CRYPTOCURRENCY MARKET DEVELOPMENT
Abstract
With the development of computer technology and the communication network, the world has entered the era of "electronic money". Electronic money is a promising payment instrument, the potential of which, in general, has yet to be revealed. The main possible ways of active development of modern electronic money today are their widespread use in the international Internet business. And cryptocurrency is a special kind of modern digital currency. Coins and banks are being replaced by plastic payment cards, and there are many payment systems on the Internet designed solely for electronic payments, such as PayPal and WebMoney. But progress is not standing still, and now we are seeing the growth of cryptocurrencies – a completely new payment 21st century, which is several significant differences from other types of electronic money. Due to the numerous crises of the modern financial system, the urgency of the issue of alternative methods of functioning of the global financial system is difficult to underestimate. Thus, the relevance of this work lies in the growing importance of cryptocurrencies for the development of economic science and the work of the entire world economic system. The article is devoted to the study of the essence and specifics of the development of cryptocurrency, which is of great interest in economics today. Due to the numerous crises of the modern financial system, the urgency of the issue of alternative methods of functioning of the global financial system is difficult to underestimate. Thus, the growing importance of cryptocurrencies for the development of economic science and the work of the entire world economic system is determined. Absolutely any technological innovations need time to win consumers, as well as the formation of the necessary legal and economic prerequisites for their development, which is why the periodization of the cryptocurrency market. The causal links between the emergence of cryptocurrency as such, the positive factors, and key problems of payments with electronic currencies are identified. Сryptocurrencies have a large number of both positive and negative characteristics in comparison with ordinary national currencies and only their further development can reveal a balance of advantages and disadvantages compared to other currencies.
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