CRYPTO-CURRENCIES - AN INTRODUCTION TO NOT-SO-FUNNY MONEYS: CRYPTO-CURRENCIES - AN INTRODUCTION
介绍了加密货币的分布式账本（区块链）技术，分析了其货币属性及被采用的原因，以比特币为例说明去中心化加密货币的基本要素，并总结了其对消费者、金融系统及货币监管当局的影响。
We introduce the distributed ledger (blockchain) technology of crypto‐currencies. We examine the ‘monetary’ attributes of crypto‐currencies, and describe some of the reasons they have been adopted. The paper discusses the mechanics of Bitcoin – the original crypto‐currency – to illustrate the fundamental elements of decentralized crypto‐currencies. We then provide a high‐level summary of the implications of crypto‐currencies for consumers, financial systems, and for monetary and regulatory authorities. We argue that crypto‐currencies are unlikely to supplant traditional fiat currencies and we anticipate an enduring role for financial intermediaries in facilitating credit.