CRYPTOCURRENCIES IN THE GLOBAL ECONOMIC AND FINANCIAL SYSTEM. INITIAL COIN OFFERINGS AS AN INNOVATIVE TOOL OF CROWDFUNDING AND PROMOTION

ISBN: 978-83-7695-844-6

173 stron
format: B5
oprawa: miękka
Rok wydania: 2021

The monograph‘s subject matter centres on cryptocurrencies, an instrument which aspires to be a modern form of money, and on its place in the world economy, payments systems and financial markets. Special attention is paid to the principles of their usage in Initial Coin Offerings (ICOs), one of the most important areas of their application. The aim of the work is the identification of the economic essence of cryptocurrencies. This includes their functions in settlement systems and as financial instruments, an indication of their role in crowdfunding, as well as the characterisation of the mechanism of the ICO and its core rules. The ICO market is becoming more and more popular among investors and companies seeking to increase or raise capital. The analysis of the cases included in the book shows the importance of a well-prepared white paper, the primary document which contains all the information linked with the project.

SPIS TREŚCI

Foreword

1. Cryptocurrencies and their economic essence
1.1. Introduction
1.2. The genesis of cryptocurrencies in brief
1.3. Virtual currencies and cryptocurrencies
1.4. Technological foundations of the bitcoin and other cryptocurrencies
1.5. Characteristics of the most important cryptocurrencies
1.6. Cryptocurrencies and the functions of international money
1.7. The main barriers to the development of cryptocurrencies as a form of money
1.7.1. The instability of exchange rates
1.7.2. Regulation underdevelopment
1.7.3. Security threats
1.7.4. Low level of dissemination
1.8. Current trends on the cryptocurrencies‘ global market
1.9. Summary
References

2. Cryptocurrencies and the digitalisation of payment systems
2.1. Introduction
2.2. Innovations in cross-border payment services and infrastructure
2.3. DLT‘s potential to enhance cross-border payment services and infrastructure
2.4. Limitations and feasibility of DLT-based arrangements
2.5. Regulatory challenges posed by technological developments in payment services
2.6. The different characteristics of the digital form of central bank money
2.7. Summary
References

3. Cryptocurrencies on the financial markets
3.1. Introduction
3.2. Historical outline of the emergence of cryptocurrency exchanges
3.2.1. Exchanges of traditional financial instruments and cryptocurrency exchanges
3.2.2. Intensifying the process of creating cryptocurrency exchanges
3.2.3. Directions and trends of capital flow in the form of cryptocurrencies
3.3. The most important cryptocurrency exchanges in the world
3.3.1. The most important cryptocurrency exchanges - factors of capital inflow
3.3.2. Organization of the stock exchange compared to currency exchanges
3.3.3. Organization of trading
3.3.4. Exchange rates design, indices, cryptocurrencies pricing stability
3.3.5. Factors affecting exchange rates
3.3.6. Examples of exchanges and their characteristic features
3.3.7. Crises on currency exchanges and cryptocurrency exchanges
3.4. Cryptocurrencies as an investment. Investment/hedging strategies in enterprises using cryptocurrencies
3.5. Current technology trends on stock exchanges, legal regulations for the functioning of cryptocurrency exchanges
3.6. Summary
References

4. The principles of Initial Coin Offerings
4.1. Introduction
4.2. Initial Coin Offering - genesis and definitional considerations
4.3. Initial Coin Offering vs. information asymmetry and signalling theory
4.4. Characteristics of tokens and blockchain technology
4.5. Initial Coin Offering as a process and business model
4.6. Initial Coin Offerings in entrepreneurial finance
4.7. Regulatory frameworks of Initial Coin Offerings
4.8. Advantages and disadvantages of Initial Coin Offering
4.9. Initial Coin Offerings - best practices and recommendations
4.10. Summary
References

5. Initial Coin Offerings in practice
5.1. Introduction
5.2. White paper as a primary form of ICO‘s promotion
5.3. Initial Coin Offering listings
5.4. Funds raised by Initial Coin Offerings (2014-2019)
5.5. Top Initial Coin Offerings - countries and projects
5.6. Projects with the biggest return of investment
5.7. Summary
References

Recapitulation

List of Figures

List of Tables