Is it a New Tulip Mania Age?: A Comprehensive Literature Review Beyond Cryptocurrencies, Bitcoin, and Blockchain Technology

Is it a New Tulip Mania Age?: A Comprehensive Literature Review Beyond Cryptocurrencies, Bitcoin, and Blockchain Technology

Serkan Akar (University of the Incarnate Word, San Antonio, USA) and Ezgi Akar (The University of Texas at Arlington, Arlington, USA)
Copyright: © 2020 |Pages: 24
DOI: 10.4018/JITR.2020010104

Abstract

Although cryptocurrencies and blockchain technology can be considered new advances, they have started to be recognized widely, and this has been discussed and investigated in lots of research studies. In parallel, the primary purpose of this study is to investigate the development and evolution of cryptocurrencies and blockchain technology over the past years in the academic world. To this end, 334 scholarly journal articles are examined to: (1) conduct a comprehensive literature review in the field of cryptocurrencies and blockchain; (2) identify the possible trends and changes in this field over the ten years; (3) compare the publishing productivity of journals; and (4) guide future research in this field. The results highlight that the researchers mainly concentrate on legal and ethical issues of them; their benefits, challenges, and risks; their conceptualization, evolution, and future; the economic dimension of them; and financial and accounting related issues of them.
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2. Cryptocurrencies And Bitcoin

Cryptocurrencies or virtual currencies can be recognized as a technological advance in payment processing (Luther, 2016) and they can be considered as a computer-generated commodity rather than like a monetary currency (Cusumano, 2014). A cryptocurrency, which is an unregulated and digital currency, can be defined as a medium exchange that uses cryptography to secure, validate, and control the transactions (Mikołajewicz-Woźniak & Scheibe, 2015). Some of the main characteristics of these currencies are that they have a higher velocity of circulation, they carry a negative interest rate, and so they cannot be used as a measure of savings.

Cryptocurrencies can also differ from the traditional currency. For example; cryptocurrencies are not generally accepted to be used as a payment method for goods and services (Luther & White, 2014). In other words, although cryptocurrencies can be used as a medium exchange, it is apparent that they are not a common medium of exchange in anywhere. Cryptocurrencies also differ from other digital payments like PayPal by not requiring an intermediate party like a bank and by having no legal tender status (Lee et al., 2015). The main reason is that cryptocurrencies have a decentralized control rather than a centralized control as in the central banking systems. These differences imply that the value of cryptocurrencies is not issued by a central bank and online transactions are sent directly from one party to another without going through a financial institution (Raymaekers, 2014).

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