Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/219784 
Year of Publication: 
2016
Series/Report no.: 
Institute of Economic Research Working Papers No. 1/2016
Publisher: 
Institute of Economic Research (IER), Toruń
Abstract: 
Virtual currencies have recently become one of the most popular topics in the media. This paper focuses on economic aspects of Bitcoin, being an attempt to answer the question if Bitcoin can be considered money in the light of economic theories of money. On the basis of the reports published by the European Central Bank and the Financial Action Task Force, as well as the available Internet and primary sources, there have been presented the types, history and functioning of virtual currencies. The knowledge of virtual currencies makes it possible to foresee the problems arising from their existence, such as possible threats to international security, difficulties with taxation etc. The growing popularity of virtual currencies and cryptocurrencies is linked with the increase of importance of non-cash payments on global scale. Thus, Bitcoin may be considered next step in the evolution of digital money.
Subjects: 
bitcoin
virtual currencies
cryptocurrencies
legal status of virtual currencies
JEL: 
E40
G29
G28
K34
Creative Commons License: 
cc-by Logo
Document Type: 
Working Paper

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