FUTURE OF CRYPTOCURRENCIES AND BLOCKCHAIN TECHNOLOGY IN FINANCIAL MARKETS

Abstract

In this paper we are presenting scopeand restrictions on the use of cryptocurrencies in internationalbusiness, banking and in financial marketsThe subject of this research is to analyzeutilization of cryptocurrencies in the internationalbusiness. The goals of the research are to provide tothe researchers and to practitioners and to the scientificand professional public, an overview of currentresearch on blockchain technology in the economyand to determine the impact of the wider use of cryptocurrenciesin international business and their impacton the future of financial markets..The researchwas realized by the method description, literatureanalysis and conducted research. The selected examplesare presenting the possibility of earning, buyingand storing cryptocurrencies, paying with cryptomoneyand invest in them. In the paper we aresearching for an answer to the question “What arethe advantages and disadvantages of using cryptocurrenciesin international payment and what is the securityof using cryptocurrencies in the future?” In theanswer, this paper will present in what direction theuse of crypts will develop in the future. Results arepresenting the blockchain technology, though backgroundtechnology, which would not be known thatcryptocurrencies did not gain popularity, has a brightperspective. Conclusion presents that as long as thetransaction costs are lower than the cost of paymenttransactions, the rational behavior of legal and naturalpersons requires that they should encourage the useof cryptocurrencies among themselves in order to reducethe costs of the transactions when paying and toovercome the existence of an intermediary.