The introduction of cryptocurrencies and their effects on the financial system

Sugár, Tamás János (2022) The introduction of cryptocurrencies and their effects on the financial system. MA/MSc, Lámfalussy Sándor Közgazdaságtudományi Kar (volt Közgazdaságtudományi Kar).

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Absztrakt (kivonat)

My choice of topic is primarily due to my personal interest in the cryptocurrency market that arose in the last one and a half years. As the biggest innovation in the financial world, cryptocurrencies, mainly Bitcoin achieved a relatively fast and wide range of adoption in its 14 years of existence. I think it is very important to examine the place of this innovative solution in the financial system which is the biggest underlying of the globalized economy that has had a troubled last few years because of emerging external factors. This paper mainly aims to give a theoretical background, because it is very crucial to create a rational opinion about this controversial topic based on adequate information. In the first part of my thesis, I discuss the basics of the financial system and its history regarding the evolution of money. This review starts with primitive money with its linkage to the barter system. Then I move on to the more developed Gold Standard which was active until the governmental money system appeared. Later I emphasize the currently operating system and the differences between centralization and decentralization. In the next section, the cryptocurrency market is discussed. I intend to give an extensive summary of what this market contains. Because Bitcoin is the center of this paper, the priority is to conclude its conception and development as well as the regulatory aspects. However, I find it important to present the other areas, such as altcoins, DeFi, Web 4.0, NFTs, and Blockchain Technology. To become worldwide, regulations must be made as well, which can help in whitening the market and raising awareness. After the theoretical background, I aim to discover the possibilities for Bitcoin within the financial system. Bitcoin is one of the biggest opportunities for decentralization, which is getting more and more mainstream, because of the wrong decisions from the centralized powers. This paper does not contain any financial advice concerning the cryptocurrency market. Anyone, who invests in any cryptocurrency, should and must do their research beforehand. This highly speculative market is still in the growing phase compared to the traditional system.

Magyar cím

A kriptovaluták bemutatása és azok pénzügyi rendszerre gyakorolt hatása

Angol cím

The introduction of cryptocurrencies and their effects on the financial system

Intézmény

Soproni Egyetem

Kar

Lámfalussy Sándor Közgazdaságtudományi Kar (volt Közgazdaságtudományi Kar)

Tanszékcsoport/intézet

LKK - Közgazdasági és Nemzetközi Kapcsolatok Intézet

Szak

LKK - Nemzetközi gazdaság és gazdálkodás mesterszak (MA)

Témavezető(k)

Helyi kari azonosító

KMAN-22/11

Mű típusa:	Diplomadolgozat (MA/MSc)
Felhasználói azonosító szám (ID):	Tamás János Sugár
Dátum:	27 Ápr 2023 09:53
Utolsó módosítás:	06 Szep 2023 12:50
URI:	http://diploma.uni-sopron.hu/id/eprint/9620

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