Problemi Ekonomiki (Aug 2016)
Using Cryptocurrency in the Activities of Ukrainian Small and Medium Enterprises in order to Improve their Investment Attractiveness
Abstract
The aim of the article is to analyze the main features of cryptocurrency with respect to the identification of main advantages and disadvantages of using cryptocurrency as a method of effecting cashless payments by small and medium enterprises in order to increase the level of their investment attractiveness. The article describes the basic characteristics of cryptocurrencies and Bitcon as the most common among them. The Bitcoin emission mechanism has been built and the dynamics of changes in the value, difficulty of its «extracting» or «mining», the market capitalization for 2009–2016 have been analyzed. In this connection the identified main trends and the relationship between the analyzed indicators are highlighted. The attitude of the authorities of different countries to «mining» and using cryptocurrency in calculations is shown, the monitoring of leading international financial institutions in terms of the use of Bitcoinis is carried out. In addition, the leaders among the existing cryptocurrency exchanges are determined, and the level of their market capitalization is shown, a comparative analysis of the traditional currency and cryptocurrency is conducted, an assessment of financial institutions that work with Bitcoin in Ukraine is performed, the attention being focused on the main advantages and disadvantages of using cryptocurrency in small and medium business. Taking into account all the positive aspects there justified the prospects of using the presented in the article finance cryptoinstruments, in particular Bitcoin, in order to improve the investment attractiveness.
