Using of cryptocurrency in the modern economic systems of Ukraine: prospects and risks


  • S.V. Vasylchak
  • M.V. Kunytska-Ilyash
  • M.P. Dubyna
Keywords: cryptocurrency, volatility, bitcoin, blockchain, currencies, electronic wallets, electronic payments, electronic money, institutionalization, capitalization, mining, digital (virtual) currency trader

Abstract

This article explores the development and use of innovative technologies in Ukraine calculations, namely cryptocurrency. It was considered peculiarities of cryptocurrency in global payment systems. Cryptocurrency is a completely innovative payment tool in the development of modern computer technology, greatly integrated into everyday life, as well as the development and use of the payment instrument in Ukraine is particularly important. This occurs against the backdrop of the crisis the domestic banking system, currency instability, volatile exchange rates and other difficulties faced by business entities. However, along with the benefits cryptocurrency also has some drawbacks that hinder their development and use in Ukraine. Disadvantages mentioned in this article. This occurs against the backdrop of the crisis the domestic banking system, currency instability, volatile exchange rates and other difficulties faced by business entities. However, along with the benefits cryptocurrency also has some drawbacks that hinder their development and use in Ukraine. Disadvantages and advantages is mentioned in this article. The main object of study in this article is bitcoin. Bitcoin successfully performs the function of money in the relations arising in the process of social production between people worldwide. Bitcoin transfer is done directly between the payer and the payee through IT (equal P2P) network. In transfer of bitcoin agents are not usually set their own rules, are able to restrict the operation. Today Bitcoin - a modern digital currency, which is perfect for payments on the Internet. The question of investment in the real economy via cryptocurrency use of the economy and their regulation. Today there are about 1.6 thousand of virtual currencies. More than 600 of them are active, market value 30 currencies than one billion USA. Bitcoin remains the most common and the most expensive, they are not issued by central banks and are independent of monetary policy. Their amount is limited, so inflation does not threat them. The article aims is to study the dynamics of today's economy cryptocurrency in Ukraine. Today using the cryptocurrency in the world as a completely new, innovative payment instrument of XXI century is becoming very popular, that’s why the development and use of this means of payment needs further research in Ukraine.

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Published
2017-03-04
How to Cite
Vasylchak, S., Kunytska-Ilyash, M., & Dubyna, M. (2017). Using of cryptocurrency in the modern economic systems of Ukraine: prospects and risks. Scientific Messenger of LNU of Veterinary Medicine and Biotechnologies. Series "Economical Sciences", 19(76), 19-25. https://doi.org/10.15421/nvlvet7604
Section
Economic efficiency of production and agricultural products alteration