Digital Currency in the Development of Payment Systems on the Bitcoin Platform

Abstract

In modern conditions, the significant growth rate is based on the digital economy development and technological leadership. In order to increase human, intellectual and technological advantages in the digital economy, it is necessary to act in areas of systemic importance. The digital economy is the sale of goods and services based on digital electronic technologies. This is the economy of services where the seller or service provider and the consumer practically do not meet in person. Most transactions are made via the Internet.

The digital currency is just a variation, a derivative tool, one of the types of blockchain system - the technology of decentralized data storage, the chain of transaction blocks, built according to certain rules and providing absolute protection against changes. One of the integral infrastructural elements of the digital economy is electronic money, which appeared as the result of the long evolution of different money types.

Currently, fiat money is keeping the leading position in the sphere of financial processes implementation. It is struggling to satisfy the needs of the owners. However, it is obvious that traditional paper currency is no longer able to cope with its tasks next to the growing economy in the virtual world. Thus, only digital means are able to completely replace them.