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CRYPTO-CURRENCY AS A NEW SOCIAL REALITY

Nikolay I. Didenko, S. V. Kulik, D. F. Skripnuk

First published: 2018https://doi.org/10.5593/sgemsocial2018H/11/S03.056View metrics

Abstract

The paper dwells upon the problems of formation and modeling of the bitcoin crypto-currency market. The huge interest of both the scientific community and the citizens of the world dictates the need to analyze the prospects for the development of the bitcoin and other crypto-currencies market. The article outlines the construction of a model covering the bitcoin market and the factors affecting it. As an endogenous variable "Bitcoin market capitalization" is introduced that estimates the aggregate demand for bitcoins. Exogenous variables are the volume of daily trades; the number of created blockchain wallets; interest in the internet for bitcoins; the aggregate number of transactions in twenty-four hours; the number of coins remaining to be mined. The hypothesis of the dependence of bitcoin market capitalization on factors is formulated. In accordance with the formulated hypothesis, the mathematical toolkit of modeling the bitcoin crypto-currency market is chosen, which is an autoregressive distributed lags model with the current values of the series depending both on the past values of this series, as well as on the current and past values of previous time series. The primary statistical data of the bitcoin crypto-currency market are collected, the coefficients of the autoregressive distributed lags model were found, and the predicted values of the variables for the years of 2018 and 2019 are computed

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Publication details

Title
CRYPTO-CURRENCY AS A NEW SOCIAL REALITY
Authors
Nikolay I. Didenko, S. V. Kulik, D. F. Skripnuk
Proceedings
5th International Multidisciplinary Scientific Conference on Social Sciences and Arts SGEM 2018
Publisher
STEF92 Technology
Year
2018
Pages
437-444
SWS Citekey
Didenko20183437444
ISSN
2367-5659
ISBN
978-619-7408-30-0
Language
en
Publication type
Proceedings Paper
Keywords
blockchaincrypto-currency marketbitcoinbitcoin ratebitcoin rate.
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