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VIRTUAL CURRENCIES – NEW PHENOMENON OF FINANCIAL MARKET
Abstract
The concept of virtual currency started to be used mainly in 2008 when Bitcoin was introduced and has since gained traction with merchants around the world. This sort of currency has no central issuing authority, and uses a public ledger to verify transactions while preserving users' anonymity. This paper analyzes its positive and negative effects and focuses on development of selected virtual currencies like Bitcoin and Litecoin. It also tries to predict the future development of Bitcoin and compare it to other currencies. The rules for digital currencies are still shaping, which may result in significant fluctuations and significant losses of investors. Regulation of this market, however, will not be as easy as in the case of real currency. Yet even the virtual currency can significantly affect events on financial markets.
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