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Influence of Cryptocurrencies on the Economy: A Potential-Analysis of Bitcoin as an Alternative Currency

  • “Right now, Bitcoin feels like the Internet before the browser” (Casares, 2020). This quote sums up most of the current thoughts on the phenomenon of a ground-breaking invention from 2008 by Satoshi Nakamoto since a major part of the world’s population is still missing out on sophisticated knowledge about it. Especially in times of digitalization, it is of enormous value to be informed about current developments in technology. This thesis aims to evaluate the future development of money, especially if Bitcoin has the potential to totally replace conventional currencies. Furthermore, the strengths and shortcomings of Bitcoin will be discussed. It also reaches to determine characteristics for a currency’s long-term success and which of those characteristics are fulfilled by Bitcoin. To answer the research question if Bitcoin has the potential to be an alternative currency and to test the developed hypotheses, pertinent literature is reviewed and an empirical study consisting of expert interviews which are examined using a qualitative structured content analysis method, are conducted. Afterwards, the results are critically discussed. The results of this thesis reveal that Bitcoin has the potential to become an alternative currency because it fulfills most of the criteria a currency needs to meet to be successful in the long run. Furthermore, it is evident that Bitcoin still faces vast barriers and needs to overcome enormous obstacles, which shifts the time horizon for becoming a success somewhere in the farther future. Additionally, apart from the development of cryptocurrencies, it is shown that money in general, will flow much more digitally in the short run. Besides that, this thesis offers insights about the promising future of Bitcoin’s underlying core technology, the Blockchain, in various fields of application.

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Metadaten
Author:Sven Langer
URN:urn:nbn:de:hbz:1383-opus4-6909
Examiner:Franca Ruhwedel, Frank Zimmer
Document Type:Bachelor Thesis
Language:English
Date of Publication (online):2021/02/05
Year of first Publication:2021
Publishing Institution:Hochschule Rhein-Waal
Degree-granting institution:Hochschule Rhein-Waal
Date of final exam:2021/02/02
Release Date:2021/02/15
Tag:Bitcoin; Blockchain; Cryptocurrency; Currency; Finance
Number of Pages:89
Faculties and Institutes:Fakultät Kommunikation und Umwelt
Licence (German):License LogoCC BY-NC-ND 3.0 DE - Namensnennung-Nicht kommerziell-Keine Bearbeitung