The Impact of Cryptocurrencies on Society in the UK

Research Project

Abstract
Crypto currencies are virtual assets designed for use as a method of change that use
cryptographic strategies to verify and analyse transactions. To hold transaction history,
maximum crypto currencies use a dispensed decentralized ledger. Crypto currency is saved in
virtual wallets. Crypto currency acquired its name as it makes use of encryption to affirm
transactions. Transactions are fast, virtual, at ease and global, which in essence permit the
upkeep of statistics without chance of data being pirated. Additionally,there is not any such
issue as a crucial corporation in rate of a selected currency; alternatively, it is the network,
and in maximum cases, the so-known as "miners," who oversee storing and processing the
decentralised statistics primarily based on block chain technology. In addition to this, there
are different research approaches as well as techniques that can be used for completing the
research in an effective manner. Research method is the unique methods or strategies used to
identify, pick out, procedure, and examine information approximately a subject. In a studies
paper, the technique phase permits the reader to critically evaluate a have a look at ordinary
validity and reliability. In the respective research, the researcher has used secondary sources
of data in order to gather appropriate data.

Contents
Abstract................................................................................................................................................2
Topic: Cryptocurrency in UK: The potential impact of Cryptocurrencies on society..................4
INTRODUCTION...............................................................................................................................4
Background of research.....................................................................................................................4
Research Aim....................................................................................................................................5
Research Objectives..........................................................................................................................5
Research Questions...........................................................................................................................5
Literature Review................................................................................................................................5
How can the projects behind the cryptocurrency benefit to build a more equal society.....................5
Will the growth of cryptocurrencies and crypto assets in general undermine banks'role and
influence in the UK economy?..........................................................................................................7
Cryptocurrencies are becoming more popular as a means of assumption. But do the people of Engla
nd believe it will become a popular payment option in the next three years?....................................8
Methodology........................................................................................................................................9
Data Analysis.....................................................................................................................................11
Theme 1: Projects behind the crypto currency benefit to build a more equal society......................11
Theme 2: Growth of crypto currencies and crypto assets in general undermine banks' role and
influence in the UK economy..........................................................................................................12
Theme 3: Crypto currencies are becoming more popular as a means of assumption. But do the
people of England believe it will become a popular payment option in the next three years...........14
Discussion of findings........................................................................................................................14
Conclusion and Recommendations..................................................................................................17
Limitations and Future Research.....................................................................................................19
REFERENCES..................................................................................................................................20

Topic: Cryptocurrency in UK: The potential impact of Cryptocurrencies
on society.
INTRODUCTION
Cryptocurrency is a virtual price machine that doesn't depend upon banks to affirm
transactions(Akar and Akar, 2020). Cryptocurrency, sometimes known as crypto-currency or
crypto, is any form of currency that exists digitally or certainly and makes use of
cryptography to at ease transactions. Cryptocurrencies do not have a relevant issuing or
regulating authority, instead the usage of a decentralized gadget to report transactions and
issue new devices.The crypto forex and behind it abuilt-in generation that is the blockchain
era has both bad and fantastic outcomes but for the reason that negatives outweigh the
effective the authorities wish the walk the rope carefully(Stolarski, Lewoniewski and
Abramowicz, 2020). The monetary disaster that the sector confronted become pan global as
its ripples have been felt almost anywhere whether or not be the Great Economic Depression,
2008 crisis as a result cryptocurrency and its poor facet effects will to be pan global society,
as a consequence man or woman countries at the side of the multilateral global should are
available in collectively to do away with the negative outcomes of the crypto foreign money
and utilization of the blockchain technology nicely. But it ought to be held proper that the
conventional sovereign money economic system can’t get replaced as an entire. The
respective research will explain How can the projects behind the cryptocurrency benefit to
build a more equal society and the impact of Cryptocurrencies on society.
Background of research
Cryptocurrencies are virtual assets designed for use as a method of change that use
cryptographic strategies to verify and analyse transactions. To hold transaction history,
maximum cryptocurrencies use a dispensed decentralized ledger(Fadeyi and et.al., 2020). In
easy phrases, blockchain generation is the concatenation of blocks of statistics transactions
within the case of cryptocurrencies – using positive hashing algorithms that use the hash
values of previous blocks.
Research Aim
“To analyse the impact of Cryptocurrencies on society in the United Kingdom.”

Research Objectives
 To identify theprojects behind the cryptocurrency benefit to build a more equal
society.
 To analyse if
the growth of cryptocurrencies and crypto assets in general undermine banks'role and
influence in the UK economy.
 To analyse if
people of England believe it will become a popular payment option in the next three y
ears.
Research Questions
 How can the projects behind the cryptocurrency benefit to build a more equal society?
 Will the growth of cryptocurrencies and crypto assets in general undermine banks'role
and influence in the UK economy?
 Cryptocurrencies are becoming more popular as a means of assumption. But do the people
of England believe it will become a popular payment option in the next three years?
Literature Review
Literature review is regarded as the vital area which has to be described that would in
future aids in evaluating the appropriate guidance by aids of effective data. In addition to this,
it is also undertaken as the efficient portion of study which could assists in conducting deep
investigation by that end conclusion might be attained. Additionally, it is useful to determine
the impact of crypto currency on society within United Kingdom. For this, some aspects are
answered through assistance of journals, books, websites and others.
How can the projects behind the cryptocurrency benefit to build a more equal society
Cryptocurrency affords many incentives for marketers throughout the globe. It has
made it simpler for entrepreneurs to attain global markets in place of strictly sticking to the
countrywide markets. This has allowed sellers to create relationships and foster trusts with
markets by no means before to be had and has been great for developing nations. This new
shape of foreign money still has negative aspects that have avoided it from taking that
subsequent step(Forcadell, Aracil and Úbeda, 2020). One of the most important issues with
on-line currency is the failure to defend buyers. Because the web sites are towards the usage
of a third celebration to delegate transactions, some buyers are left scammed.

There is already a whole industry built round cryptocurrencies and it’s held by using
institutions committed to supervising all of the virtual coin exchanges taking place all
through the arena. The rate at which the cryptocurrency enterprise is developing is earth-
shattering and this can be confirmed with the aid of early adopters that became wealthy
overnight and located possibilities to develop financially. Bitcoin, the most well-known of
those cryptocurrencies, has already accepted many people and groups to develop and flourish,
while many also rely upon buying and selling as their supply of income. The economy is
slowly transferring to evolve to these wishes and cryptocurrencies have a super potential in
enjoyable them.
There is already an entire industry constructed around cryptocurrencies and it’s held with the
aid of institutions devoted to supervising all of the virtual coin exchanges taking place at
some point of the arena. The price at which the cryptocurrency industry is developing is
earth-shattering and this will be confirmed through early adopters that became rich overnight
and observed possibilities to develop financially(Garg and Tiwari, 2021). Bitcoin, the
maximum famous of those cryptocurrencies, has already permitted many humans and
organizations to broaden and flourish, even as many additionally rely on buying and selling
as their supply of income. The economic system is slowly moving to evolve to these wishes
and cryptocurrencies have a outstanding capacity in pleasing them.
There at the moment are many apps and applications that facilitate the use of
cryptocurrencies and bring them in the direction of the wider audience. A delivered
advantage of cryptocurrency use is that it’s completely decentralized, so trading can be
completed freely throughout borders. The use of technology will facilitate a monetary
revolution in an effort to go away absolutely everyone greater financially related, empowered
and enabled. Because cryptocurrencies and blockchain don’t want an real brick-and-mortar
building to exist, the expenses related to their transactioning are minimal(Goodkind, Jones
and Berrens, 2020).
Will the growth of cryptocurrencies and crypto assets in general undermine banks'role and
influence in the UK economy?
Banks can without a doubt play a full-size position within the crypto enterprise,
including a few lots wanted warranty and safety to the largely unregulated surroundings.
Adopting cryptocurrencies and blockchain era general can streamline approaches and take
banking into the following technology of efficiency and innovation. These people that during