Current adoption state of cryptocurrencies as an electronic payment method

Zlatko Bezhovski (), Ljupco Davcev () and Mila Mitreva ()
Additional contact information
Zlatko Bezhovski: Faculty of Economics, Goce Delcev University, Stip, Macedonia
Ljupco Davcev: Faculty of Economics, Goce Delcev University, Stip, Macedonia
Mila Mitreva: Faculty of Economics, Goce Delcev University, Stip, Macedonia

Management Research and Practice, 2021, vol. 13, issue 1, 44-50

Abstract: The original intention behind Bitcoin, the first decentralized cryptocurrency, was to serve as an electronic payment system allowing peer-to-peer transactions without the need for a trusted third party. Since its introduction in 2009, Bitcoin faced high volatility, performance issues, increased energy consumption, legality issues, criticism and ultimately slow adoption. Additionally, many new cryptocurrency projects arose to utilize the blockchain technology that enables transparent, trusted, fast, efficient, and secure transactions. All new cryptocurrencies, some complementing - some competing Bitcoin, face the same challenges, especially the slow adoption and therefore lag behind the current payment means in e-commerce as digital wallets, banking cards, bank transfers and even cash on delivery. In this paper we examine the current state of adoption of Bitcoin and the other cryptocurrencies as means of online payment. The main purpose of our research was to set a starting point for an additional research addressing the main issues for adoption of this promising technology

Keywords: digital currency; cryptocurrency; Bitcoin; blockchain; electronic payment (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

Downloads: (external link)
https://mrp.ase.ro/no131/f4.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rom:mrpase:v:13:y:2021:i:1:p:44-50

Access Statistics for this article

Management Research and Practice is currently edited by Colesca Sofia

More articles in Management Research and Practice from Research Centre in Public Administration and Public Services, Bucharest, Romania Contact information at EDIRC.
Bibliographic data for series maintained by Colesca Sofia ().