O que é moeda? a validade da bitcoin à luz da teoria pós-Keynesiana (2008 – 2019)

Abstract

A widespread popularization of the Internet, coupled with technological developments and today's greatest innovative potential, enables the expansion of markets and the creation of virtual media as an alternative to traditional payment methods for online payments. A peer-to-peer technology enables data sharing to be decentralized through encrypted codes that control and limit the creation of bitcoins, ensuring participants' anonymity and logging all transactions on the blockchain as a way to prevent double spending or even unlimited currency. Bitcoin's first function is to act as a fully virtual means of payment, with the purpose of providing greater security, economy and agility to financial operations. However, the weightings and uncertainties are still many, especially when considering its decentralized aspect and, consequently, unprotected, precisely because it is not linked to state regulation, whose function is to ensure the purchasing power of the currency, as it configures itself. up the current system. This thesis intends to discuss the extent to which Bitcoin, as a virtual monetary system, can be considered currency in the light of post-Keynesian theory. The theoretical support will help in the perception of the functions of money in a monetary economy, deepening the understanding of the concepts presented by Keynes about structural uncertainty, liquidity preference theory and non-neutrality of money. In a preliminary conclusion, we emphasize that bitcoin is not a currency, because due to its volatility and low liquidity, it does not encompass the functions of unit of account, value reserve and means of exchange.