Search results for "virtual currencies"
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Development of virtual money as a response to the imperfections of the modern financial system
2018
This article attempts to answer the question what factors led to the establishment of bitcoin - the first digital money which is completely private and independent of central banks or any other supervisory authority. In the article enumerated many factors, but indicated the most important which was the global financial crisis in 2008. Additionally, the article presents the genesis of bitcoin, the comparison to classic money and its unique features which are also the reasons for its unprecedented popularity.
The Possibility of Performing Money Functions by Digital Currencies Illustrated With an Example of Bitcoin
2018
In this paper the considerations on possibility of performing money functions by digital currency with an example of bitcoin are presented. The conditions of bitcoin emerge and its spectacular dynamic development caused by limitations of contemporary financial system are being discussed. This paper introduced one of the most popular digital currencies — bitcoin in terms of three elementary economic functions of money: mean of exchange, measure of value and store of value.