Anatomy Of Cryptocurrencies

Abstract

Cryptocracy is an exchange and payment platform created and stored on the internet through encryption methods of virtual/digital currencies by using the blockchain technology. Cryptocurrencies, which are increasing in popularity in the world and whose academic literature is rapidly developing, are considered "quasi-money" because they do not perform all the functions of money. The production and access of cryptocurrencies like Bitcoin (BTC) through blockchain technology represents the pinnacle of innovation in financial technology. BTC dominates the cryptocurrency market with the highest share, which does not yet have a physical form and any central authority or mediator controlling it. The key to a digital money transfer system that is independent of a central authority and trust is cryptographic mechanisms. Since BTC enables fast money transfer, it is included in wallets by the IMF, the World Bank and some central banks. The cryptocurrency system has divided the Islamic world, like the Western world, into two or even three fronts. This study aims to draw a framework for some strong (S), weak (W), opportunistic (O) and threatening (T) aspects of cryptocurrencies.