Virtual currencies and their impact on international trade (Bitcoin as an example)

Abstract

Abstract: The digital world has evolved exponentially over the last years. Cryptocurrencies in particular have revolutionized the way digital payments are made. Cryptocurrencies are digital assets that are built on complex mathematics and algorithms. When cryptocurrencies first surfaced, there were many question marks surrounding the technology. Despite this, the use of cryptocurrencies has grown to an all time high, and has attracted interest from many large companies such as Tesla and Microsoft. Some countries have acknowledged the globalization of cryptocurrencies and cryptocurrency regulation methods. Cryptocurrencies are highly unstable asset, which has played a role in the economy of countries with high cryptocurrency holdings. Countries might have to start thinking about ways to safely regulate the usage of cryptocurrencies, as they have the potential to grow further and have a bigger impact on world international trade.