Original Article

Year: 2020 | Month: June | Volume 7 | Issue 1

The Impact of Virtual Currencies on Money, Banking and Economic Market: An Analysis and Overview of Modern Economics

Abdul Rahiman Zubair Kotikulam and Shanavas Moosafintavida
DOI:10.30954/2348-7437.1.2020.2

Aim:

Virtual currencies, a modern frame of private cash, has been well-cited and well-discussed within the close past. The support for virtual currency was bestowed due to the loss of trust in the banking sector, the fear of loss of capital, volatile low-interest rates, and the weakness of existing currencies. The expansion of virtual currencies (VCs) have been taken after not just by the media and industry experts all over the world – there seldom may be found an individual who has not ever listened the term ‘bitcoin’. However, the rise of virtual currencies esteem on the market and the developing ubiquity around the world open several challenges and concerns for trade and industrial economics. As the money flow of virtual currencies are monitored only online by the secret group of volunteers (also known as peer), each transaction is verified and well documented. Currently, there are approximately 10,000 businesses worldwide recognize and accept the virtual currencies payment, and the number is escalating progressively. This article analyses the gains and impediments of virtual currencies in contrast to existing tangible currencies and offers an outlook to a contemporary banking framework with high Comprehensibility and the chance to lead a paradigm shift in the world of exchanges and banking. The challenge of feasible guidelines of the impending growth of VCs is raised due to the rising number of VCs along with improvising on the legal framework of VCs. The rise and drop of VC’s, in terms of its unique aspiration, serves as a cautionary story within the advanced age—it uncovers how bright developments that might challenge control and the consolidation of capital gotten to be co-opted and colonised by capital. At long last, the article offers a dialogue of the conceivable dynamic uses of the digital innovation virtual Currency has facilitated.

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