DESSERATION

On
“THE RISE OF CRYPTOCURRENCY IN EMERGING GLOBAL
MARKET”: A REVIEW
Submitted to the Uttaranchal University in partial fulfillment of the
requirements for the award of the Degree of
MASTER OF BUSINESS ADMINSTRATION
Submitted by:
Shalini Sharma
Enrollment No. UU2119000094

Under the Supervision of:

Mrs. Sakshi Sharma
(Asst. Professor)

UTTRANCHAL INSTITUTE OF MANGEMENT

UTTARANCHAL UNIVERSITY, DEHRADUN
2021-2023

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 Declaration

I, SHALINI SHARMA hereby declare Dissertation, entitled “THE RISE OF

CRYPTOCURRENCY IN EMERGING GLOBAL MARKET”: A REVIEW submitted
to the Uttaranchal University, Dehradun in partial fulfilment of the requirements for the
award of the Degree of Master of Business Administration is a record of original research
work undergone by me under the supervision and guidance of Mrs Sakshi Sharma
(Assistant Professor), Uttaranchal Institute of management, Uttaranchal University, and it
has not formed the basis for the award of any diploma or degree/fellowship or the other
similar title to any candidate of any university/Institution.

Signature of the student

Date: Name: Shalini Sharma

Address: D/o Pradeep Sharma,

Near Union Bank of India,
Sahaspur, Dehradun,
Uttarakhand.

Pin Code: -248197.

Mob. No: - 6397954629

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 ACKNOWLEDGEMENT

I give thanks to God Almighty for providing me the courage and chance to start this
dissertation, persevere through it, and finish it. My mentor, Mrs. Sakshi Sharma, an
assistant professor, and our department's dean, Mr. Department of Business Management,
gave me the opportunity to write this wonderful review on the topic "THE RISE OF
CRYPTOCURRENCY IN EMERGING GLOBAL MARKET": A REVIEW. They
also assisted me in conducting a tonne of research and introduced me to a tonne of new
information, and I am sincerely grateful to them for that. Second, I want to express my
gratitude to my parents and friends who greatly assisted me in completing this assignment
within the allotted time. I'm not only writing my dissertation for marks but to also
increase my knowledge.

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TABLE OF CONTENTS

CHAPTER 1 - Introduction
1.1 cryptocurrency
1.2 Data and basic charcteristic
1.3 Objective of the study
CHAPTER 2 – Review of Literature
2.1 Rational of the study
2.2 Key Features and uses of crypto currencies
2.3 How cryptocurrencies work
2.4 Cryptocurrency benefits for banks
2.4.1Anonymous and Private
2.4.2Cryptocurrencies are fast
2.4.3Non-Inflationary Research Approach
CHAPTER 3- Research Objective and The Emergence and Technology of
Cryptocurrencies
3.1 Objective of the study
3.2 History
3.3 Cryptocurrency Trading
3.4 Applications with densified data and cryptocurrency.
3.5 Bitcoin
3.6 Factors impacting bitcoin development and bank adoption

CHAPTER 4- Theortical Framework and Data Analysis of Study

4.1 Mises Regression Theorem
4.2 Garch model
CHAPTER 5- Emprical Studies
5.1 global perspective
5.1.1 Malaysia
5.1.2 South Africa
CONCLUSION AND SUGGESTION

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 CHAPTER-1
INTRODUCTION

Have you ever questioned the purpose of owning cryptocurrency? How much are they worth?
What can we do with them, and is it safe to utilise them? I'll do my best to explain every
aspect of cryptocurrencies in this dissertation, thereby dispelling many potential
misconceptions. Since this new coin has the potential to significantly enhance the quality of
our lives, we must comprehend its rationale. Currently, it is only perceived as a means of
investment, but what if it could be more? What if we could utilise it for a variety of tasks?
This topic has received a lot of attention history few years, and after extensive research, this
work will nicely compile all pertinent data on it. It will do so by utilising a variety of
viewpoints and experiences, which will result in a wide range of viewpoints on the topic. The
extensive research of the literature will provide in-depth theoretical information that aids in
our ability to draw conclusions and gain understanding about the subject. To accomplish the
objectives already stated above and get input from experts on the topic, a qualitative analysis
will be conducted. This input will provide a deeper understanding of the subject from both a
theoretical and a practical standpoint.
The explanation regarding the innovation of money and where it led us. This can be attained
through history with essential happened in our past along concern since the starting of trades.
appearance of the first virtual coin.
Second, the debut of Bitcoin, the first cryptocurrency to appear, and the effects it had on the
associated reality. Smaller issues like the market speculation surrounding cryptocurrencies,
their evolution over the course of their early years, and the factors influencing such
developments will also be described at this stage.
The discussion of how this innovation provides or might create the potential for a market
unification that spans not only various countries but also entire continents. This item explains
how the use of a single universal coin might facilitate international trades and improve them.
Last but not least, I want to know how cryptocurrencies will affect the present and future
lives of individuals. However, much supposition will be used to achieve that goal because it
is impossible to predict what will happen to cryptocurrencies in the future. The possibilities
for what actions it will do for us are
To round out the previously mentioned details, I'll pay particular attention to the following:
The emergence of cryptocurrencies, how society reacted to them, how they are used, and how
they will develop in the future. When the aforementioned points are finished, company

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In this section of the review study, We'll analyse the conclusions reached by previous
scholars on cryptocurrencies and other similar topics of study from different nations and
places. The chapter provides a detailed analysis of the an effort to answer the inquiry-based
research posed in the research report. The procedure includes reading up on bitcoins and
other cryptocurrencies. This chapter will also look at numerous theories and judgements
made by other writers regarding bitcoins' potential to ease the world liquidity issue and the
factors influencing bank acceptance of bitcoin.

The major goal of this dissertation is to comprehend what people's personal and financial
relationships to bitcoin mean to the world. To accomplish this, we must comprehend the
origins of the coin itself by conducting an empirical analysis over the years on a global scale.
It is crucial to outline specific goals like these in order to aid readers in understanding this
issue's context:
• Describe the market where cryptocurrencies will be used, their current drawbacks, and their
benefits;
• Examine the advantages that cryptocurrencies have for businesses and for society at large;
• Identify the limitations of this innovation;
• Make suggestions for potential modifications and additions to this new coin;
• compare the potential advancements of the new proposals to the initial situation;
• provide your conclusions. Understanding the motivation behind the emergence of this new
"technology" and its potentials requires the discovery of these objectives. In this manner, the
research is carefully conducted, creating ease for readers analysis the key concepts or ideas
that must be conveyed in this dissertation.

1.1Cryptocurrency
According to Tymoigne (2015), a dilution of digital currencies known as cryptocurrencies can
either be based on centralised organisations. [1]
Bailis (2017) argues that a system of centralised currency which make sure to secure digital
market which used to buy and trade digital goods by releasing the digital currency through a
single owner. This centralised electronic money is exemplified by the Linden Dollar, which
Linden Lab issues and It is utilised in online simulated Second Life world. It resembles
physical money in some ways. Similar to the conventional money system, a central
organisation follows a way of believe [2].

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"Cryptocurrency" refers to a category of digital money that has no real-world counterpart.
Additionally, it suggests that the transaction currency is hidden and safe. This digital money
comes in a variety of forms, including Bitcoin, Ethereum, Litecoin, Monero, and many more.
However, the transaction partners can establish trust based on each other's behaviours as long
as they can watch each other. Other methods must be found to establish trustworthy
transactions if the participants in the transaction are not seen feasible. Cryptocurrencies, or
decentralised currency systems built on cryptography, are one potential answer [3].

Cryptographic methods a digital token of cryptocurrency, using methods like peer-to-peer

networking, this token is then sent across the internet. It’s worth primarily derives from
supply and demand for similar tokens, and a significant aspect to appeal comes from the
system's decentralisation include the way are used. The commander conversation about
crypto-currencies has produced different levels of assistance for the innovation, and some
incredibly strict regulators thoughtful to financial technology industry has argued for the
inevitable widespread use of 2017 [3].

The early history with extreme volatility, illiquidity, and possibly ambiguous used are among
other major concerns with the adoption of cryptocurrencies. Continued by stating that the
most of the, problems preventing widespread cryptocurrency adoption are brought by a
misunderstanding of the distinction between digital and virtual currencies and, consequently,
how those distinctions affect the determination of a currency's worth [4].

Virtual money has become increasingly prevalent all over the world. These include Microsoft
Points, Amazon Coins, and Facebook Credits. unlike Bitcoins, which have previously been
hinted at, Facebook decides to introduce a currency to compete with conventional currencies.
Additionally, that virtual currencies are primarily used to enable online purchases and that
their value and distribution are typically managed by a centralised entity, typically the
company that issued them. Because they are used as a medium of exchange for tangible
assets, cryptocurrencies have a form that is more similar to physical money. Ironically, asserts
that the majority of the money supply in the contemporary world is digital and, as a result,
can be thought of as being in the form of cryptocurrencies.

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The major of the study of cryptocurrencies should be considered in a currency or in digital
assets along with the set of definition, like as token as a money reserve system for future
convey users which cryptocurrencies not in concern in other alternative transaction system
but lead to increase the investment of vehicle [5].

Cryptocurrencies are viewed by the U.S. Inland Revenue Service as a type of virtual
currency, so they ought to be regarded as assets, [6]. Such property is heavily taxed on capital
assets. under U.S. financial legislation. Other nations that adopted cryptocurrency early
include Norway, Sweden, and Canada, which likewise acknowledge cryptocurrencies as a
commodity. However, Germany, a nation that adopted cryptocurrencies very early, accepts
that they can be used as a form of "private money" for domestic trade and taxation. There has
essentially been no international agreement on the best way to categorise bitcoins as either
assets or money. These issues have been handled in accordance with each jurisdiction's legal
restrictions and its capacity for regulation.
whether these cryptocurrencies require legislation and oversight given the potential for such a
quick take-off. The released by businesses are primarily incentives for consumers to use a
certain platform or network, such as Amazon Coins and Kindle. Due to the fact that these
currencies must be used to buy goods and services from the platform, such as those offered
by Amazon, this method is also more cost-effective for the business. They observe that
cryptocurrencies like Bitcoin that are not connected to a specific platform can have an effect
on the stability of the price, the economy, and payments. As a result, more control may be
justified.[7]

There might not be a need for any regulatory involvement if there is only a minimal amount
of interrelation between the currencies of virtual and traditional market. Central banks are
interested in five possible risks connected to virtual currencies. They are reputation, absence
of regulation, payment and price stability, financial stability, and financial stability. (ECB,
2012). If virtual currencies have an impact on how Through open market transactions, the
central bank controls the amount of money available. they may make the aim of price
stability somewhat more challenging. Through its function of foreign stability rate of market,
the central bank can still affect financial stability despite having less influence over the
money supply. The history of cyberattacks and the lack of a lender of last recourse for these
currencies could also lead to speculation regarding virtual currencies. There is no assurance
of payment because the value of a virtual currency union largely trust on nature of investment
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or not to participate in unit as a form of final payment. (FCB, 2012). Furthermore, since
virtual currencies lack a solid legal foundation, it is unclear what each party's rights and
duties are.

The implications for current central bank strategy, according to ECB (2012), may be modest.
Technological advancements in the banking system and economic models indicate that digital
money may have an impact on the demand for money. A stable money velocity is necessary
for effective monetary strategy, according to Bamford (2014) [8]. However, the digital market
money gains acceptance as a method of payment, it may affect decrease the monetary base,
increase the money income velocity, and even substantially affect accuracy.

argues in favour of increased global cooperation via the International Monetary Fund because
cryptocurrencies decrease the efficacy of monetary strategy at the national level. (IMF). The
author observes that reserves are usually kept on hand by central banks to fend off speculative
attacks on the currency. Additionally, they have the power to alter the currency market or
increase interest rates. It may use its IMF quotas. However, since IMF and the central bank
are not involved. currently own Bitcoin, there isn't much that can be done Suppose wealthy
Bitcoin traders start a speculative assault within a currency contends that The Fund could try
to end currency indirectly through one of two methods. or it could grant the virtual currency a
standing similar to that of a member. As there are governance problems that would need to be
addressed, such approaches will need to be further discussed. Given the popularity of Bitcoin,
it is obvious that the financial system needs to be better perception [9].

Cryptocurrencies are a form of digital currency that are created and managed using
cryptography, typically in conjunction with a proof-of-work system. The creation and
verification of transactions for the transfer of said money within the network is done by a
decentralised network of connection operating in unison. Using the internet infrastructure and
cryptographic security, cryptocurrency transfers can be made immediately and securely
between any two parties without the aid of a reliable third party. There is no single
government or organisation that supports its worth.
A contemporary digital medium of trade known as a cryptocurrency. It is a brand-new, peer-
to-peer, decentralised payment method. All cryptocurrencies regulate production the moving
of funds using cryptography. Key public encryption is used by all cryptocurrencies, and
Bitcoin is secure because it has both a public and a private cryptographic key [10].
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Technologies built on encryption are known as crypto technologies. In human history,
cryptography has a long past. Modern mathematical cryptography, on the other hand, has
only recently been created. In 1976, key public cryptography, which be will discussed Earlier,
was first developed, and early in the 1980s, efforts were made to create a cryptocurrency.). A
group of software programmes called crypto-technology employ encryption. Typically, these
computer programmes can implement a method of transferring virtual products while also
implementing intricate contracts between parties [11]

Virtual goods come in many different forms, including software, internet documents, and
music. Other virtual goods, like ownership of among most approval notation and clarification
of the unit per might not be as apparent. Bitcoin and other forms of digital currency, like
deposits of bank, are usually files that individuals have on computers view as having worth
and treat as money. A description of money entails fostering confidence among the strangers
with whom it is exchanged [12].
For one to be able to use their money for future transactions, they must be confident that
others will eventually seize their money and that it will maintain a certain value. There are
three uses for money. They claim that these roles include serving as a medium of transaction
for goods and services as well as a store of value that is a savings account [13].

When using traditional currency, people place among the causes why the worth of personal e-
currencies is so unstable is because there is no authority that performs the function of keeping
stability for them. The divisions between sovereign and non-sovereign digital currencies
should be made for two reasons [14]. The term "sovereign digital currency" refers to digital
forms of money, for instance, commercial bank deposits held at the central bank or a system
of digital currencies released by the central bank. Bitcoin is an example of a private money,
not a sovereign one. For the purposes of this study, the Central Bank Issued Digital Currency
system is contrasted with non-sovereign private e-currency.

1.2 Data and basic charcteristic

Cryptocurrencies are a type of encrypted digital or virtual currency. This security element
makes cryptocurrencies challenging to counterfeit. The One of a cryptocurrency's
defining qualities is its biological nature and probably its most endearing allure. Since it
is not issued by a centralised body, it is presumably shielded from interference or by
manipulating the government. It was constructed using the bottom up to take advantage of

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the internet and its workings. It leads to formation of traditional financial institutions that
depend on the currency was protected and increased the level of market in the nature of
money supply over the algorithmic rate.

Once the rate of digital market become widely recognised as the preferred as the "father
of cryptocurrencies," altcoins are any other cryptocurrencies. Since 2009, the financial
community has been fascinated by and, in many instances, deeply sceptical of Bitcoin's
meteoric rise. Bitcoin differs essentially derived from fiat money, which is supported by
the complete trust of the digital nature and its government, due to certain characteristics.
Issuing fiat money is a highly centralised process that is controlled by a country's central
bank. As opposed to that, the price that investors are ready to pay for a Bitcoin at any
given moment determines its entire value

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CHAPTER-2 REVIEW OF LITERATURE

2.1 Rationale of the study

After review the past content of paper in emerging areas the modern market consisting of
a quick flow of knowledge in massive amounts of transactions for those with the same
specialized operating system level of operating level of seconds with high frequency of
trading. The result of various concern regards the features of undoubted complex system
like as several components that influence the phenomena of quantitative and qualitative
with high-ranking people and mutual understanding of ranking people results in crucial
occurrences like bubbles or collapses in the stock market. This frequently occurs in hours
or even minutes, and is known as “flash crashes”. These traits, which include a vast
number of components, nonlinear interactions, structural self-organization, and emergent
events, unquestionably fulfil the definition of complex systems. [15].
The major goal of this dissertation is to comprehend what people's personal and financial
relationships to bitcoin mean to the world. To accomplish this, we must comprehend the
origins of the coin itself by conducting an empirical analysis over the years on a global
scale. It is crucial to outline specific goals like these in order to aid readers in
understanding this issue's context:
• Describe the market where cryptocurrencies will be used, their current drawbacks, and
their benefits;
• Examine the advantages cryptocurrencies provide for businesses and society at large;
• Outline the limitations of this idea;
• Suggest modifications and additions that could be made to this new currency;
• compare the potential advancements of the new proposals to the initial situation;
• provide your conclusions.

Understanding the motivation behind the emergence of this new "technology" and its
potentials requires the discovery of these objectives. In this manner, the research is

12
carefully conducted, making it easier for readers to understand the key concepts and ideas
that must be conveyed in this dissertation.
Before coins even existed, people just exchanged products with each other. There wasn't
any real value. assigned compared to the items; however, there only haggling and
conversing amongst the agents. As time went on, coins were made with the original idea
of expressing the amount that farm laborers were owed, not to be used in trade. The
message would read, "Mr. Nebbuk has received grain valued at three metal coins".
Meaning that this type of money was fictitious at first, showing us that payment systems
now are not all that dissimilar from those used at the beginning of the economy. Physical
coins weren't utilized until many years later, which meant that money began to move
inside nations and even between them. commodities began to be instead of being
exchanged for other currency, coins were paid for commodities. It's crucial to remember
that at this point, coins already had varied values dependent on their weight. There was a
direct correlation between weight and value because the coin's substance determined its
value. indicating that when one was bigger, the other was too. Banks began adopting
paper money as the times changed so that their customers could carry a single note rather
than hundreds of coins. This note offers the option of being exchanged into coins at any
time by going into the bank [16]. The sole difference between paper money from the past
and today's is that the former was issued by banks and other private entities, whereas the
latter is currently issued by the government (the body in responsible of establishing the
modern-day currencies used by the majority of nations). Paper money may also be used to
purchase things. It is simple to comprehend that when a country aspires to dominate the
world, it would employ these 8 tactics to undermine the economic stability of another
country, causing its currency to depreciate in value in relation to those of other nations.
The most recent new form of money to appear was cryptocurrency, namely Bitcoin,
which was created in 2009 by software developer Satoshi Nakamoto. Since the first
cryptocurrency entered the market in 2009, more than 1,500 have been created. This
currency does not exist in the physical world like the money we currently use. Since it
was created using a mathematical formula that is publicly available, anyone may examine
it, understand what it does, and utilize the knowledge to create their own
cryptocurrencies. When Satoshi, who set out to build an electronic payment system, got to
the point where it could no longer be changed or governed by any central authority, he
created the first decentralized currency. Transaction costs were minimal and immediate.
The allure of cryptocurrencies is that they have lower transaction fees than other forms of

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 online payment [17]. Since we can remember, we have always assumed that the largest
government agencies and institutions are continuously keeping an eye on us. Bitcoin was
developed as a method to break this rule. This technology is unique in that it is managed
via a decentralized system. Since governments issue all current currencies, they have
control over them. In some nations, this premise extends to dictating to citizens how and
where to spend their money. Because the government has the authority to obstruct
transactions, society could not freely spend its money. This indicates that our actual
currency is centralized, and Bitcoin enabled people to circumvent this rule. It was aided
by its timely appearance in 2009, when there was a severe economic crisis. People were
angry and in revolt against the banks and governments, which encouraged the demand for
a coin that could not be taken over or controlled by a higher power. It is vital to note that
this currency also made it possible for individuals to purchase illicit services without
being "caught" by the authorities because there is no evidence of its use or ownership.
The society found that to be highly alluring.

2.2 Key Features and uses of crypto currencies

Bryan (2015) [18] asserts that various kinds of electronic applications of transaction as
centric digital nature of money transaction along the include definition of money demanded
nature of legal tender status. Bryan (2015) defined electronic currency as value that has been
electronically saved in a device, such as a chip card or the hard disc of a computer both of
which are widely used throughout the globe in payment and settlement systems.
Some jurisdictions, like the European Union's E-Money Directive, have created special
legislation to govern e-money. (Bryan, 2014). E-money balances that fall under the legal the
meaning of "e-money" in a given state are typically. In, 2010 the CPMI been researching the
evolution e-currency and the numerous policy concerns connected to it since the middle of
1990. These categories—cash, money from commercial or central banks, and e-money—are
typically regarded as "money" in a particular money, donating birth to that One currency
exists.
Various retail payment methods, potentially even digital currency schemes, are now included
in the definitions of e-money, according to Bryman (2014). Cryptocurrencies may
conceptually match the wide definition of "e-money," but they typically do not in most
countries. (2014) (Bryman). To be deemed e-money, for example, the value must be kept and
transferred in a currency that is backed by a sovereign; however, in many cases,
cryptocurrencies are not backed by a sovereign currency or even related to one; instead, they

14
are expressed in their individual units of measure. The European Union stipulates that the
balances issued must constitute a claim against the issuer, granted in exchange for fees. Some
cryptocurrency units used in schemes won't be legal tender because they are not issued in
exchange for cash but can be afterwards purchased and sold and may be issued by anybody or
any organization.
There are presently hundreds of distributed ledger-based digital currency schemes in
existence, development, or launch that have since vanished [19] (Meiklejohn et al, 2016).
These schemes differ from conventional e-money schemes in several important ways that
they have in common. First off, these cryptocurrencies are typically assets whose value is
decided by supply and demand, a notion that is similar to that of commodities like gold.
(Meiklejohn et al, 2016). However, they don't have any intrinsic worth, unlike commodities.
Not possible of any person to backed from origination to the authority, unlike traditional e-
money. Therefore, their value is solely based on the expectation that they could be traded for
other products or services, a specific amount of sovereign currency, or both, at some point in
the future.
2.3 How cryptocurrencies work
Meiklejon and others (2016). claim that bitcoin is a wholly digital currency that lacks support
tangible assets or government obligations. Instead, it depends on a peer-to-peer protocol for
witnessing settlements and cryptographic security to function. Thus, Bitcoin has the
paradoxical advantage of characteristic that although having money is a natural anonymous,
The money flow is open to the whole population. In 2008, the (pseudonymous) Satoshi
Nakamoto revealed Bitcoin for the first time. [20Since then, it has experienced a huge growth
and brought in millions of dollars for those involved in the industry. This is how Meiklejon et
al (2016: 87) explain it: A bitcoin, in its simplest form, can be conceptualized as a series of
transactions from one owner to the next, where each proprietor is identified by a public key
users can use any number of addresses moving forward, and the trust of nature in truncations.
Meiklejon et al. (2016) state that there may be various input and output sites for transactions.
As each transaction refers to the one before it, the signature of After then, the chain can
include this of transactions that make up a bitcoin. The transactions build a chain since the
sender of a bitcoin must identify their source when sending bitcoins. To verify the reliability
of each signature in this line-up, a user can look them up individually. Each user of the
system must be aware of every such transaction in order to avoid double spending.
Then, when a person tries to transfer a bitcoin after having already done so, double spending
can be found. (Meiklejon et al, 2016). Transactions are grouped into blocks, which serve to

15
timestamp the transactions they contain and attest to their validity, in order to establish which
transaction occurred first. Each block in the chain that results from the formation of blocks
references the one before it, thereby confirming the legitimacy of all earlier transactions. The
result of this procedure is a block chain, which is then made accessible to all system users in
the public domain. This method explains how to disseminate transactions to all system users
and transfer bitcoins. Although there is no central body that mints bitcoins and bitcoin is
decentralized, we still need to think about how bitcoins are created in the first place. In
reality, this occurs during the formation of a block because each accepted block, which is
each block incorporated into the block chain, must be created in a way that ensures the hash
of all the data inside the block starts with a specific number of zeroes.

2.4 Cryptocurrency benefits for banks

Users can avoid the hefty fees most banks impose by using these fund transfers, which have
negligible processing expenses. Furthermore, many countries now regard bitcoin as legal
tender. Particularly, countries that wish to get rid of paper money are highly open to
cryptocurrencies. Proponents of the currency highlight the market capitalization of
cryptocurrencies like bitcoin, Ethereum, and others as evidence that any country would suffer
enormous costs if it were to restrict them. (2014) (Bryman). On the other hand, individuals
who are opposed to cryptocurrencies claim that they are incredibly volatile, can be used to
finance illegal operations, or can be used to launder money [21]

He points out that there is no discounted monetary value for bitcoins, they have high price
volatility, and they are illiquid. He also points out that there is no financial or economic
foundation for the currency's formation and that there is no central issuer of the currency.
Ivaschenko (2016) lists the following benefits and drawbacks of bitcoin.

2.4.1 Anonymous and Private

In particular bitcoin transactions, cryptocurrencies are entirely anonymous and private,
according to Chokun (2014). Chokun (2014) continued by stating that transactions made with
bitcoin cannot be monitored or traced, in contrast to bank payments where this is possible.
Chokun (2014) asserts that one can only be aware of the bitcoin storage addresses to which
payments have been sent and received. Chokun (2014) noted this; however, it is unknown to
whom these addresses belong. Similar to how payments made to specific bank accounts can
be traced [22].

16
 2.4.2Cryptocurrencies are fast
When compared to banking networks, claims that bitcoin transactions are extremely quick a
bitcoin transaction can be completed in ten minutes and is as quick as sending an email. This
was backed up by who added that "zero-confirmation" transactions—those in which the
merchant assumes the risk of accepting a transaction that has not yet been verified by the
bitcoin blockchain—allow bitcoins to be processed immediately states that transactions that
take at least 10 minutes to complete qualify as confirmed transactions observed that while
Credit Card or digital wallet services offer instant approved transactions, they typically
charge a high fee that is not always necessary which Bitcoin does not in this instance. Even
though it processes transactions extremely quickly, Bitcoin has very minimal transaction fees.
2.4.3 Non-Inflationary Research Approach

Bitcoin's non-inflationary nature is why it is referred to as the future of money pointed out
that the central authority has complete control over the printing of fiat money. The
government is instructed to create more money and inject it into the economy when the
economy is slowing down because it is unable to pay off its national debt continued. As more
people have more money, observed that this causes the worth of currency to decline.
Additionally, increasing the number of notes printed causes inflation and raises commodity
costs
It's because more people are ready to pay for a certain good right now, which forces the seller
to raise the price to close the deal. As a result, those who benefited from the government's
injection of more money can now purchase more, while those who did not stand to gain from
it have access to less money, which has led to a rise in commodity prices.
However, with Bitcoins, this is not the situation. Only 21 million bitcoins will ever be
produced, everyone is aware of this. Because of this, there won't be an inflation issue once all
of the Bitcoins have reached maturity and can no longer increase in number continued by
stating that the process of "mining" is how bitcoins are created [23]

17
 CHAPTER-3 Research Objective & The important Technology of
Cryptocurrencies

3.1 Objective of the Study

 Cryptocurrencies have become significant financial software platforms. They rely
on the safety nature of market and introducing the essential form of additional
units of currency

 Since they were created direct connection of network which does not follow the
minimal algorithms on the nature of digital market in the contrast of
cryptocurrency and formulate the analysis survey of the reviewed paper.

18
  It contributes the new units which possibly cover the centra authority to mediate
the truncations of designed system for peak the value of marketing.
 We follow the advantage and dis advantage of currency with assurance of strength
and risks available in the nature of digital market and presents by different unique
ways of system.

3.2 History
Discrete events have paced human history, determining its direction through discontinuously
accelerating growth. The introduction of standardized coins as money, which occurred in
Lydia around 600 BC, is without a doubt one of these occurrences. This first generation of
money had a significant impact on Mediterranean society [24] and was the driving force
behind a steady rise in trade interactions. Different service was no longer required of
merchants. Paper money, which debuted in the Renaissance, was the second iteration. It was
initially adopted by the well-established national banks after being launched by Italian banks.
Due to the growth of the nation-states with the authority to issue it, the development of
banking. From this point forward, it was simple to adjust the money supply either upwards or
downwards, which ultimately led to the development of modern capitalism. The invention of
electronic transactions in the 20th century accelerated the movement of money throughout the
economy, spurring development. It is important to note that paper and electronic money
completely disconnected fiat currencies from their underlying worth. Exchange rates were no
longer dependent on trust in the government and were instead linked to gold after the Bretton
Woods system collapsed in 1971. Fiat currencies began to steadily lose value after that, as
illustrated by the US dollar in Fig. 1 as an illustration. Additionally, since abandoning gold.
At the moment, central banks can simply increase the money supply without physically
printing more money. In addition, a completely new financial asset appeared at the same
moment. The Bitcoin was the original altcoin. The fundamentally novel concept was to create
a distributed database with a new "Proof of Work" consensus method, along with asymmetric
cryptography, in order to create a decentralized, secure register (the distributed ledger
technology, or DLT) blockchain. The goal is for cryptocurrencies to operate independently of
institutions and governments, relying instead on the foundation of technology. They make it
possible to send money almost instantly anywhere in the globe. The authentication method is
provided by the network users themselves.

3.3 Cryptocurrency Trading

19
 Several cryptocurrency-specific variables have been put forth in the theoretical literature
as drivers of cryptocurrency prices and as indicators of returns in market. We explore the
implications of cryptocurrency-specific factors in this part. We first build the production
and network elements for cryptocurrencies. We discover that the manufacturing factors
do not have a significant impact on the coin market returns, but the network factors do.
Then, we investigate whether various cryptocurrency-specific variables can forecast
upcoming coin market returns in order to determine whether cryptocurrency return
patterns are predictable. We take into account momentum, indicators of investor interest,
and indicators of cryptocurrency value ratios. These factors are all unique to the
marketplaces for cryptocurrencies. We disprove the idea that cryptocurrency prices are a
martingale by finding that momentum and indicators of investor interest can predict
future coin market returns.

3.4 Applications with densified data and cryptocurrency.

The explosiveness phenomenon might be amplified as a result of the bitcoin market's
immaturity and high speculative traffic. The majority of cryptocurrencies have a lot in
common, including their underlying technology, anti-government characteristics,
decentralization (with the exception of Ripple, which displays some centralization
characteristics), mining process, popularity among average investors from emerging
countries as a way to avoid capital controls, role of media in price formation, trading
24/7, synchronous trading, use in gambling and illegal activities, user anonymity, and
disconnection from the global economy. In a same vein, the speculative cryptocurrency
market4 may be particularly relevant to investment irrationality, herding effects, and the
fear of missing out3 which are found to be important in the case of traditional asset [25].

3.5 Bitcoin
A peer-to-peer communication protocol called Bitcoin permits the usage of virtual currency
and a payment mechanism was produced by a team of unidentified programmers or a lone
programmer going by the name Satoshi Nakamoto. Bitcoin served as the first "practical"
illustration of the notion of cryptocurrencies, even though the idea was initially presented and
discussed in 1998. Now that the language for e-currencies has been established, it is utilised
to illustrate how an e-currency works using the most well-known cryptocurrency, Bitcoin.
The use of Bitcoin has significantly increased since its launch in 2009. In 2016, 6.56 million

20
people utilised bitcoin; in 2017, 11.05 million people did so. The way Bitcoin works is
through a blockchain, a modern technology that uses cryptography. A record that is constantly
being updated by computers is called a blockchain. Taking out traditional middlemen like
banks that are regulated by the government.
The absence of the necessity for an intermediary or third party is the public ledger's main
advantage. Every transaction is converted into a block, which is then approved after being
checked by other computers. These individuals are referred to as miners. [26]

Following approval, the transaction is added to the blockchain's chain of blocks and
completed. Since every transaction is open to the public, any attempt to tamper with it would
be detected by the mathematics underlying it, which would prevent an agreement among all
the ledgers and essentially stop fraudulent transactions. So, cryptographic verification
partially replaces middlemen, such as banks. The blockchain technology already in use for
private e-currencies could also serve as the foundation for a cryptocurrency released by a
central bank. Bitcoin appears to be used mostly as a means of payment. Because transaction
costs are maintained to an absolute minimum, sending huge sums of money quickly and
affordably is possible everywhere in the globe. Transactions can be completed whenever you
want and almost instantly. 2017 (Bitcoin). But rather than taking the place of traditional
money, Bitcoin is still seen as an addition to it [27].

Figure 1.1: Comparing Bitcoin volatility with GBP volatility.

Source: Hay (2017:113)

21
The blockchain network, which generates and distributes bitcoins among its users without the
intervention of a central authority, is the foundation of the bitcoin supply side. The total
number of Bitcoins available is 21 million. Once this number is reached, no more Bitcoins
will be issued. Bitcoins are produced once transactions are verified by the so-called "miners."
(Dwyer, 2014). The only method to obtain Bitcoins after the maximum supply is reached is
through trading. The initial years after its inception saw a rapid expansion of the Bitcoin
supply, which reached 10.5 million (or 50% of all Bitcoins available) by 2013, just 4 years
after its initial launch. Uncertainty surrounds what will transpire once the 21 million mark is
achieved and the money supply is set at this level. According to the websites for Bitcoin
(2017).
At this juncture, numerous small transaction fees are likely to be the only source of support
for Bitcoin miners. Inferred from the fact that "miners" will validate transactions in exchange
for transaction fees is the continuation of Bitcoin trading and verifications. Although there is
no underlying theory that would justify this and a fallback strategy in the event that it does
not work.
The anonymity it provides and the speedy and affordable method it makes international
transfers possible are the main reasons for Bitcoin's growth. When hackers demand bitcoin
payments in malware attacks, for example, bitcoin is occasionally associated with unlawful
activities [28]. Bitcoins can, however, sporadically be taken by hackers. The owner's
password is retrieved when bitcoins are seized, and via mysterious means, the money is
subsequently transferred to another account.
3.6 Factors impacting bitcoin development and bank adoption
Distributed ledger-based cryptocurrencies represent a really innovative

22
CHAPTER-4 Theoretical Framework

Since cryptocurrencies are a relatively new phenomena and a rapidly growing industry with
the potential to have substantial effects on the financial sector, the goal of this dissertation is
to explain them and clear up any misconceptions that may arise. The purpose is to provide an
explanation of what led to the creation of cryptocurrencies and their significance in
contemporary society. The focus group method was to be used for the methodology study
before the COVID-19 outbreak began. This approach entails getting six people together in
one location. The interviewer would then begin asking the rotary questions in an effort to get
the interviewees to start responding. The study would gain a lot from the subjects' discussions
with one another about each topic after they had given their answers. Why is this
advantageous to the analysis? The dissertation would be greatly expanded as a result of the
extensive discussion and presentation of numerous points of view. Additionally, the subjects
would feel more at ease discussing and outlining their views now. Unfortunately, given the
circumstances in which we find ourselves, it is quite difficult to bring everyone together in
one location since their concerns for their safety would prevent them from doing so. The
interviews will therefore be conducted one-on-one and online. In this approach, the subjects
can still take part in the research and contribute their expertise, which is ultimately the main
objective. However, since there won't be a sharing of ideas, the conversation will be more
difficult to hold. The study will be supported by a wide range of experiences, so it was
important that the subjects were selected have a wide range of interactions with
cryptocurrencies. As was already noted, the strategy will involve conducting interviews with
individuals who have some experience with cryptocurrencies and have developed opinions on
the matter. The questions will focus on their knowledge of the subject and how they feel
about its potential effects on businesses as well as our society as a whole in the now and the
future. It is crucial to note that the subjects' identities will be kept secret since they have
requested it and because it is unrelated to the actual study.

4.1 Mises Regression Theorem

The value of bitcoin is one of its most baffling features. The argument that Bitcoin contradicts

23
The regression theorem explains that all money must eventually derive its purchasing power
from a historical connection to a thing that was valued under a condition of barter, regardless
of whether the money is a commodity like gold or a government-backed fiat currency. In his
article "What Gave Bitcoin Its Value," he goes into great detail. The Foundation for
Economic Education's analysis claims that the notion of the value of money as a whole can
only be traced back to the point at which money's objective exchange value ceased to be the
value of money and began to be the value of a commodity.
Simply put, the value of an item that serves a purpose other than serving as money is all that
money is worth. At some point, one must be unable to distinguish between outcomes of
valuations based on the function of money as a typical medium of exchange. This stage is
reached by continually going further back in time. Before it became usual to buy things in the
market not for one's own use but just to trade each individual commodity was only assigned
that worth supplied by the subjective appraisals based on its direct usefulness. Bitcoin has a
significant, albeit slight, value. What makes bitcoin valuable is that it may be redeemed and
that it is an inflation-proof meta-currency [30]. To better grasp this, think of what would
happen if gold were to mix with paper. According to this claim. This explanation explains
why people preferred paper money over gold coins or bars because it was so much more
portable, practical, easy to manage, and easy to tally. They created the regression theorem as
a praxeological assertion that links to an in-depth account of the origins, construction. Prior to
the theory, there was a circularity that claimed that the marginal utility of money—which was
generated from its own purchasing power—explained its exchange value. The quantity theory
and marginal utility analysis were used to support this hypothesis, which was used to explain
how money is valued.

They contend that Mises used the regression theorem to break the circularity by building on
the work that came before him and underlining the subjective method of valuing things.
Mises concurred that a currency's value—its predicted ability to buy things—is defined by
the minimal usefulness of the It may be good used to buy. Then, according to Mises, people
make predictions about future purchasing power based on what they see happening in the
present and past. Subjective assessments of shoppers lead to the conclusion that "today's
objective exchange value is derived from yesterdays." is solely determined by its use as a
means of consumption or production. At this point because there is no basis for the objective
exchange value of money on its role as a means of trade. This was the time when people first
began to leave a state of bartering. Mises asserts that this is a "phenomenon of economic
24
history," not merely a theory. At this point in time, there is a connection between the mises
theorem and Menger's explanation of the origins of money. Like language, money evolved
naturally when merchants overcame inefficiencies in a barter economy—difficulties brought
on by the need to satisfy the coincidence of two demands at the same time. Trades were made
between traders for other products even when there was not worth using the stuff for
obtained, provided the purchased items have a greater "marketability" unlike the goods they
sacrificed. There would be more of this till was a "inevitable tendency for the less marketable
of the series of goods used as media of exchange to be one by one rejected until at last only a
single commodity remained, which was universally employed as a medium of exchange."
This idea contends that gold and silver were the most popular early forms of trade because of
their great marketability, capacity for division and identification, and durability

Bitcoin has drawn flak for being a shaky repository of wealth. Because of this, he rejects the
legitimacy of bitcoin as money even if he accepts that it is undoubtedly an effective means of
exchange. It's plausible that the mises regression theorem is flawed or poorly understood,
given that many researchers think bitcoin can act as at least a secondary form of exchange
[32].

To account for the technical, unexpected properties of bitcoin, a novel application The
characteristics of a medium of exchange, such as having a price, must already be present for a
medium of exchange and receiving customer approval, for the theorem to be true. Liquidity
and accepted pricing are both regarded as parts of a market. If a potential interchange
medium has these elements, it means that there is a demand for it that must already be
satisfied before it can be utilised as a medium of exchange. As a result, this demand is non-
monetary by definition. Even a medium of trade that is still viable risk losing its non-
monetary demand over time. Mises maintains that money is only useful for trading for other
goods and services, despite the fact that he thinks non-financial demand crucial for the
growth of pricing and viability [33].
In essence, this argues that while non-monetary demand is essential for the creation of
money, it is not essential for its preservation. Clarifies what Mises meant by pointing out that,
once it has been created, employing money directly as a commodity is not necessary.
Even if gold lost its attraction as an easily manipulated, visually beautiful metal that is also a
superior conductor, this does not automatically argues that all money must unavoidably have
25
direct uses as commodities, which is a tough premise to accept [34]

4.2 Garch model

2016 saw a record-high level of investor interest in the bitcoin market. Since the year began,
Bitcoin, the largest digital currency in the world, has surged by more than 1,500%. Despite
what the prevalent terminology might suggest, the market is actually far more intricate. The
future and volatility of Bitcoin have been the subject of numerous studies, but the sizeable
altcoin sector and its evolution have received far less attention. Bitcoin was worth $1,000 at
the start of 2016. When it was trading at about $16,000 in 2017, various analysts and well-
known financial figures warned that it was a bubble and warned investors to avoid it. The
currency has recently been performing at an ever-peaking level, but it is incredibly
unpredictable, one day soaring in value by hundreds of dollars, then dropping considerably
more the next [35].

The greater match through a comparison of GARCH models. He highlights how unstable the
market is. By comparing data from before and after 2015, we can show that volatility is
trending lower by analysing daily Bitcoin values with an optimal-GARCH model. They
continue to notice a substantial asymmetry in the Bitcoin market, where adverse events have
a bigger impact on prices than favourable ones. Similar to this, shows that Bitcoin can be
used as a short-term hedging tool against stocks in the Financial Times Stock Exchange Index
and against the US dollar [36] by investigating its hedging potential using the asymmetric
GARCH approach.

When the 1469 cryptocurrency market as a whole behaves was investigated, it was found
that, despite some statistical aspects of the market remaining constant over time,
cryptocurrencies are continually surfacing and vanishing, and their market value is increasing
quickly. Market share distribution and in particular bitcoin turnover have remained largely
steady. There is broad agreement that the nature of international relations, as well as the
trading habits of many countries and commercial organisations, will be impacted by
cryptocurrencies. [37]
The idea that cryptocurrencies would fundamentally change the way we conduct business is
still met with scepticism by a large portion of the population. They lack the ability to

26
comprehend the operation of the full blockchain technology and other annexes. Digital tools
are also being created by technological advancements, which firms may employ to engage
with customers more efficiently. Due to a rising transition from traditional to digital
platforms, data from sources including with the Large data sets may now be easily shared
with businesses in every industry and nation for little to no cost because to technological
advancements in data collection, storage, and sharing. Because online transactions leave
digital footprints and are therefore more private, people are adopting more covert ways to
utilise the internet and make purchases as a result of the widespread availability of data. In
order to address privacy concerns, the Bitcoin cryptocurrency was created.

CHAPTER-5 EMPRICAL
STUDIES

The majority of the attention in this section is on previous studies on cryptocurrency. The
research that is taken into account will aid in bettering knowledge about cryptocurrencies and
bitcoins. Studies will be broken down into those with an African, global, and local
perspective.
5.1 global perspective
5.1.1 Malaysia
Issues and difficulties with using cryptocurrencies in Malaysia as an alternative money

The usage of cryptocurrencies as a substitute method of payment in Malaysia was the subject
of research done in 2016, one of the most controversial inventions by utilising blockchain
technology to facilitate digitally in direct payments involving two parties. Cryptocurrency
transactions do not enter a middleman like a banking account. Costs are cut as a result.
Malaysia's central banks are being forced to deal with the rising issue of redundancy in a
world of boundless fintech possibilities.

27
Cryptocurrency were the main topic. They stressed that, in contrast to conventional
currencies, which are created through unlimited money printing, digital currencies are created
through a process called virtual "mining" that aims to regulate the quantity of "money"
available and increase its value. The pace of financial innovation is quickening, forcing
regulators to modify their ideas about what money is and can be. It states that cash has
historically been used as a medium if commerce, legal tender for the repayment of debts, a
measure of worth, a foundation for accounting, and a way to save money or store purchasing
power.

Despite its attractive qualities they pointed out that Bitcoin is not immune to probable abuses
including fraud, tax evasion, money laundering, and black marketplaces online, and support
for terrorism. The report included a thorough analysis of Bitcoin's advantages and drawbacks,
which will aid authorities in determining whether to accept cryptocurrency and offer a proper
framework for its regulation based on other jurisdictions' procedures.
. These trends included the by way of the Islamic Development Bank blockchain China is a
leader in the development of Shariah-compliant contract technology. the effort to create its
own national cryptocurrency to supplement fiat money, and the market entry of a Shariah-
compliant cryptocurrency backed by a government by gold (Onegram). In order to stay
effective, Malaysia's financial and regulatory structures must take these changes into account.
5.1.2 African perspective
South Africa
South Africa's regulation of cryptocurrencies: The need for a strong legal structure to
reduce the risks involved.
Objective belong to the study were to comprehend notion the importance of cryptocurrencies
in the financial industry, and the hazards associated with these digital currencies. The second
goal was to if there was a strong argument for governing intervention in light of how
cryptocurrencies functioned. Examined and evaluated were the complex concepts of
cryptocurrency. The study illustrated the concept of crypto-currency, which additionally, it
was determined that using cryptocurrency carries certain danger. Given the broad use of
cryptocurrencies, some of these concerns have been found to exist, while others may be
harmful. These hazards, which are exacerbated by factors like excessive volatility to include
money laundering, financial stability, and client safety. It was found that in order to lessen
some of the risks connected with virtual currencies, the US, Canada, and the EU have started

28
building regulatory frameworks. There is no legal framework in South Africa that regulates
cryptocurrencies, despite the fact that National Treasury as well as SARB published stance
papers alerting customer to dangers it using digital currencies. It was decided that South
Africa urgently has to take regulatory action as a result. The requirement, the author made
recommendations that included incorporating cryptocurrencies into pertinent laws like the
Consumer Protection Act 68 of 2008. Regulation ought to follow intervention [38].

CONCLUSION & SUGGESTION

The last chapter of the dissertation was achieved, and the conclusions formed from the entire
writing process. Cryptocurrency is a brand-new, innovative technology that has not yet
realised all of its potential. Since It is not subject to a central government, it is a wholly
decentralised system. It is built on a concept called Blockchain, which has the potential to
revolutionise our society but requires widespread acceptance from society as a whole. The
literature research led us to the conclusion that, despite not being widely known, it is
expanding. Its value is constantly increasing and is unaffected by the recent, ongoing, and
perhaps even upcoming economic crises. The value of cryptocurrencies is solely determined
by speculation, by supply and demand, and without any sort of foundation. The market may
rise sharply one day, but there is no guarantee that a sharp collapse won't occur the following
day. It is also crucial to note that a variety of adoptions or regulations may have an impact on
the value of virtual currencies. For instance, if a company or even a nation begins to adopt a
particular cryptocurrency, its value will be perceived to have increased; however, if a new
regulation is established, its value will fall sharply. When it comes to globalisation and

29
market unification, cryptocurrencies can play a crucial role since if all countries used the
same currency, our society would undergo significant changes. There would be limitless
opportunities; international trade would increase as a result of the lack of constraints;
businesses could sell their goods to a larger number of markets, which would help the
economy of their nation. More and more multinational corporations have been using this new
technology in recent months, not only to make it easier for people to invest in this coin but
also in new technologies for data collection and information mining. Because more people
will be aware of the benefits that cryptocurrencies provide to our world, these adoptions will
contribute to the rise in importance of cryptocurrencies. As a result of the daily news stories
on virtual currencies, it may be said that society will become increasingly accustomed to
them. Covid-19 also increases the popularity of cryptocurrencies because they are safer to
use. The spread of a virus would be more controlled if there was no physical exchange of
money; in contrast, if there were no physical exchange of money at all, there would be no
touching of any kind during the exchange of goods. During the pandemic, people were
accustomed to purchasing the majority of their items online, which brings us to a crucial
point. Society made a significant transition to a new, entirely digital era. Because of the
reality that everyone is now experiencing, switching from fiat to cryptocurrency may be less
difficult for some people. A number of the findings obtained from the qualitative analysis that
was conducted can be discarded and replaced by those that are consistent with the literature
review. Every participant just observes. cryptocurrency as a means of investment and
financial gain. When referring to specific people, there are not any more uses to this currency.
Additionally, it is believed that this trend won't change in the near future. Regarding the
investment realm, all participants concur that cryptocurrency volatility is extremely high,
which is supported by the visual display in the literature review. Because cryptocurrencies are
based on the Blockchain, according to every respondent, they are entirely safe and there is no
need to worry about being conned. Investors do, however, need to be aware of the top
websites they can utilise to complete the necessary transactions. For these sites to be
protected from hacking by the faults listed in the literature review, they must be secure and
approved by the relevant marketplaces. Regarding the future, the topics follow the thesis
stated throughout the dissertation; it is anticipated that fiat currencies will soon become
obsolete and that, in the long run, Bitcoin will be utilised as a transaction coin. But something
other than speculative thinking must support their perceived value. People will never feel
secure having money in their accounts until regulations and methods of control are
established. . Not because of concern for hacking, but out of concern for a sharp decline in

30
the value of the currency and, consequently, their purchasing power. As a conclusion, and in
response to the primary query and goals stated at the outset, cryptocurrencies can be
integrated in a variety of marketplaces. Take Microsoft as an example, which makes use of
this technology to compile consumer data. We'll probably see new ways to incorporate
bitcoins into advancements in the future, but as of right now, the only market where they have
use is in data mining.

Bitcoin in particular has been shown to be more explosive over the long term. Additional
analysis based on a logistic regression shows that the likelihood of explosive periods in one
cryptocurrency typically depends on the presence of explosivity in other cryptocurrencies and
suggests that contemporaneous co-explosivity may not always depend on the size of each
cryptocurrency. Future studies should consider the factors that determine explosivity's
behaviour, allowing them to examine whether the introduction of Bitcoin futures has
decreased the frequency of explosivity. Overall, the results demonstrate that the likelihood of
explosive conduct in one cryptocurrency is significantly increased when explosive activity is
present in numerous cryptocurrencies. It was also demonstrated that Bitcoin, the most popular
cryptocurrency, was least affected by the rapid development of lesser-known
cryptocurrencies. But it turns out that the market behaviour of other cryptocurrencies is
significantly influenced by the explosiveness of smaller coins. These results suggest that
market participants can benefit from co-explosivity evidence in the cryptocurrency market by
distributing their funds among various assets.

31
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