The Rise of Digital Currencies (original) (raw)
Related papers
Cryptocurrency : how Bitcoin and digital money are challenging the global economic order
2015
The system that governs how money works, with its brokers and middlemen, has stayed roughly the same for centuries. Now there's an alternative, and it puts us on the cusp of a revolution that could reshape our world. At the heart of this lie cryptocurrencies, a technology with the transformative potential of the printing press or the internet. They bypass the elites and cut out the gatekeepers. Unlike traditional money they're peer-to-peer, they don't have a nationality, they're digital and democratic. They are also lawless. For the Afghani woman denied a bank account by a repressive society, or any of the world's 2.5 billion unbanked individuals, cryptocurrencies open new possibilities. What would a world without banks or credit cards or even national currencies look like for all of us? From Silicon Valley to the streets of Beijing, this is a book about a revolution in the making, a story of human invention, and a guide to the future.
The EUrASEANs: journal on global socio-economic dynamics, 2021
This study intends to sort out what will be the normal choices of the customary financial frameworks and how the world economy will draw in and manage those normal other options. Since technological improvement is profoundly quick and momentous, it is imperative to comprehend the discernments, practices, correspondence, and the possibility of selection of those other options. Advanced monetary standards and cryptographic forms of money are non-customary financial monetary forms that depend on something referred to as blockchain innovation. There is an excessive number of advanced digital forms of money these days, all of them having their own attributes and specificities. A portion of those advanced digital currencies will be studied in this research. It is imperative to mention here that only one out of every odd nation acknowledges the progress in this area, and such nations arrangement are often influenced by their World Bank rank — low, lower-middle, upper-middle, and high-inco...
DIGITAL CURRENCIES AND THEIR POTENTIAL TO DISRUPT AND REPLACE FIAT MONEY: THE CASE OF BITCOINS
European journal of economic and financial research , 2021
This paper aims to investigate how digital currencies have caused a drastic evolution, especially in the payment sector. It aims to further studies on how bitcoin is the most conspicuous digital currency and is perceived as disruptive innovation with the potential of replacing fiat currency. The study was employed through a case study to examine whether bitcoins are disruptive innovation or a threat to the Central Banks and Fiat money. The study adopted a mixed approach research design by using qualitative and quantitative research approaches. The literature reviewed journals were published in credible journals in various databases. The Time series analysis approach was used to forecast the future prices of bitcoins. The study used an in-sample and out-of-sample time series forecasting using the Gretl software. The ARIMA (1,2,1) Model was found to be a good fit with 85% accuracy (the Mean Absolute Percentage Error-MAPE was 15%) to forecast the future of bitcoin prices. The outcome of the forecast suggested that bitcoin price will have a gradual but insignificant increase. The results of this study also suggest that bitcoins fail to fulfill the functions of money as a store of value, medium of exchange, and unit of account. This is attributed to high price volatility, lack of centralization, and exposure to hackers and fraudsters. The study further suggests that bitcoins are not disruptive innovations and do not pose any threat to the Central banks and the Fiat currency in the future. The results support that bitcoin can benefit the community as well as attracting investors as a speculative investment mainly because the bitcoins are limited in transactions. The study recommends more research on the potential impact of the Central bank's digital currencies on National and Global currencies particularly because China launched its digital Yuan recently.
Bitcoin: Digital Illusion or a Currency of the Future?
Financial and Economic Review, 2020
Bitcoin has been one of the most interesting financial innovations in the last ten years. In this essay, we set out to discover why it has not spread as a medium of payment and how it has become a high-risk form of investment instead. We examine the operational mechanisms of bitcoin technology and explain the ideological background for the popularity of bitcoin. We conclude that, in its present form, bitcoin is not suitable to become a generally accepted medium of payment.
The Significance of Bitcoin for National Power
Geoeconomics of the international monetary order: money and power in the 21st century, 2023
and Business School (Mexico). In the reports of scientists from Mexico, Italy, New Zealand, the USA, Great Britain, Ukraine and other countries, detailed assessments of the future world currency market are presented, attention is focused on the place of the dollar as the world's leading currency; outlines the place of China, and its new digital currency, the value of bitcoin for national power; the role of China in the new international monetary order is revealed; the geoeconomic imperatives and asymmetries of the development of the world economy today, the role of Ukraine and its monetary and credit policy during the war are substantiated. The collection of scientific works will be useful for experts, scientists, teachers and students, as well as all those interested in solving modern problems of social development.
The Relevance of Bitcoin in Modern Economics
2017
Throughout history, money has presented various types, like for example shells, stones, hair, spearheads, cattle, chocolate, coffee, tea. Much later, it became common currency of precious metals, mainly gold, silver and bronze or even copper or wool. Greece images of their gods and Rome were beating the Caesars. In the case of the word "salary or salarium Latina, had its origin in the fact that the payment to the Roman soldiers was made in salt, whose share price came to be equated with gold for its great conservative capacity of food.
The Political Economy of Bitcoin - Lecture, 2021
Based on the theoretical understanding of money as a social relation, this talk presents a comprehensive analysis of Bitcoin as a technical and monetary artefact, including its political economy, historical background, underlying ideas, and conditions of possibility. Among other things, it shows why Bitcoin is unable to establish itself as an alternative to the current monetary system as it does not meet elementary requirements of money, despised by the neoliberal ideology that sustains it. That is, despite its declared search for a substitution of world money, for monetary stability against the supposedly ‘inflationary’ state money and for ‘depoliticization’, decentralization and deconcentration of monetary power, what is empirically observed is precisely the opposite: low volume and range of circulation, great instability against state money, transactional (economic, ecological etc.) inefficiency and greater relative concentration of political and economic power among its users. In the end, the non-fulfilment of the radical neoliberal aspirations of Bitcoin shows that the attempt by its creators and enthusiasts of emptying money of its social content, i.e., to ‘neutralize’ it, in capitalism, is not feasible.
The Imminent Collapse of the Dollar and the Rise of Bitcoin: A Global Financial Revolution
THE MEMOIRS OF DUKE 23, 2024
This article explores the imminent collapse of the U.S. dollar and the rise of Bitcoin as a new global financial standard. It examines the historical context of the dollar's dominance, the end of the petrodollar agreement with the United Arab Emirates, and the growing influence of Bitcoin. The article also discusses the perspectives of global institutions such as the World Bank and IMF, the development of Central Bank Digital Currencies (CBDCs), and strategic recommendations for Kenya and Africa. Through a detailed analysis, the article provides insights into the transformative changes reshaping the global financial landscape and offers actionable strategies for embracing the future of digital finance.
The issue of " true " money in front of the BitCoin's offensive
The issue of money, beyond what is usually meant by the very words " money issue " was and still is a subject of interest for a heterogeneous public, going beyond time and being the subject of numerous studies and regulations since ancient time. Over centuries, the money had different forms, and the controversies surrounding them were numerous. Currently, one of the problems is related to the emergence and use of virtual money, seen from the perspective of private currency. The question that occurs frequently in the talks of several economists is related to the ability of virtual money to survive. History has shown that man has the capacity to find ways which can " avoid " prohibitions of various types, being able, even in the case of money to find alternatives to the official currency. Is the BitCoin that private currency which will have the longest life? And if so, how long it will run in parallel with the traditional currency? Based on these questions, this paper aims at presenting the main aspects of the BitCoin, starting from specialized literature and reaching the Romanian reality.