Fields of Potential use of Cryptocurrencies in the Payment Services Market in Poland - Results of an Empirical Study

• Autorzy: Anna Iwona Piotrowska
• Języki publikacji: EN

Abstrakty

EN

The payment services market in Poland is particularly open to new payment solutions. The most important financial innovations of the recent years include cryptocurrencies. Bitcoin is the most well-known of them and its applications cover payments and investments. The article aims to determine the potential for using cryptocurrencies in individual segments of the payment services market in Poland. The paper considers the following research hypothesis: Representatives of the financial sector see a potential for a widespread use of cryptocurrencies in the payment services sector in Poland. The aim of the paper was achieved and the hypothesis verified on the basis of selected results of a survey among representatives of institutions operating in the financial market in Poland. The study, primarily carried out by the author, presents the opinions of experts representing the broadly understood community of professionals from the payment services market in Poland. Their views concern the directions in which innovations in the payment services sector may develop and the prospects for the use of cryptocurrencies in that area. (original abstract)

Słowa kluczowe

EN

Bitcoin; Electronic payments; Financial innovations; Cryptocurrencies

PL

Bitcoin; Elektroniczne płatności; Innowacje finansowe; Kryptowaluty

• Czasopismo: Copernican Journal of Finance & Accounting
• Rocznik: 2016
• Tom: 5
• Numer: nr 2
• Strony: 201--217

Twórcy

autor

Anna Iwona Piotrowska

• WSB University in Toruń, Poland

Bibliografia

• Badev, A. & Chen, M. (2014). Bitcoin: Technical Background and Data Analysis. Finance and Economics Discussion Series, Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington.
• Baek, C., & Elbeck, M. (2015). Bitcoins as an investment or speculative vehicle? A first look. Applied Economics Letters, 22(1), 30-34. doi: http://dx.doi.org/10.1080/13504851.2014.916379.
• Barber, S., Boyen, X., Shi, E., & Uzun, E. (2012). Bitter to Better - How to Make Bitcoin a Better Currency. Financial Cryptography and Data Security, Vol. 7397, 399. doi: http://dx.doi.org/10.1007/978-3-642-32946-3_29.
• Biuro Komunikacji Społecznej Ministerstwa Skarbu Państwa (2014). Bankowość mobilna w Polsce - dynamiczny segment na fali wzrostu, https://www.msp.gov.pl/pl/przeksztalcenia/serwis-gospodarczy/wiadomosci-gospodarcze/28063,Bankowosc-mobilna-w-Polsce-dynamiczny-segment-na-fali-wzrostu.html (accessed: 20.07.2016).
• Brito, J. & Castillo, A. (2016). Bitcoin. A primer for policymakers, Mercatus Center at George Mason University.
• Coindesk (2016), Who is Satoshi Nakamoto, http://www.coindesk.com/information/who-is-satoshi-nakamoto/ (accessed: 26.08.2016).
• Courtois, N.T., Grajek, M., Naik, R. (2014). Optimizing SHA256 in Bitcoin Mining. Cryptography and Security Systems, Vol. 448, 131-144. doi: http://dx.doi.org/10.1007/978-3-662-44893-9_12.
• European Central Bank (2012), Virtual currency schemes, Frankfurt am Main.
• Franco, P. (2015). Understanding Bitcoin: Cryptography, Engineering and Economics, Wiley.
• Grover, E. (2014). The sorrows of young Bitcoin. Digital Transactions, 39-40.
• Harasim, J. (2013). Regulacje jako determinanta rozwoju innowacji na rynku płatności detalicznych. Annales UMCS - Sectio H Oeconomia, Vol. XLVII, No. 3, 219-228.
• Harasim, J., & Klimontowicz, M. (2013). Payment habits as a determinant of retail payment innovations diffusion: the case of Poland. Journal of Innovation Management, 1(2), 86-102.
• International Monetary Fund (2016). Virtual Currencies and Beyond: Initial Considerations. IMF Staff Discussion Note, January 2016.
• Kristoufek, L. (2015). What are the main drivers of the Bitcoin price? Evidence from wavelet coherence analysis. PLoS ONE, 10(4), e0123923. doi: http://dx.doi.org/10.1371/journal.pone.0123923.
• Li, X. & Wang, C.A. (2016). The technology and economic determinants of cryptocurrency exchange rates: The case of Bitcoin. Decision Support Systems. doi: http://dx.doi.org/10.1016/j.dss.2016.12.001.
• Mikowska, M. (2015). POLSKA.JEST.MOBI 2015, http://www.tnsglobal.pl/coslychac/files/2015/05/POLSKA_ JEST_MOBI_2015.pdf (accessed: 17.07.2016).
• Ministry of Digital Affairs of the Republic of Poland, https://mc.gov.pl/projekty/odpapierowej-do-cyfrowej-polski/strumien-blockchain-i-kryptowaluty (accessed: 20.01.2017).
• Moore, T. (2013). The promise and perils of digital currencies. International Journal of Critical Infrastructure Protection, Vol. 6, 147-149. doi: http://dx.doi.org/10.1016/j.ijcip.2013.08.002.
• Nakamoto, S. (2008), Bitcoin: A Peer-to-Peer Electronic Cash System, https://bitcoin.org/bitcoin.pdf (accessed: 06.05.2016).
• Nian, L.P. & Chuen, D.L.K. (2015). Introduction to Bitcoin. In D.L.K. Chuen (Ed.), Handbook of Digital Currency. Bitcoin, Innovation, Financial Instruments, and Big Data, Elsevier.
• Ober, M., Katzenbeisser S., Hamacher K. (2013). Structure and anonymity of the Bitcoin transaction graph. Future Internet, 5(2), 237-250. doi: http://dx.doi.org/10.3390/fi5020237.
• Polasik, M. (2014). Perspektywy rozwoju mobilnych płatności NFC na rynku polskim. Annales UMCS - Sectio H Oeconomia, Vol. XLVIII, No. 4, 197-207. doi: http://dx.doi.org/10.17951/h.2014.48.4.197.
• Polasik, M., Piotrowski, D. (2016). Payment innovations in Poland: the role of payment services in the strategies of commercial banks. Ekonomia I Prawo. Economics and Law, 15(1), 73-101. doi: http://dx.doi.org/10.12775/EiP.2016.006.
• Polasik M., Piotrowska A.I., Kumkowska N. (2015), Rozwój przez innowacje czy efekt skali? Badanie uczestników polskiego systemu płatniczego, Raport badawczy, ALTERUM - Ośrodek Badań i Analiz Systemu Finansowego, Warszawski Instytut Bankowości, Warszawa.
• Polasik, M., Piotrowska, A., Wisniewski, T.P., Kotkowski, R., Lightfoot, G. (2015). Price Fluctuations and the Use of Bitcoin: An empirical Inquiry. International Journal of Electronic Commerce, 20(1), 9-49. doi: http://dx.doi.org/10.1080/10864415.2016.1061413.
• Selgin, G. (2015). Synthetic commodity money. Journal of Financial Stability, Vol. 17, 92-99. doi: http://dx.doi.org/10.1016/j.jfs.2014.07.002.
• Sieroń, A. (2013). Czym jest Bitcoin? Ekonomia - Wroclaw Economic Review. Acta Universitatis Wratislaviensis, 19(4), 31-51.
• Świecka, B. (2015). Płatności mobilne jako innowacje na rynku detalicznych płatności bezgotówkowych. Problemy Zarządzania, 13(3), 29-40. doi: http://dx.doi.org/10.7172/1644-9584.54.2.
• Vasek, M., Thornton, M., Moore T. (2014). Empirical Analysis of Denial-of-Service Attacks in the Bitcoin Ecosystem. Financial Cryptography and Data Security, Vol. 8438, 57-71. doi: http://dx.doi.org/10.1007/978-3-662-44774-1_5.
• World Payment Report 2013 (2013). Capgemini, The Royal Bank of Scotland.
• World Payment Report 2015 (2015). Capgemini, The Royal Bank of Scotland.
• Yermack, D. (2013). Is Bitcoin a real currency? An economic appraisal. NBER Working Paper Series, No. 19747.
• 50 największych banków w Polsce 2015 (2015). Miesięcznik Finansowy BANK, http://www.alebank.pl//images/stories/pdf/bank/2015/2015.06/bank.2015.06.034-041.pdf (accessed:14.06.2016).

Identyfikatory

DOI

10.12775/ CJFA.2016.023