Money is Morphing - Cryptocurrency can Morph to be an Environmentally and Financially Sustainable Alternative to Traditional Banking

Abstract

Bitcoin is the best-known cryptocurrency for which blockchain was invented. Blockchain is a digital, decentralized distributed ledger that records transactions that take place on peer-to-peer networks. Creating a single new bitcoin takes as much electricity as a typical US household consumes in 57 days; and the annual energy consumption is equivalent to that of Sweden at 135 TWh. The energy consumption issue related to crypto mining has been debated. The US SEC’s approval of the new spot Bitcoin ETFs will likely result in an increase of crypto mining and heightened concerns. This research is a bibliometric study conducted using the critically appraised topic method using 201 publications between Jan 1, 2013 and Dec 31, 2022. The research focuses on the pros and cons of using cryptocurrency. A cryptocurrency benefit is that digital currency can provide improved access to banking and inclusion for many people in underdeveloped countries that lack banking services. This study addresses how cryptocurrency can be a more sustainable alternative to traditional banking. traditional community financial institutions and how traditional currencies can morph by embracing digital financial technology. Financial institutions can remain relevant in the face of digital asset and cryptocurrency innovations. Ten recommendations for cryptocurrency policies and legal regulations were gleaned from this bibliometric study.