Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 2nd International Conference on Business and Policy Studies
Series Vol. 11 , 13 September 2023
Open
Access | Article
Cryptocurrencies on the Tech Wave —The Rise of Another Official Currency or Just a Dystopian Investment
* Author to whom correspondence should be addressed.
Abstract
Cryptocurrencies are a new form of currency that have gained widespread attention in today's age of rapid technological advancement. The underlying blockchain technology provides many advantages for cryptocurrency transactions, including decentralization, anonymity, and security. But there are always two sides to a story, and despite the fact that cryptocurrencies have solid technical backing, their development has been severely hampered by issues like the high stability of individual coins and the potential dangers of the technology itself, which have led many nations to pass laws restricting cryptocurrency use. Taking a literature review method, this paper explores the features of cryptocurrencies, their potential for institutionalization as legal tender, and their primary effect on the economy. This paper concludes that the widespread adoption of cryptocurrencies as a viable alternative to fiat currencies is highly improbable in the foreseeable future.
Keywords
cryptocurrency, bitcoin, economic impact, future development
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Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 2nd International Conference on Business and Policy Studies
- ISBN (Print)
- 978-1-915371-49-2
- ISBN (Online)
- 978-1-915371-50-8
- Published Date
- 13 September 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/11/20230520
- Copyright
- 13 September 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited