Domains and limitations of the utilization of cryptocurrencies and blockchain technology in international business and financial markets
DOI:
https://doi.org/10.7251/ACE1829079RKeywords:
blockchain, financial markets, cryptocurrencies, digital currenciesAbstract
The subject of this paper is to analyse utilization of cryptocurrencies in international business. The objectives of the research are to provide the scientific and professional public, researchers and practitioners with an overview of current research on blockchain technology in the economy and to determine the impact of the wider use of cryptocurrencies in international business and their impact on the future of financial markets. The research was carried out by using the method of description, literature analysis and research conducted. The selected examples present the possibility for earning, buying and storing cryptocurrencies, paying with crypto-money and investing in them. The research will offer an answer to the research question “What are the advantages and disadvantages of using cryptocurrencies in international payments and what are the security measures of using cryptocurrencies in the future?” In the answer, this paper will present the direction in which the use of crypts will develop in the future. The contribution of the paper is reflected in the presentation of the scope and restrictions on the use of cryptocurrencies in international business, banking and financial markets. Results have shown that blockchain technology has a bright perspective, even though it would not be known today if bitcoin had not gained in popularity. The conclusions suggest that, as long as the transaction costs are lower than the costs of payment transactions, the rational behaviour of legal and natural persons requires encouraging the use of cryptocurrencies in order to reduce the costs of transactions and to overcome the existence of an intermediary.
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