The adoption of cryptocurrencies as a bitcoin on the world public economy
El harchy, Abdelmounim (2022)
El harchy, Abdelmounim
2022
Master's Programme in Public Economics and Public Finance
Johtamisen ja talouden tiedekunta - Faculty of Management and Business
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Hyväksymispäivämäärä
2022-11-25
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:tuni-202211208480
https://urn.fi/URN:NBN:fi:tuni-202211208480
Tiivistelmä
Bitcoin along with other cryptocurrencies have gained much prominence in recent years, in fact, for one reason or another it is on everyone's lips.
Whether positive or negative, most people recognise that cryptocurrencies, especially bitcoin, will revolutionise the public monetary system in the future. In fact, the thinking is that it will once and for all replace cash controlled by central banks such as the Federal Reserve and the European Central Bank.
Bitcoin, the first cryptocurrency in existence, created by Satoshi Nakamoto, also introduced a new technology, called Blockchain.
The entire Bitcoin system, as well as other cryptocurrencies, are underpinned by blockchain technology, which makes it possible for them to be decentralised and thus not depend on any financial authority to function.
There are different types of decentralisation, but these will be explored in more detail within this manuscript.
The rise of cryptocurrencies in recent years has led to their soaring market value in a short time, which is why so many people have seen the possibility of investing their money mainly for two reasons, the first being immediate short-term gain, and the second being gain given over the long term, by trusting the projects behind the various cryptocurrencies.
The research carried out for this thesis cannot and will never be complete, as the world of cryptocurrencies is constantly revolutionizing itself by implementing more and more innovations.
Due to the continuous rise in value of cryptocurrencies, many people firmly believe that they will one day be able to replace the current monetary system in the not too distant future.
In this thesis, cryptocurrencies and Blockchain technology will be introduced, especially that of Bitcoin, being the most important and the one with the most expectations; some countries that have already approved the use of cryptocurrencies within their territories will be analyzed to understand whether an adoption of a single global cryptocurrency is feasible nowadays or not; the environmental impact due to the high consumption of energy required for the maintenance and mining of cryptocurrencies, and finally, the answers to the questionnaire given to economics students at the University of Tampere in Finland and the University of Eastern Piedmont in Italy will be analyzed to find out what opinions and knowledge people have in general on this topic and whether they would be willing to accept cryptocurrencies as an official currency in their countries.
Whether positive or negative, most people recognise that cryptocurrencies, especially bitcoin, will revolutionise the public monetary system in the future. In fact, the thinking is that it will once and for all replace cash controlled by central banks such as the Federal Reserve and the European Central Bank.
Bitcoin, the first cryptocurrency in existence, created by Satoshi Nakamoto, also introduced a new technology, called Blockchain.
The entire Bitcoin system, as well as other cryptocurrencies, are underpinned by blockchain technology, which makes it possible for them to be decentralised and thus not depend on any financial authority to function.
There are different types of decentralisation, but these will be explored in more detail within this manuscript.
The rise of cryptocurrencies in recent years has led to their soaring market value in a short time, which is why so many people have seen the possibility of investing their money mainly for two reasons, the first being immediate short-term gain, and the second being gain given over the long term, by trusting the projects behind the various cryptocurrencies.
The research carried out for this thesis cannot and will never be complete, as the world of cryptocurrencies is constantly revolutionizing itself by implementing more and more innovations.
Due to the continuous rise in value of cryptocurrencies, many people firmly believe that they will one day be able to replace the current monetary system in the not too distant future.
In this thesis, cryptocurrencies and Blockchain technology will be introduced, especially that of Bitcoin, being the most important and the one with the most expectations; some countries that have already approved the use of cryptocurrencies within their territories will be analyzed to understand whether an adoption of a single global cryptocurrency is feasible nowadays or not; the environmental impact due to the high consumption of energy required for the maintenance and mining of cryptocurrencies, and finally, the answers to the questionnaire given to economics students at the University of Tampere in Finland and the University of Eastern Piedmont in Italy will be analyzed to find out what opinions and knowledge people have in general on this topic and whether they would be willing to accept cryptocurrencies as an official currency in their countries.