Reasons for Business Adoption and Use of Cryptocurrencies as a Medium of Transaction

Ioannis Novakos

Abstract: In this work, the reasons for the widespread dissemination, adoption and use of cryptocurrencies, particularly Bitcoin as a medium of business transactions, are explored and addressed. In essence, Bitcoin is recognized by market capitalization since 2009 as the first decentralized payment network and, for that matter, the best and dominant cryptocurrency. The method used for the preparation of this paper is the critical - interpretive review of various empirical studies on digital currencies. Despite this, it is found that the adoption of cryptocurrencies such as Bitcoin by businesses is still at an early stage, as there is no widespread and universal acceptance and use of it in their daily transactions. In any case, it can be seen that until today there is no adoption and use of cryptocurrencies by businesses for their financial transactions and operations.

Keywords: cryptocurrency, Bitcoin, business, use, trade

How to Cite?: Ioannis Novakos, "Reasons for Business Adoption and Use of Cryptocurrencies as a Medium of Transaction", Volume 11 Issue 8, August 2022, International Journal of Science and Research (IJSR), Pages: 486-490, https://www.ijsr.net/getabstract.php?paperid=SR22806011131, DOI: https://dx.doi.org/10.21275/SR22806011131

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