Today, the financial world is determined by the ratio to the innovative product - cryptic currency or virtual money. Governments and central banks of different countries have absolutely opposing views on the application of these innovations. Some scholars consider virtual money, or cybercrime, as a crime, while others are progress. Some of them are radical and criminalize the distribution and use of virtual currencies, taking into account the potential of their use, both "money-laundering" and terrorist financing; others - emphasize the inevitability of their development and distribution.
With the concept of cryptography, many people are commonly identified with Bitkoin, the first and most famous of them, although the exchanges already rotate over 600 different crypto currencies. Since bitcoin cryptographic emissions are limited, and eventually they become more resource-intensive, there are proposals to equate it with "digital gold."
The existence of any artificial system is connected with the presence of the need for actions, products or services, the satisfaction of which is ensured by its work. The emergence and functioning of cryptographic goods can be considered as an alternative to the existing system of payments or as an additional component, and this is due to the emergence of demand for the community to meet the needs: the provision of payments; payment rates; protection against counterfeiting of the settlement unit; the possibility of making settlements without the participation of an intermediary (third party, of course, the bank); the independence of the internal cost of a settlement from political decisions, etc.
In order to meet this demand, Satoshi Nakamoto developed the Bitcoin Cryptographic protocol, which developed open source software. By the way, the first protocols on the use of "electronic cash" were proposed in 1983 by D. Chaum and S. Brands. The success of Bitcoin, the availability of the protocol and the open source code contributed to the rapid increase in the number of cryptographic people and those interested in their existence. Meanwhile, cryptography did not have a single definition and a well-defined attitude towards the expediency of their existence in scientific circles, practitioners' circles and market regulators. However, the absence of precedents, legal status and stability of the internal value of the settlement unit - cryptography, did not prevent the further development of this market, and the investment of billions of dollars in the development of this system. This phenomenon causes a number of interesting questions:
1) what became the driving force in the wave of "cryptography" of calculations and the creation of a new ecosystem?
2) what are its participants, and which ensures its existence?
3) what influence can it have on the modern economy?
4) who will benefit from the functioning of the cryptographic market, and who will be outsiders?
First and foremost, these and many other issues concern governments, central banks and tax administrations.
By looking at the factors behind the emergence of crypto, the supporters of these innovative financial instruments can be divided into two groups. The first group relates their emergence with the crisis of public finances, with the decrease in the usefulness of administrative decisions of power for citizens, which also manifests itself in price and exchange rate instability. From this position, citizens want and seek to get rid of "sick" currency and keep their values and investments in a more reliable form. And if the necessary alternative is not present, the society sooner or later creates it. The second group sees the motives for creating an analogue of "ordinary money" in needs that could not satisfy banks and other financial institutions, as well as the outdated financial organizations themselves and the loss of trust in them as specialists in their business.
Taking into account the above mentioned conditions and the historical way of developing the means of payment (from the exchange of goods - barter, to the use of cashless forms of payments, plastic cards and electronic money), it can be assumed that the appearance and use of cryptographic based on technology blockchains is a logical next step in the development of interchange relationships.
Trent J. McDonald, Darcy Alain, and Jason Pots in their work conclude that there are two main views on the economy of blockchains:
1) the consideration of the economy of acceptance and diffusion of blockchains as a new powerful information technology;
2) the consideration of not the technology itself, but its management, economic justification of this type of technology as a new institutional economy, with emphasis on disengagement and decentralization.
In the light of banking activities, both financial intermediation and first-look, "the same market process is expected as we see with other technologies: some banks will adapt and prosper, while others will fall behind and collapse. Their success will depend on their strategic choices and the use of this new technology as the driving force of productivity and competitive efficiency. " According to another view, "in the world of blockchains, the functions and operations of banking activities may not change, but its economic organization can change significantly"; the development of blockchains has replaced the boundary between hierarchical banking organizations and non-territorial, spontaneously organized and self-organized economies - it is anticipated that banking will be carried out in more developed and dynamically effective governance institutions. Thus, with the advent of new technology, the question "what institution best manages financial transactions: markets, firms or blockchains?", And the further development of the financial and banking sector depends on the solution of this issue.
Thus, the market for cryptography is a system that unites all the elements that provide the release (issue) of cryptography and their circulation according to the laws of demand and supply between the participants in this market. This market is at the stage of formation, its formation continues: there are new elements, transformed or dying existing, improved rules of conduct of market participants.
