Сryptocurrency as a Product of Development of the Modern Information and Economic Environment

Abstract

It is necessary to systematize and classify cryptocurrency as a product of modern information and financial technologies and to analyze its genetic relations with other modern financial assets that traded on the currency markets. It is important to clear up to what extent the cryptocurrency is related to commodity or fiat money. The research was based on the methods of statistical and comparative analysis, graphic, dialectical, historical and logical methods. Cryptocurrency is neither full option money – not fulfilling all the monetary functions, nor a financial instrument – not creating requirements and obligations. Cryptocurrency cannot be considered as a fiat money, because the state is not to ensure its issue. The essential difference between cryptocurrency and private money lies in the fact that a private person stands behind the latter. It is possible to classify cryptocurrency as fiduciary money, the existence and functioning of which is provided by public trust. The research results allow much more deeply and comprehensively understanding of the nature of cryptocurrency. It gives a possibility to form an effective anti-crisis financial policy. Cryptocurrency is the second derivative of classical financial assets. It is a tool for redistributing social wealth from its customers, secondary owners, and unsuccessful participants of this pyramid in favor of creators, primary owners of cryptocurrency, and successful participants of the crypto-pyramid. Cryptocurrency is a tool of primitive accumulation. By using dialectical logic by analogy to economic history it is possible to conclude that in the world of cryptocurrency, the period of competitive ‘wild capitalism’ was ended and the period of ‘monopoly capitalism’ has begun.Article received 24.04.2019