Cryptocurrencies and Examples of Application

In this research paper, I aimed to answer the research question, which is "In what way will the emergence of cryptocurrencies affect the change of the conventional banking and financial system in general?" and to test the truth of the following hypothesis "Cryptocurrencies will make the financial system fairer and more efficient". In fulfilling the objectives of this research paper, I started by explaining the concept of cryptocurrency. It is almost impossible to explain the concept of cryptocurrencies without explaining their history and the ideas from which they were realized. In order to be able to answer the research question, I defined the "opponents" of cryptocurrencies in this research, and those opponents are banks and the entire financial system. In explaining the impact that cryptocurrencies have on banks and the financial system, I started by explaining the impact of cryptocurrencies on New Zealand's banking system. I continued by explaining the advantages of the credit system of "peer-to-peer" platforms compared to the credit system in the banking sector. I mentioned the possibility of including cryptocurrencies in the state's financial system and explained how this would affect the discretionary rights of the state and its institutions. The logical continuation of the research was national cryptocurrencies and their influence, which would not deny the state's discretionary rights. The discretionary rights of the Central Bank gave me the opportunity to analyze the risks of using cryptocurrencies at the state level, where perhaps the biggest risk, the risk of deflation, stood out. Against this risk, he mentioned the expansion of finance in the economy by means of the "crow-funding" system, which is characteristic of a country where the monetary system is based on cryptocurrencies. In my work, I did not even set the fiscal system, which is an integral part of the general financial system. The research also includes the impact of cryptocurrencies on El Salvador, as the only country that has implemented cryptocurrencies or Bitcoin in the monetary system, and only those quantitative data are relevant. I rejected the hypothesis in the short term, while accepting it as correct in the long term. In the conclusion, I quoted a sentence from a New Zealand Federal Reserve document, as a sentence that contains the essence of the paper