BUSINESS INFORM JOURNAL.

УКР

ENG

Search:

REGISTRATION CERTIFICATE

KV #19905-9705 PR dated 02.04.2013.

FOUNDERS

RESEARCH CENTRE FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS (KHARKIV, UKRAINE)

According to the decision No. 802 of the National Council of Television and Radio Broadcasting of Ukraine dated 14.03.2024, is registered as a subject in the field of print media.
ID R30-03156

PUBLISHER

Liburkina L. M.

SITE SECTIONS

Bitcoin's Taxonomy
Amalian A. W., Bondarenko O. S.

Amalian, Arutiun W., and Bondarenko, Oleg S. (2025) “Bitcoin's Taxonomy.” Business Inform 2:743–743.
https://doi.org/10.32983/2222-4459-2025-2-743-743

Section: Finance, Money Circulation and Credit

Article is written in English
Downloads/views: 0

UDC 339.7:336.7

Abstract:
Bitcoin, the first and best known decentralized digital coin, has sparked a global debate regarding its fundamental nature and appropriate categorization. Since its inception in 2009, bitcoin has defied easy classification, exhibiting characteristics that blur the lines between traditional asset classes. This lack of a clear, universally accepted categorization has significant implications for regulation, taxation, accounting practices, and the broader understanding of bitcoin's role in the evolving financial landscape. This article delves into the multifaceted nature of bitcoin, focusing on the comparative analyses of bitcoin vs fiat money and stocks - traditional financial assets. Analyzing, systematizing and generalizing the scientific works of modern scholars and financial engineers, the authors of this article aspire to compare theory with practice of bitcoin use. Comparative analyses of bitcoin vs stock demonstrate their feeble semblance from the point of view of beneficiaries of a new emission, acceptance, functioning as a store of value and high transaction costs of trading, while such features as volatility, value growth potential and regulatory oversite were proven to be common only partially. At the same time, contrary to conventional wisdom, there was likeness discovered in their use as a unit of account and medium of exchange, which they both lacked. Any semblance between bitcoin and stocks was not found in their impact on the environment, riskiness, backing, and emission’s entity. When comparing fiat currency with bitcoin, the authors counterposed them focusing on their essence, contrasting contemporary money that can’t exist without the debt relations of bank bookkeeping, to a mere book entry on a virtual ledger. Partial semblance was detected in their functioning as a medium of exchange, though absence of status of a legal tender makes acceptance of bitcoin optional – in contrast to mandatory in case of cash. Against the background of accelerated growth of bitcoin market capitalization the issues raised in the article seem topical and highly debatable, necessitating future research.

Keywords: bitcoin, cryprocurrency, stock, fiat money, comparative analyses.

Tabl.: 1. Bibl.: 23.

Amalian Arutiun W. – Candidate of Sciences (Economics), Associate Professor, Department of International Economic Relations, Business and Management, Ukrainian-American Concordia University (8/14 Oleksandra Konyskoho Str., Kyiv, 01054, Ukraine)
Email: [email protected]
Bondarenko Oleg S. – Postgraduate Student, Department of International Economic Relations, Business and Management, Ukrainian-American Concordia University (8/14 Oleksandra Konyskoho Str., Kyiv, 01054, Ukraine)
Email: [email protected]

List of references in article

Nakamoto, S. “Bitcoin: A peer-to-peer electronic cash system“. 2008. https://cdn.nakamotoinstitute.org/docs/bitcoin.pdf
Champagne, P. “The book of Satoshi: The collected writings of Bitcoin creator“. The Book of Satoshi. 2014. http://www.ir.juit.ac.in:8080/jspui/bitstream/123456789/7828/1/The%20Book%20Of%20Satoshi_%20The%20Collected%20Writings%20of%20Bitcoin%20Creator%20Satoshi%20Nakamoto.pdf
“Crypto assets“. Moneysmart. 2025. https://moneysmart.gov.au/investment-warnings/crypto-assets
Fries, T. “Key Takeaways: The SEC says Bitcoin is Not a Security“. The Tokenist. October 07, 2019. https://tokenist.com/key-takeaways-the-sec-says-bitcoin-is-not-a-security/
Shiller, R. J. “In search of a stable electronic currency“. The New York Times. 2014. 4-L. https://www.nytimes.com/2014/03/02/business/in-search-of-a-stable-electronic-currency.html?_r=0
Taleb, N. N. “Bitcoin, currencies, and fragility“. Quantitative Finance, vol. 21 (8) (2021): 1249-1255.
“The Fifth European Union Anti-Money Laundering Directive (Directive 2018/843 of the European Parliament and of the Council of 30 May 2018“. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32018L0843&utm_source=chatgpt.com
“SEC Declares Bitcoin and Ether as Non-Securities“. https://cassels.com/insights/sec-declares-bitcoin-and-ether-as-non-securities/#:~:text=On%20Thursday%2C%20June%2014%2C%202018,(Hinman)%2C%20announced%20that%20the
“US SEC gives green light for options listing for three spot bitcoin ETFs to NYSE Reuters. October 22, 2024“. https://www.reuters.com/markets/us/us-sec-gives-green-light-options-listing-spot-bitcoin-etfs-nyse-2024-10-18/
“ECB's Lagarde slaps down Czech proposal for bitcoin reserves“. By Reuters. January 30, 2025. https://www.reuters.com/markets/europe/ecbs-lagarde-slaps-down-czech-proposal-bitcoin-reserves-2025-01-30/
Argente, D., and Patten, D. “El Salvador Adopted Bitcoin as an Official Currency; Salvadorans Mostly Shrugged“. Yale Insights. January 29, 2024. https://insights.som.yale.edu/insights/el-salvador-adopted-bitcoin-as-an-official-currency-salvadorans-mostly-shrugged
“Historical performance of the Bitcoin index“. Backtest by CURVO. 2025. https://curvo.eu/backtest/en/market-index/bitcoin?currency=usd
Andreessen, M. “Why Bitcoin Matters“. The New York Times. January 21, 2014. https://archive.nytimes.com/dealbook.nytimes.com/2014/01/21/why-bitcoin-matters/
Royal, J. “Bitcoin's price history: From its 2009 launch to its 2025 heights“. Bankrate. January 3, 2025. https://www.bankrate.com/investing/bitcoin-price-history/
Prasad, E. “The Brutal Truth About Bitcoin“. The New York Times. June 14, 2021. https://www.nytimes.com/2021/06/14/opinion/bitcoin-cryptocurrency-flaws.html?utm_source=chatgpt.com
“Bitcoin Average Transaction Fee (I:BATF)“. https://ycharts.com/indicators/bitcoin_average_transaction_fee
“Bitcoin ATM machine in Kiev at Ocean Plaza - Shitcoins Club“. Coin ATM Radar. February 3, 2025. https://coinatmradar.com/bitcoin_atm/22153/bitcoin-atm-shitcoins-club-kiev-ocean-plaza/
“Cambridge Bitcoin Electricity Consumption Index“. University of Cambridge. 2025. https://ccaf.io/cbnsi/cbeciNot used
Delahaye, J.-P. “Bitcoin: electricity consumption comparable to that of Poland“. Polytechnique Insights. October 30, 2024. https://www.polytechnique-insights.com/en/columns/energy/bitcoin-electricity-consumption-comparable-to-that-of-poland/#note-content-5
“Bitcoin Electronic Waste Monitor“. Digiconomist. 2025. https://digiconomist.net/bitcoin-electronic-waste-monitor/
Lobo, A. “The Environmental Impact of Cryptocurrency“. Global Research and Consulting Group Insights. 24 January 2022. https://insights.grcglobalgroup.com/the-environmental-impact-of-cryptocurrency/
Boohme, R. et al. “Bitcoin: Economics, Technology, and Governance“. Journal of Economic Perspectives, vol. 29 (2) (2015): 213-238
“51% Attack: Definition, Who Is At Risk, Example, and Cost“. Bitcoin Investopedia. 2025. https://www.investopedia.com/terms/1/51-attack.asp?utm_source=chatgpt.com

FOR AUTHORS

License Contract

Conditions of Publication

Article Requirements

Regulations on Peer-Reviewing

Publication Contract

Current Issue

Frequently asked questions

INFORMATION

The Plan of Scientific Conferences

OUR PARTNERS

Journal «The Problems of Economy»

The site and its metadata are licensed under CC BY-SA.

Write to webmaster