Title: Future of currency: a comparison between traditional, digital fiat and cryptocurrency exchange mediums

Authors: Mohammad Zainullah Khan; Yousaf Ali; Hassan Bin Sultan; Muhammad Hasan; Salar Baloch

Addresses: Ghulam Ishaq Khan Institute, Topi-23640, Swabi, Khyber Pakhtunkhwa, Pakistan ' Ghulam Ishaq Khan Institute, Topi-23640, Swabi, Khyber Pakhtunkhwa, Pakistan ' Ghulam Ishaq Khan Institute, Topi-23640, Swabi, Khyber Pakhtunkhwa, Pakistan ' Ghulam Ishaq Khan Institute, Topi-23640, Swabi, Khyber Pakhtunkhwa, Pakistan ' Ghulam Ishaq Khan Institute, Topi-23640, Swabi, Khyber Pakhtunkhwa, Pakistan

Abstract: The ever-increasing computing power backed by Moore's law and the rapid breakthroughs in encryption has transformed the way currency is transferred and used. While the traditional government-controlled currency maintains its dominant position, a new virtual currency known as cryptocurrency has sprung up. It competes head-on by decentralizing the system, facilitating peer-to-peer transactions, and offering a universal exchange medium. However, the phase shift process is in its early stage, hindered by doubts in the mind of the public. In this paper, a comparison has been made between traditional, digital fiat and cryptocurrency, using the technique for order of preference by similarity to ideal solution (TOPSIS). It helped to ascertain the current level of awareness amongst the people of Pakistan and their likelihood of adopting the virtual currency. A forecasting approach along with a case study is also employed to see the future trends and security concerns revolving around the new medium.

Keywords: traditional currency; cryptocurrency; TOPSIS; transactions; digital fiat currency; bitcoin.

DOI: 10.1504/IJBC.2020.109003

International Journal of Blockchains and Cryptocurrencies, 2020 Vol.1 No.2, pp.206 - 224

Received: 29 Jul 2019
Accepted: 15 Dec 2019
Published online: 14 Aug 2020 *

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