CRYPTOCURRENCY: EVOLUTION AND FUTURE IMPACTS

Abstract

This article examines three key issues related to cryptocurrencies, with a primary focus on bitcoins, the most prominent cryptocurrency. The first issue addressed is the contention that cryptocurrencies lack qualifications to be classified as money due to the absence of legal tender recognition by the United States government. The study also evaluates the procedural frameworks employed by the Federal Reserve and the central bank of Sweden to assess the feasibility of introducing a digital currency. Additionally, the article explores the feasibility of blockchain technology as an independent and prosperous innovation, originally introduced in the bitcoin framework. The subject matter centers on digital currencies, particularly prominent examples like Bitcoin, Ethereum, and Ripple, known for their decentralized nature and blockchain technology. The study also explores blockchain wallets as digital repositories for managing various cryptocurrencies, using cryptographic techniques to secure and verify transactions while controlling new unit creation. Overall, the research aims to provide comprehensive insights into the world of digital currencies and blockchain technology.