The history of the creation of cryptocurrency Bitcoin is considered, the main features of the cryptocurrency and the cryptocurrency market are determined. Based on the identified features of blockchain technology, the possibilities of making settlements outside the traditional financial system are determined. Special attention is paid to the legal regulation of cryptocurrencies in various countries.
Based on the results of a study of current trends in the cryptocurrency market, in 2018, the market value of bitcoin as a flagship of the cryptocurrency market has significantly reduced its development prospects.
The problems of legality and security in the cryptocurrency market were discussed during the round table “Cryptocurrency – true or false? It’s all about bitcoin and blockchain – is it worth making money on the Internet. ”
The event was held at the site of the Vladivostok State University of Economics and Service. – Cryptocurrency is only one of the manifestations of digital technology, and not the most extensive (see article here). In a broad sense, a blockchain is a chain of information blocks built on its own special rules stored on computers around the world. It cannot be falsified.
Because the System remembers all the steps and updates made in it, it has the protection of this data. Blockchain can store any related information, and not only about currency transactions. Bitcoin has done its great job and proved its performance.
Although it also contains risks. If 51 percent (more than half) of the system’s power, for example, the same bitcoin, suddenly falls into the hands of one “satrap” (corporation, state or person), the “satrap” will be able to control the functions of this digital currency and set the tone for all technological and related social risks.
This is a real danger that can “put an end to” the very idea of digital currency – independence from government agencies and traditional banking systems. In addition, for the classical financial industry (insurance, banking, investment), the introduction of distributed ledger networks will force a fundamental change in the professional composition of industry experts.