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Short Communication Open Access

Future of Bitcoins-A Study

Abstract

Digital mindsets and technology transformation is an inevitable need that organizations, businesses and individuals cannot ignore anymore. Businesses worldwide are gearing up for digital transformation in their existing processes, competencies, models and transactions. Digitization of financial systems and transactions are fallout of this revolution. Bitcoin can also be called a child of this technological revolution. At the onset, bitcoins can be seen as the first pan-global medium of which have been used by people internationally and independently, i.e. without any reliance on government regulations. Of the various forms of digital currencies available today, the current bullish (rather more than bullish) rally of Bitcoin in the year 2016-17, caught my attention and motivated to examine the future of this transaction system, and analyze the two often speculated status of bitcoin - as the currency of the future or an asset worthy of investment, or a mere bubble that will eventually burst. As the most popular form of cryptocurrency (according to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin) that is used for transactions and can be recorded in a ledger, various conflicting opinion exists regarding its perceived value as the digital currency of the future. In the paper I evaluate how the value of bitcoin is created and examine its potential as a currency of future or a commodity or asset.

Raghav Gupta

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