Year: 2024
Type: article
Abstract: Cryptocurrencies, powered by blockchain technology, have revolutionized the financial landscape by offering decentralized, secure, and transparent alternatives to traditional currencies since it was very first proposed. This study explores the key principles of cryptocurrency, including its underlying cryptographic mechanisms, and evaluates its current market status, applications, and the challenges it faces, e.g., volatility, regulatory uncertainty, and scalability issues. According to the analysis, while cryptocurrencies have made significant strides in adoption and innovation, they still face substantial barriers to widespread use, particularly in comparison to traditional digital payment systems like Alipay. Addressing these limitations through technological advancements and regulatory clarity will be crucial for cryptocurrencies to achieve broader mainstream integration. This research highlights the transformative potential of cryptocurrencies while identifying the areas that require development for them to realize their full promise in the global financial system and how to make cryptocurrencies market popularize while maintaining its unique features and advantages.
Author: Zhejia Hu
Language: English
Subfield: Information Systems
Field: Computer Science
Domain: Physical Sciences
Open Access status: hybrid
OpenAlex ID: W4405818369