HI6008 Business Research Project Assignment - Holmes Institute, Australia
Research Topic: Cryptocurrency - how it impact the world
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Q1. Say why this topic interests your team.
Answer - Topic identification and discussion
The research topic that has been chosen for this assessment is Cryptocurrency-how it impacts the world. A cryptocurrency is determined to be a virtual or digital currency designed to facilitate a medium of exchange. This particular topic has been chosen as it provides information regarding the significant impact of cryptocurrency on the world. The impact of Cryptocurrencies on the world are as follows:
- Cryptocurrencies put a significant impact on the world as it facilitates an easy-to-use digital alternative into fiat currencies
- Cryptocurrencies can be utilized to circumvent the taxes and capital controls that have resulted in increased demand on the part of businesses and customers
- Most of the countries have begun using cryptocurrencies illegally especially for sales abroad, illegal purchase and tax evasion (Peprah et al., 2018). If an organization accepts cryptocurrency payments than it will be able to boost the bottom line to grab the attention of more number of new consumers
- Cryptocurrencies are significantly volatile that succeeds in attracting global investors (Al-Saqaf and Seidler, 2017).
It creates an adverse impact on the wider market that leads to an international financial crisis. It can be seen that the cryptocurrencies total market capitalization is less as compared to various public organizations that affect the international markets (Bação et al., 2018). Whereas, cryptocurrencies possess various benefits at the time of inflation control and frictionless transactions. However, most of the investors across the world are including these currencies as properties into their varied portfolios. Due to this reason several cryptocurrency exchange-traded products have been taken place (Greenberg and Bugden, 2019).
Furthermore, it can be seen that if organizations start using cryptocurrency than it will be beneficial for the organizations as cryptocurrencies put a significant impact on the world economy. Cryptocurrency minimizes the transaction fees of the business where it does not possess the involvement of the third party. As cryptocurrency is new within the market, thus government have issued differing and limited regulations which put an impact in most of the countries across the world.
- Presently, the cryptocurrency market across the world are going through difficult times
- Cryptocurrencies only benefits the organizations that operates e-commerce business as it is determined to be the fastest payment method
- New forms of cryptocurrencies are unavailable within the market, thus it does not possess huge market capitalization
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Q2. Discuss your team's initial search for relevant literature and show that it has provided you with a good contextual understanding.
Answer - Initial literature search
To search for this particular research topic based on "Cryptocurrency-how, it impacts the world" the team members have searched for peer-reviewed articles and academic books. These secondary data sources such as articles and academic books have provided relevant information regarding the topic and its impact on the world (Braga and Luna, 2018). On the other hand, the team members have also made efficient use of websites to get appropriate information based on cryptocurrency. The secondary source that has been used is carefully organized to get the case for the research methods as well as questions. Moreover, the articles and academic books helped the team members to get a complete description of cryptocurrency and analyze its impact on the world.
The articles provided relevant knowledge about cryptocurrency such as, cryptocurrency is regarded as a digital asset made to work as a medium of exchange. It makes use of strong cryptography to verify the transfer of assets, control the generation of additional units and secure financial transactions. It also provided information regarding blockchain technology which is a data structure that represents transaction records and entry of financial ledger (Lemieux, 2016). It works to generate a reference of protected digital identity. On the other hand, academic books helped in gaining knowledge about cryptocurrency mining which is a process that verifies various forms of transactions and included in the digital ledger of blockchain (Barkatullah and Hanke, 2015).
Initially, the team members were highly focused on finding the research problem and question and suggests a research method based on the research question. The articles based on cryptocurrency have provided a better contextual understanding of the impact of cryptocurrency on global investments. Whereas, the secondary sources like academic books have discussed cryptocurrencies and how it affects the business if an organization implements cryptocurrency. As a result, the secondary sources provided accurate data relevant to the research. All these secondary sources helped the team members to proceed with the assignment as they provide accurate information regarding the topic.
- The articles provided an understanding of the acceptance of cryptocurrency in the form of digital currency that puts an impact on the world economy
- The academic books demonstrated the fact that bitcoin is regarded as a digital currency that is widely accepted by most of the retailers as well as businesses.
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Q3. Define the Research Problem that your team intends to address.
Answer - Statement of Research Problem
The research problem that the team seeks to address is the significant impact of cryptocurrency on businesses across the world. Based on this research problem it has been observed that growth of cryptocurrency has led to developing diplomatic rampages in most of the countries. Due to the implementation of cryptocurrencies the international market have faced massive amounts of reductions in the value. The economic, as well as financial experts, are highly expecting that the currency will constantly generate and thrive a great impact on the international economy (Joshi, Khatiwada and Giri, 2018). Based on the social impact of cryptocurrencies it has moved ahead and generated an increased growing movement into the social organization to transform into digital currencies.
However, this is determined to be a significant problem where the team members intend to create a traditional aspect of the value and generate more stability while implementing cryptocurrencies. The implementation of cryptocurrency possesses various measures to regulate the tax and supply system within the crypto markets (Salman and Razzaq, 2018). Meanwhile, cryptocurrency has impacted the businesses and organizations worldwide by creating various challenges that affect business operations. On the other hand, companies have to face accounting and taxation challenges to better understand the changing regulatory environment (Sovbetov, 2018). It becomes essential for the business to understand various factors of cryptocurrency such as investment property, business property along with several other features.
Q4. Propose at least ONE main research question that your team will be seeking to answer through your research project.
Answer - Research question
The research questions based on cryptocurrency-how it impacts the world is as follows:
- How will the adoption of cryptocurrency affect businesses around the globe?
- How cryptocurrency puts an impact on global investments?
- What are the challenges of using cryptocurrency?
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