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      A Study on the Impact and Potential of Cryptocurrency

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      Cryptocurrency, Finance, Impact
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            Abstract

            Introduction: Cryptocurrency is an innovative decentralized virtual currency concept. It has emerged as a new type of investment vehicle in the world, much like gold. The current research was carried out to investigate the impact of cryptocurrency on the world market and its future potential in relation to its rising prominence among investors and traders alike.

            Methods: This descriptive-analytical study was based on the interviews of individuals trading in cryptocurrencies and data collected from magazines, websites, electronic newspapers, and research articles. The collected data sets were analyzed by a data analysis model created by me.

            Results: Only Cryptocurrencies with decentralized systems are trusted by investors for the fact that they can't be controlled by a single entity. Some countries have legalized crypto while some have banned them. Overall, a majority of the world still has yet to comment on the legality of Bitcoin. The cryptocurrency market is highly volatile as it is based on a simple supply and demand strategy. Bitcoin mining generates 35.95 million tons of carbon dioxide emissions and 12,000 tons of electronic waste a year. The applications of this system promise free, fast transactions, a guarantee of privacy, and a traceable supply-chain framework.

            Conclusion: The findings indicated that cryptocurrency has a swiftly rising user base. With its fair share of advantages and disadvantages, it is a global phenomenon. Given the correlation between investors and asset flow, its future looks promising. It is necessary to promote this next chapter in the evolution of digital assets.

            Content

            Author and article information

            Journal
            ScienceOpen Preprints
            ScienceOpen
            22 October 2021
            Affiliations
            [1 ] Navrachana Higher Secondary School, Vadodara
            Author notes
            Article
            10.14293/S2199-1006.1.SOR-.PP86NLN.v1
            afbc7e07-57e3-4cbc-b064-09b4fe87f998

            This work has been published open access under Creative Commons Attribution License CC BY 4.0 , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. Conditions, terms of use and publishing policy can be found at www.scienceopen.com .


            Data sharing not applicable to this article as no datasets were generated or analysed during the current study.
            Security & Cryptology,Economics
            Cryptocurrency,Finance,Impact

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