Cryptocurrency's Role in Traditional Monetary Markets and Systems

In recent years, cryptocurrency has become an increasingly popular new alternative investment among retail traders. Additionally, this attention has grown beyond retail traders and now presents itself as a prominent conversation among media, institutions, and academia. The purpose of this project is to explore the unappreciated aspect of cryptocurrency use such that it is capable of functioning in the foreign exchange markets (FOREX or FX markets). The inherent idea behind cryptocurrency is that it is accessible worldwide, protected, and verifiable via blockchain, holding the same monetary value regardless of location and minimizing the cost of cross-border payments by eliminating financial intermediaries in the traditional FOREX currency markets. Moreover, the goal of cryptocurrency intends to operate at faster rates than current traditional finance intermediaries. The article incorporates frequently debated aspects of cryptocurrency to identify the advantages and limitations of both cryptocurrency and traditional monetary systems. Thus, this research reveals the necessary fundamentals needed in cryptocurrency for the evolution in traditional financial structures and for widespread adoption to occur.