Global Cryptocurrency as Prospects for World Monetary System
Journal Title: Journal of European Economy - Year 2018, Vol 17, Issue 1
Abstract
The cryptocurrency is a phenomenon of a modern payment system, however it is still unclear whether it is a new kind of currency at all. Most often, there are claims that this is just a financial pyramid. However, such statements do not explain the nature of cryptocurrency. In fact, from technical point of view, the cryptocurrency is simply a data chain, in which the first link contains information about its origin ("mining"), and all subsequent ones – on the transition from one owner to another. This means that in the economic sense the cryptocurrency is the "bill of exchange", which is accompanied by a number of "transfer inscriptions" - "endorsements." Nevertheless, banknotes are simple banker’s bills of exchange too. Therefore, cryptocurrency could become a new global currency if several specific requirements were fulfilled.
Authors and Affiliations
Oleksandr Sharov
Keywords
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