In her article titled “Money is Morphing – Cryptocurrency Can Morph to Be a Sustainable
Alternative to Traditional Banking,” Clovia Hamilton explores the potential of cryptocurrency as an environmentally and financially sustainable alternative to traditional banking systems.
Money is morphing cryptocurrency research is a bibliometric study conducted using the critically appraised topic method using 201 publications between Jan 1, 2013, and Dec 31, 2022. The research focuses on the pros and cons of using cryptocurrency. This currency can provide improved access to banking and inclusion for many people in underdeveloped countries that lack banking services. Additionally, this study addresses how cryptocurrency can be a more sustainable alternative to traditional banking. traditional community financial institutions and how traditional currencies can morph by embracing digital financial technology. Financial institutions can remain relevant in the face of digital asset and cryptocurrency innovations. Ten recommendations for cryptocurrency policies and legal regulations were gleaned from this bibliometric study.
Professor Hamilton highlights the following key points:
- Cryptocurrency Benefits:
- Money is morphing with the advance of cryptocurrency and digital currency can improve access to banking and financial inclusion, especially in underdeveloped countries lacking traditional banking services.
- In addition, blockchain technology, which underpins cryptocurrencies like Bitcoin, enables decentralized, secure transactions on peer-to-peer networks.
- Energy Consumption Concerns:
- Creating a single new bitcoin consumes as much electricity as a typical US household in 57 days.
- Further, the annual energy consumption related to crypto mining is equivalent to that of Sweden (135 TWh).
- Recommendations for Sustainability:
- Hamilton suggests that traditional community financial institutions and currencies can adapt by embracing digital financial technology.
- Implementing the study’s recommendations can lead to more inclusive, community-oriented, and environmentally friendly use of cryptocurrency.