Cryptocurrencies as a New Type of Money

Abstract

Revolutionary development of digital technologies, including in monetary circulation, allows to build and structure differently payment and settlement operations, but also puts absolutely other philosophy in economic development. Fundamental difference of digital money from now in use is not their paperless (electronic) form, and absence of banks as their issuers. Their address is provided not with banks, but computer network (now, as a rule, the Internet) by means of repeated fixing of all operations in the distributed register (blockchain). The new technology seizing minds and administrative structures around the world allows to avoid excessive costs in monetary conductings, to make public administration transparent and responsible.

Keywords

• blockchain
• digital technologies
• cryptocurrencies
• monetary circulation
• fiatny money
• payment and settlement operations