CRYPTOCURRENCY AND THE FUNCTIONS OF MONEY

Year 2022, , 41 - 54, 31.12.2022

Arzu Neşe Bakkaloğlu , Selman Yılmaz

https://doi.org/10.46849/guiibd.1133475

Cited By: 1

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

Crypto coins, functions of money, digital money

KRiPTO PARA VE PARANIN FONKSİYONLARI

Abstract

Kripto paralar 2009 yılında hayatımıza giren elektronik paranın teknolojik olarak gelişmiş bir türü durumundadırlar. Özellikle son yirmi yıllık süreç dikkate alındığında kripto paraların bilinirliği artarken para piyasaları içindeki yeri de değerlendirmelere konu olmaktadır. Bu noktada sorgulanan temel noktalardan biri kripto paraların, paranın fonksiyonlarını ne ölçüde karşıladığıdır.
Bu çalışmanın amacı kripto para türlerinin paranın fonksiyonlarını yerine getirme durumunu analiz etmek ve kripto paralarda paranın fonksiyonlarının işlerliliğini çok yönlü bir değerlendirme ile ele almaktır. Söz konusu yaklaşım ile net bir şekilde özetlenen kripto para ve blokzincir teknolojisi günümüzdeki kullanım alanları kapsamında değerlendirilmektedir. Kripto para ve blokzincir teknolojisinin sunduğu avantajlara da yer verilen çalışmada kripto paraların izleyen dönem muhtemel kullanım alanları ile olası gelişmelere de dikkat çekilirken, bunların paranın fonksiyonları ile olan ilişkisi kurulmaktadır.

Keywords

Kripto para, paranın fonksiyonları, dijital para

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.
• European Banking Authority (2019), “Opinion on Virtual Currencies, European Central Bank, Crypto-Assets: Implications for Financial Stability, Monetary Policy and Payments and Market Infrastructures”, Occasional Paper series, May/2019.
• Evlimoğlu, U. & Gümüş, U. T (2018), “İtibari Paranın Kullanımdan Kaldırılmasına Yönelik Teorik Bir Değerlendirme”, LAU Sosyal Bilimler Dergisi (IX-II), 167-183.
• Farrington, R., What Are The Risks Of Cryptosaving Accounts?, Forbes, (2021) https://www.forbes.com/sites/robertfarrington/2021/05/17/what-are-the-risks-of-crypto-savings-accounts/?sh=14015f81417d (Access 08.07.2021).
• Financial Stability Board (2021), Crypto-assets and Global Stablecoin https://www.fsb.org/work-of-the-fsb/financial-innovation-and-structural-change/crypto-assets-and-global-stablecoins/ (Access 01.06.2021).
• Halunen, K., Vallivaara, V. & Karinsalo, A. (2018), On the Similarities Between Blockchain and Merkle-Damgard Hash Functions, International Conference on Sofware Quality, Conference Paper, https://www.researchgate.net/publication/327000228_On_the_Similarities_between_Blockchains_and_MerkleDamgard_Hash_Functions (Access 01.06.2021).
• İçellioğlu Ş. C. & Öztürk, M. B. (2018), “Bitcoin ile Seçili Döviz Kurları Arasındaki İlişkinin Araştırılması: 2013-2017 Dönemi için Johansen Testi ve Granger Nedensellik Testi”, Maliye ve Finans Yazıları, 1 (109), 51-70.
• Karaman, A. (2021), Stablecoin nedir?, https://tr.cointelegraph.com/news/what-are-stablecoins (Access 04.07.2021).
• Kesebir, M. & Günceler, B. (2019), “Kripto Para Birimlerinin Parlak Geleceği”. Iğdır University Journal of Social Sciences, 17, 605-625.
• Kolodziejczyk, H. & Kaludia, J. (2020), “Stablecoin - The Stable Cryptocurrency, Studia Bas”, 3 (63), 155-170. Kuzuloğlu, S., Blok Zinciri Nedir?, BKM. https://bkm.com.tr/blok-zinciri-blockchain-nedir/ (Access: 29.06.2021).
• Miskin, F., S. (2001), The Economics of Money, Banking & Financial Markets, (Ed.) Gary Bennett, Sixth Edition, Toronto.
• Özkul, F. U. & Baş, E. (2020), “Dijital Çağın Teknolojisi Blokzincir ve Kripto Paralar: Ulusal Mevzuat ve Uluslararası Standartlar Çerçevesinde Mali Yönden Değerlendirme”, Muhasebe ve Denetime Bakış, Sayı: 60, 57-74.
• Parasız, İ. (1999), Para Ekonomisi, 2nd Edition, Ezgi Bookstore, Bursa.
• Partz, H. (2021), Visa Reports Over Dolar 1 Billion in Crypto Spending H1 2021, https://cointelegraph.com/news/visa-reports-over-1-billion-in-crypto-spending-in-h1-2021?_ga=2.248170510.84499937.1626237132-17447723.1626237132 (Access: 14.07.2021).
• Perkins, D., W. (2020), “Cryptocurrency: The Economics of Money and Selected Policy Issues”, Congressional Research Service, R45427.
• Rodeck, D. & Schmidt, J. (2021), Cryptocurrency Taxes in 2020: What You Need To Know https://www.forbes.com/advisor/investing/cryptocurrency-taxes/ (Access: 15.07.2021).
• Sams, R. (2014), A Note on Cryptocurrency Stabilization: Seigniorage Shares, https://github.com/rmsams/ stablecoins/blob/master/paper.pdf (Access 06.07.2021).
• Sekmen, F. (2017), Para Teorisi, 2. Baskı, Ankara: Seçkin Yayınevi.
• Suberg, W. (2019), Stablecoin Adoption Can Impact Economy, Warn Senior US Regulators, Coin Telegraphe, https://cointelegraph.com/news/stablecoin-adoption-can-impact-economy-warn-senior-us-regulators?_ga=2.160247805.1186203275.1625805114-727105532.1622559267 (Access: 09.07.2021).
• Terenzi, C. (2019), New Zealand Allows Workers To Receive Their Salary In Stablecoins, https://usethebitcoin.com/new-zealand-allows-workers-to-receive-salaries-in-stablecoins/(Access 04.07.2021).
• Ünal, G. & Uluyol, Ç. (2020), “Blok Zinciri Teknolojisi”, Journal of Information Technologies, 13(2), 167-179.
• Ünsal, E. (2017), Makro İktisat, 11.Baskı, Ankara: Murat Yayınları.
• World Bank Group (2018), “Cryptocurrencies and Blockchain”, Europe and Central Asia Economic Update, May/2018.
• Yermach, D. (2013), “Is Bitcoin a Real Currency?”, An Economic Appraisal, National Bureau of Economic Research, Working Paper:19747.