Main Effects Of Cryptocurrency
In generally, people desire to have a better living. So, many people always seek or more methods to get more money. In these few years, there is an investment that became famous called cryptocurrency. As it is a new and disruptive technology., there are 3 main process that explain the cryptocurrency mechanism and 3 main effects that impact on the economy.
First of all, cryptocurrency is a digital money that uses cryptography technique to secure its transaction and it is decentralized money because it overwhelms the government control and any bank also using blockchain as a transaction ledger which is new and secure choice for online transactions. The first cryptocurrency was Bitcoin which was released in 2009 by unknown inventor - Satoshi Nakamoto
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So it gives the banks more difficulty to control the money. As another concept of cryptocurrency, the people can make the payments by using cryptocurrency anywhere and anytime as long as there is an internet and they don’t have to waiting for bank opening hours for making the payments which is traditional one. In recently in Thailand, there are many banks are closing down because of cryptocurrency and AI because the employees can be replaced with AI and cryptocurrency can be replaced in some transactions[13]. Both of them are disruptive technologies that affect on people living because both of them replace human labour in many industries that causes many people lose their job or …show more content…
Even the attackers know the users’ Bitcoin address and password, 2-factor authentication is needed to access the users’ Bitcoin address. So the attackers cannot attack or penetrate obviously[16]. Then, if many people prefer to use cryptocurrency for transactions, the value of fiat money is changed which depends on US dollar currency at that time that cause the world economy[17]. As the fiat money value is changed, it also impact on the government that want to collect VAT (Value-Added TAX) from the citizens because as the transactions have been done without banking system, the VAT that come from the citizens will be reduced. Then, there will be less money to develop the country that VAT is used for country
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