Adopting Bitcoin as a Digital Currency Through Digital Transformation

Currency is naturally defined as having three major functions: a unit of account, a store of wealth, and a standard of exchange. Among the various forms of currency, cryptocurrencies are (a) clearly distinguished from standard currencies like coins and paper formats, (b) labeled as legal tender, (c) regulated by central banks, and (d) used and recognized as a means of exchange in the issuing country. Moreover, cryptocurrencies such as Bitcoin, Litecoin, and others are a relatively modern concept in contrast to the previously stated, but there is an important difference between digital currency and government-issued currencies. Due to technology, digital currency can now be a digital object that entails a unique number that can be directly exchanged anonymously and without accounting. The most common forms of cryptocurrencies are Litecoin, Ethereum, Zcash, Dach, Ripple, and Bitcoin. Except for the Bitcoin, the five previously mentioned forms were introduced between 2011 and 2016