The Economic Implication of Cryptocurrency and its Capacity to Challenge Conventional Financial Systems of Wealth Preservation.

Abstract

Cryptocurrency, a digital or virtual form of currency utilizing cryptographic techniques, has garnered significant attention in recent years for its potential economic and disruptive impact on conventional financial systems.

This essay explores different dimensions of cryptocurrency, focusing on its capacity to challenge traditional means of wealth preservation. Beginning with an examination of the evolution of money, the essay delves into the economic implications of cryptocurrency, including its role in facilitating borderless transactions and promoting financial inclusion.

Furthermore, it analyzes cryptocurrency as a store of value, comparing its properties with traditional assets like gold and fiat currencies. Regulatory challenges and technological innovations, such as blockchain technology and decentralized finance (DeFi), are also discussed in the context of cryptocurrency’s transformative potential.

By providing a comprehensive overview of the economic ramifications of cryptocurrency, this essay aims to contribute to a deeper understanding of its role in reshaping the modern financial landscape.

 

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Economic Implication of Crypto Currency

 

About the Author 

Oyesiku B. Gideon is a graduate of law at Law National Open University of Nigeria. He can be reached via email: [email protected]

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