The Research Journal of Finance and Accounting has published research by Fort Worth, Texas-based academic and researcher Seth Barnett regarding the future possibilities of cryptocurrency as a solution to growing global financial needs. The journal, titled “Bitcoin and Other Opensource Software Protocol Accounting Systems as an Accepted Global Monetary System”, seeks to challenge the evolution of standardized global monetary systems, and looks to apply new accounting methods to better adhere to future global financial demand.
This new research looks at the foundation of cryptocurrency as a potential for a new global standard and hypothesizes that Bitcoin and its similar digital counterparts that are based on scarcity are the solutions to the future of successful global economics.
“Bitcoin was created as a currency with natural scarcity, earned in collection by maintaining the very technology systems that supply it, known as mining, but holding natural value since only certain amounts of the currency can ever be in circulation. This is the first currency in history with absolute and obvious scarcity. It is also the first that is accessible to 60 percent of the world’s population all at once,” says Barnett.
Barnett hopes that this research will begin to align global conversations, both in academic and practical application, to the value of identifying new methods of satisfying a necessary financial evolution.
