The Role of Cryptocurrency in Digital Economy: Applications, Challenges, and Solutions

Money is undoubtedly a primary need of every human being because human needs are fulfilled by using money. Since now we live in a digital world, digital money is the logical demand of this era. The decentralized digital currency that is based on blockchain technology has created a lot of excitement recently. Cryptocurrency is a digital currency that can be transferred from person to person without the need of a central bank. In this transaction system, the blockchain serves as a digital ledger of all cryptocurrency transactions. In this paper, we have addressed the theme of cryptocurrency and cryptocurrency mining techniques, which play an important role in our economic growth. We have also discussed some important applications of cryptocurrencies in the present day. Apart from this, we discussed some of the challenges related to cryptocurrency and how to overcome them. This new approach is expected to bring huge benefits to the customers, the existing banking system, and the entire society in general.