Research Article

Bitcoin as International Currency: Review of Possibility

Jiho Choi 1, Minji Park 2 * , Yoonho Cho 3, Chanseo Moon 4, Eunseo Lee 5
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1 FAYSTON Preparatory; Yongin 16802, Korea2 Teda International School; Tianjin 300457, China3 Global Vision Christian School; Eumseong, 27727, South Korea4 Korean Minjok Leadership Academy; Hoengseong 25268, Korea; 5 Cornerstone Collegiate Academy of Seoul; Seoul 06779, Korea; * Corresponding Author
International Journal of Business Studies and Innovation, 4(3), 2024, 1-7, https://doi.org/10.35745/ijbsi2024v04.03.0001
Published: 31 October 2024
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ABSTRACT

Bitcoin is used for cross-border payments and remittances as it eliminates intermediaries. Bitcoin can be used by people who cannot access mature banking systems and empowers individuals in developing countries with its decentralized properties. Bitcoin also can be used against inflation and currency devaluation owing to its fixed supply owing to its decentralization that mitigates risks associated with centralized financial systems. Bitcoin can replace an international currency when its problems such as solve volatility, scalability issues, regulatory uncertainty, security risks, and lack of acceptance are solved. As solutions, algorithms and smart contracts, collateralization, regulatory frameworks, and policies and market interventions are required as they can be used to adjust Bitcoin's supply and improve liquidity. Lightning Network can be used to provide appropriate transactions. With such solutions, Bitcoin can be used as an international currency. Advantages to using Bitcoin help global society mitigate diverse divides in the global economy.
Keywords: Bitcoin, Cryptocurrency, Currency, Central Bank, Economy

CITATION (APA)

Choi, J., Park, M., Cho, Y., Moon, C., & Lee, E. (2024). Bitcoin as International Currency: Review of Possibility. International Journal of Business Studies and Innovation, 4(3), 1-7. https://doi.org/10.35745/ijbsi2024v04.03.0001

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