International Journal of Research and Scientific Innovation (IJRSI) | Volume IX, Issue VI, June 2022 | ISSN 2321–2705
The Impact and Current Situation of Cryptocurrency in Thailand and the World
Sutiwat Soithong, Thatarot Chamroonkul
Faculty of International Business Management, Eastern Asia University
Abstract – As cryptocurrencies become more apparent and popular in the financial world it is essential to increase people’s awareness and identify the emergence and importance of such currencies. In this article, the current situation of cryptocurrencies was investigated to identify the impact both internationally and domestically. It is apparent that the emergence of cryptocurrencies has changed the face of the financial world, especially in money transaction activities and investments. Although cryptocurrencies may be perceived as flexible and simple, it is significantly sensitive to events that evolve around the world. Due to its sensitivity, an event such as the war between Russia and Ukraine has immensely affected the world’s economy and the cryptocurrencies themselves. The world’s government must therefore be able to investigate and forecast the uncertain manner of the currencies and how it will affect the world’s economy as a whole.
Keywords – cryptocurrencies, bitcoin, impact, economy, Thailand
I. INTRODUCTION
Cryptocurrency is a peer-to-peer payment system that allows anybody to transfer and withdraw virtual currency from any corner of the world. Though transactions may be completed regardless of location, cryptocurrency does not require any mediator or bank confirmation. Instead of physical money, it is virtually traded in the actual world. Transactions involving cryptocurrencies, hence, are recorded on a cryptocurrency public ledger, which acts as a record-keeping mechanism. The recipient’s digital wallet is where the cryptocurrency is deposited.
Cryptocurrency is a financial transaction whereby encryption is used to authenticate the transaction for security purposes for all storage transactions, and to transfer digital currency data between the digital wallet and the public ledger. Cryptocurrency currencies are usually maintained in a system known as “blockchain,” which keeps track of who owes which types of coins and how much they are worth. Although cryptocurrencies are not authorized by government authorities or financial institutions, each payment and transfer transaction will be validated by a worldwide computer network via the blockchain system.