Development of virtual money as a response to the imperfections of the modern financial system

Abstract

Type: Review DOI: 10.15580/IMJGJ.2018.1.092918156 This article attempts to answer the question what factors led to the establishment of bitcoin the first digital money which is completely private and independent of central banks or any other supervisory authority. In the article enumerated many factors, but indicated the most important which was the global financial crisis in 2008. Additionally, the article presents the genesis of bitcoin, the comparison to classic money and its unique features which are also the reasons for its unprecedented popularity. Submitted: 29/09/2018 Accepted: 25/10/2018 Published: 07/11/2018