Blockchain technology and cryptocurrency current situation and future prospects

Abstract

The aim of this study is to examine cryptocurrencies that use blockchain technology, reveal the current situation and discuss the future. In the study, cryptocurrencies are examined in detail with their definition, history, legal status, factors affecting their value, features and functions, advantages and disadvantages, and usage areas. As a result of the discussions in the study, five main conclusions were reached. (1) Cryptocurrencies cannot be defined as money, since they cannot fully fulfil the features and functions of money with their current status. (2) Although the values of cryptocurrencies are shaped depending on the supply and demand conditions, they are significantly affected by factors such as security, legal status, volume, and speculative and manipulative initiatives. (3) Cryptocurrencies do not yet have a widespread legal status worldwide. (4) Among the many advantages and disadvantages of cryptocurrencies, the most prominent advantage is security, and the most striking disadvantage is volatility. (5) Cryptocurrencies, with what they have demonstrated to date and promise for the future, will have the ability to be used wherever money is used, and even more.