Adaptation mechanizm of the cryptoindustry in the process of virtualization of financial flows

Abstract

It has been found that the dynamics of the development of the digital media environment determines the emergence of the crypto industry based on the blockchain technologies and asymmetric encryption of transactions. The authors state that the crypto industry has been growing through the stages of adaptation, whose features are incredible dynamics and speed of transformations. It has been established that cryptocurrencies, introduced on the markets, function as a means of exchange, store of value and unit of account, are based on mathematical calculations, are a result of these calculations and have cryptographic protection. It has been noted that the basis of cryptocurrency is blockchain technology, considered as a distributed database created by electronic computing and representing a code, whose process of creation is called mining. The advantages and disadvantages hindering the development and use of cryptocurrency in the world have been outlined.