Cryptocurrency Perception within Countries: A Comparative Analysis

By Maciejasz-Swiatkiewicz, Marta; Poskart, Robert | European Research Studies, April 2020 | Go to article overview

Cryptocurrency Perception within Countries: A Comparative Analysis


Maciejasz-Swiatkiewicz, Marta, Poskart, Robert, European Research Studies


Acknowledgment:

Authors would like to thank Professor Detlev Hummel and Professor Boris Rubtsov for helping to conduct the survey.

1. Introduction

Money has been and still is an object of interest, as well as an object of research in many disciplines of science, such as economics, finance, psychology, sociology, and others. Despite this extremely high interest for money, it seems surprising that there is such a state of affairs in which money, despite accompanying almost every sphere of human activity for many millennia, has unfortunately not come up with a uniform definition, generally and widely accepted in the world (Andreeva et al., 2018). As it is often the case with concepts and phenomena of fundamental significance, they are usually taken as obvious that there is no clear need for their precise systematization. However, the definition of money has changed constantly due to the intensification of trade, technological development, changes in the paradigm of the economic model functioning, and (or perhaps above all) changes in the types of goods that play the role of money (Thalassinos et al., 2015; Hicks, 1979).

The Britannica Encyclopedia defines money as "a commodity accepted by general consensus as a means of economic exchange. It is a medium in which prices and values are expressed; as a currency it circulates anonymously from person to person and from one country to another, thus facilitating trade, it is also a basic measure of wealth" (Encyclopedia Britannica). The cited definition of money clearly defines it as a commodity (so-called commodity money), which fulfills specific functions, has specific properties and it is possible, by generally accepted consensus, to exist it as money. This definition shows that the only possibility of fulfilling specific, clearly defined functions predisposes a particular good to achieving a broad consensus, enabling it to be placed in social consciousness as money. It is one of the basic measures of wealth or the heart of financial system of the global economy. In social consciousness, money is often identified as a synonym of wealth, while wealth is a much broader concept because it includes many more of other assets, such as securities, real estate, works of art, furniture, jewels, cars, etc. Equally often, money is confused with income, but income is also a broader concept because it is a stream of money in a specific period of time and money, unlike income, is a specific resource--a certain amount of money available at given time.

Contemporary considerations regarding money focus not so much on the search for the most accurate (optimal) definition of the essence of this phenomenon as a fundamental economic category, but rather go in a more practical direction, one could say more useful, i.e., identifying the forms it can take and the functions it performs or should perform (Jedrzejowska-Schiffauer, et al., 2019; Grima and Thalassinos, 2020).

Money is usually defined in terms of its functions in a market economy. It is primarily about fulfilling the functions of an exchange medium, enabling, through its intermediation, the implementation of transactions in the exchange of goods and services in the economy. Money is also a measure of value, enabling comparisons of the value of one good with another. In addition, it also serves as a means of thesaurisation, or accumulation of wealth because it can be used for future purchases and will continue to represent its original purchasing power (Sloman and Garrat, 2016).

The paper seeks the answer to the question if there are any differences between countries concerning perception and the use of traditional and virtual money and what significant changes within recent years have taken place in the virtual money market in relation to changes in the global financial market. The paper also reflects on significant changes within recent years have taken place in the virtual money market in relation to changes in the global financial market. …

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