Cryptocurrencies and the Banking System

Authors

  • Felicia Olaru Danubius International University
  • Mihaela Budeanu Danubius International University

Abstract

Cryptocurrencies are a form of digital payment that eliminates the need to carry cash. It only exists in digital form and although people mainly use them for online transactions, you can also make some physical purchases.

Cryptocurrencies are transforming the world and can provide financial services for the population that does not have access to or does not accept banking services.

Owning cryptocurrencies does not involve any kind of physical or tangible objects. Investors are free to use them as they wish, store them or transfer them to another wallet, without depending on a third party, as happens in the traditional banking system. However, while banks insure money held in bank accounts against loss, cryptocurrencies have no recourse mechanism in case of loss.

In recent years, more and more investors have become interested in the cryptocurrency exchange, especially during periods of growth. However, the cryptocurrency space can be intimidating for those who are new to cryptocurrency investing.

Thus, cryptocurrencies are an investment option that can be taken into account, but, like any kind of investment, it requires documentation and caution.

References

.

Published

2024-08-23

Issue

Vol. 19 No. 1 (2024)

Section

Abstracts

License

Copyright (c) 2024 EIRP Proceedings

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

You are free to:

  • Adapt — remix, transform, and build upon the material
  • for any purpose, even commercially.
  • The licensor cannot revoke these freedoms as long as you follow the license terms.
 

Under the following terms:

  • No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.