The phenomenon of cryptocurrencies – a combination of finance and technology in financial markets
The phenomenon of cryptocurrencies – a combination of finance and technology in financial markets

Summary/Abstract: The subject of this paper is to present utilization of cryptocurrencies in the international business. The aim of the research is to determine the impact of wider utilization of cryptocurrencies in international business and their impact on the future of financial markets. The research was realized using the method of theoretical analysis and on the selected examples opportunities for investment, storage and payment with cryptocurrencies were presented. The research will offer an answer to the next research question “What are the advantages and disadvantages of using cryptocurrencies in international payment and what is the security of using cryptocurrencies in the future?” In the answer, this paper will present in what direction the use of crypts will develop in the future. The contribution of work is reflected in the presentation of the scope and restrictions on the use of cryptocurrencies in international business, banking and financial markets. Results are presenting the blockchain technology, though background technology, which would not be known that bitcoin did not gain popularity, has a bright perspective. Conclusion presents that as long as the transaction costs are lower than the cost of payment transactions, the rational behavior of legal and natural persons requires that they should encourage the use of cryptocurrencies among themselves in order to reduce the costs of the transactions when paying and to overcome the existence of an intermediary.

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