Analysis of Bitcoin’s Development Prospects in the Context of the Possibility of Performing Monetary Function
DOI:
https://doi.org/10.29015/cerem.283Keywords:
money, monetary function, cryptocurrenciesAbstract
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.
Downloads
Published
Issue
Section
License
The aim of CEREM is to make scientific work available in accordance with the principle of open access. The rules mentioned below are important, as they enable CEREM and its publisher, the WSB Merito University in Wroclaw, to distribute the scientific work to a wide public while complying with specific legal requirements, at the same time protecting the rights of the authors.
The author transfers to the WSB Merito University in Wroclaw, free of charge and without territorial limitations, with all proprietary copyrights to the said piece of work in the understanding of the act of 4th February 1994 on copyrights and derivative rights (Journal of Laws of 1994, no. 24, item 83, as amended) on an exclusivity basis, i.e. the rights to:
1. Make the piece of work in question available via the Digital Library established by the WSB Merito University in Wroclaw.
2. Produce, record and reproduce in multiple copies the piece of work using any techniques whatsoever, including printing, reprography, magnetic recording and digital processing, and particularly its reproduction by recording on CDs and similar data carriers,
3. Use fragments of the piece of work for promotional purposes in publications, promotional materials, the Internet and Intranet type networks managed by the WSB Merito University in Wroclaw.
4. Store the piece of work into computer databases managed by the WSB Merito University in Wroclaw.
5. Copy and reproduce the piece of work using photo-mechanic technologies other than those commonly known at the time of the signature hereof (photocopies, Xerox copies etc.),
6. Process the piece of work, transferring it into an electronic form, and distribute it on the Internet without limitations.
