Crypto currency in terms of performing the functions of money: An applicaton on fragile five countries

As of 2021, Cryptocurrencies reached 1,5 trillion dollars market cap and fundamentally blokchain, have been a focus of attention for the public and academic community, have recorded a rapid increase in terms of the number of users and developers and have taken their places in between popular technologies that are being studied in many disciplines since 2008. Cryptocurrencies which fundamentally emerged as a payment system, are, currently involved in many aplications such as decentralized organization, consensus systems, decentralized finance and crowd funding. Due to these facts it is also included by the legislation of many regulatory institutions in economic, financial and judicial systems. The purpose of this study is to analyze through a comparison between the volatility of these crypto Asset and Rigid Five countries currency that are accepted as money, in terms of performing the functions of money to infer if they can be considered as money. By doing so, a measurement showing how succesful they are in this performance was acquired. When the findings obtained in the study are evaluated, the result of volatility that was modeled with Generalized Autoregressive Conditional Heteroskedasticity (1,1) model, it has been reach that cryptocurrencies are quite far away from avarage volatility of fiat currencies that are 0,62 %. Thus it was seen that Bitcoin is 7,12, Ripple is 28,09, Ethereum is 9,24, Litecoin is 9,38 and Bitcoin Cash is 11,16 times more volatile and İt was concluded that these assets are not able to perform the functions of currency with their available volume. Keywords: Cryptocurrencies, Rigid Five Countries, Functions of Money, Volatility Modeling