Bitcoin and Cryptocurrency: Challenges, Opportunities, and Future Measures

Abstract

Bitcoin and other cryptocurrencies have garnered significant attention over the past few years. Globally recognized as digital coins and virtual currencies, these cryptocurrencies are traded and obtained within the blockchain system. The blockchain technology, endorsed for the use of cryptocurrencies, has stimulated interest among banks, governments, stakeholders, and individual investors. The emergence of cryptocurrencies this decade, since Bitcoin's inception in 2009, has caused turbulence in the market. Cryptocurrency is predicted to be the currency of the future, potentially replacing current paper currency worldwide. Despite capturing user interest, many remain unaware of the opportunities, drawbacks, and future challenges it presents. Comprehensive research on cryptocurrencies is still lacking and remains in its early stages. This paper aims to provide significant insights and guidance to academia and users by discussing the opportunities available in cryptocurrencies, such as its technological security, low transaction costs, and high investment returns. The focus of this paper revolves around laws and regulations, excessive energy consumption, the risk of collapse and bubbles, and attacks on networks. Future commitments of cryptocurrencies and their applications are systematically examined in this paper.