mundial

Angel Maldonado Castro

to bitcoin have been developed, but with the

advancement of technology others have emerged that

have different objectives and operation, currently they

are well known as a source of investment, as a business

opportunity and forms of payment. The objective of this

research is to know how cryptocurrencies have

developed over the years and how they affect or benefit

the world economy. The concepts and information that

were analyzed and studied for the realization of the

article were the definitions, history, advantages,

Económicas y Finanzas, amaldonado@uteq.edu.ec, https://orcid.org/0000-

0001-6478-7365

*

Universidad Técnica Estatal de Quevedo – Ecuador, Facultad de Ciencias

Empresariales, jmaldonado@uteq.edu.ec, https://orcid.org/0000-0003-1531-

7695

*

Universidad Técnica Estatal de Quevedo, Facultad de Ciencias Sociales,

Económicas y Finanzas, nvera@uteq.edu.ec, https://orcid.org/0000-0001-

6161-1567

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them to Google Drive to finally cite the articles with the

help of the Mendeley application.

Keywords: cryptocurrencies, digital economy, economic development, world

economy.

RESUMEN

Las criptomonedas conocidas también como criptodivisas son una nueva forma de pago,

parecido al dinero convencional, pero que operan por medio de internet y facilitan las

benefician a la economía mundial. Los conceptos e información que se analizaron y

estudiaron para la realización del artículo fueron las definiciones, la historia, las ventajas,

desventajas, características entre otras variables para poder cumplir con el objetivo y

tener una idea más clara de lo que son las criptomonedas y cuál es su función e impacto

en la economía mundial. La metodología que se utilizó en la investigación fue de manera

documental y bibliográfica, que se inició con una lluvia de ideas para poder plantear las

palabras claves que serían necesarias para buscar los artículos científicos en la plataforma

de Google Académico, posteriormente subirlos a Google Drive para finalmente citar los

articulo con la ayuda de la aplicación Mendeley.

whose origin has been the invention of computers, the development of software,

interconnection on a global scale and its massive use since the beginning of the 21st

century. This has increased the possibilities of creating new products and services, and

has opened the door to far-reaching transformations that may even make it possible to

speak of a new economy that coexists with the current one, or that may even replace it

in the future. (Domínguez & García, 2019).

As a result of the distrust generated in the financial system after the fall of Lehman

Brothers in 2008, the technological guru, Satoshi Nakamoto presents a tool that will

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usually a financial institution (Ibid). (Sempere & Moreno, 2021).

Cryptocurrencies are a payment system that was created several years ago and currently

have become very important in the economic sphere since it is even possible to invest

in them and increase capital. In addition, they have facilitated commercial transactions

since you only need a cell phone to be able to cancel any product, however, in some

confidence that the information exchanged between these billions of computers passes

between one and another user without passing through third parties or between people,

this particularity caused attraction by specialists in the area of computer science,

spreading rapidly in the execution of various businesses, followers of high levels of

privacy, activists, theorists, governments, and even financial institutions. (Navas et al.,

2020).

The first data ever known about cryptocurrencies dates back to the 1980s with the so-

called cypherpunk movement, which advocated the use of cryptography as a tool for

social and political change. It was not until 2009 when, driven by the liquidity crisis in the

financial markets, an unidentified person or group of people, under the pseudonym of

caused by the collapse of subprime mortgages in the United States. It was not until May

2010, when bitcoin began to acquire value, when a user bought two pizzas for two

thousand bitcoins. Since the creation of bitcoin, a numerous variety of cryptocurrencies

have been created with different characteristics and protocols such as litecoin, ether,

ripple, dogecoin, iota. Bitcoin, at the end of 2017 reached a value of more than 18

thousand dollars when it was launched on the futures market on Wall Street (Berdejo,

2019).

Likewise, it should be emphasized that Bitcoins and cryptocurrencies in general, function

economically as a means of payment since through them goods and services can be

acquired in establishments and/or suppliers that have accepted to receive payments in

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Bitcoin is a cryptocurrency, a digital currency founded on cryptography, it is one of the

numerous digital currencies that exist, consisting of a type of virtual currency, which is

created and guarded electronically, without support on paper or metal. It works through

block chains, which are a record of digital transactions, which is shared by many people,

and the information transmitted between them cannot be erased or altered, so that a

standard 2.0 and Ltc, silver 2.0; its initial purpose was the reduction of the time in the

transactions to confirm them and that any person could participate in this mining,

because it has the following differentiated characteristics in relation to the Btc:

participation in the data mining, it is much easier to enter in it than the Btc, time for

transactions: 2.5 min. (González & Guardiola, 2019).

Ethereum, was developed by Vitalik Buterin. Its objective was that through its platform

it would be possible to operate decentralized and collaborative applications. The price

of its cryptocurrency has increased notoriously despite its short period of time in the

market. Ripple is considered a digital asset oriented to bank transfers and a more

efficient settlement option for financial institutions and liquidity providers seeking a

the receipt of micro-payments by those who would otherwise not have access to

liquidity offering the unbanked an opportunity for economic growth. Governments,

although slow to recognize the importance of Bitcoin, are now considering both

regulation and taxation of this cryptocurrency. (Barrutia et al., 2019).

It should be noted that what makes cryptocurrencies and blockchain so attractive, at the

same time can bring certain dangers. By allowing transactions to be carried out globally

at low costs, quickly and with the guarantee of security and partial anonymity, they have

proven to be a useful tool for criminal purposes, used mainly by cybercriminal networks

and smaller-scale terrorist groups, to finance terrorism and favor money laundering,

generating particular concern in the international community. They constitute an

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simultaneous use of the same coin; and iii) the peer-to-peer communications network

that stores the copies of the transactions and the previous record in a decentralized

manner. Cryptocurrencies largely solve the problems of exchange rate dependence in

the demand for virtual goods. (Díez, 2019).

Banking institutions, which act in contact with the national financial system, are already

they do not use physical money to make them happen. (Dias et al., 2019).

Finance has evolved to a centralized functional model, characterized by bank

intermediation, where operations are generally controlled by a central bank that issues

and insures operations with recognized currencies. This intermediation involves costs

ranging from 7% to 20% in many cases and average delay time of 3 days.

Cryptocurrencies could not only reduce the delay time of transactions, but also end the

centralization of transactions, pre-distributing wealth and even democratizing it by

allowing each individual to receive and manage their wealth and products. (Ramos et al.,

2017).

Blockchain, or blockchain, is the technology in which cryptocurrencies are housed; it is

one (D. Pérez, 2020).

It is controlled and monitored by several sources simultaneously, its characteristics being

distributed, transparent, encrypted and immutable. This disruption has great potential

even to replace financial institutions. Among its potential applications are microfinance,

remittances and international payments, digital records, tracking, contracts and

donations. Innovations evolve but the real change is in the revolution, i.e. in the

disruption, which has won new customers, which has shown new ways of doing business

and transforming business by making it more accessible and of higher quality. (Acosta et

al., 2018).

When making an investment, the investor's profile must be considered, i.e. a greater or

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contemplates two clear functions: on the one hand, it is a means of payment, since it is

possible to acquire goods or services, in affiliated commercial sites or part of the same

currency payment system; and, on the other hand, it is a means of investment, because

the price varies according to market behavior, being the Blockchain technology used

mainly in financial transactions the mechanism that allows the use of the Bitcoin (Brito,

2021).

Cryptocurrencies are advancing by leaps and bounds, since in less than eight years a

large number of them have been created and are already being used in different social,

economic, political and administrative environments around the world. The purpose of

their use is to enable different economic transactions between companies in the industry

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they have been used for speculative purposes. (Hernández & García, 2021).

In addition to the above, the position of many companies is ratified when recognizing

Bitcoin as a means of payment and in general their acceptance for the use of

cryptocurrencies in transactions, events that are becoming increasingly recurrent in the

eyes of the globalizing processes that are being generated in the financial and economic

Economy" was developed by brainstorming ideas related to the variables of economics,

then proceeded to determine the keywords to carry out the research, which are:

cryptocurrencies, digital economy, economic development and world economy. Once

the keywords were established, we began to investigate the topic in the Google Scholar

search engine, which is a tool that helps us to search for academic and scientific

literature.

The research continued with the search for 20 scientific articles that were uploaded to

the Google Drive platform, in the database that would be used to store the information

for the article, then we proceeded to analyze the documents to be sure that they were

useful and if not, we continued searching for information and finally we used the

are currently a boom in the world economy as a new form of payment and investment.

In addition, with all the compilation, the behavior of the variables of the case was

analyzed, the main characteristics, the study approach, dimensions of the subject were

explained, supporting the knowledge already obtained. Finally, the research and

identification of its present problems were successfully carried out.

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The purchase of cryptocurrencies itself can be an excellent way to launder money. The

subject interested in acquiring any of them offers fiat money in exchange for receiving

cryptocurrency. The very placement of this can be a laundering operation (remembering,

as I said above, that the second phase of laundering, the cover-up, is either unnecessary

as it is implicit in the opacity of the bitcoin blockchain, or occurs with the use of mixers).

from the scope of competence of the Spanish supervisory authorities, being

consequently subject to the legislation of the country in question. (Puente, 2018).

without the intermediation of a regulatory body that authorizes the transactions to be

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this figure stood at $17 billion. With a February cutoff, after a sharp price drop, the

market value of cryptocurrencies falls to $384.6 billion US dollars, while at the end of

2018 this figure is bordering $200 billion, equivalent to a decline of more than 60%

(Jiménez & Santana, 2018).

The nature of cryptocurrencies is different because, while most digital assets lack

One of the first and perhaps most serious problems of cryptocurrencies is that they

could enable tax evasion (Roman, 2015). This would be a consequence of one of the

main characteristics that these assets generally have: anonymity. Transfers and transfers

of cryptocurrencies do not require the identity of the subjects issuing or receiving coins.

Although it is true that there is a record in the blockchain network of the addresses of

origin and destination of all the transfers that the bitcoin in question has been subject to

(in the specific case of this currency), it should be remembered that what is recorded

are the addresses or accounts, made up of a set of alphanumeric characters (Ossandón,

2019).

The cryptocurrency market is similar to the foreign exchange market - which is one in

minimum value, volume). (Regal et al., 2019).

The supposedly inherent advantage of cryptocurrencies is that they make it possible to

organize a network of decentralized exchanges that does not require intermediaries in

the payment system and whose governance is horizontal and egalitarian. The verification

of transactions is carried out by the members themselves, is developed in cryptography,

and all exchanges made are recorded in a register that is public and stored on the

network's computers. This is what, according to Desmedt and Lakomski-Daguerre,

makes the register infallible, "since any attempt to manipulate transactions results in a

computer block that is incompatible with the previous and next one." (Orzi et al., 2020).

The emergence of cryptocurrencies has meant the appearance of what we would call an