Blockchain and Digital Currency in the World of Finance

Abstract

High-tech enables payment evolution and global competition. The ambiguities surrounding of the digital currency still leave enough space for the analysis of its unreserved acceptance, trust and anticipation, which are the main driver for the spread of the network. Banks should carefully consider the technology underlying these cryptocurrencies as a potential generic new way of transferring ownership of the value over the long term. The chapter provides an analysis of the use of cryptocurrencies in general, especially Bitcoin as the technology adoption in the presence of network externalities. The objective attitude is the future of the digital currency in the moment is still unsolved issue due to the existence of "critical mass". Further, the chapter explores financial privacy which is very sensitive issue in using digital currency (or cryptocurrency) and discuss about private choices versus political rules. The research has shown that the future of cryptocurrencies can be bright if some institutional-formal conditions are met due to the fact that success evolution of e-money requires building safety payments through three criteria-standardization, compatibility and innovation.

16th Prof. Vladas Gronskas International Scientific Conference

“…Moreover, Internet commerce has increased the usage of new technologies, as result increasing the demand for new electronic payment methods. Thus, a new trend is the use of the Internet as a new money market (Boshkov, 2018).…”

Is Future a Rule of Digital Currency???

“…Schools and colleges ought to give coming ages the abilities they have to work in the developing economy. (Boshkov, 2019) Bitcoin and other cryptocurrencies can take over the traditional payment systems. To achieve this success they should provide an individual value, overcome challenges and should meet regulatory frameworks.…”

“…https://www.bis.org/3 Based on CPMI report on Digital Currencies (Committee on Payments and Market Infrastructures)4 It includes those which are in existence and those which are not in existence also.…”

Cryptocurrency: present-day challenges and prospects of development

“…A virtual currency is defined as a means of value which can be subject to trade in a digital format and functions as an exchange tool, a monetary account unit and/or a means of value conservation, however it is not granted the status of a means of legitimate payment, i.e. it is not officially recognised as an applicable and legitimate means of payment in any jurisdiction [10].…”