International University of Travnik , Travnik , Bosnia and Herzegovina
Cryptocurrencies are an innovative form of digital money based on decentralized blockchain technology. This paper explores the basic characteristics of cryptocurrencies, their development, functionality, advantages and challenges, as well as the impact they have on the global market, legislation and traditional financial systems. Special focus is placed on the most famous cryptocurrencies, such as Bitcoin and Ethereum, and on their technical and economic aspects. In addition, the perspective of their further development in the context of increasing digitization and the emergence of new forms of digital money, including CBDC (digital currencies of central banks), is considered. The research includes psychological, social and economic factors that shape the perception of cryptocurrencies among users, investors and regulatory authorities. The digital transformation of the financial sector, aided by the development of cryptocurrencies, is expected to have long-term implications for the way we understand money, value and trust in economic systems.
Authors retain copyright. This work is licensed under a Creative Commons Attribution 4.0 International License. 
The statements, opinions and data contained in the journal are solely those of the individual authors and contributors and not of the publisher and the editor(s). We stay neutral with regard to jurisdictional claims in published maps and institutional affiliations.