International Journal on Science and Technology

E-ISSN: 2229-7677   •   Impact Factor: 9.88

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

Call for Paper Volume 16 Issue 1 January-March 2025 Submit your research before last 3 days of March to publish your research paper in the issue of January-March.
Submit Research Paper Join as a Reviewer

Plagiarism is checked by the leading plagiarism checker TurnItIn

Call for Paper

Volume 16 Issue 1
2025

Submit your research paper

Indexing Partners
Academia Advanced Sciences Index Bielefeld Academic Search Engine CiteSeer DRJI Google Scholar Independent Search Engine & Directory Network ISI (International Scientific Indexing) Issuu Mendeley Research Networks
RefSeek ResearcherId - Thomson Reuters ResearchGate Scirus Scribd Semantic Scholar UTeM - Universiti Teknikal Malaysia Melaka Wiki for Call for Papers WorldCat Zenodo

Sustainability of Cryptocurrency in Global Transactions

Author(s) Amitaansh Grover
Country India
Abstract In the past years cryptocurrency has seen a rapid global boost in both popularity and value.
Around 562 million people in the world possess some type of cryptocurrency. There have been discussions and research on the viability of cryptocurrency as a global currency in terms of transactions. The cryptocurrency with the highest likelihood to achieve this feat is Bitcoin, owing to its highest popularity, value and ownership. Notwithstanding, many more factors affect the possibility of Bitcoin emerging as a global currency. Financially, economists have analyzed
possibilities like these, but the purpose of this research was to judge whether Bitcoin was a considerable option from the sustainability point of view. The primary outcome of this research has been that the amount of energy required for Bitcoin to impact the global economy as a global currency in transactions is more than what can be invested in it for the next few decades. Moreover, if we do achieve enough energy production to power Bitcoin at this level, due to simple economic rules of supply and demand, proof-of-work (PoW) technology-based cryptocurrencies will lose any actual value due to the negligible cost of the resources required to acquiring it. Hence, it is impossible to sustain cryptocurrencies like Bitcoin as a global currency in the upcoming years unless they switch to the modern proof-of-stake (PoS) infrastructure of blockchain. With major drop in energy prices, the only resource contributing to the value of
cryptocurrencies would be time and the mining power (hashrates) of the ASICs (ApplicationSpecific Integrated Circuit) involved in mining. This will further lead us down the path to total exhaustion of limited resources of silicon and induce an inflationary effect in the chipset market like what was experienced in 2020, due to hoarding and stocking of graphic cards by mining rigs around the world. However, the analysis of shortage of silicon is beyond the scope of this study.
Keywords cryptocurrency, bitcoin, energy consumption, proof-of-work, sustainability
Published In Volume 16, Issue 1, January-March 2025
Published On 2025-02-02
Cite This Sustainability of Cryptocurrency in Global Transactions - Amitaansh Grover - IJSAT Volume 16, Issue 1, January-March 2025.
View / Download PDF File

Share this



CrossRef

CrossRef DOI is assigned to each research paper published in our journal.

IJSAT DOI prefix is
10.71097/IJSAT

Downloads
Research Paper Format Copyright Permission Form and Undertaking Form Cover Page Vol 15 Isu 4Cover Page Vol 15 Isu 3Cover Page Vol 15 Isu 2

All research papers published on this website are licensed under Creative Commons Attribution-ShareAlike 4.0 International License, and all rights belong to their respective authors/researchers.

CC-BY-SA Open Access

About IJSAT
Fees & Payment
Current Issue
Publication Archive 		Submit Research Paper
Track Submission Status
Publication Guidelines
Publication Ethics
Peer Review & Plagiarism 		Join as a Reviewer
Editors & Reviewers
Reviewer Referral Program
Get Reviewer Membership Certi. 		Website/Journal Policies
Usage Policy
Content Policies
Privacy Policy
Contact Us Message on WhatsApp +91-9687-182-185 editor@ijsat.org