FUTURE OF VIRTUAL CURRENCY

Edith Mihaela Dobrescu and Emilian Dobrescu ()
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Edith Mihaela Dobrescu: Institute for World Economy, Romanian Academy, Bucharest, Romania

Journal of Financial and Monetary Economics, 2017, vol. 4, issue 1, 118-124

Abstract: Virtual coins are deployments of the "crypto-coin" concept and operate by virtue of a distributed database, each transaction being validated via nodes connected without the need for a supervisor such as a central bank. Each participant has the opportunity to create new Bitcoin coins for the personal use of these coins, thus being rewarded for participating in the validation of other transactions in that virtual currency. Bitcoin coins are not real money. It's like an online token that can be exchanged for goods and services in the places that accept it, just as someone gives someone a dollar because they bought something worth one dollar. But, unlike the dollar, which has series and number, Bitcoin - is an electronic record without registration number or other kind of mechanism that could be used to trace buyers or sellers.

Keywords: bitcoin; coin base; virtual currencies; XBT (search for similar items in EconPapers)
JEL-codes: E4 E44 E52 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (1)

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