Cryptocurrency as an alternative to modern money

  • Mychailo Tarasiuk Kyiv National University of Trade and Economics
  • Dmytro Babin Kyiv National University of Trade and Economics
Keywords: cryptocurrency, bitcoin, mining, ”blockchain” technology

Abstract

With the rise of the modern technologies and wide implementation of digital systems, establishment of cashless economy is perspective trend in Ukraine. In contrast to the traditional kinds of money, which can be considered as a payment facility in online deals too, smart currencies have advanced level of security from cybercrime. These factors induce new “e-money” epoch and “cryptocurrency” term is extensively discussed. The aim of the article is to justify the perspectives of using cryptocurrencies for payment operations guided by historic aspect of research. The study is based on the use of historic and analysis and synthesis methods of research. The principles of cryptocurrency functioning and the essence of “blockchain” technology are analyzed. Formed the potential possibilities of blockchain bank integration. Previous conditions of origin and main stages of cryptocurrency development are determined. The essence of digital currency is revealed and Its main kinds are described. The history of development and functioning of cryptocurrency is divided into seven periods. Its proved, that cryptocurrency is not a full-fledged money but highly liquid asset, which perspectives on a worlds capital market are undeniable.

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References

1. Postanova Pravlinnia NBU vid 18.06.2015 № 391 «Pro zatverdzhennia Kompleksnoi programy rozvytky finansovoho sectory Ukrainy do 2020 roky»

2. Internet rosource: dictionary.cambridge.org/us/dictionary/english/cryptocurrency

3. Internet rosource: bitcoin.com

4. Satoshi Nakamoto. Bitcoin: A Peer-to-Peer Electronic Cash System, 2008.

5. Satoshi Nakamoto. Bitcoin open source implementation of P2P currency.

6. Internet rosource: litecoin.org

7. Internet rosource: coinmarketcap.com

8. R.C.Merkle.Protocols for public key cryptosystems.1980

9. David Chaum.Blind signature system. Crypto.1983

10. Internet rosource: p2pfoundation.ning.com

11. Internet rosource: moneycreators.ru

12. Global Cryptocurrency Benchmarking Study. Dr Garrick Hileman & Michel Rauchs. 2017.Cambridge Centre for Alternative Finance.

Author Biographies

Mychailo Tarasiuk, Kyiv National University of Trade and Economics

Tarasiuk Mychailo, Ph.D in Economics, Professor of the Finance Department

Dmytro Babin, Kyiv National University of Trade and Economics

Babin Dmytro, Student of International Trade and Law Faculty

Published
2017-11-08
How to Cite
Tarasiuk, M., & Babin, D. (2017). Cryptocurrency as an alternative to modern money. University Economic Bulletin, (35/1), 281-285. Retrieved from https://economic-bulletin.com/index.php/journal/article/view/132
Section
Finance, Monetary Circulation and Credit