Crypto Currency takeover Fiat Currency

  In the 21st century cryptocurrency has been able to gain relevance through the emergence of Bitcoin, and since then numerous other alternative currencies have entered the market. I find cryptocurrency interesting due to its price volatility, and ridiculous returns of up to 700% for some investors. Today, a “meme cryptocurrency,” Dogecoin, saw its price jump 77%. As the world is becoming increasingly digitized, I’m interested in finding out if cryptocurrency has the potential to take over fiat currency. I plan on answering this question by discussing the purposes of money and examining if cryptocurrency fits the definition. I will also provide advantages or disadvantages of operating under a cryptocurrency system and determine if it is preferable to the current fiat currency system. Ultimately, by completing a comparative study of fiat currency and cryptocurrency, I will be able to determine if cryptocurrency is truly the future. Read the Jumde and Cho paper on cryptocurrency as background reading.