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Journal: Economic Profile (Vol.15, No. 20)

Publication Date:

Authors : ;

Page : 73-81

Keywords : Barter; Coin; banknotes; Electronic money; Decentralization; Cryptocurrency;

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Cryptocurrency is a virtual digital currency. The main reason for the popularity of digital currency is its decentralization and the peculiarities arising from it. Austrian economist and philosopher Friedrich August von Hayek In the 1970s, he became interested in the benefits of money-laundering by the state and began exploring the possibilities of alternative currencies. In 1976 he published the book: Denationalization of Money: An Analysis of the Theory and Practice of Concurrent Currencies. According to Hayek, the state monopoly on the issue of money should be abolished, he writes: The special right of the country's governments to issue and regulate money could not help the society to receive much better money than it would have without the intervention of governments. It was this work by Hayek that prepared the ideological basis for the creation of decentralized digital currency. In the final part of the research topic, we discuss the pros and cons of cryptocurrency, namely that the exchange rate of any cryptocurrency fluctuates rapidly in a very short period of time, there may be a complete depreciation of a particular currency, nothing can prevent it, Return is virtually impossible because the transactions are anonymous, there have been numerous cases of cryptocurrency exchanges in the world, it is practically impossible to investigate the fact, due to the anonymity of these transactions, cryptocurrencies are not secured by any assets, unlike shares they do not allow buyers or property. Against this background, it is interesting to see what place cryptocurrency will occupy in the new currency system. The fact is that virtual finance is a new word in online technology that will change in the future, no matter what the new model of running the economy.

Last modified: 2021-02-22 21:46:23