International Journal of Computer Science & Network Security

International Journal of Computer Science & Network Security (국제컴퓨터통신보호논문지학회)
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Bitcoin and the Monetary System Revolution Changes

  • Alotaibi, Leena (Department of Computer Science, College of Computers and Information Technology, Taif University) ;
  • Alsalmi, Azhar (Department of Computer Science, College of Computers and Information Technology, Taif University) ;
  • Alsuwat, Hatim (Department of Computer Science, College of Computer and Information Systems, Umm Al Qura University) ;
  • Alsuwat, Emad (Department of Computer Science, College of Computers and Information Technology, Taif University)
  • Received : 2021.06.05
  • Published : 2021.06.30
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Abstract

Every day brings a new challenge to the humanities. Life nowadays needs accuracy, privacy, integrity, authenticity, and security to run life systems especially the monetary system. Things now differ from previous centuries. Multiple varieties in digital banking have opened the new and most advanced innovations for human beings. The monetary system is going to developed day by day to facilitate the public. Electronic money has amazed the world and gave a challenge to central banking. For this purpose, there will be a need for strict security, information, and confidence. Blockchain technology has opened new gateways. Bitcoin has become the most famous digital currency, which has created a thunderstorm in digital marketing. Blockchain, as a new Financial Technology, has satisfied all the security issues and satisfied doing business in secure ways that encourage investors to invest and keep the world business wheel. Assessment of the sustainability of implementing Bitcoin in financial institutions will be discussed. Every new system has its pros and cons in which a clear vision of what we are about to use can be sought. Through this research paper, a demonstration of the monetary system evolution, the new ways of doing business, some evidence in a form of academic cases will be demonstrated through comparison a table, a suggested method to transfer to the new system in safe mode will be proposed, and a conclusion will be concluded.

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