wagner, A. (2014, August 22). Digital vs. Virtual Currencies. Retrieved from https://bitcoinmagazine.com/articles/digital-vs-virtual-currencies-1408735507/
41. Wallace, N., & Kareken, J. H. (1980). Models of Monetary Economies.
42. Wigglesworth, R. (2017, March 3). Bitcoin price tops gold for the first time ever.
43. Folkinshteyn, D., Lennon, M. M., & Reilly, T. (2015). The Bitcoin mirage: an oasis of financial remittance.
44. Authority, E. B. (2014). Eba opinion on virtual currencies. Available on
https://www. eba. europa. eu/documents/10180/657547/EBA-Op-2014-08+Opinion+ on+ Virtual+ Currencies. pdf.
描述 碩士
國立政治大學
資訊管理學系
105356026
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1053560261
資料類型 thesis
dc.contributor.advisor 尚孝純zh_TW
dc.contributor.advisor Shang, Shari S. C.en_US
dc.contributor.author (作者) 劉智鈞zh_TW
dc.contributor.author (作者) Liu, Chih-Chunen_US
dc.creator (作者) 劉智鈞zh_TW
dc.creator (作者) Liu, Chih-Chunen_US
dc.date (日期) 2018en_US
dc.date.accessioned 7-八月-2018 17:21:40 (UTC+8)-
dc.date.available 7-八月-2018 17:21:40 (UTC+8)-
dc.date.issued (上傳時間) 7-八月-2018 17:21:40 (UTC+8)-
dc.identifier (其他 識別碼) G1053560261en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/119258-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 資訊管理學系zh_TW
dc.description (描述) 105356026zh_TW
dc.description.abstract (摘要) 貨幣一直存在，從個別銀行打印的票據到比特幣。如今，全球有數十億人正在使用數字貨幣。與此同時，銀行印刷的真實貨幣越來越數字化，它與比特幣等數字貨幣競爭。2017 年3 月3 日，比特幣的價格攀升至一盎司黃金價格之上。許多投資者已經將比特幣視為避險和投機選擇之一，這也許並不令人驚訝，有鑑於此，本文的研究問題是：（1）比特幣是不是貨幣？（2）比特幣會成為新的黃金嗎？（3）為什麼比特幣變得如此受歡迎與不受歡迎？

本研究旨在對傳統貨幣和數字貨幣進行內容分析，以了解“比特幣爭議”。為了回答研究問題，我們匯總了一些先前的研究，並從包括官方網站、新聞報導、雜誌等線上資源，從各種專業人員案例中研究了財務和技術審查。收集的數據將透過三個主要維度進行分析和比較。第一個維度是貨幣的功能和內在價值。第二個維度是貨幣的特徵。第三個維度是比特幣的經濟學，比如供需、投資、比特幣操縱、比特幣搜索趨勢、首次代幣發行（ICO）等等。深入和全面地實現黃金和比特幣運作的相似性與差異性。

這項研究應該有助於人們理解“比特幣爭議”。首先，比特幣潛在的高風險和波動性以及加密貨幣仍然是一個實驗性概念的事實是第一個關鍵點，接下來，與比特幣密切相關的是，比特幣沒有明顯的內在價值，比特幣看起來更像是投機性的投資而非貨幣。比較顯示，與黃金相比，比特幣似乎不是一個安全的投資避風港。因此，透過延伸，比特幣不會成為新的黃金。比特幣的價格是由區塊鏈，比特幣交易成本，比特幣詐騙等驅動的。有鑑於此，我們希望這項研究能夠對傳統貨幣和數字貨幣提供客觀和系統的觀點，並揭示比特幣現象的見解。		zh_TW
dc.description.abstract (摘要) Currencies have always existed, all the way from notes printed by individual banks to bitcoin. Today there are billions of people around the world now using digital currency. At the same time, real money printed by banks is increasingly going digital, where it competes with digital currencies like bitcoin. The price of a bitcoin had climbed above that of a troy ounce of gold on 3 March 2017. It is perhaps not so surprising that many investors have already considered bitcoin as one of the safe-havens or a speculative option. In the light of this, the research questions of this
paper are: (1) Is bitcoin a currency or not? (2) Will bitcoin become the new gold? (3) Why did bitcoin become so popular and unpopular?

This study aims to conduct content analysis on traditional and digital currencies in order to understand the “Bitcoin controversy”. To answer the research questions, we aggregated some prior studies and studied the finance and technology reviews of various practitioner cases from online resources including official websites, newsletters, magazines, and so on. The collected data will be analyzed and compared by three primary dimensions. The first dimension is the functions of money and its intrinsic value. The second dimension is the characteristics of money. The third
dimension is the economics of bitcoin, such as supply and demand, investment, bitcoin manipulation, bitcoin search trends, initial coin offering (ICO) and so on, as well as to understand both deeply and comprehensively the operation of gold and bitcoin in terms of their similarities and differences.

This research should help people understand the “Bitcoin controversy”. To start with the potential high risk and volatility of bitcoin and the fact that cryptocurrency remains an experimental concept is the first key point. Next, closely associated to that, bitcoin has no tangible intrinsic value. Bitcoin appears to behave more like a speculative investment than a currency. As comparison shows, it does not appear to be a safe haven for investment compared to gold. Therefore, by extension, it will not become the new gold. The price of bitcoins is driven by blockchain, bitcoin transaction cost, bitcoin scams and so on. Given this, we hope that the research will offer an objective and systematic perspective about traditional currency and digital currency and reveal the insights of the bitcoin phenomena.		en_US
dc.description.tableofcontents ABSTRACT III
FIGURES VI
TABLES VI
Chapter 1 INTRODUCTION 1
1.1 Research Background 1
1.2 Research Motivation 2
1.3 Research Objectives and Questions 3
1.4 Research Process 3
Chapter 2 LITERATURE REVIEW 5
2.1 Definition of currency and money 5
2.2 Main functions of money and intrinsic value 8
2.3 Key characteristics of money 9
2.4 Definition of Gold and Bitcoin 10
2.5 Main drivers of the bitcoin price 13
Chapter 3 RESEARCH METHODOLOGY 15
3.1 Research approach 15
3.2 Data collection 15
3.3 Data analysis 16
CHAPTER 4: RESEARCH RESULTS 18
4.1 Functions of money - Medium of exchange 18
4.1.1 The strength of bitcoin 18
4.1.2 The weakness of bitcoin 19
4.1.3 The strength of gold 19
4.1.4 The weakness of gold 19
4.2 Functions of money - Unit of account 20
4.2.1 The strength of bitcoin 20
4.2.2 The weakness of bitcoin 20
4.2.3 The strength of gold 20
4.2.4 The weakness of gold 21
4.3 Functions of money - Store of value 21
4.3.1 The strength of bitcoin 21
4.3.2 The weakness of bitcoin 22
4.3.3 The strength of gold 22
4.3.4 The weakness of gold 23
4.4 Intrinsic value 23
4.4.1 The intrinsic value of bitcoin 23
4.4.2 The intrinsic value of gold 23
4.5 Comparison of Gold and Bitcoin: Functions of Money 24
4.6 Characteristics of money 25
4.6.1 The bitcoin characteristics of money 25
4.6.2 The gold characteristics of money 26
4.7 Comparison of Gold and Bitcoin: Characteristics of money 27
4.8 Why did the Bitcoin become so popular and unpopular 27
4.8.1 Social trends and the network effect 27
4.8.2 The bitcoin manipulation 31
CHAPTER 5: CONCLUSION 33
5.1 Research Summary 33
5.2 Research Contribution 34
5.3 Limitation and Future Research 35
References 36		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1053560261en_US
dc.subject (關鍵詞) 黃金zh_TW
dc.subject (關鍵詞) 比特幣zh_TW
dc.subject (關鍵詞) 貨幣zh_TW
dc.subject (關鍵詞) 金錢zh_TW
dc.subject (關鍵詞) 數位貨幣zh_TW
dc.subject (關鍵詞) Golden_US
dc.subject (關鍵詞) Bitcoinen_US
dc.subject (關鍵詞) Currencyen_US
dc.subject (關鍵詞) Moneyen_US
dc.subject (關鍵詞) Digital currencyen_US
dc.title (題名) 探討傳統貨幣與數位貨幣的運作機制之差異- 以黃金與比特幣為例zh_TW
dc.title (題名) Explore the difference between the operation mechanism of traditional currency and digital currency – Using Gold and Bitcoin as an exampleen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 1. Aggarwal, R., & Soenen, L. A. (1988). The nature and efficiency of the gold market. The Journal of Portfolio Management, 14(3), 18-21.
2. Barber, B. M., & Odean, T. (2007). All that glitters: The effect of attention and news on the buying behavior of individual and institutional investors. The review of financial studies, 21(2), 785-818.
3. Barber, S., Boyen, X., Shi, E., & Uzun, E. (2012, February). Bitter to better—how to make bitcoin a better currency. In International Conference on Financial Cryptography and Data Security (pp. 399-414). Springer, Berlin, Heidelberg.
4. Bernstein, P. L. (2008). A Primer on Money, Banking, and Gold (Peter L.
Bernstein`s Finance Classics) (Vol. 9). John Wiley & Sons.
5. Brito, J., & Castillo, A. (2013). Bitcoin: A primer for policymakers. Mercatus Center at George Mason University.
6. Buchholz, M., Delaney, J., Warren, J., & Parker, J. (2012). Bits and Bets,
Information, Price Volatility, and Demand for Bitcoin. Economics, 312.
7. Capie, F., Mills, T. C., & Wood, G. (2005). Gold as a hedge against the
dollar. Journal of International Financial Markets, Institutions and Money, 15(4), 343-352.
8. Cartas, M. J. M., & Harutyunyan, A. (2017). Monetary and Financial Statistics Manual and Compilation Guide. International Monetary Fund.
9. Castronova, E. (2014). Wildcat currency: How the virtual money revolution is transforming the economy. Yale University Press.
10. Ciner, C. (2001). On the long run relationship between gold and silver prices A note. Global Finance Journal, 12(2), 299-303.
11. Cuthbertson, A. (2015). Bitcoin now accepted by 100,000 merchants worldwide. International Business Times, 4.
12. Davidson, S., Faff, R., & Hillier, D. (2003). Gold factor exposures in international asset pricing. Journal of International Financial Markets, Institutions and Money, 13(3), 271-289.
13. Dooley, M. P., Isard, P., & Taylor, M. P. (1995). Exchange rates, country-specific shocks, and gold. Applied financial economics, 5(3), 121-129.
14. European Banking Authority. (2014, July 4). EBA Opinion on “virtual currencies.”Retrieved from http://www.eba.europa.eu/documents/10180/657547/EBA-Op-2014-08+Opinion+on+Virtual+Currencies.pdf
15. European Central Bank. (2012, October 12). Virtual Currency Schemes. Retrieved from https://www.ecb.europa.eu/ecb/legal/pdf/en_con_2016_49_f_sign.pdf
16. Federal Reserve Bank of St. Louis (2012, September 3). Functions of Money -37 The Economic Lowdown Podcast Series, Episode 9.
17. Gervais, S., Kaniel, R., & Mingelgrin, D. H. (2001). The high-volume return premium. The Journal of Finance, 56(3), 877-919.
18. Goldberg, D. (2005). Famous myths of" fiat money". Journal of Money, Credit, and Banking, 37(5), 957-967.
19. Goodman, B. (1956). The price of gold and international liquidity. The Journal of Finance, 11(1), 15-28.
20. Greenberg, A. (2011). CRYPTO CURRENCY-Money you can`t trace. Forbes, 40.
21. Grullon, G., Kanatas, G., & Weston, J. P. (2004). Advertising, breadth of ownership, and liquidity. The Review of Financial Studies, 17(2), 439-461.
22. Gwartney, J. D., Stroup, R. L., Sobel, R. S., & Macpherson, D. A. (2014). Economics: Private and public choice. Nelson Education
23. Gwartney, J. D., Stroup, R. L., Sobel, R. S., & Macpherson, D. A.
(2014). Economics: Private and public choice. Nelson Education.
24. Hammoudeh, S. M., Yuan, Y., McAleer, M., & Thompson, M. A. (2010). Precious metals–exchange rate volatility transmissions and hedging strategies. International Review of Economics & Finance, 19(4), 633-647.
25. Hillier, D., Draper, P., & Faff, R. (2006). Do precious metals shine? An investment perspective. Financial Analysts Journal, 62(2), 98-106.
https://www.stlouisfed.org/education/economic-lowdown-podcast-series/episode-9-functions-of-money
26. Johnson, R., & Soenen, L. (1997). Gold as an investment asset: Perspectives from different countries.
27. Kiyotaki, N., & Wright, R. (1989). On money as a medium of exchange. Journal of political Economy, 97(4), 927-954.
28. Kolluri, B. R. (1981). Gold as a hedge against inflation-an
empirical-investigation. Quarterly Review of Economics and Business, 21(4),13-24.
29. Kristoufek, L. (2013). BitCoin meets Google Trends and Wikipedia: Quantifying the relationship between phenomena of the Internet era. Scientific reports, 3, 3415.
30. Low, R. K. Y., Yao, Y., & Faff, R. (2016). Diamonds vs. precious metals: What shines brightest in your investment portfolio?. International Review of Financial Analysis, 43, 1-14.
31. Mankiw, N. G. (2014). Essentials of economics. Cengage learning.
32. Mankiw, N. G. (2014). Principles of macroeconomics. Cengage Learning. Minneapolis: Federal.
33. Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system.
34. Peters, C., & Egan, P. (2001). The performance of defensive investments. The 38 Journal of Alternative Investments, 4(2), 49-56.
Retrieved from https://www.ft.com/content/d3f76030-a03a-3f7e-
9262d43dbb438f8b
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dc.identifier.doi (DOI) 10.6814/THE.NCCU.MIS.014.2018.A05-