CAJ | 학술논문

作为互联网货币的典型代表，比特币自诞生以来，引起了金融界和学术界的高度关注。比特币作为新型虚拟货币，具有分散发行、总量固定、匿名交易等特征，是互联网时代支付技术的重大变革，也对传统的货币体系带来新的挑战。但关于比特币的价值基础和货币属性，理论界仍存在严重分歧。根据奥国学派的回归定理，任何货币的产生都可追溯至其作为货币使用之前的商品属性，这为探究比特币价值来源提供了逻辑基础。新货币经济学的BFH体系，构想了在理想条件下，货币的价值尺度和流通手段的职能将趋于分离。在比特币体系中，价值尺度由全网算力来决定，由法币来表征，而比特币仅充当流通手段。其引发的货币职能的分离，促进了货币发行的分散化，实现了去中心化，消解了物价稳定和促进交换之间的对立，为未来货币形式的发展进行了有意义的探索。
작위호련망화폐적전형대표，비특폐자탄생이래，인기료금융계화학술계적고도관주。비특폐작위신형허의화폐，구유분산발행、총량고정、닉명교역등특정，시호련망시대지부기술적중대변혁，야대전통적화폐체계대래신적도전。단관우비특폐적개치기출화화폐속성，이론계잉존재엄중분기。근거오국학파적회귀정리，임하화폐적산생도가추소지기작위화폐사용지전적상품속성，저위탐구비특폐개치래원제공료라집기출。신화폐경제학적BFH체계，구상료재이상조건하，화폐적개치척도화류통수단적직능장추우분리。재비특폐체계중，개치척도유전망산력래결정，유법폐래표정，이비특폐부충당류통수단。기인발적화폐직능적분리，촉진료화폐발행적분산화，실현료거중심화，소해료물개은정화촉진교환지간적대립，위미래화폐형식적발전진행료유의의적탐색。
Bitcoin is sparked from the integration of IT and market economy. Since its birth, it has caused great concern in both the industry and academia. As a new virtual currency, bitcoin has such unique features as distributed money issue, fixed supply amount, anonymous transaction etc, and it is a major change of payment tech in the internet era, also a challenge to the monetary system. According to the regression theorem from Mises, the value of currency can be traced back to commodity before money, providing basis for exploring bitcoin. Also, The BFH system conceives that standard of value and medium of circulation will tend to separate. For bitcoin, its value is determined by global Hash rate but represented by legal tender. It only acts as a medium of circulation. The separation of monetary functions from bitcoin, promotes the dispersion of currency issue and decentralization of monetary system, resolving the contradiction between price stability and exchange of goods.