The Concept of the Cryptocurrency and the Downfall of the Banking Sector in Reflecting on the Financial Market

Setiawan, Roy and Cavaliere, Luigi Pio Leanardo and Halder, Sudipta and Koti, Kartikey and Sarsengaliy, Bayjanov and K.Ashok, and Pallathadka, Harikumar and Rajan, Regin (2021) The Concept of the Cryptocurrency and the Downfall of the Banking Sector in Reflecting on the Financial Market. [UNSPECIFIED]

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Abstract

This paper aims to explain the concept of Cryptocurrencies such as Bitcoin, Litecoin and others, discuss their advantages and their disadvantages, and how is reflecting on the financial market and on the other currencies that are adopted in each country, like us dollar and the euro and the pound and so on (fiat currencies). This paper will discuss the major change that would occur if or when cryptocurrencies get adopted worldwide when the cryptocurrency becomes the who will benefit from this change and who will cease to exist, and what would this change mean to the banking sector, and where is it going to leave this sector. Could it destroy it or be a partner with it? It all depends on how this sector will handle this change when it happens because it will happen sooner or later.

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