A COMPARISON OF BITCOIN AS THE MAIN REPRESENTATIVE OF CRYPTOGRAPHIC CURRENCIES WITH OTHER MONEY SYSTEMS

Novac predstavlja zakonski definirano krajnje sredstvo plaćanja na određenom području odnosno širok spektar oblika koji obavljaju određene funkcije novca. Proizlazi iz praktičnih društvenih potreba, nastao je kako bi razmjenu učinio bržom, jednostavnijom i pravednijom. Moderni život kakvog danas poznajemo bez njega bi bio nezamisliv. Globalizacijom i razvojem tehnologije otvorila su se vrata novim inovacijama poput Bitcoina, najpopularnije kriptografske valute koja pruža alternativna rješenja u odnosu na klasičan sustav papirnog i elektroničkog novca kojim upravlja nevjerojatno mali broj ljudi na svijetu. Kako bismo shvatili što njegova pojava znači za budućnost novčanih sustava potrebno ga je analizirati s ekonomskog stajališta te staviti u odnos s drugim novčanim sustavima. Bitcoin je kolekcija koncepata i tehnologije povezana protokolom odnosno kriptografski i matematički osigurana mreža, bez centralnog autoriteta, koja se temelji na zajednici korisnika poput Interneta ili torrenta. Predstavlja decentraliziranu globalnu mrežu, gdje svaki korisnik doprinosi stvaranju njegove vrijednosti. Bitcoin donosi revolucionarne promjene u financijski svijet poput decentralizacije, kriptografske zaštite, minimalnih naknada, mikro transakcija, otpornosti inflaciji i sl., što ga čini superiornijim u odnosu na druge novčane sustave. Ipak, Bitcoin predstavlja svojevrsni ekonomski eksperiment te iako mu mnogi predviđaju uspješnu budućnost, ona nema garancije i ovisiti će prije svega o povjerenju i snazi oko njega stvorene zajednice.Money represents a legally defined ultimate mean of payment in a certain area, i.e. a wide range of forms that perform specific functions of money. The money stems from the practical social needs and was created to make exchanges faster, easier and fairer. Modern life as we know today without money would be unthinkable. Globalization and the development of technology have opened the door to new innovations such as the Bitcoin, the most popular cryptographic currency which provides alternative solutions over traditional system of paper and electronic money which is managed by an incredibly small number of people in the world. To understand what its appearance means for the future of the money system, it's necessary to analyze it from an economic point of view and put into a relationship with other money systems. Bitcoin is a collection of concepts and technologies associated with a protocol or a cryptographic and mathematical secured network, without a central authority, which is based on a community of users, such as the Internet or a torrent. It represents a decentralized global network, where each user contributes to the creation of its value. Bitcoin brings revolutionary changes in the financial world, such as decentralization, cryptographic protection, minimum fees, micro-transactions, resistance to inflation etc., which makes it superior to other money systems. Still, Bitcoin is a sort of economic experiment and although many predict a successful future, it has no warranty and will depend primarily on the confidence and the strength of the community created around it