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Mechanism of Cryptocurrencies-Accounting Ideas of Virtual Currencies

Author

Listed:
  • Violeta Maria ISAI

    (Dunarea de Jos University of Galati, Romania)

  • Mihai Aurelian IRIMIA

    (Dunarea de Jos University of Galati, Romania)

Abstract

Blockchain technology is becoming more and more common today, being present in many fields such as Finance, IT or even Energy. However, both this new technology and the concept of cryptocurrencies is full of prejudice and information that are not well understood by the public. One of the first uses of blockchain technology was the most famous cryptocurrency, the Bitcoin. The purpose of this paper is to understand the cryptocurrency phenomenon and to explain it from a technical and economical point of view. Considering the speed with which the crypto system is changing, the technological evolution and the change in the way in which various states and regulatory authorities react to this phenomenon, the subject is one that is in full development from a technological and legislative point of view. It is the reason why this paper only covers a small part of the entire crypto universe. The reason why this theme will be debated is to inform the population about the simple and at the same time very volatile concept of virtual currencies.

Suggested Citation

  • Violeta Maria ISAI & Mihai Aurelian IRIMIA, 2023. "Mechanism of Cryptocurrencies-Accounting Ideas of Virtual Currencies," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 1, pages 105-113.
    • Handle: RePEc:ddj:fseeai:y:2023:i:1:p:105-113
    DOI: 10.35219/eai15840409325
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