Bitcoin is an international currency, not associated with any country or central bank, backed only by its limited total supply and the willingness of bitcoin users to recognize its value. 9 Bitcoins are “mined” (created) by solving cryptographic puzzles that deterministically increase in difficulty and once solved can be easily verified. Each solution results in a new “block” and ... Bitcoin, the world’s first decentralised and currently biggest digital currency, is similar to synthetic commodity money, which shares the attributes of both commodity (e.g., gold) and fiat money (e.g., US dollar) (Selgin 2015).Bitcoin was introduced in 2008 by a group of programmers using the pseudonym ‘Satoshi Nakamoto’ (Cheah and Fry 2015). David Yermack, 2013. "Is Bitcoin a Real Currency? An economic appraisal," NBER Working Papers 19747, National Bureau of Economic Research, Inc. Im, Kyung So & Pesaran, M. Hashem & Shin, Yongcheol, 2003. "Testing for unit roots in heterogeneous panels," Journal of Econometrics, Elsevier, vol. 115(1), pages 53-74, July. Bitcoin community have and how they use Bitcoin, i.e., as currency or asset. Thus, we analyze whether new users seek to mainly acquire Bitcoin for its alternative transaction purpose by analyzing "Bitcoin is by consensus the most secure computer network ever developed," says Professor David L. Yermack, chairman of the finance department at New York University's Stern School of Business
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