The Impact of Crypto Currencies on Economy: The Revolution of Bitcoin: Current Situation and Future Prospective

Document Type : Original Article

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lecture at el Sadat academy

Abstract

Economic science has evolved over several decades toward greater emphasis on payment methods. Electronic payments “e-Payment” revolution started with e-Cash, e-Cheques and e-Portfolio ending up. with “Crypto Currencies” in general and with “Bit Coin" in particular, started in the past decade, is likely to .have a further and profound effect on economies and research in economics. With “Crypto Currencies”, people no longer have to go to traditional banks if they need financing. Peer-to-peer networks, including those based on Crypto currieries are becoming more common and those who might be turned away by traditional banks now have another way around financing. Consequently, economists made use of newly available technology and new financial data or private sector data that often are obtained through collaborations with private, firms, giving rise to new opportunities and challenges. This research aims at studying the effect of Crypto Currencies on economies. The main question of this research is “What is the future of Crypto Currencies specially Bitcoin?.The main hypothesis is, similar to several other countries, the-Egyptian economy will catch up with the other countries and Crypto Currencies will be somehow integrating with traditional payment methods.

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