Open AccessGLOBAL CRYPTOCURRENCY AS PROSPECTS FOR WORLD MONETARY SYSTEM
Author(s) -
Олександр Шаров
Publication year - 2018
Publication title -
journal of european economy
Language(s) - English
Resource type - Journals
eISSN - 2519-4089
pISSN - 2519-4070
DOI - 10.35774/jee2018.01.116
Subject(s) - cryptocurrency , currency , payment , point (geometry) , commerce , phenomenon , business , simple (philosophy) , payment system , virtual currency , monetary economics , economics , computer science , computer security , finance , mathematics , philosophy , geometry , physics , epistemology , quantum mechanics
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.