<abstract xmlns="http://www.w3.org/1999/xhtml">The aim of the paper is to present the phenomenon of the new virtual currency bitcoin, and analyse its economic significance. The paper examines the origin, notion, functions and mechanism of emission of the BTC. The theoretical aspects of creation of the BTC and its advantages and weakness are also explained.The results of the analysis show that bitcoin does not eliminate current problems of traditional currency but also generates new risks for its users. The risks could as well affect the central banks (the legal risk, the risk to payment system stability, and the reputation risk).Three contributions of this paper to the problem of the BTC are worth distinguishing. Firstly, the scientific literature lacks information and data about the BTC - the main source of information is the Internet which reliability cannot be fully guaranteed. Secondly, periodical examination of development of the risk connected with the BTC is necessary. Thirdly, it is a basis to begin discussion on the new virtual currency which bitcoin is.</abstract>

The aim of the paper is to present the phenomenon of the new virtual currency bitcoin, and analyse its economic significance. The paper examines the origin, notion, functions and mechanism of emission of the BTC. The theoretical aspects of creation of the BTC and its advantages and weakness are also explained.The results of the analysis show that bitcoin does not eliminate current problems of traditional currency but also generates new risks for its users. The risks could as well affect the central banks (the legal risk, the risk to payment system stability, and the reputation risk).Three contributions of this paper to the problem of the BTC are worth distinguishing. Firstly, the scientific literature lacks information and data about the BTC - the main source of information is the Internet which reliability cannot be fully guaranteed. Secondly, periodical examination of development of the risk connected with the BTC is necessary. Thirdly, it is a basis to begin discussion on the new virtual currency which bitcoin is.

Bitcoin - Nowa Wirtualna Globalna Waluta?

International Finance Department Warsaw School of Economics

International Journal of Management and Economics

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"Bitcoin - Nowa Wirtualna Globalna Waluta?"}

The aim of the paper is to present the phenomenon of the new virtual currency bitcoin, and analyse its economic significance. The paper examines the origin,...

Bitcoin - Nowa Wirtualna Globalna Waluta?

Data publikacji: 17 paź 2014

Zakres stron: 50 - 71

DOI: https://doi.org/10.2478/ijme-2014-0028

Słowa kluczowe
Bitcoin, risk, stability, virtual currency, BTC functions, mining

© 2013 Elżbieta Chrabonszczewska

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Bitcoin - Nowa Wirtualna Globalna Waluta?

Data publikacji: 17 paź 2014

Zakres stron: 50 - 71

DOI: https://doi.org/10.2478/ijme-2014-0028

Słowa kluczoweBitcoin, risk, stability, virtual currency, BTC functions, mining

© 2013 Elżbieta Chrabonszczewska

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Słowa kluczowe
Bitcoin, risk, stability, virtual currency, BTC functions, mining