25

Blockchain and Cryptocurrency

2.10  CONCLUSION

With the effort to keep up with rapid technological developments, the vehicles used

by humanity are changing very quickly. Cryptocurrency has emerged as a product

of this change and transformation. Like every innovation and invention, cryptocur­

rencies have come into life with their unique advantages and disadvantages. In this

chapter, cryptocurrencies that use blockchain technology were examined, the cur­

rent situation was described, and its future was discussed.

The results obtained in the study can be summarized as follows:

• It has been determined that cryptocurrencies cannot be defined as money,

since they cannot totally fulfil the features and functions of money in their

current situation. However, it has been concluded that the process they have

gone through so far and the new gains of crypto coins in the future will

approach the existing definitions.

• It was explained that the values of cryptocurrencies are shaped depending

on the supply and demand conditions and are significantly affected by fac­

tors such as security, legal status, volume, and speculative and manipulative

initiatives.

• It has been stated that cryptocurrencies do not yet have a widespread

legal acceptance worldwide, but countries have loosened their initial rigid

attitudes.

• It has been explained that among the many advantages and disadvantages

of crypto money, the most prominent advantage is security, and the most

striking disadvantage is volatility.

• It has been concluded that cryptocurrencies can be used wherever money is

used, and further, they can offer new functions.

Not missing opportunities depends on being quick. In the light of risk assessments,

it is necessary to implement regulations to protect crypto consumers, investors and

the market. It is necessary to understand crypto money well in order to benefit from

its gains and avoid its risks. Blockchain technology and cryptocurrency issues are

hot topics for academic studies. Since cryptocurrencies have been in the market for

more than 10 years, pioneering empirical studies should be done and compared with

theoretical studies. In addition, new studies can be conducted to examine how the

Covid-19 pandemic will have an impact on the acceptance of cryptocurrencies.

REFERENCES

Bruno, T.D., & Gift, L. (2019). How businesses can deal with cryptocurrency risks. Intellectual

Property & Technology Law Journal, 31(3), 20–22.

Carlozo, L. (2017). Understanding blockchain. Journal of Accountancy, 224(2), 1.

Chaum, D. (1983). Blind signatures for untraceable payments. Advances in Cryptology, 82(3),

199–203.

Coinmarketcap​.c​om (Accessed: 01.01.2021-02.20.2021).