Cryptocurrency as a financial institution: a new currency or a financial pyramid?

The article deals with the problem of growing popularity of cryptocurrencies and, in particular, bitcoin. The author also examines the main types and popularity of electronic money in the world. The author draws attention to a number of characteristics of bitcoin and determines the lack of development of the legal framework for bitcoin and cryptocurrencies in General. The article indicates that the attitude to cryptocurrencies and bitcoin in the world is ambiguous. The author focuses on ways to determine the possible place of cryptocurrency in the global monetary economy in the foreseeable future and change its assessment in accordance with this fact. According to a number of characteristics, bitcoin and cryptocurrencies fall under the definition of a financial pyramid, which makes operations with them high-risk, and all responsibility, therefore, falls on the shoulders of the owner of the cryptocurrency.