Cryptocurrency and Digital Money in the New Era

Abstract

The purpose of the article is to analyse the use of cryptocurrencies in general and Bitcoin specifically. The majority of academics are aware of the benefits of using cryptocurrencies for trade facilitation, cost reduction, and similar purposes. Peer-to-peer and remittance transactions without compliance requirements have the potential to be transformed and revolutionised by cryptocurrencies; nevertheless, end users must overcome several obstacles relating to security, privacy, and control in order to take use of Bitcoin. The study elaborates on several facets of cryptocurrencies, beginning with their early development, difficulties and dangers, chances, benefits and drawbacks, and prospects. Secondary data has been used for this study like as from government sources, Scopus indexed journal, famous print media. The study find the addressed challenges pertaining to the operational and technological aspects of cryptocurrencies. And how to resolve the modern problem faced while using cryptocurrency. So we conclude that it is difficult to predict the future of cryptocurrencies, as there is still a lot of work to be done, especially in the area of formal rules.

Implications: In this digital era there is a need for cryptocurrency while the whole world is turning into a cashless economy, this will be useful for our common society and have the best use for implication in the business sector, this will stop the paperwork and sustainability, and, even there is threat cybercrime while the use of cryptocurrency will be increased so by data protection and strong security and protection bill or regulation will give the usual and systematic direction for uses and one line development.

Citation

Rushita, D., Sood, K. and Yadav, U.S. (2023), "Cryptocurrency and Digital Money in the New Era", Grima, S., Thalassinos, E., Noja, G.G., Stamataopoulos, T.V., Vasiljeva, T. and Volkova, T. (Ed.) Digital Transformation, Strategic Resilience, Cyber Security and Risk Management (Contemporary Studies in Economic and Financial Analysis, Vol. 111B), Emerald Publishing Limited, Leeds, pp. 179-190. https://doi.org/10.1108/S1569-37592023000111B013