Czy bitcoin to piramida finansowa?
Is Bitcoin a Pyramid Scheme?

Summary/Abstract: The purpose of this paper is to compare the mechanism of bitcoin functioning with the model features of pyramid schemes operation and to answer the question whether bitcoin represents a modern type of a pyramid scheme. Two types of research activities were used to solve the research problem: description (descriptive method) and explanation, based on deduction as a logical reasoning method. The study required the analysis of the subject literature and legal regulations on pyramid schemes as well as the mechanisms of bitcoin functioning. Knowing bitcoin, the idea of its origin and the assumptions of its functioning, it is difficult to adopt the thesis that it is a pyramid scheme. Many model characteristics of such pyramids are not at all present in case of bitcoin. Several convergent features do not allow thinking otherwise. The significant value of bitcoin is the fact that it represents an alternative to official fiduciary money, therefore bitcoin itself (or its successors) will persist. A part of the functioning mechanism of each pyramid scheme is its collapse – in case of bitcoin its alternative function to traditional currencies is the guarantee of its persistence.

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