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Case Study: Adopting Cryptocurrency

2186 Words9 Pages

Adopting Cryptocurrency as an alternative to paper based monetary system to drive international businesses: A case study of Bitcoin.

[Research Proposal]

Mashuk Anadil Shams 12/12/2014

Introduction:
Background of the study
The topic for this research proposal was chosen as, Crypto-currency has a great potential, but yet is not yet seen as a major currency for the exchange of goods and services. International business particularly could indeed benefit from such a decentralized medium of exchange as, it seems that Bitcoin can turn out to be one universal currency that is accepted everywhere, and may not be subject to exchange rates. Several banks have been eager …show more content…

Thus, it hypothesizes that the adoption rate of bitcoin has a direct impact on the value of bitcoin, through the market forces of demand and supply. At present just one single bitcoin’s value is 450 dollars. The digital currency hence, behaves very much like gold, unstable in value.
Research approach- this study requires inductive reasoning. the facts about the Bitcoin digital currency system are:
 Bitcoin does not have a proper measure of value
 Bitcoin can either be a currency, a property, or a technology.
From these facts it can be concluded that Bitcoin is only a conceptual medium of exchange that has little practicability in the real world as a fully functioning transaction system. Hence, it is evident that there are some shortcomings in the system which prevents it from being a primary alternative to paper based money. The main functions of money have to be fulfilled in order for Bitcoin to be a true currency. But the definitions of Bitcoin keeps alternating between currency, property or technology. It seems all crypto-currencies may be all three of the above. If so, new definitions for crypto-currencies need to be

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