Opportunities and Current Issues With Cryptocurrency

Abstract

Nowadays, over the world, cryptocurrency has become a contentious issue in financial industry. In fact, cryptocurrencies like Bitcoin, which are backed by blockchain technology, are revolutionizing the global financial paradigm. Every country is experiencing this fever, which is drawing interest from individuals in every walk of life. It is not just affecting one area. Some are attracted to the possibility of financial gain, while others are fascinated by the underlying technology and how it can affect different industries. Such kind of exuberance has never been seen like this before due to the world's infatuation with cryptocurrencies, which range from more recent entries like Shiba Inc. to more well-known ones like Bitcoin and Ethereum. This paper investigates the opportunities presented by the cryptocurrency like bitcoin ecosystem and its digital money as alternatives to traditional currencies and the key challenges that cryptocurrencies must overcome to achieve widespread adoption.