Abstract
The cryptocurrency is a phenomenon of a modern payment system, however it is still unclear whether it is a new kind of currency at all. Most often, there are claims that this is just a financial pyramid. However, such statements do not explain the nature of cryptocurrency. In fact, from technical point of view, the cryptocurrency is simply a data chain, in which the first link contains information about its origin («mining»), and all subsequent ones - on the transition from one owner to another. This means that in the economic sense the cryptocurrency is the «bill of exchange», which is accompanied by a number of «transfer inscriptions» - «endorsements.» Nevertheless, banknotes are simple banker’s bills of exchange too. Therefore, cryptocurrency could become a new global currency if several specific requirements were fulfilled.
Highlights
Several years ago, a new technology has provided the world with a new product, which was paid little attention – the cryptocurrency
It is worth mentioning that at first the emergence of cryptocurrency garnered little attention from the economists, but interested U.S special services, because the Obama administration was concerned that the unknown creator of bitcoin might be an agent of Russia or China and that Bitcoin might be weaponized against the U.S in the future (Muse, August 26, 2017)
The cryptocurrency represents a new kind of money – «smart money»: generated by the market as an alternative to fiat money
Summary
A new technology has provided the world with a new product, which was paid little attention – the cryptocurrency. It is a type of digital asset (intellectual product) and it was proposed to be used as a medium of exchange. Due to this authors have mostly paid attention to investment prospects of bitcoin and other cryptocurrencies as new financial instruments with decentralized control, as opposed to the centralized electronic money and central banking systems. Central banks (Virtual currency schemes, October 2012, 53 p.) and their associations (Digital currencies, November, 2015, 21 p.) usually disclose more wide-scale analyses (Lagarde, September 29, 2017, electronic resource), which focus on market price dynamics, and on the legal status of cryptocurrency. Many questions regarding the real nature of cryptocurrency and its place in the monetary system still exist
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