Cryptocurrency: permanent money substitute or another temporary trend

Abstract

Purpose: To identify that the cryptocurrency can be distinguished as a real-money equivalent in Kazakhstan in the near future. Methods: a SWOT (strengths– weaknesses– opportunities- threats) analysis supported with the results of a survey in Nur-Sultan city. Results: The majority of surveyed people claim that they refuse to use cryptocurrency due to its complexity and it demonstrably illustrates that people are not sure in new technologies’ potential, while the SWOT analysis proved that there certainly is a chance for the cryptocurrency to substitute money due to numerous possibilities. Conclusions: Undoubtedly, the cryptocurrency is capable to carry out ordinary cash’s functions and fully supplant it in the nearest future, offering such focal points as mechanized tax collection, robotized protections, and becoming globally acknowledged money. Although there are several obstacles as the cryptocurrency’s instability, administrative weight, and unwillingness of individuals to its integration into our everyday lives, the cryptocurrency can be a lasting money substitute, but the humankind needs more time to acknowledge it as the chief device.