Bitcoins are a decentralized digital currency with cheaper transaction fees, more security, and more scalability than fiat money. The mechanism of bitcoins did not need intervention from the central bank and has been administered by open-source software. This article will help to identify and assess the current trends in the literature on the long-term viability of bitcoins, taking into account their effects on the environment, society, and the economy.
Since bitcoin have a monetary value, they can be thought of as ‘digital goods,’ where the processing power determines both the good’s scarcity and the rise in its monetary worth.
The system will move toward ever-lower energy consumption if a user generates blocks more quickly and effectively than other users while also earning big rewards (such as new bitcoin and/or transaction fees).
Blockchain applications for bitcoin technology may be one of the most significant elements that can be used in various industries in the future.