Chapter 2 Discovering the Wonders of Blockchain: Utilising Bitcoins for Transaction Purpose

Abstract By market capitalisation, Bitcoin, which debuted in 2009, is the biggest cryptocurrency globally. A decentralised ledger system called blockchain is used in the creation, distribution, trading, and storage of Bitcoin, with the original goal being to address the shortcomings of fiat currency. This chapter highlights potential dangers and legal concerns when Bitcoin interacts with the actual economy and the traditional financial system. Besides, the details also discuss the platform’s design principles and attributes for a non-technical readership. When assessing its transactional potential, some recognise its potential for speculation, while others are doubtful of its admirable intent. The write-up also explores the potential of the adoption of cryptocurrencies in Southeast Asia due to the vast adoption of Bitcoins in countries such as Vietnam and the Philippines following the establishment of cryptocurrency technology and e-commerce. In addition, rankings of the cryptocurrency and legal stance from each country in Southeast Asia were exhibited as the solid foundation of cryptocurrencies existent for transaction purposes. The rise of central bank digital currencies (CBDC) and the future directions of Bitcoins were also highlighted in this write-up to spur the debate on whether cryptocurrency remains a fad of sensation or is legalised as the medium of exchange in an ever-growing digital world of commerce.