Frontier economy: the global perspectives of cryptocurrencies development

Abstract

In this article the author analyzes the perspectives of cryptocurrencies development in modern life and economy as a symbol of frontier economy and extremely new financial matter. A brief overview of electronic payments and virtual currency structure is given alongside with technical background. The emergence of electronic money and cryptocurrencies was an inevitable step in the evolution of Internet and electronic commerce. The author investigates the question how far cryptocurrencies might go in the nearest future as a symbol of frontier economy trends, keeping in mind that famous investors already buying cryptocurrencies, but governments are trying to ban this newly emerged threat to controlled money emission. The author therefore attempts to understand the phenomenon and explain why cryptocurrencies might undermine the existing financial systems.