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

Authors

  • Tomasz Kopyściański Instytut Finansów i Rachunkowości Wyższa Szkoła Bankowa we Wrocławiu
  • Marzena Franków

DOI:

https://doi.org/10.29015/cerem.283

Keywords:

money, monetary function, cryptocurrencies

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.

References

Chrabonszczewska E. (2013), Bitcoin – nowa wirtualna globalna waluta? International Journal of Management and Economics, Warszawa, Wyd. Warsaw School of Economics.

Dopierała Ł., Borodo A. (2014), Znaczenie waluty kryptograficznej Bitcoin jako środka wymiany, Contemporary Economy, Vol. 5 Issue 2.

Galbraith J.K. (1976), Money: Whence It Came, Where It Went, Boston.

Milewski R., Kwiatkowski E. (2008), Podstawy ekonomii, Warszawa, PWN.

Mishkin F.S. (2002), Ekonomika pieniądza, bankowości i rynków finansowych, Warszawa, PWN.

Noga M., (red.) (2012), Makroekonomia ze szczególnym uwzględnieniem polityki pieniężnej, CEDEWU, Warszawa.

Owsiak S. (2002), Podstawy nauki finansów, Warszawa, PWE.

Piaszczyński W. (2004), Anatomia pieniądza, Warszawa, SCRIPT.

Pietrzak B., Polański Z., Woźniak W. (2008), System finansowy w Polsce, PWN.

Piotrowska A. (2015), Czynniki oceny opłacalności inwestycji w kryptowalutę bitcoin, Zeszyty Naukowe Uniwersytetu Szczecińskiego nr 862, Finanse, Rynki Finansowe, Ubezpieczenia nr 75, Szczecin.

Schaal P. (1996), Pieniądz i polityka pieniężna, Warszawa, PWE.

Published

2016-07-23

Issue

Section

Articles