MONEY VS. CURRENCY: ALTERNATIVES TO CENTRAL STATE CURRENCIES, OR CONTEMPORARY DENATIONALIZATION OF MEANS OF PAYMENT

Abstract

Purpuse – The article focuses on analyzing the contemporary understanding of money and currency while presenting alternative forms of means of payment. The subject of the research is the phenomenon of denationalizing money in the context of cryptocurrencies (especially Bitcoin) and internal corporate currencies. The main goal is to assess the stability and functionality of these solutions compared to state-issued currencies.

Methodology – The study employs a literature review and a comparative analysis of selected examples (Bitcoin and loyalty programs of InPost, Żabka, and McDonald’s). Both economic and technological aspects are taken into account to illustrate the multifaceted nature of the issue.

Findings – The research indicates that Bitcoin possesses many features of good money (limited supply, independence from central authorities), although technological constraints hinder its widespread adoption. Store-issued currencies may boost customer loyalty but remain confined to closed ecosystems, excluding them from the category of a universal medium of exchange. Consequently, the complete denationalization of money still appears to be a theoretical concept, while practical alternatives hold both potential and significant limitations.