The Impact of Crypto-currencies on the Future of Financial Transactions: Bitcoin Model

Abstract

This study aimed to highlight the impact of digital currencies on the future of financial transactions, because of the increase in dealing with them among people without an intermediary. We touched on the Bitcoin currency, which is a new breed of digital currency systems based on digital encryption, revolutionizing the world of finance and business, as well as embodying an unprecedented technological transformation in the field of financial trading. The study found that digital currencies contributed to the acceleration of transactions between the parties and reduced the burdens of the cost of financial intermediaries, and the absence of a guarantor of the transactions that guarantees the rights of the parties. For this reason, the study recommended the necessity of developing mechanisms and mechanisms that guarantee the rights of the transaction parties on the one hand, and on the other hand, control over illegal transactions.