Cryptocurrencies: A Niche Pursuit

The market for cryptocurrency is growing rapidly where the cryptocurrency is a digital asset which has been designed to work as medium of exchange for different purpose of the customers. The consumers in the recent years are willing to utilise the cryptocurrency in order to control the creation of additional units, verify the transferred asset as well as secure the transaction successfully (Mari, 2018). It is the decentralised control which is different from the centralised system of economic money as well as central banking system. The cryptocurrency works through Blockchain which is the public transaction database for successful transaction.

In 2017, there is transaction of approximately $27 billion and in the recent years, the demand of digital trasaction process is increasing due to fast and secures transaction process (Mari, 2018). In the recent digitalisation era, it is useful for all the customers where they choose digital transaction through cryptocurrency in different purpose which further raise the efficiency of work as well as secure time for transaction. Here are 2.9 million to 5.8 million users who are willing to utilise cryptocurrency for first digital transaction (Kroll, Davey, and Felten, 2013). The concept of cryptocurrency is accepted globally and people are trying to use this cryptocurrency for transacting finance within effective time. The emerging theme is beneficial for the consumers to use this cryptocurrency as a financial toll for exchanging currency as well as transaction from one place to another. Previously, the demand for digital transaction of finance was low due to lack of efficiency of the people and lack of knowledge regarding the digital financial tool. However, in the recent era of digitalisation, the demand of the customers for the cryptocurrency is increasing rapidly where all the countries prefer digitalising and improve digital work through using internet as it is efficient to transact current within appropriate time (Mari, 2018).

It therefore has high impacts on the small and medium sized business as well as it also has crucial impact on the operational activities of the multinational corporate firms. In this regard, the business owners and other individuals across the globe try to utilise the cryptocurrency in order to conduct the operational activities fast and improve business efficiency as well as performance. Hereby, the concept of cryptocurrency plays a significant role in enhancing business performance and proficiency of the employees and staff members in working better (Shin, 2015). In this regard, cryptocurrency is effective in providing competitive advantage to the organisations where the companies try to meet their aims by improving efficiency. It also has high impact on the financial market where the demand for banking transaction become low and people are looking for easy and fast transaction medium. Hereby, in the recent era of digitalisation, the demand for the cryptocurrency is raising and it provides a scope to the business to secure future sustainable development by ensuring high competitive advantage (Mari, 2018). The cryptocurrency is also effective as it helps to boost the operational efficiency in the e-commerce business.

Fast transition through cryptocurrency as well as secure activities in the data base of the cryptocurrency further provides safety to the customers where people are interested in digital transaction. In this regard, managing business, transacting currency, financing the business and improving operational efficiency are possible through the use of cryptocurrency (Mari, 2018). The e-commerce service sector is also growing rapidly where the concept of cryptocurrency also raises efficiency of the e-commerce industry in managing financial transaction of the customers within effective time. The digital currency transaction is therefore enhancing the performance of the business by ensuring social investment, payment within time, motivation to wok and improvement in currency transaction (Bitconnect, 2017). In this regard, Blockchain is a tool for improving the speed for the services where the service providers are eligible to deliver high quality services to their customers within effective time. In order to transact currency through cryptocurrency, the customers need to share their personal information through the database and it is the responsibility of the service providers to protect the collected customer’s data regarding the transaction (Mari, 2018). The concept of cryptocurrency is also effective to build social network as well as plays a role of effective communication tool through which the customers can conduct monetary transactions.

It is faster and cheaper financial tool for money transfer. In this regard, network is necessary and the service providers are efficient in using Information technology in order to improve efficiency of the system and provide high quality services to the clients. It has direct impacts on the business strategic planning of the organisation where all the multinational corporate firms are willing to utilise the cryptocurrency for fast transaction and improving efficiency of the business (Mari, 2018). Using crypocurrency is beneficial for all, the small and medium size organisations as well as large-scale firms for maximising profitability and improving brand image. In this regard, the companies try to increase the utilisation of the cryptocurrency in order to gain high competitive advantage so that it is possible for them to secure sustainable development in near future. The service providers are also concerned about the Blockchain transaction due to high risk in managing cyber security (, 2017). The main issue in this industry is that though using Blockchain is advantageous in banking and financial purpose, it cannot ensure the protection of data as the data are in public. In this regard, the service providers need to be concerned about technological advancement in order to improve privacy in the database of the Blockchain so that the other users cannot identify the transaction information of others. Though this is the main weakness of using Blockchain service, it is beneficial to save investment by cutting cost in the back office jobs.

The service providers need to conduct more research and development in order to resolve the issue of scalability and privacy as the numbers of the users of this system of Blockchain is increasing rapidly. In the recent era of digitalisation, all the business firms are willing to utilise the cryptocurrency in order to increase operational efficiency and gain high competitive advantage for securing future sustainable development.

Reference List

  • Bitconnect, 2017. How is the price of cryptocurrency defined?. [online] Available at : [Accessed 17 march 2018]
  •, 2017. Cryptocurrencies: a niche pursuit?. [online] Available at : [Accessed 17 march 2018]
  • Kroll, J., I. Davey, and E. Felten. 2013. The Economics of BitCoin Mining, or BitCoin in the Presence of Adversaries. WEIS 2013. [online] Available at : [Accessed 17 march 2018]
  • Mari, A., 2018. Cryptocurrencies are on the rise, but why have digital currencies yet to reach the mainstream market?. [online] Available at : [Accessed 17 march 2018]
  • Shin, L. 2015. Should You Invest In Bitcoin? 10 Arguments In Favor. [online] Available at : [Accessed 17 march 2018]
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