About the Economic Essence of Cryptocurrency, or Is Bitcoin Money

Abstract

The article analyzes the correspondence of bitcoin, most common cryptocurrency, to the concept of "money". The analysis was carried out from the point of view of the possibility of explaining the origin of bitcoin from the standpoint of competing approaches (evolutionary, charter and debt theory) and the performance of bitcoin functions of money. It is concluded that despite the partial fulfillment of monetary functions, bitcoin is not a universal medium of exchange, i.e. money. Potentially it could reach such a state in the case if the state abandoned the monopoly on money and allowed free competition of all instruments of exchange, and bitcoin would win the competition from other possible applicants for the role of money.