"CRYPTOCURRENCIES - NEW SOLUTION OR YET ANOTHER PROBLEM "?
Professor Vojkan Vaskovic, PhD, Faculty of Business Economics and Entrepreneurship, Belgrade, Serbia
Namely, since a few years ago, we could hear in the public and especially amongst the Internet users a lot of information about Bitcoin which is a cryptocurrency, protocol and software. It is one of the first implementations of this type of “money” that in short time has had a fascinating success. Bitcoin is designed based on the idea of a new form of money that uses cryptography in the control of its development and transaction realization. It is interesting to notice that it doesn’t rely on just any kind of central authority and its creation is automatized and generated on servers called bitcoin miners and its primary task is to confirm the creation of this money by adding a code to a decentralized register that is updated and archived from time to time. To start and use cryptocurrencies of this kind means opening up a series of questions, primarily who controls the issuance and quantity of money at disposal, is this really money that deserves attention or yet another fraud in the domain of Internet business. What is especially alarming is a mass opening of new payment systems based on the idea of cryptocurrencies.
It is a fact that central banks are becoming increasingly interested in this topic and they are intensively exploring and testing it. Technology applied in these cryptocurrencies has proved to be remarkably resistant to hacker attacks and experts are of the opinion that this technology has a bright future. What is particularly indicative in this case is that universities around the world have begun with intensive introduction into the curricula to study the technology of the "block chain" that is applied in these systems.