CRYPTOCURRENCY AND THE FUNCTIONS OF MONEY
Abstract
It goes without saying that cryptocurrency is a technologically advanced type of electronic currency that came into our lives in 2009, but still not up to scratch. When you take into account particularly the last two decades of the course, its place in money markets is subject to critical evaluations, while the awareness of cryptocurrency becomes ubiquitous. One of the main intriguing points to be dug out at this point is the extent to which cryptocurrency meet the functions of money.
In the study, how extent the cryptocurrency types meet the functions of money is sought to dig out. Besides, the operability of the functions of money in the cryptocurrency is pinpointed with a multifaceted evaluation. Cryptocurrency and blockchain technology, which are clearly summarized with the aforementioned approach, are considered within the scope of today's usage areas. Within the scope of study, which also includes the advantages of cryptocurrency and blockchain technology, the possible usage areas and possible developments of cryptocurrencies in the following period are also highlighted, and their relationship with the functions of money is established.
Keywords
References
- Adrian, T., & Mancini-Griffoli, T. (2019), “The rise of digital money”, IMF Fintech Notes. Note 19/01.
- Alpago, H. (2018), “Bitcoin’den Selfcoin’e kripto para”, Uluslararası Bilimsel Araştırmalar Dergisi (IBAD), 3(2), 411-428.
- Ammous, S. (2016), “Can Cryptocurrencies Fullfil the Functions of Money?”, Columbia University, Center on Capitalism and Society, Working Paper No:92.
- Ammous, S. (2018), “Can Cryptocurrencies Fullfil The Functions Of Money?”, The Quarterly Review of Economics and Finance, 70, 38-51.
- Bambysheva, N. (2021), Visa Will Start Settling Transactions with Crypto Parners In USDC On Ethereum, Ferbes https://www.forbes.com/sites/ninabambysheva /2021/03/29/visa-to-start-settling-transactions-with-bitcoin-partners-in-usdc/?sh=333520ab5228 (Access 04.07.2021).
- Bilgi Teknolojileri İletişim Kurumu (2020), Kripto Para Araştırma Raporu, Ankara.
- Buchholz, K. (2021), These Are The Countries Where Cryptocurrency Use is Most Common, World Economic Forum What countries use cryptocurrency the most? | World Economic Forum (weforum.org) (Access 04.07.2021).
- Congressional Research Service (2020), “Cryptocurrency: The Economics of Money and Selected Policy”, Issue. Curtis, D., Douglas C. & Irvine, I. (2017), “Principles of Macroeconomics”, Revision-B, Lyryx Learning.
- Dell'erba, M. (2019), Stablecoins in Cryptoeconomics From Initial Coin Offerings to Central Bank Digital Currencies, New York University Journal of Legislation and Public Policy Forthcoming, https://papers.ssrn.com/sol3/papers.cfm?abstract _id=3385840#references-widget(Access 02.06.2021).
- Doğan, Ş. (2020), “Dijital Çağda Paranın Dönüşümü: Kripto Para Birimleri ve Blokzinciri Teknolojisi: Üniversite Öğrencilerine Yönelik bir Araştırma”, Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 8(3), 859-870.