{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,14]],"date-time":"2026-07-14T21:28:11Z","timestamp":1784064491662,"version":"3.55.0"},"reference-count":92,"publisher":"MIS Quarterly","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2021,6,1]]},"abstract":"<jats:p>Cryptocurrencies such as Bitcoin are breakthrough financial technologies that promise to revolutionize the digital economy. Unfortunately, their long-term adoption in the business world is imperiled by a lack of stability that manifests as dramatic swings in transaction fees and severe participant dissatisfaction. To date, there has been little academic effort to study how system participants react to volatility in fee movements. Our study addresses this research gap by conceptualizing the Bitcoin platform as a data space market and studying how market equilibrium forms between users who demand data space while trying to avoid transaction delays, and miners who supply data space while trying to maximize fee revenues. Our empirical analysis based on past bitcoin transactions reveals the existence of a relatively flat downward-sloping demand curve and a much steeper upward-sloping supply curve. Regarding users, the inelastic nature of demand signals the utility of Bitcoin as a niche platform for transactions that are otherwise difficult to conduct. This result challenges the belief that users may easily abandon Bitcoin technology given rising transaction costs. We also find that the use of bitcoins as a trading asset is associated with higher levels of tolerance to fees. Regarding miners, the comparatively elastic nature of supply indicates that higher fees stimulate mining by a larger magnitude than suppressing demand. This finding implies that, ceteris paribus, the Bitcoin system turns to self-regulate transaction fees in an efficient manner. Our work has implications for the management of congestion in blockchain-based systems and more broadly for the stability of cryptocurrency markets.<\/jats:p>","DOI":"10.25300\/misq\/2021\/15718","type":"journal-article","created":{"date-parts":[[2021,8,20]],"date-time":"2021-08-20T16:04:42Z","timestamp":1629475482000},"page":"563-592","update-policy":"https:\/\/doi.org\/10.13003\/0pyd3js","source":"Crossref","is-referenced-by-count":69,"title":["Stability of Transaction Fees in Bitcoin: A Supply and Demand Perspective"],"prefix":"10.25300","volume":"45","author":[{"given":"Noyan","family":"Ilk","sequence":"first","affiliation":[{"name":"College of Business, Florida State University, Tallahassee, FL, U.S.A."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Guangzhi","family":"Shang","sequence":"additional","affiliation":[{"name":"College of Business, Florida State University, Tallahassee, FL, U.S.A."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Shaokun","family":"Fan","sequence":"additional","affiliation":[{"name":"College of Business, Oregon State University, Corvallis, OR, U.S.A."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"J. Leon","family":"Zhao","sequence":"additional","affiliation":[{"name":"School of Management and Economics, Chinese University of Hong Kong (Shenzhen), Shenzhen, China"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"10933","published-online":{"date-parts":[[2021,6,1]]},"reference":[{"issue":"1","key":"2025082212235784600_b1-03_15718_ra_ilkshang","doi-asserted-by":"crossref","first-page":"89","DOI":"10.2307\/1242886","article-title":"Price Changes, Supply Elasticities, Industry Organization, and Dairy Output Distribution","volume":"73","author":"Adelaja","year":"1991","journal-title":"American Journal of Agricultural Economics"},{"issue":"1","key":"2025082212235784600_b2-03_15718_ra_ilkshang","doi-asserted-by":"crossref","first-page":"3","DOI":"10.1093\/rfs\/1.1.3","article-title":"A Theory of Intraday Patterns: Volume and Price Variability","volume":"1","author":"Admati","year":"1988","journal-title":"Review of Financial Studies"},{"issue":"3","key":"2025082212235784600_b3-03_15718_ra_ilkshang","doi-asserted-by":"crossref","first-page":"721","DOI":"10.25300\/MISQ\/2019\/14974","article-title":"Designing Real-Time Feedback for Bidders in Homogeneous-Item Continuous Combinatorial Auctions","volume":"43","author":"Adomavicius","year":"2019","journal-title":"MIS Quarterly"},{"issue":"1","key":"2025082212235784600_b4-03_15718_ra_ilkshang","first-page":"173","article-title":"The Effect of Financial Development on Convergence: Theory and Evidence","volume":"120","author":"Aghion","year":"2005","journal-title":"Quarterly Journal of Economics"},{"key":"2025082212235784600_b5-03_15718_ra_ilkshang","volume-title":"Multiple Regression: Testing and Interpreting Interactions","author":"Aiken","year":"1991"},{"issue":"8","key":"2025082212235784600_b6-03_15718_ra_ilkshang","doi-asserted-by":"crossref","first-page":"1234","DOI":"10.1287\/mnsc.1060.0688","article-title":"Effects of Information-Revelation Policies under Market-Structure Uncertainty","volume":"53","author":"Arora","year":"2007","journal-title":"Management Science"},{"key":"2025082212235784600_b7-03_15718_ra_ilkshang","volume-title":"Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction","author":"Arvind","year":"2016"},{"issue":"2","key":"2025082212235784600_b8-03_15718_ra_ilkshang","doi-asserted-by":"crossref","first-page":"171","DOI":"10.2753\/MIS0742-1222250208","article-title":"Design and Ownership of Two-Sided Networks: Implications for Internet Platforms","volume":"25","author":"Bakos","year":"2008","journal-title":"Journal of Management Information Systems"},{"issue":"1","key":"2025082212235784600_b9-03_15718_ra_ilkshang","doi-asserted-by":"crossref","first-page":"21","DOI":"10.2307\/25148623","article-title":"User Heterogeneity and Its Impact on Electronic Auction Market Design: An Empirical Exploration","volume":"28","author":"Bapna","year":"2004","journal-title":"MIS Quarterly"},{"key":"2025082212235784600_b10-03_15718_ra_ilkshang","doi-asserted-by":"crossref","unstructured":"Basu, S., Easley, D., O\u2019Hara, M., and Sirer, E. G.\u20082018. \u201cTowards a Functional Fee Market for Cryptocurrencies\u201d (available at https:\/\/arxiv.org\/abs\/1901.06830).","DOI":"10.2139\/ssrn.3318327"},{"issue":"3","key":"2025082212235784600_b11-03_15718_ra_ilkshang","doi-asserted-by":"crossref","first-page":"373","DOI":"10.1207\/s15327906mbr4003_5","article-title":"Probing Interactions in Fixed and Multilevel Regression: Inferential and Graphical Techniques","volume":"40","author":"Bauer","year":"2005","journal-title":"Multivariate Behavioral Research"},{"key":"2025082212235784600_b12-03_15718_ra_ilkshang","doi-asserted-by":"crossref","first-page":"177","DOI":"10.1016\/j.intfin.2017.12.004","article-title":"Bitcoin: Medium of Exchange or Speculative Assets?","volume":"54","author":"Baur","year":"2018","journal-title":"Journal of International Financial Markets, Institutions and Money"},{"key":"2025082212235784600_b13-03_15718_ra_ilkshang","article-title":"The Bitcoin Mining Network: Trends, Composition, Average Creation Cost, Electricity Consumption, and Sources","author":"Bendiksen","year":"2019","journal-title":"CoinShares Research"},{"key":"2025082212235784600_b14-03_15718_ra_ilkshang","doi-asserted-by":"crossref","unstructured":"BitcoinCore\n          . 2016. \u201cSegregated Witness Benefits\u201d (https:\/\/bitcoincore.org\/en\/2016\/01\/26\/segwit-benefits\/).","DOI":"10.1016\/S0262-1762(16)70026-5"},{"key":"2025082212235784600_b15-03_15718_ra_ilkshang","unstructured":"Bitcoinity\n          . 2019. \u201cBitcoin Trading Volume\u201d (https:\/\/data.bitcoinity.org\/markets\/volume\/30d?c=e&t=b.)"},{"key":"2025082212235784600_b16-03_15718_ra_ilkshang","unstructured":"Blenkinsop, C.\n          \u20082018. \u201cBlockchain\u2019s Scaling Problem, Explained,\u201d Cointelegaph (https:\/\/cointelegraph.com\/explained\/blockchains-scaling-problem-explained)."},{"key":"2025082212235784600_b17-03_15718_ra_ilkshang","unstructured":"Bogart, S.\n          \u20082017. Bitcoin Vs. Bitcoin Cash: A Story Of Prioritization & Healthy Competition In Money,\u201d Forbes (https:\/\/www.forbes.com\/sites\/spencerbogart\/2017\/11\/13\/bitcoin-vs-bitcoin-cash-a-story-of-prioritization-a-healthy-competition-in-money\/#1bd49e1c4bc)."},{"issue":"4","key":"2025082212235784600_b18-03_15718_ra_ilkshang","doi-asserted-by":"crossref","first-page":"1335","DOI":"10.1162\/003355303322552810","article-title":"The Labor Demand Curve Is Downward Sloping: Reexamining the Impact of Immigration on the Labor Market","volume":"118","author":"Borjas","year":"2003","journal-title":"Quarterly Journal of Economics"},{"key":"2025082212235784600_b19-03_15718_ra_ilkshang","unstructured":"Browne, R.\n          \u20082017. \u201cBig Transaction Fees Are a Problem for Bitcoin\u2014but There Could Be a Solution,\u201d CNBC 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Is Bitcoin Really Un-Tethered? 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