{"id":18237,"date":"2023-03-29T12:44:17","date_gmt":"2023-03-29T09:44:17","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=18237"},"modified":"2023-03-29T12:44:17","modified_gmt":"2023-03-29T09:44:17","slug":"the-essence-and-place-of","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/the-essence-and-place-of\/","title":{"rendered":"Kohut M., Mostovenko N., Sodoma R. The essence and place of cryptocurrency in the financial system"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification<\/strong>: G23, E51, P44
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V37(2023)-09<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Maryana Kohut, <\/strong>PhD in Economics, Lviv National University of Nature Management, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0001-8275-134X<\/a>
\ne-mail: <\/strong>maryana.kohut1990@gmail.com<\/a><\/p>\n

Nataliia Mostovenko, <\/strong>PhD in Economics, Lutsk National Technical University, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0002-2050-1529<\/a>
\ne-mail: <\/strong>mostovenko.n@gmail.com<\/a><\/p>\n

Ruslana Sodoma, <\/strong>PhD in Economics, Associate Professor, Lviv State University of Life Safety, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0002-5020-6440<\/a>
\ne-mail: <\/strong>sodomaruslana@gmail.com<\/a><\/p>\n

<\/h2>\n

The Essence and Place of Cryptocurrency in the Financial System<\/strong><\/h2>\n

\u00a0\u00a0<\/strong><\/p>\n

Abstract. Introduction<\/strong>. The history of the emergence of Bitcoin and other cryptocurrencies is analyzed. Basic concepts related to blockchain technology are explained. The main focus is on issues important from an investor’s point of view, as well as on technical aspects, including the essence and importance of blockchain technology.<\/p>\n

Purpose.<\/strong> The purpose of the article is to generalize and systematize the available information about the emergence of cryptocurrencies and analyze their patterns.<\/p>\n

Results.<\/strong> The specifics of digital assets and the bitcoin exchange rate in 2012-2021 were studied in more detail. It was found that on the cryptocurrency market you can earn (as well as lose) both as a trader and as a so-called cryptocurrency hodlers. A rating of cryptocurrency exchanges was developed according to the following indicators: security, number of crypto currencies, fiat currencies, advantages of the exchange, disadvantages of the exchange. Cryptocurrency exchanges are a central part of the entire digital collection ecosystem today. Currently, there are already several hundred crypto exchanges on the market, which differ in terms of transactions, security levels or listed values. In this article, we have described cryptocurrency as objectively as possible so that you can assess for yourself whether it will be the right form of investment for you.<\/p>\n

Conclusions.<\/strong> The wide choice of service providers and the fact that digital currencies are a relatively new form of investment means that finding the best place to trade is not easy. The cooperation of international financial conglomerates in the development of blockchain technology will save these enterprises billions of dollars per year and will be able to improve their operations and eliminate errors related to the human factor. Participants in the financial system are forced to propose standards that would apply to each participant in the network without disturbing the established status quo in international markets.<\/p>\n

Keywords:<\/strong> cryptocurrency; bitcoin; blockchain technology; cryptocurrency exchanges; financial market.<\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Bonneau,, Miller,A., Clark,\u00a0J., Narayanan,\u00a0A., Kroll,\u00a0J. A. & Felten,\u00a0E. W. (2015). Research Perspectives and Challenges for Bitcoin and Cryptocurrencies. Security and Privacy (SP)<\/em>, 2015 IEEE Symposium, 104-121 [in English].<\/li>\n
  2. Conte de Leon,\u00a0D., Stalick\u00a0,A.Q., Jillepalli,\u00a0A.A., Haney,\u00a0M.A. & Sheldon,\u00a0F.T. (2017). Blockchain: Properties and Misconceptions. Asia Pacific Journal of Innovation and Entrepreneurship<\/em>, 11(3), 286-300 [in English].<\/li>\n
  3. Corbet,\u00a0S., Lucey,\u00a0B., Peat,\u00a0M. &Vigne,\u00a0S. (2018). Bitcoin Futures \u2013 What use are they? Economics Letters<\/em>, 172, 23-27 [in English].<\/li>\n
  4. Cryptocurrency Exchange – Binance Academy (2022). Retrieved from https:\/\/accounts.binance.com\/ [in English].<\/li>\n
  5. Glotov, V. I. & Mihailov,\u00a0D. M. (2018). What are the Technical Means the State Prepare for the Regulation of the Cryptocurrencies? KnE Social Sciences<\/em>, 3(2), 583\u2013592 [in Ukrainian].<\/li>\n
  6. Jacyk, T. (2017). Methodology of financial accounting of cryptocurrency as a special type of electronic money. Molodyj vchenyj<\/em>, 2 (42), 349-354 [in Ukrainian].<\/li>\n
  7. Korjagin, M. V. & Liva, V. R. (2012). Electronic money: features of use and accounting. Visnyk<\/em> Nacional<\/em>‘<\/em>nogo<\/em> lisotehnichnogo<\/em> universytetu<\/em> Ukrai<\/em>‘<\/em>ny<\/em>, 22.5, 241-246 [in Ukrainian].<\/li>\n
  8. Kucevol, M. A. & Shevchenko-Naumova, O.A. (2010). Concept and economic nature of cryptocurrency. Retrieved from http:\/\/ir.kneu.edu.ua:8080\/bitstream\/2010\/16391\/1\/79-85.pdf [in Ukrainian].<\/li>\n
  9. Kyrylieva, L. O. (2018). Methodical approach to accounting for cryptocurrency transactions. Business Inform<\/em>, 3, 304-308 [in Ukrainian].<\/li>\n
  10. Lihachov, M. Modest charm of Bitcoin: Ukrainian realities of using cryptocurrencies (2017). Forbes Ukrai’na<\/em>. Retrieved from http:\/\/forbes.net.ua\/opinions\/1428255-skromnoe-obayanie-bitkoina-ukrainskie-realii-ispolzovaniyakriptovalyut [in Ukrainian].<\/li>\n
  11. Mandryk, V. A. (2019). Current trends and prospects for using cryptocurrencies: Experience for Ukraine. Black Sea Economy Studios<\/em>, 5, 67-72 [in Ukrainian].<\/li>\n
  12. Sodoma, R., Hrytsyna O., Yakubiv,,Pavlikha, N., Shmatkovska, T., Tsymbaliuk, I., Marcus, O. & Brodska, I. (2019). Development of electronic banking: A case study of Ukraine. Entrepreneurship and Sustainability Issues,<\/em> 7, 1, 219-232. Doi: 10.9770\/jesi.2019.7.1(17) [in English].<\/li>\n
  13. Tarasyuk, M. V. (2017). Cryptocurrency as an alternative to modern money. University Economic Bulletin<\/em>, 35(1), 281-285 [in Ukrainian].<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 24 February 2023<\/p>\n

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    Kohut M., Mostovenko N., Sodoma R. (2023). The essence and place of cryptocurrency in the financial system.. Modern Economics, 37(2023), 66-71. DOI: https:\/\/doi.org\/10.31521\/modecon.V37(2023)-09.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
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    [vc_row][vc_column][vc_column_text] JEL Classification: G23, E51, P44 DOI: https:\/\/doi.org\/10.31521\/modecon.V37(2023)-09 [\/vc_column_text][vc_column_text]Maryana Kohut, PhD in Economics, Lviv National University of Nature Management, Ukraine ORCID ID: 0000-0001-8275-134X e-mail: maryana.kohut1990@gmail.com Nataliia Mostovenko, PhD in Economics, Lutsk National Technical University, Ukraine ORCID ID: 0000-0002-2050-1529 e-mail: mostovenko.n@gmail.com Ruslana Sodoma, PhD in Economics, Associate Professor, Lviv State University of Life Safety, Ukraine ORCID
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