13

2 ^{Blockchain Technology}

and Cryptocurrency

Current Situation and

Future Prospects

M. Kar

CONTENTS

2.1

Introduction..................................................................................................... 14

2.2

Blockchain Technology................................................................................... 14

2.3

Cryptocurrency................................................................................................15

2.4

Comparison of Cryptocurrency and Money.................................................... 17

2.5

Values of Cryptocurrencies............................................................................. 18

2.6

Legal Status of Cryptocurrencies....................................................................19

2.7

Advantages and Disadvantages of Cryptocurrencies......................................20

2.7.1 Advantages...........................................................................................20

2.7.1.1 Security.................................................................................20

2.7.1.2 Limited Supply.....................................................................20

2.7.1.3 Decentralization....................................................................20

2.7.1.4 Low Costs.............................................................................20

2.7.1.5 Fast Transactions...................................................................20

2.7.1.6 Confidentiality...................................................................... 21

2.7.2 Disadvantages......................................................................................21

2.7.2.1 Extreme Technology............................................................. 21

2.7.2.2 Digital Transformation.........................................................21

2.7.2.3 Private Keys.......................................................................... 21

2.7.2.4 High Volatility......................................................................21

2.7.2.5 Lack of Legal Status.............................................................21

2.7.2.6 Illegal Affairs........................................................................21

2.8

Current and Potential Uses of Cryptocurrencies.............................................22

2.8.1 Tourism and Accommodation.............................................................22

2.8.2 Real Estate...........................................................................................22

2.8.3 Education.............................................................................................23

2.8.4 Charity and Donation Transactions.....................................................23

2.8.5 Supply Chain.......................................................................................23

2.9

Current Information about the Cryptocurrency Market..................................24

2.10 Conclusion.......................................................................................................25

References.................................................................................................................25

DOI:  10.1201/9781003138082-2