Emergence Of Cryptocurrencies Research Articles

ПЕРСПЕКТИВЫ ВНЕДРЕНИЯ И ИСПОЛЬЗОВАНИЯ ЦИФРОВЫХ ВАЛЮТ ЦЕНТРАЛЬНЫХ БАНКОВ

The global economy is constantly changing. The spread of "digital" technologies sooner or later had to affect the evolution of money. If the emergence of cryptocurrencies is considered as an attempt by individuals and companies to get away from state payment systems, then digital currencies of central banks or Central securities are an asymmetric response of the state to the development of cryptocurrencies. The purpose of the study is to identify trends in the introduction and use of digital currencies by central banks. The object of research: digital currencies. Subject of research: digital currencies of central banks. Methodology: Using the method of systematic analysis of scientific sources and regulatory documents regulating the scope of digital currencies, the trends of digital currencies and the transformation of the payment system, which are relevant today, were investigated. Result: It should be noted that the synchronous decision of almost all Central Banks in the world to accelerate the introduction of central securities for domestic and international settlements confirms the approach according to which, when analyzing relations between countries, more attention should be paid to real economic ties and processes, rather than declared statements.

A Literature Survey on Transaction and Phishing URL Fraud Detection System

The literature survey provides a comprehensive overview of the complexities surrounding cryptocurrencies, focusing on fraud detection and regulation within the global financial system. It traces the historical evolution of monetary systems, the emergence of cryptocurrencies, and regulatory approaches. Significant findings include the application of machine learning algorithms like LGBM and random forest in Ethereum fraud detection, and the effectiveness of unsupervised learning for anomaly mining in Bitcoin transactions. Novel frameworks for fraud detection through ensemble stacking models are also highlighted. The survey underscores the need for effective approaches to combat fraudulent activities within blockchain platforms, such as Ponzi schemes and phishing scams. Proposed solutions utilize methodologies like graph neural networks and ensemble learning, exhibiting high accuracy. Regulatory measures, classification technique refinement, and future research directions are emphasized to enhance fraud detection models. Overall, the survey illuminates the potential impact of cryptocurrencies on the global financial system, the challenges of unregulated circulation, and promising advancements in fraud detection and regulatory efforts within the digital economy

Comparative analysis of machine learning techniques for cryptocurrency price prediction

The emergence of cryptocurrencies has revolutionized the concept of digital currencies and attracted significant attention from financial markets. Predicting the price dynamics of cryptocurrencies is crucial but challenging due to their highly volatile and non-linear nature. This study compares the performance of various models in predicting cryptocurrency prices using three datasets: Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH). The models analyzed include Moving Average (MA), Logistic Regression (LR), Autoregressive Integrated Moving Average (ARIMA), Long Short-Term Memory (LSTM), and Convolutional Neural Network-Long Short-Term Memory (CNN-LSTM). The objective is to uncover underlying patterns in cryptocurrency price movements and identify the most accurate and reliable approach for predicting future prices. Through the analysis, it could be observed that MA, LR, and ARIMA models struggle to capture the actual trend accurately. In contrast, LSTM and CNN-LSTM models demonstrate strong fit to the actual price trend, with CNN-LSTM exhibiting a higher level of granularity in its predictions. Results suggest that deep learning architectures, particularly CNN-LSTM, show promise in capturing the complex dynamics of cryptocurrency prices. These findings contribute to the development of improved methodologies for cryptocurrency price prediction.

The Impact of Cryptocurrencies on the United States and China’s Economies

This paper will make an intensive study of the impact of cryptocurrencies on the United States and China’s economies. In terms of popularity, policy, and investor attitudes, the US and China’s current situation is compared. The emergence of cryptocurrency has changed the role of traditional Central Bank monetary policy, making it faces new challenges in controlling economic fluctuations and stabilizing financial markets. In addition, the volatility and uncertainty of cryptocurrencies also affect investors' attitudes and behaviors. In the United States, investment risks in cryptocurrencies are widely discussed, while in China, investors are cautious about cryptocurrencies due to the government’s relatively conservative attitude towards cryptocurrencies. In summary, cryptocurrencies have different impacts on the economies of China and the United States. Due to government restrictions and regulations, China's development of cryptocurrencies in the country has been hindered to some extent, while the United States has become one of the leaders in the global cryptocurrency market. However, the potential impact and risks of cryptocurrencies cannot be ignored, and active guidance and supervision from governments and regulatory agencies are needed to ensure their positive role in the economy. On this basis, investors need to invest rationally based on their own risk tolerance and market trends to achieve long-term economic benefits.

Analisis Yuridis Terhadap Keabsahan Perjanjian Investasi Dalam Transaksi Initial Coin Offering (ICO) Berdasarkan Pasal 1320 Kitab Undang-Undang Hukum Perdata

Initial coin offering (henceforth referred to as ICO) as one of the investment developments in the digital era has left legal loopholes over the execution of the ICO in Indonesia, coupled with the emergence of cryptocurrency. This research aims to analyze the validity of an investment agreement on the ICO using cryptocurrency as a payment method along with its legal consequences. With normative-juridical methods, the research results have found out the agreement of the ICO is deemed unlawful according to Article 1320 of the Civil Code due to the clause contravening the legislation, leading to the failure of the fulfillment of the halal clause. Thus, the agreement is deemed to be void ab initio or simply inexistent. Due to the absence of the regulatory provision regulating the ICO, the investors involved could file a lawsuit over the violation harming the parties running the ICO. Thus, it is important to formulate regulatory provisions concerning the ICO in Indonesia that set forth the measures taken to provide legal protection for the aggrieved inventors due to the void ab initio agreement. These regulatory provisions are expected to avert any ICO-related problems as stated above.

The Essentiality of Ethereum Digital Transactions in the Islamic Economy (Iqtishad Washathi)

One of the technological advances found in the economic field is the emergence of crypto currency or also known as cryptocurrency, one type of which is ethereum. The progressivity of these transactions makes transaction activities more efficient because they can be applied virtually. When viewed in terms of profit obtained, ethereum can provide significant returns, but on the other hand also has a very high potential risk in terms of investment. The extreme volatility of ethereum digital transactions allows for spikes in price increases and decreases very quickly. The high volatility in question is a reflection of the level of risk faced by investors. This research was conducted to review the essentiality of ethereum digital transactions in the perspective of Islamic economics, because these transactions are still experiencing debate both in terms of legality and regulation, especially from the perspective of Islamic economics.

The Finance Money Crisis and Cryptocurrencies

The speculative financial services sector and the systemic failures of financial globalisation have prompted a growing call for delinking from the hegemony of the US dollar. These systemic failures have been illustrated by financial mismanagement and the financial crisis of 2007-8. This event paints a dire picture of the consequences associated with poor regulation of the financial sector. This study seeks to interpret these events in terms of Gramsci’s Prison Notebooks and his concept of the ‘morbid symptoms of the interregnum’. According to Babic (2020), these occur when a hegemony and its institutions are ‘dying’, thereby hampering their power. This notion also highlights that the future remains murky, despite public calls for change. Gramsci calls this the ‘new that cannot be born’.This study seeks to extend this framework to the current state of the dollar hegemony. The ‘morbid symptoms’ we will examine include the call to delink from the speculative high-risk US economy, the emergence of cryptocurrencies, and the politics surrounding fiat money. Some have argued that the emergence of cryptocurrencies could be the ‘new’. However, this study argues that the negative characteristics associated with cryptocurrencies such as cybersecurity concerns and price volatility create ambiguity about whether cryptocurrency is the ideal trajectory. Therefore, it argues that ambiguity and calls for change qualify our current monetary situation to be classified as a Gramscian interregnum.It also examines the current fiat money discourse by highlighting how the dollar hegemony may be succeeded by another fiat currency. However, it argues that the inflationary shortfalls of fiat money make this a fallible option, thereby perpetuating the ambiguities within the Gramscian interregnum.

The Relationship of Cryptocurrencies and the Stock Market

In today's world, with the internet and finance closely integrated, the global-ization of cryptocurrency has deepened, prompting people to pay more atten-tion to the impact of cryptocurrency on the entire financial market. This pa-per provides a comprehensive review of relevant literature from five aspects: the development of cryptocurrency, price changes, the impact of cryptocur-rency on the stock market, the impact of cryptocurrency on the banking in-dustry, and the currency and commodity characteristics of cryptocurrency. The author also compares the price curves (in USD) of the S&P 500, ETH, and BTC from March 21, 2022, to March 21, 2023, and hopes to gain in-sights into the relationship between stocks and cryptocurrencies. Our re-search shows that the emergence of cryptocurrency has had a significant im-pact on the financial market, particularly in the banking industry. Although the emergence of cryptocurrency has added vitality to the financial market and increased investment options, the instability of cryptocurrency has also brought risks to investors. As the cryptocurrency market continues to ex-pand, policymakers and investors need to understand its potential impact on traditional financial instruments and the broader economy.

DEVELOPMENT OF THE GLOBAL CRYPTOCURRENCY MARKET

Cryptocurrencies represent a new form of property that exists only on the Internet. The first cryptocurrency to appear on the global market was Bitcoin, and its appearance is linked to the first financial crisis in 2008. The market capitalization of Bitcoin grew very quickly and in 2017 reached the highest capitalization in history (334 billion US dollars). Later, there was an expansion of new cryptocurrencies, of which there are currently over 1500 (e.g. Ethereum, Tether, BNB, USD Coin, etc.). The emergence of cryptocurrencies as a new concept affects the change in the perception of payments and money as a means of payment in general. The development of the global cryptocurrency market is indeed rapid and dynamic, and it is becoming an increasingly popular method of payment. Since the emergence of cryptocurrencies is not related to central banks, the need to change the classical systems and economic policies of countries is also expressed. The dynamic development of the mentioned market takes place in parallel with the development of information technologies, so there is a trend of capital outflow from classic capital markets to emerging global cryptocurrency markets. The question arises of the survival of traditional banks in the future, as more users trust cryptocurrencies. Global cryptocurrency markets are expected to expand more and more in the future. The paper will analyze the development of the global cryptocurrency market based on a sample of five of the most significant cryptocurrencies today.

A blockchain-based system for a network design problem considering pricing decisions and sustainability

The emergence of cryptocurrency and blockchain technology revolutionizes supply chains. In addition, blockchain technology can result in novel models ensuring supply chain transparency, originality, and traceability. This research is aimed to develop a blockchain-based system ascertaining supply chain transparency and originality. To this aim, a joint pricing and sustainable network design model is developed for a closed-loop supply chain. Labeling products with internet-of-thing (IoT) and radio frequency identification (RFID) technology strengthens originality and traceability in this supply chain. Afterward, smart contracts deal with transparency concerns while pricing the used products in reverse flow and controlling CO2 emissions. By triggering smart contracts in disorder time, each facility's optimal price and demand can be optimized in an iterative process until the final solution is yielded. Then, the optimization phase of the blockchain-based system starts using data from a distributed ledger form. Then, a fuzzy satisfying approach is used to find the optimal solution across the Pareto regions. Finally, the model is evaluated using real data from the Hamedan glass industry, and sensitivity analyses are done to derive managerial insights, conducting further practitioners and managers of food, agriculture, health, and other supply chains.

Cryptocurrency: Value Formation Factors and Investment Risks

Scientific sources demonstrate different attitudes of researchers to cryptocurrencies because they treat them as a category of currency, virtual money, commodity, etc. Accordingly, the relation to the valuation and risk of cryptocurrency as an investment object is different. The purpose of the article is to identify cryptocurrency value formation factors and determine the risks of investing in cryptocurrency. Cryptocurrency is simultaneously considered a currency, an asset with uncertain income, and a specific product, the price of which is determined by the energy costs for mining new cryptocurrency blocks. Thus, the paper examines the risks of investing in cryptocurrency from several positions. First, the study identifies the factors of formation of the value and risk of cryptocurrency as ordinary money based on comparing cryptocurrency with traditional money. Unlike traditional money, cryptocurrency is not tied to the economic performance of a particular country; also, central banks do not control or regulate their mining. Instead, the cryptocurrency emissions depend on the computational capacity of the equipment used for their mining. As a financial asset, cryptocurrency can be a “financial bubble” because their value increasing often exceeds the cost of mining. On the other hand, given the emergence of cryptocurrency as a phenomenon of the information economy, the paper analyses the impact of specific technical features (cryptographic hashing algorithm, the complexity of creating new blocks, the technology of verification of mining operations, etc.) on the risk of investing in cryptocurrency assets.

Exploration of potential money laundering crimes with virtual currency facilities in Indonesia

Purpose The purpose of this study is to exploration potential money laundering crimes with virtual currency facilities in Indonesia. Money laundering using crypto is the process of disguising the origin of money obtained illegally. Then, the perpetrator transfers it to a legitimate business. Virtual money then started to become a phenomenon in society since the emergence of cryptocurrencies as a form of technology development of e-commerce activities. Design/methodology/approach This research method is normative law which is prescriptive. The data collection technique used is document study or literature study by collecting primary and secondary legal materials. Findings The results of this study show that the bitcoin virtual currency has the potential to act as a means of money laundering. There are technologies and online platforms that are moving with more sophisticated methods. Through bitcoin exchanges, it has the greatest potential for money laundering. The usage of virtual currency (cryptocurrency) by those who commit money laundering offenses is responsible for the actions’ severe negative effects on the State of Indonesia. Originality/value To the best of the author’s knowledge, this is the first study conducted in Indonesia that explores potential money-laundering crimes using virtual currency facilities.

Fraud in a digital society in the context of social change

The article analyzes the problems of fraud in the modern digital society in the context of social changes caused by both the COVID-19 pandemic and the current geopolitical situation. The authors study in detail the types of financial fraud in this area. They pay special attention to the types of digital fraud: telephone fraud and IP-telephony, SMS fraud, phishing, sniffering (message interception), skimming (theft of card data), which are associated with the emergence of cryptocurrencies. The article presents the data of the authors’ sociological research conducted by the method of an online questionnaire survey (n = 765). The study showed that only 44 % of respondents are sufficiently informed about the types of fraud to protect themselves from modern internet scammers. An analysis of data on certain types of digital fraud showed that 20 % of respondents lost money due to telephone or Internet fraud, 16 % of respondents personally encountered IP telephony, and 40 % have no idea about such a type of fraud as sniffering and existing anti-virus protection against it. The research also showed the vulnerability, first of all, of the male half of the population over 40 years of age in the field of internet fraud. Therefore, public authorities, together with the media, business and other actors of Russian society, need to strengthen the policy in the field of improving the level of financial and digital literacy of the population.

A STUDY ON THE IMPETUSES AND CONTESTS IN THE ESPOUSAL OF CRYPTOCURRENCY FOR DIGITAL PAYMENTS

The deciding factor in the emergence of cryptocurrency as a global currency depends on the level of acceptance it gains in society. The study is based on primary data collected from a targeted sample of 750 respondents. A theoretical model based on UTAUT and TTAT was developed. A purposive sampling technique was adopted for the study, and the required data were collected using a well-structured and pre-tested questionnaire. PLS-SEM analysis has been used to assess the theoretical model of the study. The study established that perceived threat, attitude, and social influence are the significant factors affecting the adoption of cryptocurrency in India. Effort expectancy and performance expectancy have a considerable impact on the intention to use via attitude. In contrast, perceived severity and perceived susceptibility significantly affect the intention to use via perceived threat. Financial literacy and facilitating conditions don’t seem to impact the intention to use cryptocurrency as a medium of exchange in India.

The Essence and Place of Cryptocurrency in the Financial System

Abstract. Introduction. The history of the emergence of Bitcoin and other cryptocurrencies is analyzed. Basic concepts related to blockchain technology are explained. The main focus is on issues important from an investor's point of view, as well as on technical aspects, including the essence and importance of blockchain technology. Purpose. The purpose of the article is to generalize and systematize the available information about the emergence of cryptocurrencies and analyze their patterns. Results. The specifics of digital assets and the bitcoin exchange rate in 2012-2021 were studied in more detail. It was found that on the cryptocurrency market you can earn (as well as lose) both as a trader and as a so-called cryptocurrency hodlers. A rating of cryptocurrency exchanges was developed according to the following indicators: security, number of crypto currencies, fiat currencies, advantages of the exchange, disadvantages of the exchange. Cryptocurrency exchanges are a central part of the entire digital collection ecosystem today. Currently, there are already several hundred crypto exchanges on the market, which differ in terms of transactions, security levels or listed values. In this article, we have described cryptocurrency as objectively as possible so that you can assess for yourself whether it will be the right form of investment for you. Conclusions. The wide choice of service providers and the fact that digital currencies are a relatively new form of investment means that finding the best place to trade is not easy. The cooperation of international financial conglomerates in the development of blockchain technology will save these enterprises billions of dollars per year and will be able to improve their operations and eliminate errors related to the human factor. Participants in the financial system are forced to propose standards that would apply to each participant in the network without disturbing the established status quo in international markets.

Scams and Solutions in Cryptocurrencies—A Survey Analyzing Existing Machine Learning Models

With the emergence of cryptocurrencies and Blockchain technology, the financial sector is turning its gaze toward this latest wave. The use of cryptocurrencies is becoming very common for multiple services. Food chains, network service providers, tech companies, grocery stores, and so many other services accept cryptocurrency as a mode of payment and give several incentives for people who pay using them. Despite this tremendous success, cryptocurrencies have opened the door to fraudulent activities such as Ponzi schemes, HYIPs (high-yield investment programs), money laundering, and much more, which has led to the loss of several millions of dollars. Over the decade, solutions using several machine learning algorithms have been proposed to detect these felonious activities. The objective of this paper is to survey these models, the datasets used, and the underlying technology. This study will identify highly efficient models, evaluate their performances, and compile the extracted features, which can serve as a benchmark for future research. Fraudulent activities and their characteristics have been exposed in this survey. We have identified the gaps in the existing models and propose improvement ideas that can detect scams early.

A framework for maintaining sustainable energy use in Bitcoin mining through switching efficient mining hardware

Blockchain technology revolutionized the financial system with the emergence of cryptocurrencies. Bitcoin as the most used cryptocurrency has been particularly questioned in the literature for its sustainability. Very few studies explore the future of sustainability from the perspective of both miners' and technology makers' continual profitability. Our study evaluates the hardware used for Bitcoin mining from a sustainability analysis perspective; therefore, changes in the difficulty level in the block algorithm and mining hardware's thermal power usage are considered to determine the profitability and the exergetic efficiency of the mining process. The consistent decay in exergetic efficiency curves of several GPU and ASIC-based technology hardware suggest that the hardware can be utilized up to the levels where the efficiency values hit zero. Simultaneously, the diminishing profit levels over the course of changing Bitcoin prices make the mining hardware unsustainable signaling an end to its life cycle and switching the hardware with more efficient ones. Our findings shed light on the future of the sustainability of Bitcoin mining in terms of securing the profitability of the business by determining the exergetic efficiency of the hardware with a completely new perspective in the literature.

The Importance and Use of Blockchain Technology in International Payment Methods

Blockchain technology, which has entered our lives in recent years, constitutes one of the most remarkable issues of the 21st century. According to Merriam Webster, blockchain is defined as; “It is a database with information shared in a digital network that is decentralized and accessible to all stakeholders and can be used at any time”. Looking at this definition, we can clearly understand that blockchain technology is actually a way to store certain information. Today, it can be seen that rapid technological developments in cryptocurrency techniques are an effective measure against security vulnerabilities such as hacking and theft encountered in the realization of fund transfers. The reason behind this is that the underlying blockchain technology of cryptocurrencies filters out duplicate and incorrect transactions. The emergence of cryptocurrencies as a payment system along with these conveniences has brought debates in traditional financial transaction markets. This means that conventional financial institutions face risks and threats from the popularity and effectiveness of cryptocurrencies. Today, when we look at it, we see the state or state structures – such as Central Banks – that guarantee the reliability of currencies in traditional currencies. The most important feature of the digital currency is that it does not have this central structure and does not have any authority to affect the currency.

A Study on Emergence of Cryptocurrency in the Modern World

21st century is a digital world, where new and improved tech is introduced on a daily basis, in short, it is an ever evolving world, Cryptocurrency latest inclusion of this trend, which was launched in 2009. In this paper you read about the emergence of Cryptocurrency, how it’s created and some of the major cons of it. Cryptocurrencies usually run on private blockchains- which are digitally distributed decentralized ledger that exist across a network and in this blockchains, every transaction is recorded and it also controls and oversees the transactions and maintains an updated data of existing users and their Crypto related digital portfolios, when ever a new unit of Crypto is created, blockchains store their unique code to avoid duplicates. Many experts believe Cryptocurrency will be a flagship currency of the digital world and because it doesn’t use any third parties in transaction its considered to be a game changer and if the predictions of Analyst do come true then many investors, brads, businesses, may also join the trend due to the growing popularity and benefits.

CRYPTOCURRENCY EXPANSION AND DEVELOPMENT: A COMPETITIVE MODERN BANKING INVESTMENT AND PAYMENT OPTION

Since the emergence of cryptocurrencies, their adoption by the population is increasing, that said, the appreciation of this product is more important in developed countries than in developing countries and even less, if at all, in underdeveloped countries. The degree of appreciation varies from the population to the authorities; each government treats it differently from the others. Cryptocurrency can be seen as an innovative, secure and spreading means of payment that impacts the economy and the social life of individuals. However, our research raises several questions about the development and emergence of cryptocurrencies, including the identification of the impact of cryptocurrency as a payment option on the economy and the banking sector. This article analyses the inclusion of cryptocurrencies in the global economy and its effect on payment issues for banks. To do this, we analyze the speed of development of cryptocurrencies and compare its use to traditional means of payment based mainly on statistics, reports of banks and financial institutions, Research results from renowned research centres. We are therefore expecting results in this direction