CRYPTOCURRENCIES AND THEIR IMPLEMENTATION IN EVERYDAY LIFE
CRYPTOCURRENCIES AND THEIR IMPLEMENTATION IN EVERYDAY LIFE

Summary/Abstract: The growth of cryptocurrencies poses a threat to the traditional financial system since blockchain technology can be used more efficiently than implementing a traditional one. Cryptocurrencies are now used in food, beverage, and online shopping, but they are also responsible for developing new fields of work and creating new jobs. When they came into existence, society was not introduced to or educated about this type of currency. Although information about cryptocurrencies today are available, people are still skeptical about their usage. For this reason, many researchers have taken a closer look at this particular area of finance. In comparison, fiat money is more secure because a person has “full” control over it, but since third parties are involved, people are leaning towards cryptocurrencies because of their efficiency and lower cost. Although cryptocurrencies have many advantages, there are also disadvantages of this type of currency, such as the fact that there is no central body that controls its development. The use of cryptocurrencies has proven to be both extremely promising and problematic. The lack of regulation creates significant risks (i.e., financial instability, market manipulation and financial crime). Therefore, the main subject of this paper is the (mass) adoption of cryptocurrencies in today’s society and everyday life. Also, historical overview and future perspectives of this particular currency concept are tackled in the paper. In conclusion, new regulations must be created to make better use of cryptocurrency opportunities (especially to protect consumers and investors) and limit the risks.

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