Crypto-currency: current situation and prospects of development

Abstract

Present article is dedicated to the issues connected with the terms and history of crypto-currency appearance, need to release this currency and to get the resources required for it, i.e. essence and the ways of its mining; also, the issues of legal provision of all this. The article analyzes the conditions of crypto-currency appearance and characterizes the current situation concerning its spread and use in the world. It is concluded that the process of crypto-currency creation is characterized with the tendency of growth and is an especially positive and good phenomenon for development of electronic money, which will definitely cause the need to pass to the world single crypto-currency. Specially is studied the first and major form of crypto-currency – bitcoin, its characteristic features, condition of use and perspectives. The article analyzes in details essence and the ways how to obtain the crypto-currency. The terms are studied on the basis of which in different countries of the world the use of crypto-currency is legally permitted, prohibited, or not allowed, but at the same time not regulated. According to the authors, after the resources for crypto-currency emission are exhausted, the process of crypto-currency circulation will, presumably, continue. In their opinion, it is not excluded that it may become the only unit of money in the country and in such a case only the state will regulate it according to the gold reserves being at the disposal of the state. The authors predict that in the nearest future only several tens of crypto-currency will remain at the crypto-currency market. For example, the countries of European Union (EU) will have one kind of the crypto-currency. Other countries will have another and so on. This will, probably, lead the mankind to the circulation of single crypto-currency.