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Bitcoin - Nowa Wirtualna Globalna Waluta?

Author

Listed:
  • Chrabonszczewska Elżbieta

    (International Finance Department Warsaw School of Economics)

Abstract

The aim of the paper is to present the phenomenon of the new virtual currency bitcoin, and analyse its economic significance. The paper examines the origin, notion, functions and mechanism of emission of the BTC. The theoretical aspects of creation of the BTC and its advantages and weakness are also explained.The results of the analysis show that bitcoin does not eliminate current problems of traditional currency but also generates new risks for its users. The risks could as well affect the central banks (the legal risk, the risk to payment system stability, and the reputation risk).Three contributions of this paper to the problem of the BTC are worth distinguishing. Firstly, the scientific literature lacks information and data about the BTC - the main source of information is the Internet which reliability cannot be fully guaranteed. Secondly, periodical examination of development of the risk connected with the BTC is necessary. Thirdly, it is a basis to begin discussion on the new virtual currency which bitcoin is.

Suggested Citation

  • Chrabonszczewska Elżbieta, 2013. "Bitcoin - Nowa Wirtualna Globalna Waluta?," International Journal of Management and Economics, Warsaw School of Economics, Collegium of World Economy, vol. 40(1), pages 50-71, December.
    • Handle: RePEc:vrs:ijomae:v:40:y:2014:i:1:p:50-71:n:3
    DOI: 10.2478/ijme-2014-0028
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    More about this item

    Keywords

    Bitcoin; risk; stability; virtual currency; BTC functions; mining;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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