The Impact of the State Obstacles on Containment and Progress of Bitcoin
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This The virtual currency is a paramount in a strong economical situation of any country in the future, especially the countries that try to lead the world with its economy, this currency has been created to replace the traditional currency of the countries that can be issued by any central bank and put a value for it, but the virtual currency is a currency that no one can control and manipulate its value and no one can use it to control any country economical situation (c.f. Selgin, 1988).The virtual currency helps poor countries to develop its economy because it will have the same currency that any developed country has with the same value.
But the virtual currency will face a lot of problems before entering to market(Gandal, N., &Halaburda, H. (2014) and will face a lot of barriers that will stop the development of the state economy, some of those problems are: the culture of the country and the government laws and policies, plus there is an important problem that it will face and it represent by the economic agreements and the Unified Banks Network (e.g. Jerin, 2014).To solve those problems the research will use the qualitative method with an interpretive research philosophy, that helps the research to use specific case study that have similar situation to collect the second data and use the interview to collect the primary data.The interview that is made with experts will show some solution that answer the research question and it can be applied and the step to apply it to receive to needed solution to let the virtual currency be accepted in the market (Gandal, N., &Halaburda, H. (2014).
Therefore, the government started to encourage the citizen and the companies to use this new currency, and they created an environment that helps those users to trust and accept it.This currency will face a lot of obstacles and problems at the beginning, the government will try to put plans and long term strategies to solve these problems before they occur, starting from creating and issuing new laws and policies arriving to create a large and strong educational advertising to let the citizen know this new currency and its benefits.Also, the private sectorsare responsible too, especially the bank sectors because they have the principle relation with this field and they have to motivate their customers to use it (Gans, J., &Halaburda, 2013).From this research, we will try to find some solutions that the concerned sector need to apply to let the virtual currency enter the market and let the citizen trust it and start trading with it (Gandal, N., &Halaburda, H. (2014).
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