Factors That Influence Challenges and Opportunities of Cryptocurrencies in Developing Countries

Abstract

Blockchain is a technology that uses structure in storage. One of the products of blockchain technology is cryptocurrency. Cryptocurrency is an innovation in the fintech field where cryptography-based digital currency can provide various advantages for the community. The problem of cryptocurrencies in developing countries is scalability, security issues, and price volatility. The main advantage with cryptocurrency is low fees and can provide transparency and security of the identity of the owner. This paper is using a systematic literature review on conducting research. The main advantage of this paper is researching the development of blockchain technology that focuses on developing countries where most of the research are conducted for blockchain technology is in developed countries. Cryptocurrencies can help developing countries make various transactions using only smartphones without third parties. However, it is necessary to have sufficient knowledge in using cryptocurrencies because there is still no government regulation, high volatility, and security issues.