Bitcoin and Cryptocurrency: Challenges, Opportunities, and Future Strategies
Keywords:
cryptocurrency, blockchain, mining, investmentAbstract
Bitcoin and other cryptocurrencies have garnered significant attention over the past few years. Recognized globally as digital coins and virtual currencies, these cryptocurrencies are generated and traded within the blockchain system. The blockchain technology adopted for the use of cryptocurrencies has stimulated interest among banking sectors, governments, stakeholders, and individual investors. The emergence of cryptocurrencies in this decade, following the introduction of Bitcoin in 2009, has disrupted financial markets. Cryptocurrencies are predicted to be the future of currency, with the potential to replace current paper-based currencies worldwide. Despite attracting widespread user attention, many remain unaware of the associated opportunities, disadvantages, and future challenges. Comprehensive research on cryptocurrencies is still lacking and remains in its nascent stages. In an effort to provide guidance and meaningful insight to the academic community and users, this article discusses the opportunities of cryptocurrencies, such as the security of its technology, low transaction costs, and high investment returns. The core focus of this paper revolves around legal regulations, high energy consumption, the potential for crashes and speculative bubbles, and network attacks. Future commitments and applications of cryptocurrencies are systematically examined in this article.
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