A comprehensive study of Blockchain based Cryptocurrency as a Medium of Exchange

  • Dr. Kishore Kunal, CMA K.R. Ramprakash, Dr. M.J. Xavier, Dr. C.Joe Arun


The current system of using fiat money as a medium of exchange is acting against the welfare of societies because of its inherent inability to control inflation. In this study, we hypothesized that, in a world where fiat money ceases to exist, cryptocurrency will become the natural medium of exchange.We used Kiyotaki & Wright (1989) model of commodity money and compared cryptocurrency with gold as a medium of exchange. The findings asserted the potential of cryptocurrency as the future currency of the world and its possible adoption by major societies in the coming years.