Applications and the future of bitcoin through analysing potential practical applications and prospects in finance in Venezuela

Abstract

With the rise of Bitcoin in 2009, cryptocurrency rapidly transformed to a commonly used tool for transaction and trades between individuals. Being the most used type of cryptocurrency what are some applications of Bitcoin in the real world? And what could be the future of Bitcoin? This paper aims to present the applications of Bitcoin through a case study of Bitcoin in the real world and to discuss the potentials of cryptocurrency, such as Bitcoin, in the future. In practice, Bitcoin can be used as formal type currency (just like any form of traditional currency) and an investment option. This paper illustrated that the future of Bitcoin involves an increase in its worth and increasing number of buyers. To sum up, Bitcoin is the most common cryptocurrency where is can be a type of traditional currency and an investment option. Cryptocurrency and Bitcoin particularly has the potential to pervade in the future.