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Future Of Virtual Currency

Author

Listed:
  • DOBRESCU, Edith Mihaela

    (Institute for World Economy, Romanian Academy, Bucharest, Romania)

  • DOBRESCU, Emilian M.

    (Institute for National Economy, Romanian Academy, Bucharest, Romania)

Abstract

Virtual coins are deployments of the "crypto-coin" concept and operate by virtue of a distributed database, each transaction being validated via nodes connected without the need for a supervisor such as a central bank. Each participant has the opportunity to create new Bitcoin coins for the personal use of these coins, thus being rewarded for participating in the validation of other transactions in that virtual currency. Bitcoin coins are not real money. It's like an online token that can be exchanged for goods and services in the places that accept it, just as someone gives someone a dollar because they bought something worth one dollar. But, unlike the dollar, which has series and number, Bitcoin - is an electronic record without registration number or other kind of mechanism that could be used to trace buyers or sellers.

Suggested Citation

  • DOBRESCU, Edith Mihaela & DOBRESCU, Emilian M., 2017. "Future Of Virtual Currency," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 4(1), pages 118-124.
    • Handle: RePEc:vls:rojfme:v:4:y:2017:i:1:p:118-124
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    File URL: http://www.icfm.ro/RePEc/vls/vls_pdf_jfme/vol4i1p118-124.pdf
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    Citations

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    Cited by:

    1. Catalin DRAGOI, 2019. "Virtual Currencies, A New Business Development Model," Contemporary Economy Journal, Constantin Brancoveanu University, vol. 4(2), pages 129-134.

    More about this item

    Keywords

    bitcoin; coin base; virtual currencies; XBT;
    All these keywords.

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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