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International and Multidisciplinary Journal of Global Justice

Volume 1, Issue 1, pp. 19-23, 2018

Copyright ©2018, the copyright of this article is retained by the author(s)

DOI Link: http://doi.org/10.15580/IMJGJ.2018.1.092918156

http://imjgj.acadpub.online/

 

 

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Development of virtual money as a response to the imperfections of the modern financial system

 

Poskart, Robert

 

Opole University, Faculty of Economics, Department of Finances and Accounting

 

ARTICLE INFO

ABSTRACT

 

Article No.: 092918156

Type: Review

DOI: 10.15580/IMJGJ.2018.1.092918156

 

This article attempts to answer the question what factors led to the establishment of bitcoin – the first digital money which is completely private and independent of central banks or any other supervisory authority.

In the article enumerated many factors, but indicated the most important which was the global financial crisis in 2008. Additionally, the article presents the genesis of bitcoin, the comparison to classic money and its unique features which are also the reasons for its unprecedented popularity.

 

Submitted: 29/09/2018

Accepted:  25/10/2018

Published: 07/11/2018

 

*Corresponding Author

Poskart, Robert

E-mail:  

 

Keywords: classic currencies, virtual currencies,
crypto-currencies, financial system

 

 

REFERENCES

 

Aggregate Reserves of Depository Institutions and the Monetary Base. Federal Reserve. [Online]. https://www.federalreserve.gov/releases/h3/20130705/

 

Annual Economic Report June 2018. Bank of International Settlements. [Online]. [Retrieved June 16, 2018]  https://www.bis.org/publ/arpdf/ar2018e.pdf 

 

Coin Market Capitalisations. [Online]. [Retrieved June 16, 2018] https://coinmarketcap.com/currencies/

 

Chrabonszczewska E (2013). Bitcoin- nowa wirtualna globalna waluta? (Bitcoin – new virtual global currency?) International Journal of Management and Economics (Zeszyty Naukowe KGŚ). 40. Warsaw October-December 2013. 67 (in Polish).

 

Nakamoto S (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. [Online], [Retrieved June 16, 2018]. https://bitcoin.org/bitcoin.pdf

 

Virtual Currency Schemes. (2012). [Online]. European Central Bank. [Retrieved June 18, 2018] ISBN: 978-92-899-0862-7, Frankfurt am Main. https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf.

 

Franków M and Kopyściański T (2016). Analiza perspektyw rozwoju bitcoina w kontekście możliwości pełnienia funkcji pieniądza (Analysis of perspectives of development of bitcoin in the context of possibilities of fulfilling the function of money). WSB University in Wroclaw Research Journal. 1 ISSN 1643-7772 I eISSN 2392-1153. 6 (2). 156 (in Polish).

 

Poskart R (2015). Czynniki kształtujące popyt na pieniądz wirtualny na przykładzie bitcoina (Factors developing demand for virtual money based on the example of bitcoin). Uniwersytet Ekonomiczny w Krakowie. Zeszyty Naukowe. UEK Kraków. 2 (938). 59–69. (in Polish).

 

Skawińska E Sobiech- Grabka KG and Nawrot KA (2010). Makroekonomia. Teoretyczne i praktyczne aspekty gospodarki rynkowej (Macroeconomics. Theoretical and practical aspects of market economy). PWE.
Warszawa. (in Polish).

 

 

 

Cite this Article: Poskart, R (2018). Development of virtual money as a response to the
imperfections of the modern financial system
. International and Multidisciplinary Journal of Global Justice, 1(1):
19-23,
http://doi.org/10.15580/IMJGJ.2018.1.092918156 

 

 

 


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