Demystifying the Cult of Cryptocurrency: A Discourse on Bitcoin

Abstract

The standout revolution of the 21st century era is arguably the blitzkrieg proliferation of technology. In this light, it is quite intriguing to deliberate upon the digital currencies which have triggered a seismic shift in the way businesses are being conducted and has brought a wholesome metamorphosis in the modus vivendi of the common man. The so called “cryptocurrencies” have garnered prodigious attention in the past few years. The cryptocurrency market is deluged with several other digital currencies intending to make inroads in the market. In this context, it is imperative to throw light on Bitcoin which was the first and presently the leading decentralized cryptocurrency. The aim of the present study is to understand the essence of Bitcoin along with its pros and cons and examine if it could exist for the long haul.