Abstract:

Bitcoin is a decentralized monetary system and currency of this system. Bitcoin, designed as a one-to-one electronic money system, sparked interest in financial policy and became very common in a short time. In particular, bank fees for each transfer or purchase of money accelerated the transition to the Bitcoin system. As a result of the increased use of Bitcoin and its use as an investment tool, the principle of operation of this decentralized system and its influence on traditional currency markets are the goal of this study. To this end, the interaction between the daily bitcoin exchange rates and daily trading volume 27.12.2013-01.02.2018 was tested using Granger causality analysis. As a result, the study established the existence of a one-sided causal link between a change in price and a change in transaction.