Handbook of Research on Cyber Law, Data Protection, and Privacy by Nisha Dhanraj Dewani;Zubair Ahmed Khan;Aarushi Agarwal;Mamta Sharma;Shaharyar Asaf Khan;

Author:Nisha Dhanraj Dewani;Zubair Ahmed Khan;Aarushi Agarwal;Mamta Sharma;Shaharyar Asaf Khan;
Language: eng
Format: epub
Publisher: IGI Global

Different people have different opinion about the future of cryptocurrency. Some might have concerns about the risk that lies ahead, some might have total confidence on the stability of these virtual currencies. Last year, during the pandemic we saw a major economic growth of Bitcoin and it is at its highest right now. Bitcoin has grossed more than double of its initial value in the past one year. This seems like just the end of 2017, when bitcoin first broke all its previous records. But, soon the value hyperinflated and crashed. Some believe that history will be repeated and the value of Bitcoin just like last time.

Bitcoin is getting major support from different institutional investors like Fidelity Investments, JP Morgan and PayPal. Some big Wall Street fund guys have started taking steps into the world of cryptocurrencies. The tech giants and other influential entrepreneurs have not started buying cryptocurrencies for themselves but are also making others aware of the future currency of this world.

The government has no fixed interest rates and do not intend on setting their own interest rates and that is one of the problems for cryptocurrencies. There are very few individuals who are genuinely interested and invested in the prospect of cryptocurrency. Companies and industries who are aware of the booming future are the major investors. With the ban of cryptocurrency in different parts of the world like China and UAE, and the fear of the risk involved lack of knowledge makes the market fearful of the outcomes, filled with limited demographics.

The innovations that come with Bitcoin have a lot of popular uses, and it's feasible that some form of cryptocurrency technology implementation and mobile-based payment system with cryptocurrency integration will be the future of everyday payment systems. Future technical developments in money and payment systems will be fascinating to watch, and while Bitcoin is unlikely to become a widely used established currency in the near future, its technology will undoubtedly have far-reaching ramifications.

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