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THE EVOLUTION OF MONETARY SYSTEMS AND THE EMERGENCE OF CRYPTOCURRENCIES: A HISTORICAL PERSPECTIVE

Yıl 2025, Cilt: 6 Sayı: 12, 98 - 113, 26.12.2025

Mustafa Engin Türkarslan

https://doi.org/10.51727/tbj.1734999

Öz

Bu çalışma, erken dönem takas ve emtia temelli değiş tokuşlarla başlayan, merkezi itibari para birimlerinin gelişimiyle devam eden ve dijital çağda kripto para birimlerinin ortaya çıkışıyla sonuçlanan parasal sistemlerin evrimini incelemektedir. Metal para birimlerinden kâğıt paraya geçiş, merkez bankalarının kurulması ve Bretton Woods sisteminin çöküşü gibi önemli dönüm noktalarına odaklanan çalışma, parasal evrimi şekillendiren sosyo-politik ve ekonomik güçleri vurgulamaktadır. Son bölümde, geleneksel para sistemlerinin tarihsel eksikliklerine çağdaş bir yanıt olarak kripto paraların, özellikle de Bitcoin'in yükselişi incelenmekte ve algoritmik ilkelere dayalı ademi merkeziyetçilik, şeffaflık ve güven gibi hususlar vurgulanmaktadır. Bu derleme çalışması, geçmişteki parasal dönüşümleri günümüzdeki dijital finansal yeniliklerle bir araya getiren özlü ve tarihsel temelli bir perspektif sunmakta ve bu yönüyle literatüre katkı sağlamaktadır.

Anahtar Kelimeler

Para Sistemleri Dijital Para Kripto Para Bitcoin

Kaynakça

  • Akdoğan, E. C. (2020). Uluslararası Para Sisteminin Geçmişi, Bugünü ve Geleceği. Çankaya Üniversitesi Hukuk Fakültesi Dergisi, 5(1), 91–120.
  • Ampountolas, A. (2022). Cryptocurrencies Intraday High-Frequency Volatility Spillover Effects Using Univariate and Multivariate GARCH Models. International Journal of Financial Studies, 10(3), 51. https://doi.org/10.3390/ijfs10030051
  • Atılgan Yaşa, A. (2022). Kamu Sektöründe Blok Zincir Teknolojisi Kullanımı: Türkiye’de Mevcut Durum Analizi. Journal of Yaşar University, 17(66), 615–633. https://doi.org/10.19168/jyasar.1065406
  • Bank for International Settlements. (1996). Implications for Central Banks of the Developments of Electronic Money.
  • Bank for International Settlements. (2000). Survey of Electronic Money Developments.
  • Baur, D. G., Lee, A. D., & Hong, K. (2015). Bitcoin: Currency or Investment? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2561183
  • Bayar, İ. (2018). Bir Sömürü Aracı Olarak Dolar ve Türkiye Ekonomisi. In H. M. Paksoy, S. Paksoy, K. Sarıçoban, E. Kaya, & M. Seyhan (Eds.), Dollar as a Mean of Colonialism and the Economy of Turkey (pp. 411–420). 1st International Economics and Business Symposium (ECONBUSS).
  • Begušić, S., Kostanjčar, Z., Eugene Stanley, H., & Podobnik, B. (2018). Scaling properties of extreme price fluctuations in Bitcoin markets. Physica A: Statistical Mechanics and Its Applications, 510, 400–406. https://doi.org/10.1016/j.physa.2018.06.131
  • Binance Academy. (2023). Mining Pools Explained. Binance. https://academy.binance.com/en/articles/mining-pools-explained
  • Bindseil, U. (2020). Tiered CBDC and the Financial System. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3513422
  • Bozkurt Yüksel, A. E. (2015). Elektronik Para, Sanal Para, Bitcoin ve Linden Doları’na Hukuki Bir Bakış. Journal of Istanbul University Law Faculty, 73(2), 173–220.
  • Central Bank of the Republic of Türkiye. (2021). Ödemelerde Kripto Varlıkların Kullanılmamasına Dair Yönetmelik. Resmî Gazete. https://resmigazete.gov.tr/eskiler/2021/04/20210416-4.htm
  • Cheah, E.-T., & Fry, J. (2015). Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin. Economics Letters, 130, 32–36. https://doi.org/10.1016/j.econlet.2015.02.029
  • Chen, L., Xu, L., Shah, N., Gao, Z., Lu, Y., & Shi, W. (2017). On Security Analysis of Proof-of-Elapsed-Time (PoET) (pp. 282–297). https://doi.org/10.1007/978-3-319-69084-1_19
  • Daly, L. (2024). What Is Proof of Work (PoW) in Crypto? The Motley Fool. https://www.fool.com/terms/p/proof-of-work/
  • Doğrudan Satış Derneği. (2019). Eski Düzen Yeni Kılıf: Ponzi Oyunu.
  • Dyhrberg, A. H. (2016). Bitcoin, gold and the dollar – A GARCH volatility analysis. Finance Research Letters, 16, 85–92. https://doi.org/10.1016/j.frl.2015.10.008
  • Dziembowski, S., Faust, S., Kolmogorov, V., & Pietrzak, K. (2015). Proofs of Space (pp. 585–605). https://doi.org/10.1007/978-3-662-48000-7_29
  • Erdoğan, M. (2008). Bankacılık Sektöründe Asimetrik Bilgi: Sorunlar ve Çözüm Önerileri. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 20, 1–20.
  • Erdoğan, N. (1995). Uluslararası İşletmelerde Mali Risk ve Yönetimi & Çağdaş Finansman Teknikleri. Kent Matbaacılık.
  • Feder, A., Gandal, N., Hamrick, J. T., & Moore, T. (2017). The impact of DDoS and other security shocks on Bitcoin currency exchanges: evidence from Mt. Gox. Journal of Cybersecurity, 3(2), 137–144. https://doi.org/10.1093/cybsec/tyx012
  • He, D., Habermeier, K. F., Leckow, R. B., Haksar, V., Almeida, Y., Kashima, M., Kyriakos-Saad, N., Oura, H., Sedik, T. S., Stetsenko, N., & Yepes, C. V. (2016). Virtual Currencies and Beyond: Initial Considerations. International Monetary Fund.
  • Howell, L. D. (2012). International Country Risk Guide Methodology. The PRS Group.
  • Jung, J. W., Islam, Md. M., & In, H. P. (2024). Proof of Work with Random Selection (PoWR): An Energy Saving Consensus Algorithm with Proof of Work and the Random Selection Function. Sustainability, 16(21), 9342. https://doi.org/10.3390/su16219342
  • Kalamak, M. (1980). Para ve Para Sistemleri. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 4(3–4), 71–97.
  • Katsiampa, P. (2017). Volatility estimation for Bitcoin: A comparison of GARCH models. Economics Letters, 158, 3–6. https://doi.org/10.1016/j.econlet.2017.06.023
  • Koday, S. (2013). The Salt Pans of Salt Lake. Marmara Coğrafya Dergisi, 2, 128–149.
  • Kotidis, A., MacDonald, M., & Malliaropulos, D. (2023). Guaranteeing Trade in a Severe Crisis: Cash Collateral over Bank Guarantees. IMF Working Papers, 2023(038), 1. https://doi.org/10.5089/9798400234415.001
  • Lasla, N., Al-Sahan, L., Abdallah, M., & Younis, M. (2022). Green-PoW: An energy-efficient blockchain Proof-of-Work consensus algorithm. Computer Networks, 214, 109118. https://doi.org/10.1016/j.comnet.2022.109118
  • Lau, Y. (2021). Ethereum founder Vitalik Buterin says long-awaited shift to ‘proof-of-stake’ could solve environmental woes. Fortune.
  • Lilly, G. M. (2004). Device for and Method of One-way Cryptographic Hashing (Patent US 6,829,355).
  • Merdim, E. (2022, May 10). El Salvador’da “Bitcoin City” Kurulacak. Arkitera. https://www.arkitera.com/haber/el-salvadorda-bitcoin-city-kurulacak/
  • Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System (pp. 1–9). OECD. (2020). Taxing Virtual Currencies: An Overview of Tax Treatments and Emerging Tax Policy Issues.
  • Özbaş, M. Y. (2019). Elektronik Para ve Sanal Para: Bitcoin Geleceğin Para Birimi Olabilir mi? İşletme Ekonomi ve Yönetim Araştırmaları Dergisi, 2(1), 85–104. https://doi.org/10.33416/baybem.434712
  • Öztürk, N., & Koç, A. (2006). Elektronik Para, Diğer Para Türleriyle Karşılaştırılması ve Olası Etkileri. Sosyal Ekonomik Araştırmalar Dergisi, 6(11), 207–243.
  • Peercoin. (2025). Mining. Peercoin. https://www.peercoin.net/docs/mining
  • Reiff, N. (2024). How Does a Blockchain Prevent Double-Spending of Bitcoins? Investopedia. https://www.investopedia.com/ask/answers/061915/how-does-block-chain-prevent-doublespending-bitcoins.asp
  • The Investopedia Team. (2024). Nonce: What It Means and How It’s Used in Blockchain. Investopedia. https://www.investopedia.com/terms/n/nonce.asp www.blockchain.com. (2025). Total Hash Rate (TH/s). https://www.blockchain.com/explorer/charts/hash-rate
  • Yılmaz, Ö., & Atlı, K. (2025). Türkiye’de Kripto Paraların Yatırım ve Ödeme Aracı Açısından Değerlendirilmesi. Yeni Yüzyıl Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 1(1), 1–29.
  • Zhang, R., & Chan, W. K. (Victor). (2020). Evaluation of Energy Consumption in Block-Chains with Proof of Work and Proof of Stake. Journal of Physics: Conference Series, 1584(1), 012023. https://doi.org/10.1088/1742-6596/1584/1/012023

PARA BİRİMLERİNİN EVRİMİ VE KRİPTO PARALARIN ORTAYA ÇIKIŞI: BİR TARİHSEL PERSPEKTİF

Yıl 2025, Cilt: 6 Sayı: 12, 98 - 113, 26.12.2025

Mustafa Engin Türkarslan

https://doi.org/10.51727/tbj.1734999

Öz

This review examines the evolution of monetary systems, beginning with early barter and commodity-based exchanges, progressing through the development of centralized fiat currencies, and culminating in the emergence of cryptocurrencies in the digital age. Focusing on major turning points such as the transition from metallic currencies to paper money, the establishment of central banks, and the breakdown of the Bretton Woods system, the paper highlights the socio-political and economic forces that have shaped monetary evolution. The final section examines the rise of cryptocurrencies, particularly Bitcoin, as a contemporary response to the historical shortcomings of conventional monetary systems, highlighting aspects such as decentralization, transparency, and trust based on algorithmic principles. This review contributes to the literature by offering a concise, historically grounded narrative that links past monetary transformations to current digital financial innovations.

Anahtar Kelimeler

Monetary Systems Digital Currency Cryptocurrency Bitcoin

Kaynakça

  • Akdoğan, E. C. (2020). Uluslararası Para Sisteminin Geçmişi, Bugünü ve Geleceği. Çankaya Üniversitesi Hukuk Fakültesi Dergisi, 5(1), 91–120.
  • Ampountolas, A. (2022). Cryptocurrencies Intraday High-Frequency Volatility Spillover Effects Using Univariate and Multivariate GARCH Models. International Journal of Financial Studies, 10(3), 51. https://doi.org/10.3390/ijfs10030051
  • Atılgan Yaşa, A. (2022). Kamu Sektöründe Blok Zincir Teknolojisi Kullanımı: Türkiye’de Mevcut Durum Analizi. Journal of Yaşar University, 17(66), 615–633. https://doi.org/10.19168/jyasar.1065406
  • Bank for International Settlements. (1996). Implications for Central Banks of the Developments of Electronic Money.
  • Bank for International Settlements. (2000). Survey of Electronic Money Developments.
  • Baur, D. G., Lee, A. D., & Hong, K. (2015). Bitcoin: Currency or Investment? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2561183
  • Bayar, İ. (2018). Bir Sömürü Aracı Olarak Dolar ve Türkiye Ekonomisi. In H. M. Paksoy, S. Paksoy, K. Sarıçoban, E. Kaya, & M. Seyhan (Eds.), Dollar as a Mean of Colonialism and the Economy of Turkey (pp. 411–420). 1st International Economics and Business Symposium (ECONBUSS).
  • Begušić, S., Kostanjčar, Z., Eugene Stanley, H., & Podobnik, B. (2018). Scaling properties of extreme price fluctuations in Bitcoin markets. Physica A: Statistical Mechanics and Its Applications, 510, 400–406. https://doi.org/10.1016/j.physa.2018.06.131
  • Binance Academy. (2023). Mining Pools Explained. Binance. https://academy.binance.com/en/articles/mining-pools-explained
  • Bindseil, U. (2020). Tiered CBDC and the Financial System. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3513422
  • Bozkurt Yüksel, A. E. (2015). Elektronik Para, Sanal Para, Bitcoin ve Linden Doları’na Hukuki Bir Bakış. Journal of Istanbul University Law Faculty, 73(2), 173–220.
  • Central Bank of the Republic of Türkiye. (2021). Ödemelerde Kripto Varlıkların Kullanılmamasına Dair Yönetmelik. Resmî Gazete. https://resmigazete.gov.tr/eskiler/2021/04/20210416-4.htm
  • Cheah, E.-T., & Fry, J. (2015). Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin. Economics Letters, 130, 32–36. https://doi.org/10.1016/j.econlet.2015.02.029
  • Chen, L., Xu, L., Shah, N., Gao, Z., Lu, Y., & Shi, W. (2017). On Security Analysis of Proof-of-Elapsed-Time (PoET) (pp. 282–297). https://doi.org/10.1007/978-3-319-69084-1_19
  • Daly, L. (2024). What Is Proof of Work (PoW) in Crypto? The Motley Fool. https://www.fool.com/terms/p/proof-of-work/
  • Doğrudan Satış Derneği. (2019). Eski Düzen Yeni Kılıf: Ponzi Oyunu.
  • Dyhrberg, A. H. (2016). Bitcoin, gold and the dollar – A GARCH volatility analysis. Finance Research Letters, 16, 85–92. https://doi.org/10.1016/j.frl.2015.10.008
  • Dziembowski, S., Faust, S., Kolmogorov, V., & Pietrzak, K. (2015). Proofs of Space (pp. 585–605). https://doi.org/10.1007/978-3-662-48000-7_29
  • Erdoğan, M. (2008). Bankacılık Sektöründe Asimetrik Bilgi: Sorunlar ve Çözüm Önerileri. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 20, 1–20.
  • Erdoğan, N. (1995). Uluslararası İşletmelerde Mali Risk ve Yönetimi & Çağdaş Finansman Teknikleri. Kent Matbaacılık.
  • Feder, A., Gandal, N., Hamrick, J. T., & Moore, T. (2017). The impact of DDoS and other security shocks on Bitcoin currency exchanges: evidence from Mt. Gox. Journal of Cybersecurity, 3(2), 137–144. https://doi.org/10.1093/cybsec/tyx012
  • He, D., Habermeier, K. F., Leckow, R. B., Haksar, V., Almeida, Y., Kashima, M., Kyriakos-Saad, N., Oura, H., Sedik, T. S., Stetsenko, N., & Yepes, C. V. (2016). Virtual Currencies and Beyond: Initial Considerations. International Monetary Fund.
  • Howell, L. D. (2012). International Country Risk Guide Methodology. The PRS Group.
  • Jung, J. W., Islam, Md. M., & In, H. P. (2024). Proof of Work with Random Selection (PoWR): An Energy Saving Consensus Algorithm with Proof of Work and the Random Selection Function. Sustainability, 16(21), 9342. https://doi.org/10.3390/su16219342
  • Kalamak, M. (1980). Para ve Para Sistemleri. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 4(3–4), 71–97.
  • Katsiampa, P. (2017). Volatility estimation for Bitcoin: A comparison of GARCH models. Economics Letters, 158, 3–6. https://doi.org/10.1016/j.econlet.2017.06.023
  • Koday, S. (2013). The Salt Pans of Salt Lake. Marmara Coğrafya Dergisi, 2, 128–149.
  • Kotidis, A., MacDonald, M., & Malliaropulos, D. (2023). Guaranteeing Trade in a Severe Crisis: Cash Collateral over Bank Guarantees. IMF Working Papers, 2023(038), 1. https://doi.org/10.5089/9798400234415.001
  • Lasla, N., Al-Sahan, L., Abdallah, M., & Younis, M. (2022). Green-PoW: An energy-efficient blockchain Proof-of-Work consensus algorithm. Computer Networks, 214, 109118. https://doi.org/10.1016/j.comnet.2022.109118
  • Lau, Y. (2021). Ethereum founder Vitalik Buterin says long-awaited shift to ‘proof-of-stake’ could solve environmental woes. Fortune.
  • Lilly, G. M. (2004). Device for and Method of One-way Cryptographic Hashing (Patent US 6,829,355).
  • Merdim, E. (2022, May 10). El Salvador’da “Bitcoin City” Kurulacak. Arkitera. https://www.arkitera.com/haber/el-salvadorda-bitcoin-city-kurulacak/
  • Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System (pp. 1–9). OECD. (2020). Taxing Virtual Currencies: An Overview of Tax Treatments and Emerging Tax Policy Issues.
  • Özbaş, M. Y. (2019). Elektronik Para ve Sanal Para: Bitcoin Geleceğin Para Birimi Olabilir mi? İşletme Ekonomi ve Yönetim Araştırmaları Dergisi, 2(1), 85–104. https://doi.org/10.33416/baybem.434712
  • Öztürk, N., & Koç, A. (2006). Elektronik Para, Diğer Para Türleriyle Karşılaştırılması ve Olası Etkileri. Sosyal Ekonomik Araştırmalar Dergisi, 6(11), 207–243.
  • Peercoin. (2025). Mining. Peercoin. https://www.peercoin.net/docs/mining
  • Reiff, N. (2024). How Does a Blockchain Prevent Double-Spending of Bitcoins? Investopedia. https://www.investopedia.com/ask/answers/061915/how-does-block-chain-prevent-doublespending-bitcoins.asp
  • The Investopedia Team. (2024). Nonce: What It Means and How It’s Used in Blockchain. Investopedia. https://www.investopedia.com/terms/n/nonce.asp www.blockchain.com. (2025). Total Hash Rate (TH/s). https://www.blockchain.com/explorer/charts/hash-rate
  • Yılmaz, Ö., & Atlı, K. (2025). Türkiye’de Kripto Paraların Yatırım ve Ödeme Aracı Açısından Değerlendirilmesi. Yeni Yüzyıl Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 1(1), 1–29.
  • Zhang, R., & Chan, W. K. (Victor). (2020). Evaluation of Energy Consumption in Block-Chains with Proof of Work and Proof of Stake. Journal of Physics: Conference Series, 1584(1), 012023. https://doi.org/10.1088/1742-6596/1584/1/012023
Toplam 40 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans
Bölüm Araştırma Makalesi
Yazarlar

Mustafa Engin Türkarslan 0000-0002-7614-3310

Gönderilme Tarihi 5 Temmuz 2025
Kabul Tarihi 24 Aralık 2025
Yayımlanma Tarihi 26 Aralık 2025
Yayımlandığı Sayı Yıl 2025 Cilt: 6 Sayı: 12

Kaynak Göster

APA Türkarslan, M. E. (2025). PARA BİRİMLERİNİN EVRİMİ VE KRİPTO PARALARIN ORTAYA ÇIKIŞI: BİR TARİHSEL PERSPEKTİF. Turkish Business Journal, 6(12), 98-113. https://doi.org/10.51727/tbj.1734999

               

                  TBJ
Turkish Business Journal

       ISSN: 2717-848X