CONCEPT, TYPES, AND PROSPECTS OF USING CRYPTOCURRENCY IN UKRAINE
DOI:
https://doi.org/10.31891/mdes/2024-11-11Keywords:
cryptocurrency, types of cryptocurrencies, characteristics, cryptocurrency market, blockchain, threatsAbstract
In this article, cryptocurrencies are portrayed as a novel phenomenon within the contemporary stage of socio-economic development. It delves into the concept of "cryptocurrency" and elucidates the distinctions between cryptocurrency and traditional currency. Furthermore, it meticulously analyzes the distinctive features of cryptocurrency usage and explores its innovative potentials. The article also provides a detailed examination of cryptocurrency functions and illustrates their impact on investment markets.
The emergence of numerous cryptocurrencies, employing diverse hashing methods and data protection algorithms, is discussed, along with variations in block generation time, maximum emission amounts, and other parameters. It elaborates on the concept of blockchain technology and elucidates differences between various cryptocurrencies. Additionally, examples are provided to distinguish cryptocurrencies developed as auxiliary currencies in decentralized crypto-platforms from those exclusively designed for payment purposes.
The article offers insights into the global emergence and adoption of cryptocurrency, including its proliferation in different countries worldwide and specifically in Ukraine. It evaluates both the positive and negative consequences of cryptocurrency usage, along with potential future prospects. Moreover, it categorizes the main types of cryptocurrencies, such as Bitcoin, stablecoins, and altcoins, and highlights the most popular ones. Furthermore, it discusses Ukraine's interest in digital currencies and identifies key threats associated with their widespread use in the country.
Detailed descriptions of these threats encompass cyber threats targeting intermediaries, inadequate regulatory frameworks, high volatility, fraud risks, and the potential for exploitation in illegal activities or terrorism financing. Conversely, the article also examines the positive ramifications of cryptocurrency adoption in Ukraine.
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