MAJOR CONTROVERSIES OF CRYPTOCURRENCIES

Designed to partially replace the traditional global financial system, Bitcoin arrived with great fanfare on the world stage in 2008. Friedrich A. Hayek suggested, in 1976, that the public needed relief from the absolute state monopoly over the money supply and reliance on the government for maintai...

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Bibliographic Details
Published inEconomic and Social Development: Book of Proceedings pp. 381 - 387
Main Author Zhong, Zhiyang
Format Conference Proceeding
LanguageEnglish
Published Varazdin Varazdin Development and Entrepreneurship Agency (VADEA) 23.09.2022
Subjects
Accounting
American dollar
Bank robberies
Banking industry
Blockchain
Currency
Digital currencies
Energy consumption
International finance
Volatility
United States > US
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Summary:Designed to partially replace the traditional global financial system, Bitcoin arrived with great fanfare on the world stage in 2008. Friedrich A. Hayek suggested, in 1976, that the public needed relief from the absolute state monopoly over the money supply and reliance on the government for maintaining a stable value of money. Such observations may have helped inspire the inventors who generated the ideas for cryptocurrencies. The launch of Bitcoin provoked an intense debate over its functions as a currency and its role in the financial system globally. This paper attempts to explore the major controversies associated with the most popular cryptocurrency Bitcoin and shed light on the potential threats it has posed to the economy and society.
ISSN:1849-6903
1849-6903