Cryptocurrency Methodologies and Techniques

Abstract

Cryptocurrency is an eight-year-old technology that uses an encrypted peer-to-peer network to facilitate digital barter. Bitcoin, the first and most popular cryptocurrency, is paving the way as a disruptive technology to long-standing and unchanging financial payment systems. While cryptocurrencies are unlikely to replace traditional fiat currency, they have the potential to alter how Internet-connected global markets interact with one another, removing the restrictions that exist around traditional national currencies and exchange rates. Technology advances at a breakneck pace, and a technology’s success is almost entirely determined by the market it tries to improve. Cryptocurrencies have the potential to change digital trade marketplaces by enabling a fee-free trading mechanism. A SWOT analysis of bitcoin is offered, which highlights some of the recent events and movements that may have an impact on whether bitcoin contributes to a paradigm change in economics.