The Challenge of Cryptocurrency in the Era of the Digital Revolution: A Review of Systematic Literature

Izwan Amsyar; Ethan Christopher; Arusyi Dithi; Amar Najiv Khan; Sabda Maulana

doi:10.34306/att.v2i2.96

Authors

Izwan Amsyar Informatics Academy
Ethan Christopher Informatics Academy
Arusyi Dithi University of Pune
Amar Najiv Khan University of Pune
Sabda Maulana Raharja University

DOI:

https://doi.org/10.34306/att.v2i2.96

Keywords:

Blockchain, Cryptocurrency, Digital money, Systematic review

Abstract

Money is clearly a primary need of every human being that cannot be avoided, human needs can be realized by using money. Seeing from the lack of systematic literature review papers discussing cryptocurrency, this is a challenge as well as the main purpose of this paper. Along with the development of modernization and globalization which has now entered the industrial era 4.0 revolution there is a blockchain based technology, Cryptocurrency. Cryptocurrency is one of the developments of the blockchain that is often used as a decentralized digital currency. The word Cryptocurrency means a virtual currency that has no physical form, and Cryptocurrency also means that the transaction currency cannot be seen and is safe. This digital currency has many types such as Bitcoin, Ethereum, Litecoin, Monero, and many other types. Although it has no physical form, this currency functions the same as conventional currencies in general and has an exchange rate. Exchange rates on Cryptocurrency fluctuate which means unexpected, this is often exploited by traders. Cryptocurrency transactions in the form of forwarding from one individual to another individual online, therefore they deal directly without a third party. Every technology has advantages and disadvantages aside from efficiency and convenience, Cryptocurrency has the disadvantage of not having the authority responsible for dealing with all problems that occur in all transactions, and money laundering crimes also often occur, this is a challenge for how to utilize Cryptocurrency and blockchain technology in the current era of globalization.

References

[1] A. Vadim and C. Justin, “SEC’s Division of Investment Management voices concerns over registered funds investing in cryptocurrencies and cryptocurrency-related products,” Journal of Investment Compliance, vol. 19, no. 2, pp. 8–12, Jan. 2018, doi: 10.1108/JOIC-04-2018-0034.
[2] A. C. Inci and R. Lagasse, “Cryptocurrencies: applications and investment opportunities,” Journal of Capital Markets Studies, vol. 3, no. 2, pp. 98–112, 2019, doi: 10.1108/jcms-05-2019-0032.
[3] T. Huber and D. Sornette, “Boom, Bust, and Bitcoin: Bitcoin-Bubbles As Innovation Accelerators,” Swiss Finance Institute Research Paper, no. 20–41, 2020.
[4] T. F. M. Johannes and F. Marie-Christin, “Money laundering via cryptocurrencies – potential solutions from Liechtenstein,” Journal of Money Laundering Control, vol. ahead-of-p, no. ahead-of-print. Jan. 01, 2020, doi: 10.1108/JMLC-04-2020-0041.
[5] M. Amit, R. Megnath, and S. Dipayan, “A Conceptual Study on the Emergence of Cryptocurrency Economy and Its Nexus with Terrorism Financing,” in The Impact of Global Terrorism on Economic and Political Development, R. C. Das, Ed. Emerald Publishing Limited, 2019, pp. 125–138.
[6] H. P. Wouda and R. Opdenakker, “Blockchain technology in commercial real estate transactions,” Journal of Property Investment and Finance, vol. 37, no. 6, pp. 570–579, 2019, doi: 10.1108/JPIF-06-2019-0085.
[7] T. Adam and I. A. S. Maitland, “Bitcoin transactions: a digital discovery of illicit activity on the blockchain,” Journal of Financial Crime, vol. 25, no. 1, pp. 109–130, Jan. 2018, doi: 10.1108/JFC-12-2016-0078.
[8] A. Swito, A. Michalczuk, and H. Josi, “Quaternion Watershed Transform,” vol. 1, no. 1, pp. 567–578, 2019, doi: 10.1007/978-3-030-14802-7.
[9] S. Tobey, “Is Bitcoin Trustworthy?,” in Disruptive Innovation in Business and Finance in the Digital World, vol. 20, J. J. Choi and B. Ozkan, Eds. Emerald Publishing Limited, 2019, pp. 151–165.
[10] A. Denni, van E. Patrick, B. Marat, and L. Andrea, “Do consumers really trust cryptocurrencies?,” Marketing Intelligence & Planning, vol. ahead-of-p, no. ahead-of-print. Jan. 01, 2020, doi: 10.1108/MIP-01-2020-0036.
[11] T. Hariguna, M. Yusup, and A. Priyadi, “The Transaction Optimization Of Color Print Sales Through E-Commerce Website Based On Yii Framework On Higher Education,” Aptisi Transactions On Technopreneurship (ATT), vol. 1, no. 1, pp. 1–10, 2019.
[12] G.-T. R. M., “Legal challenges and opportunities of blockchain technology in the real estate sector,” Journal of Property, Planning and Environmental Law, vol. ahead-of-p, no. ahead-of-print. Jan. 01, 2020, doi: 10.1108/JPPEL-07-2019-0039.
[13] A. Chad, D. K. McKay, H. Steven, and M. R. V. Manuel, “The use of cryptocurrencies in the money laundering process,” Journal of Money Laundering Control, vol. 22, no. 2, pp. 210–216, Jan. 2019, doi: 10.1108/JMLC-12-2017-0074.
[14] C. G. Maria and P. Alex, “Price overreactions in the cryptocurrency market,” Journal of Economic Studies, vol. 46, no. 5, pp. 1137–1155, Jan. 2019, doi: 10.1108/JES-09-2018-0310.
[15] D. D. B., L. David, and S. Paul, “Evaluating cryptocurrency laundering as a complex socio-technical system: A systematic literature review,” Journal of Money Laundering Control, vol. 22, no. 3, pp. 480–497, Jan. 2019, doi: 10.1108/JMLC-10-2018-0063.
[16] S. Santoso, J. Kauf, and N. C. Aristo, “The Information System of Name Card Sales Based on Digital Marketing to Improve Creativepreneur on College E-Commerce Website,” Aptisi Transactions On Technopreneurship (ATT), vol. 1, no. 1, pp. 64–72, 2019.
[17] P. A. Sunarya, D. D. Bernard, and D. M. Damanik, “Viewboard Implementation Based on Javascript Charts as a Media for Submitting Sales Information on a Green E-Commerce Website Light Cafe,” Aptisi Transactions On Technopreneurship (ATT), vol. 1, no. 1, pp. 11–19, 2019.
[18] M. Zarlis, E. P. Harahap, and L. N. Husna, “Test Appraisal System Application Based on YII Framework as Media Input Student Value Final Project and Thesis Session at Higher Education,” Aptisi Transactions On Technopreneurship (ATT), vol. 1, no. 1, pp. 73–81, 2019.
[19] A. Mustapha, H. M. Kabir, and H. M. Auwalu, “Cryptocurrency Tide and Islamic Finance Development: Any Issue?,” in Disruptive Innovation in Business and Finance in the Digital World, vol. 20, J. J. Choi and B. Ozkan, Eds. Emerald Publishing Limited, 2019, pp. 189–200.
[20] C. J. Lee, “Cryptoliquidity: the blockchain and monetary stability,” Journal of Entrepreneurship and Public Policy, vol. 9, no. 2, pp. 227–252, Jan. 2019, doi: 10.1108/JEPP-03-2019-0011.