scholarly journals Crypto-currencies, Speculation and the Evolution of Monetary Systems

2018 ◽  
Author(s):  
Andres Solimano
Keyword(s):  
Mobile Phones ◽  
Digital Technologies ◽  
Peer To Peer ◽  
Rapid Expansion ◽  
Electronic Payments ◽  
Digital Currency ◽  
Distributed Ledger ◽  
Monetary Systems ◽  
Digital Money ◽  
Payments Systems

The development of new digital technologies in the areas of cryptography, distributed ledgers and mobile phones is affecting the way money is used for economic transactions. Electronic payments systems are rapidly replacing the use of cash. New powerful distributed ledger technologies, operated on a peer-to-peer decentralized basis is leading to the rapid expansion of digital  money, with bitcoin being the most prominent digital currency (although there are more than one-thousand different crypto-currencies).

Cryptocurrencies, Blockchain Technology and Sustainability

2020 ◽  
Author(s):  
Burcu Sakız ◽  
E. Ayşen Hiç Gencer
Keyword(s):  
Decentralized Control ◽  
White Paper ◽  
Central Banking ◽  
Peer To Peer ◽  
Digital Currency ◽  
Blockchain Technology ◽  
Distributed Ledger ◽  
Peer Network ◽  
Peer To Peer Network ◽  
Made In

Satoshi Nakamoto is the name used by the presumed pseudonymous person or persons believed to be the inventor of cryptocurrency Bitcoin, came up with the concept of blockchain as a core component of it when published a white paper on “BitCoin: A peer to peer electronic cash system” in 2008, blockchain technology made its public debut. Bitcoin is generally considered the first decentralized cryptocurrency and since the release of it, over 6,000 altcoins have been created. Cryptocurrencies use decentralized control as opposed to well-known, traditional centralized digital currency and also central banking systems. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain. Blockchain is a system that in which a record of transactions made in cryptocurrencies are maintained across several computers/servers that are linked in a peer-to-peer network. Blockchain based applications provides many opportunities to create a more sustainable world. This paper contribute to the discussion on future avenues for sustainability especially in terms of cryptocurrencies and blockchain based platforms and services.

scholarly journals IS FUTURE A RULE OF DIGITAL CURRENCY???

2020 ◽  
Vol 8 (8) ◽  
pp. 96-106
Author(s):  
Hariharan Narayanan
Keyword(s):  
Descriptive Study ◽  
Central Banks ◽  
The Internet ◽  
Global Impact ◽  
Digital Currency ◽  
Physical Form ◽  
Digital Money ◽  
Payments Systems ◽  
Financial Consultants ◽  
Digital Or

Digital Currency (DC) is a form of currency that is available in digital or electronic form and not in physical form. Digitalization has remodeled money and payments systems. Although digital money itself is not new to modern economies, digital currencies now facilitate spontaneous peer-to-peer transfers of value in a way that was formerly impossible. Digital currency has already materialized in a variety of contexts. Digital Currency is an extent put away in a dispersed database on the Internet. This study is toted with the objective to highlight the concept of digital currency, its  various forms, evolution and growth, global impact, impact during COVID-19 and the future of digital currency. This is an historical descriptive study which flashes the opinions given by distinctive researchers and disparate financial consultants and central banks.

scholarly journals CRYPTOCURRENCY AND DIGITAL MONEY IN ISLAMIC LAW: Is it Legal?

JURISDICTIE ◽  
2021 ◽  
Vol 11 (2) ◽  
pp. 237-261
Author(s):  
Husnul Fatarib ◽  
Meirison Alizar Sali
Keyword(s):  
Islamic Law ◽  
Peer To Peer ◽  
Legal Research ◽  
Digital Currency ◽  
Peer Network ◽  
The World ◽  
Digital Money ◽  
The Government ◽  
Peer To Peer Network ◽  
Conceptual Research

Cryptocurrency is a digital currency spread in peer-to-peer network all over the world. This network has a big accounting book called Blockchain which can be accessed by public. This article is doctrinal legal research with conceptual research. This article reviews digital money based on Jalbu Masalah wa Dar al-Mafasid accompanied by the implication of Saddu az-Zari’ah. The results show that Islamic law acknowledges the currency issued by the government. The existence of a country is a form of protection to the money owners from the acts of fraud in finance. Bitcoin and digital money are not included in the criteria mentioned in Islamic economy law because of it contains obscurity (jahalah), high speculation element, and can harm individual as well as the country. Bitcoin has no clear source, authentic balance, and it only has moral assurance.Mata uang kripto adalah mata uang digital yang tersebar dalam jaringan peer-to-peer di seluruh dunia. Jaringan ini memiliki sebuah buku akuntansi besar bernama Blockchain yang dapat diakses oleh publik. Artikel ini merupakan penelitian hukum doctrinal dengan pendekatan konseptual. Artikel ini melakukan kajian terhadap uang digital berdasarkan Jalbu Masalah wa Dar al-Mafasid sertai implikasi Saddu az-Zari’ah. Hasil penelitian ini menunjukkan bahwa hukum Islam mengakui keberadaan mata uang yang dicetak oleh pemerintah. Keberadaan negara merupakan wujud perlindungan kepada pemilik uang dari tindakan penipuan dan kecurangan dalam bidang finansial. Bitcoin dan uang digital tidak termasuk dalam kriteria yang disebutkan dalam hukum ekonomi Islam. Karena mengandung ketidakjelasan (jahalah), unsur spekulasi yang tinggi serta dapat merugikan individu dan negara. Bitcoin ini tidak mempunyai sumber yang jelas, saldo yang hakiki, dan hanya ada jaminan secara moril.

scholarly journals DISTRIBUTION OF ETHEREUM BLOCKCHAIN ADDRESSES

2020 ◽  
pp. 41-48
Author(s):  
A. Seitenov ◽  
G. Smagulova
Keyword(s):  
Rapid Expansion ◽  
Electronic Records ◽  
Smart Contracts ◽  
Computer Programme ◽  
Contemporary World ◽  
Digital Currency ◽  
Currency Exchange ◽  
Distributed Ledger ◽  
Smart Contract ◽  
Electronic Transactions

Abstract: In the contemporary world, Ethereum is a very reliable financial saving among cryptocurrencies. It is also well known as a blockchain platform for creating and launching its own cryptocurrency. The applications run on Ethereum executed by a platform-specific cryptographic token, ether. During 2014, Ethereum had launched a pre-sale for ether, which had received an overwhelming response. Ether is used broadly for two purposes: it is traded as a digital currency exchange like other cryptocurrencies, and it is used inside Ethereum to run applications and even to monetize work. It should be noticed that the smart contract has brought a significant share of the success to Ethereum. The smart contract is a computer programme that independently performs assigned tasks between network participants without the participation of a third trusted party. Smart contracts and their intranet transactions have facilitated the rapid expansion of the Ethereum network. Smart contracts are widely represented on the market, either as electronic transaction payments or as applications for the implementation of logistics supplies, gambling, and other sectors. These transactions are irreversible and fully tracked online. Whereas the electronic records are available in a public distributed ledger and include data about user addresses, whereas the real names are hidden. The article explains the usage of decentralized accounts and their electronic transactions in the Ethereum network. The results are presented through different application sectors. Additionally, a new method for extracting blockchain records through node cluster via IPFS path is implemented in the research.

Computers and Society

2019 ◽  
Author(s):  
Ronald M. Baecker
Keyword(s):  
Mobile Phones ◽  
Ethical Issues ◽  
Digital Technologies ◽  
Digital Inclusion ◽  
War And Peace ◽  
Modern Life ◽  
Corporate Networks ◽  
Naked Eye ◽  
Widespread Availability ◽  
Computers And Society

The last century has seen enormous leaps in the development of digital technologies, and most aspects of modern life have changed significantly with their widespread availability and use. Technology at various scales - supercomputers, corporate networks, desktop and laptop computers, the internet, tablets, mobile phones, and processors that are hidden in everyday devices and are so small you can barely see them with the naked eye - all pervade our world in a major way. Computers and Society: Modern Perspectives is a wide-ranging and comprehensive textbook that critically assesses the global technical achievements in digital technologies and how are they are applied in media; education and learning; medicine and health; free speech, democracy, and government; and war and peace. Ronald M. Baecker reviews critical ethical issues raised by computers, such as digital inclusion, security, safety, privacy,automation, and work, and discusses social, political, and ethical controversies and choices now faced by society. Particular attention is paid to new and exciting developments in artificial intelligence and machine learning, and the issues that have arisen from our complex relationship with AI.

The Rise of Digital Money

2021 ◽  
Vol 13 (1) ◽  
Author(s):  
Tobias Adrian ◽  
Tommaso Mancini-Griffoli
Keyword(s):  
Central Bank ◽  
Financial Economics ◽  
Customer Orientation ◽  
Annual Review ◽  
Publication Date ◽  
Digital Money ◽  
Payments Systems ◽  
Bank Reserves ◽  
To Come ◽  
Compare And Contrast

Payments systems around the world are evolving with the emergence of digital money issued by private firms and central banks. We provide a conceptual framework to compare and contrast traditional forms of money with their new digital equivalents. We suggest that some forms of digital money, while less stable as a store of value, could be rapidly adopted given their advantages as a means of payment. We review the benefits and risks that would emerge. One approach to managing risks would be to require full backing of selected digital money with central bank reserves. We call the arrangement synthetic central bank digital currency (sCBDC), a private-public partnership that combines the advantages of private sector innovation and customer orientation with the safety and stability of central bank–backed money. We offer policy considerations, directions for research, and an overview of the literature to date. The analysis of digital currencies is an exciting new field crossing into monetary and financial economics that will reshape the monetary and financial systems for many years to come. Expected final online publication date for the Annual Review of Financial Economics, Volume 13 is March 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

scholarly journals Cryptocurrencies: They´re really that lucrative?

2021 ◽  
Vol 129 ◽  
pp. 03002
Author(s):  
Roman Blazek
Keyword(s):  
Value Added ◽  
Investment Activity ◽  
Advantages And Disadvantages ◽  
Digital Currency ◽  
Virtual Economy ◽  
Online Trading ◽  
Digital Money ◽  
Basic Purpose ◽  
Alternative Sources ◽  
Analyze Data

Research background: Cryptocurrency is a digital currency that is intended for online trading. It uses and implements the principles of cryptography to create a distributed, decentralized and secure digital currency. Virtual money is a new and promising branch of the virtual economy that brings many advantages and disadvantages in a global sense. Many people have become involved in cryptocurrency hype because high investments in this digital money have been seized during the pandemic. The rise in revenues from this digital money has gripped the world globally. Purpose of the article: The basic purpose and chosen goal is to analyze the use of cryptomen trading during the global Covid-19 pandemic, as well as investing in these alternative sources of investment, which are gaining more attention every day precisely because of their freedom and detachment. Methods: The article will analyze data that will be compared based on the years before the Covid-19 pandemic and during the Covid-19 pandemic. Based on these data, the investment activity of people, companies, corporations is compared. Findings & Value added: Based on the results in the article, it was found that during the Covid-19 pandemic, the interest in investing in cryptocurrencies increased compared to the interest in investing in cryptocurrencies before the pandemic. The overall result is that people are moving to a new way of holding money, as cryptocurrencies are a new way to the future, as banks are unable to provide such returns from client deposits as cryptocurrencies, but they are associated with much greater risk.

scholarly journals The Evolution Of Digital Currencies: Bitcoin, A Cryptocurrency Causing A Monetary Revolution

2015 ◽  
Vol 14 (4) ◽  
pp. 617 ◽  
Author(s):  
Chris Rose
Keyword(s):  
Peer To Peer ◽  
Digital Currency ◽  
Peer Network ◽  
Cryptographic Algorithms ◽  
Money Transfer ◽  
Entire World ◽  
Peer To Peer Network

Bitcoin was not the first attempt at a digital currency, but it has been the most successful and it is now being accepted by a number of major retailers. Bitcoin is a cryptocurrency and operates as a peer-to-peer network. Its security is guaranteed by cryptographic algorithms instead of governments and has the potential to become a major means of payment for e-commerce and may even materialize as a viable challenge to traditional money-transfer providers. Instead of serving one country or some countries, Bitcoin serves the entire world.

scholarly journals Digital Currency Studies In Islamic Perspective

2021 ◽  
Vol 8 (2) ◽  
pp. 47-65
Author(s):  
Bedjo Santoso ◽  
MA Irfan Rahmana ◽  
Atin Anggraini Surono
Keyword(s):  
Qualitative Analysis ◽  
Sampling Technique ◽  
Ahp Method ◽  
Analytical Hierarchical Process ◽  
Digital Currency ◽  
Digital Money ◽  
Exchange Measurement ◽  
Fairness Principles ◽  
Main Attribute

This study aims to determine the best type of Digital currency according to Islam. This study uses the Analytical Hierarchical Process (AHP) method by developing several alternative digital currencies and attributes (indicators). In addition, this study also uses deductive qualitative analysis. Respondents in this study amounted to 100 people with the sampling technique Area Stratified Purposive Sampling and several selected respondents were interviewed. The results show that Gold-based Digital Money is the best type of Digital currency according to Islam. The main attribute of ownership in Gold-based Digital Money is Usury abolishment capability. Other factors are Gharar Eraducation, Maysir Eraducation, Justice / Fairness Principles, Medium of exchange, Measurement of value, Store of value and Differed payment instrument. In addition, this model can accommodate 7 criteria for the role of currency in the economy.

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