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Scirj Volume XI, Issue X, October 2023 Edition
ISSN: 2201-2796

Cryptocurrency: Potential, Prospects, Market, Challenges, Future and Way Forwards

Hossain KA

Abstract: Cryptocurrency represents a digital or virtual currency that relies on cryptographic security and operates through a distributed network encompassing numerous computers. The concept of the blockchain, which forms the basis of cryptocurrencies like Bitcoin and various other applications, was introduced by Satoshi Nakamoto in 2008 as a response to Europe economic crisis. Satoshi vision for Bitcoin was as an innovative payment method that circumvented central authorities, such as central banks. Instead, it relied on a chain of data blocks protected by cryptography, a concept later referred to as the blockchain. Initially, this technology gained prominence through its application in cryptocurrencies, with Bitcoin being the pioneering success story. In the present day, cryptocurrency, particularly Bitcoin, has witnessed a remarkable revolution, with the total cryptocurrency market capitalization now standing at $2.79 trillion, equivalent to the world eighth-largest economy. Globally, there are 730 cryptocurrency spot exchanges. However, despite its potential, promise, robustness, and numerous achievements, cryptocurrency grapples with various challenges and regulatory complexities that impede its widespread adoption in certain regions, as discussed in this research. This study serves as an exploratory examination of cryptocurrency potentials, prospects, market dynamics, challenges, and its future, with a particular focus on Bitcoin.

Reference this Paper: Cryptocurrency: Potential, Prospects, Market, Challenges, Future and Way Forwards by Hossain KA published at: "Scientific Research Journal (Scirj), Volume XI, Issue X, October 2023 Edition, Page 75-103 ".

Search Terms: Cryptocurrency, Bitcoin, Ethereum, blockchain, AI, wallet, NFTs, DeFi

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