Cryptocurrency and Bitcoin as Buzzwords in Fintech: An In-Depth Review

Abstract

Unlike many other nascent technologies, Bitcoin seems to have progressed past the first phases of acceptability. This issue even impacted autos. It is probable that one of the key causes leading to the fall of cryptocurrencies is the fact that Bitcoin has begun to carve out a niche for itself. At this point, we cannot say if Bitcoin will ever attain broad adoption in global markets, although it is possible. (www.ijbmcnet.com) 8 The Bitcoin community has given itself the goal of infiltrating the mainstream via the development of new features and the resolution of long-standing difficulties, according to the Center for Contemporary Research. Not alone does Bitcoin have a committed following; other cryptocurrencies do as well. You may learn more about bitcoins and other cryptocurrencies by researching them. It would be advantageous to do study on the long-term influence of Bitcoin on the performance of fiat currencies, and then compare the results to those acquired in countries that are beginning to embrace government-issued cryptocurrencies. Microtransaction capabilities may enable bitcoin to satisfy a need in the economy that traditional state-sponsored currencies are unable to meet; nevertheless, this will require a thorough examination of the markets and the economy. Block chain technology, which underpins Bitcoin, may also be used to create smart contracts (Hileman, 2016). When a certain incident occurs, a pre-programmed payment is made. Given that this is often handled by the whole accounting department of the organisation, there is a lot of space for future progress in this area. Finally, a cryptocurrency is a kind of digital asset created when data is encrypted. Through the deployment of a cloud-based infrastructure, the music business has raised public awareness of digital property.