Cryptocurrencies—The End of Money

Abstract

There is extensive growth in the field of information and communication technologies. Many works in our day-to-day lives have become online. Since they have gone online, they have become easier and more flexible with high scalability. There is tremendous growth in the online sector, which has given rise to virtual concepts like buying, selling, and trading. Cryptocurrencies are decentralized tokens with some monetary value that have an electronic existence in various applications and networks such as
online social networks, trading, buying NFTs, and peer-to-peer networks. The use of cryptocurrencies has become widespread in various systems in recent years. My research paper is based on how the user’s current financial system is being replaced with cryptocurrencies which are decentralized. It also deals with the users’ trust in dealing with the cryptocurrency where there are no formal laws regarding cryptocurrencies. My research paper is also aimed at measuring the spread of the tokens and their various practical applications. This paper also analyses the laws in various countries regarding cryptocurrencies, including the terms and regulations. This research paper also aims to show how people are looking for a decentralized money transaction system in which no government is involved but only customers or consumers.