The Role of Cryptocurrency in the Sustainable Development of Business

Abstract

Money is a social convention, a method of acquiring various goods and services designed to facilitate a person’s life. Over time, money has taken different forms, from gold coins to fiat coins. Along with digitization, the emergence of a payment method that should not involve a banking institution or a government that should have an influence on its purchasing power was desired, and in 2008 cryptocurrencies appeared. Cryptocurrencies are virtual currencies, unregulated by a financial institution, used as a payment method, and their system of use is based on a peer-to-peer technology, without the need for a third party intervention. The purpose of this paper is to present an overview of the cryptocurrency phenomenon and the impact that cryptocurrencies have on sustainable business development.