Bitcoin as an Efficient Method for the International Contract Settlement

Abstract

The article is aimed to study the functioning of Bitcoin in today’s world. The issue of the nature of Bitcoin and tendencies in its development have been considered. Given the growing spread of Bitcoin, the number of transactions and the size of the blocks in the system will but increase. In order to maintain correct work, according to progressive growth, consideration is given to the dynamics of the increasing role of the virtual currency, the payment channels through digital coins, and the importance of assimilating such platforms. An analysis of the methods for international contract settlements was carried out. The relevance of implementation of cryptocurrency has been substantiated. The features of functioning of Bitcoin compared to the world currencies were considered. The economic properties of the block chain were studied. In turn, cryptocurrency suggests that the true value of technology lies in its growing potential. In order to develop a complete picture of the effect and scope of Bitcoin, stages of its development and the current status both in Ukraine and the world as a whole were examined. Accordingly, recommendations have been made to improve the status of Bitcoin in Ukraine

Keywords

• Bitcoin
• international contract
• settlements
• financial system
• legislation
• value
• money array
• cryptocurrency