Analysis of Bitcoin’s Development Prospects in the Context of the Possibility of Performing Monetary Function

Tomasz Kopyściański, Marzena Franków

Abstract


Innovative technologies and the emergence of virtual communities create new types of transactions and the accounting methods that go beyond the current state of knowledge in economics and existing legal solutions. These virtual communities create and distribute their own medium of payment for the exchange of goods and services, thereby providing a means of payment in which emissions or circulation central monetary authorities are not involved. The reasons behind  the emergence of cryptocurrencies are not only the shortcomings of the traditional currency system which was unable to face numerous crises, but also the development of the Internet for which cryptocurrencies can prove to be a better suited form of money. Unfortunately, they stir much legal controversy with the effect that their users are exposed to significant legal and economic risk.

Therefore, the subject of research presented in the article is to analyze the economic substance of Bitcoin. The main objective in this area is to assess the role of Bitcoin in terms of capacity to serve as money.

Keywords


money; monetary function; cryptocurrencies

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DOI: http://dx.doi.org/10.29015/cerem.283

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