Abstract
Cryptocurrencies are a new form of currency that have gained widespread attention in today's age of rapid technological advancement. The underlying blockchain technology provides many advantages for cryptocurrency transactions, including decentralization, anonymity, and security. But there are always two sides to a story, and despite the fact that cryptocurrencies have solid technical backing, their development has been severely hampered by issues like the high stability of individual coins and the potential dangers of the technology itself, which have led many nations to pass laws restricting cryptocurrency use. Taking a literature review method, this paper explores the features of cryptocurrencies, their potential for institutionalization as legal tender, and their primary effect on the economy. This paper concludes that the widespread adoption of cryptocurrencies as a viable alternative to fiat currencies is highly improbable in the foreseeable future.
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