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Best Cryptocurrency Dissertation Topics and Ideas in 2024

Cryptocurrency dissertation topics: Exploring the frontier of financial innovation in 2024

Cryptocurrency has become a captivating subject for academic exploration, with its intersection of finance, technology, and regulatory considerations. As we delve into 2024, a range of intriguing dissertation topics emerge, inviting scholars to investigate and contribute to the ever-evolving landscape of digital currencies .

Cybercrime and Cryptocurrency: Unraveling the Nexus

Explore the intricate relationship between cybercrime and cryptocurrency. Investigate how digital currencies facilitate illicit activities and analyze potential strategies for combating cyber threats in the crypto space.

Bitcoin Digital Currency Usage: Trends and Patterns

Delve into the patterns and trends of Bitcoin usage. Examine the factors influencing adoption, transactional behaviors, and the role of Bitcoin in the broader financial ecosystem.

Cryptocurrencies and Their Regulation Features: A Comparative Analysis

Conduct a comprehensive analysis of regulatory frameworks governing cryptocurrencies globally. Compare regulatory approaches and assess their impact on the adoption and development of digital currencies.

How Do Bitcoin Newcomers Invest: Understanding Investment Strategies

Investigate the investment behaviors of newcomers in the Bitcoin space. Explore factors influencing investment decisions, risk perceptions, and the role of information sources in shaping investment strategies.

Cryptocurrency and Ransomware Security: Challenges and Solutions

Examine the correlation between cryptocurrency usage and the prevalence of ransomware attacks. Evaluate existing security measures and propose innovative solutions to mitigate the risks associated with ransomware in the crypto domain.

Cryptocurrency Investment Behaviors: An In-Depth Analysis

Explore the behavioral aspects of cryptocurrency investors . Analyze risk tolerance, decision-making processes, and the psychological factors influencing investment behaviors in the volatile crypto market.

Rise of Cryptocurrency: A Historical and Future Perspective

Trace the historical trajectory of cryptocurrency from its inception to the present. Predict future trends and assess the potential impact of digital currencies on traditional financial systems.

Bitcoin Issues in Accounting Information Systems: Challenges and Innovations

Investigate the challenges Bitcoin poses to accounting information systems. Explore innovative accounting methodologies and technologies to address the unique features of digital currencies.

Cryptocurrency and Its Instability Issues: Market Dynamics

Analyze the factors contributing to the inherent volatility of cryptocurrencies. Examine market dynamics, external influences, and potential strategies for stabilizing the value of digital assets.

Is Blockchain Technology Legal: Navigating Legal and Ethical Frontiers

Explore the legal and ethical dimensions of blockchain technology . Investigate the regulatory acceptance of blockchain and its applications across various industries, addressing potential legal challenges.

Conclusion:

In approaching these dissertation topics, students can contribute nuanced insights to the growing body of knowledge surrounding cryptocurrencies. Rigorous research methodologies, an interdisciplinary approach, and staying abreast of the latest industry developments are essential for producing impactful and relevant contributions.

As the cryptocurrency landscape continues to evolve, these dissertation topics offer a platform for scholarly exploration, encouraging students to critically engage with the multifaceted aspects of digital currencies and their broader implications for the global financial landscape.

Disclaimer: Any financial and crypto market information given on Analytics Insight are sponsored articles, written for informational purpose only and is not an investment advice. The readers are further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Conduct your own research by contacting financial experts before making any investment decisions. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Analytics Insight of being absolved from any/ all potential legal action, or enforceable claims. We do not represent nor own any cryptocurrency, any complaints, abuse or concerns with regards to the information provided shall be immediately informed here .

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Research contributions and challenges in DLT-based cryptocurrency regulation: a systematic mapping study

• Original Article
• Published: 11 January 2022
• Volume 6 , pages 63–82, ( 2022 )

Cite this article

• Elcelina Carvalho Silva   ORCID: orcid.org/0000-0001-5771-2920 1 , 2 &
• Miguel Mira da Silva   ORCID: orcid.org/0000-0002-0489-4465 2  

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The purpose of this paper is to identify research that has been carried out about cryptocurrency regulation contributions and the current challenges that need to be addressed in future studies. The methodology used to conduct this research and report the findings was systematic mapping. We use this methodology to search, identify, and select all relevant primary studies on cryptocurrency regulation. The findings reveal that the key cryptocurrency regulation research topics are distributed governance, central bank digital currency, monetary policy, cryptocurrency adoption, security, regulation, cryptocurrency market, cybercrime economy and money laundering. The research proposals for cryptocurrency regulation comprise tools, protocols, methods, models, frameworks and, knowledge. The cryptocurrency regulatory challenges are cryptocurrency adoption, central bank digital currency regulation, accounting for cryptocurrencies and risk for cryptocurrencies. This systematic mapping provides an overview of the solutions proposed to regulate cryptocurrency as well as the current research challenges.

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1 Introduction

Blockchain technology is defined as a distributed database of records or public ledger of all transactions or digital events that have been executed and shared among participating parties where each transaction in the public ledger is verified by consensus of a majority of the participants in the system, and once entered, the information can never be erased [ 1 ].

Cryptocurrency is a peer-to-peer version of electronic cash, implemented though digital signatures, that allows online payments to be sent directly from one party to another without a financial institution [ 2 ]. Today, cryptocurrencies are largely accepted because they allow members of society who could not open a regular bank account to participate in financial transactions via an internet-based altcoin account operable from any smartphone [ 3 ].

From this perspective, blockchain may be comparable to the internet of the 1990s [ 4 ] and the cryptocurrency market repeats the history of the 1990s stock market when innovative technologies such as electronic trading platforms began to emerge [ 5 ].

Cryptocurrency is defined as a type of unregulated digital money which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community [ 6 ]. According to CoinMarketCap website, Footnote 1 accessed in February 2021, nowadays there exist more than 3,207 different types of cryptocurrencies with market capitalization. Bitcoin and Ethereum are at the top of the market capitalization list.

The growth of cryptocurrency brings with it associated risks such as black markets, technology hacking, speculation bubbles, highly power-intensive energy consumption [ 7 ], and credit, operational and liquidity risks without legal protection [ 6 ]. The use of cryptocurrency as a payment alternative for those engaged in drug trafficking and money laundering, results in calls from legislators and law enforcement agencies to impose strict regulation on the use of virtual currency [ 8 ].

The possibility of using cryptocurrency without the intervention of financial institutions that can be targeted by governments, is motivating corrupt firms and criminal organizations to convert their earnings into cryptocurrency and then transfer these funds anywhere in the world to evade tax authorities [ 9 ].

Moreover, various positions have been taken by the media regarding cryptocurrency regulation, such as news regarding the legal status of cryptocurrency, calls for banning cryptocurrency and its use in financial transactions, news related to its possible treatment under securities market law, and news reporting the introduction of central bank digital currency [ 10 ].

On one hand, we have private cryptocurrencies such as Bitcoin and Ethereum that are cryptographically protected, decentralized digital currencies used as a means of exchange and not controlled by any single entity but maintained by their anonymous users connected via peer-to-peer networks [ 6 , 11 ]. On the other hand, several countries are searching for ways to introduce cryptocurrency regulation through Central Bank Digital Currency (CBDC) [ 12 ].

The goal of this systematic mapping is to identify the research contributions and the current research challenges on cryptocurrency regulation. The methodology used to conduct this research is found in the guidelines for conducting systematic mapping studies in software engineering [ 13 ].

The structure of this review is organized into seven sections: here in Sect.  1 , we have introduced this research paper with the objective, methodology and structure of this systematic mapping. In Sect.  2 , the theoretical background of blockchain-based cryptocurrency regulation is discussed. In Sect.  3 , the related works in this domain are presented. The methodology adopted to create this mapping is detailed in Sect.  4 . The results are presented in Sect.  5 and discussed in Sect.  6 . The limitations that may threaten the validity of the results are identified in Sect.  7 . Finally, concluding remarks are made in Sect. 8.

2 Theoretical background and motivation

Cryptocurrency is revolutionizing many traditional banking services with better transaction security and faster exchanges of money [ 14 ]. It has the potential to become a disruptive innovation because it will define a new paradigm of decentralization of trust in secure electronic transactions without the need for a central control authority [ 15 ].

The crypto encyclopedia defines cryptocurrency as digital currency in which encryption techniques are used to control the generation of units of currency and verify the transfer of funds, operating independently of one single central unit. It is a distributed ledger technology (DLT), a technology based on the principle of distributed ledgers, that is a digital system recording and storing data and which is consensually shared and synchronized across a geographically spread network across multiple sites, institutions and/or geographies [ 16 ].

Currency transactions between companies or persons are generally centralized in servers that are controlled by third party organizations while cryptocurrency is stored in a decentralized network where there is no control of the third party over data and transactions. There are various Distributed Ledger Technologies such as blockchain, sidechain, tangle and hashgraph where the implementation of these differ substantially based on their data structures, consensus protocol and fault tolerance, among others [ 17 ].

Cryptocurrency businesses oftentimes raise money through an initial coin offering (ICO) that is an unregulated means of crowdfunding applied by cryptocurrency businesses as an alternative to the rigorous and regulated capital-raising process required by venture capitalists, banks, or stock exchanges. In an ICO, a percentage of the newly issued cryptocurrency is sold to investors in exchange for legal tender or other cryptocurrencies such as Bitcoin [ 16 ].

The decentralized system of cryptocurrencies has made global monetary systems more dynamic and thus more prone to misuse, and as well has posed a threat to financial stability [ 7 ]. Moreover, uncontrolled use of this technology threatens to accelerate socio-economic problems, especially money laundering, fraud, cybercrime, and market instability [ 18 ].

Cryptocurrency markets have been largely unregulated which has led to volatility in the market, and inevitably, to reports of significant fraud, theft, and price manipulation [ 19 ]. Their adoption and transaction volumes could threaten the overall market and price stability, thus posing risks to markets and their regulators [ 8 ].

There are also regulatory issues with the use of smart contracts, and the management and handling of litigation and disputes can be problematic. Furthermore, the irreversibility in the smart contract system is particularly risky [ 20 ]. Government regulation is necessary to deter price manipulation and fraud, but the lack of regulation is why many investors buy cryptocurrencies [ 19 ].

Central banks need to define the nature and outlook for digitalization of money, to safeguard payment business [ 21 ]. For policies to remain effective, and especially in case the market further develops and international arbitrage increases, rules and enforcement will need to be coordinated and enforced across the globe [ 22 ].

Cryptocurrency poses equally specific challenges to the financial and monetary systems, such as the potential threats to price stability, to the smooth operation of payment systems, to the implementation of monetary policy, to the prudential supervision of credit institutions, to the stability of the financial system and to the central banks’ exclusive right to issue base money [ 23 ].

The rapid growth of cryptocurrencies presents a challenge to governments around the world given that the wide acceptance of cryptocurrencies has the potential to disrupt regulated payment systems and affect the implementation of monetary policy [ 7 ]. Authorities will need to vigilantly monitor developments and address regulatory issues arising from the global dimension of cryptocurrencies [ 22 ].

Cryptocurrency impact on central banking has sparked a policy debate on how to address the potential threats of cryptocurrencies [ 23 ]. Central banks have expressed various positions with respect to cryptocurrency including central banks’ policy to lead further development of cryptocurrency by restrictions, robust surveillance and licensing [ 21 ].

The Bank International of Settlements, in January of 2020, published a survey applied to 80% of central banks in the world, revealing that central banks assumed that their objectives in the central bank digital currency (CBDC) research are financial stability, monetary policy implementation, financial inclusion, domestic and cross-border payment efficiency, and safety/robustness of the payment systems. Some central banks reported other motivations such as reducing costs, improving know-your-customer, countering-the-financing-of-terrorism (“KYC/CFT”) and public access to central bank money [ 24 ].

The results of a survey carried out among more than 60 central banks in late 2020 [ 25 ] about their engagement in CBDC work, their motivations and their intentions regarding CBDC issuance, show that the vast majority of central banks in the survey—86%—are exploring CBDCs, and their work continues apace amid the Covid-19 pandemic. As a whole, central banks are moving into more advanced stages of CBDC engagement, progressing from conceptual research to practical experimentation.

Decentralized Finance (DeFi) is also being discussed by various stakeholders of financial market, for example, Bank of America which sees DeFi ‘Potentially More Disruptive Than Bitcoin’ according CoinDesk [ 26 ] referencing “ Commodity Strategist—Bitcoin’s Dirty Little Secret ” published by Bank of America in 17 March 2021 [ 27 ].

DeFi uses cryptocurrency and blockchain technology to manage financial transactions, with aims to democratize finance by replacing legacy, centralized institutions with peer-to-peer relationships that can provide a full spectrum of financial services, from everyday banking, loans and mortgages, to complicated contractual relationships and asset trading by disempowering middlemen and gatekeepers, and empowering everyday people via peer-to-peer exchanges [ 28 ].

Citibank’s Global Perspective and Solutions (Citi GPS) entitled Future of Money: Crypto, CBDCs and 21st Century Cash, points its searchlight on MakerDAO (MKR) and the importance of decentralized finance (DeFi) [ 29 ] as a decentralized organization dedicated to bringing stability to the cryptocurrency economy using Maker Protocol which employs a two-token system [ 30 ].

Considering the social, financial, technological, and legal impact of cryptocurrency usage that is motivating changes in regulation, topics such as money laundering [ 8 , 9 ], financial stability [ 11 , 31 ] and financial technology (FinTech) [ 5 , 23 ] are important drivers to regulate cryptocurrency. FinTech products have opened the door to many new opportunities for consumers, investors, and businesses, but with these opportunities come new challenges for regulators and policymakers to face key choices as they adapt to meet the needs of this constantly changing landscape while keeping investors and consumers safe [ 32 ].

Research on how FinTech is contributing to financial innovation in the market, such as the creation of new financial asset classes and derivatives that are facilitated by technology is being researched by Mitra and Karathanasopoulos [ 33 ]. They emphasize that financial technology could play a significant role in new risk management approaches highlighting that in terms of implications for policy and management within the banking sector (especially with respect to IT managers), the firm should take into account the relative value and the risk management contributions that operations potentially provide.

Several authors in their research articles call for anti-money laundering and for combating the financing of terrorism (AML/CFT) regulation [ 8 , 22 , 34 , 35 ], central bank digital currency (CBDC) [ 20 , 21 , 23 ] and Decentralized Finance regulation [ 36 ]. Others authors call for specific regulation and guidelines such as initial coin offerings (ICOs) [ 4 , 37 ], guidance for accounting for cryptocurrencies and IFRS [ 38 ], regulation of virtual currency for taxation purposes [ 6 ], and blockchain General Data Protection Regulation [ 37 ].

The Bank for International Settlements (BIS) created the BIS Innovation Hub foster innovation and greater collaboration amongst the global central banking community. This initiative includes central bank digital currency (CBDC) research projects connected with other projects related to payment system such as financial market infrastructures (FMIs), open finance, regtech and suptech solutions, and cyber security [ 39 ].

The European Central Bank (ECB) has digital euro in the investigation phase [ 40 ], and the Central Banks of several countries are researching retail and wholesale CBDCs including the Central Banks of Brazil, the Bahamas, Canada, China, India, Japan, the Russian Federation, South Africa and others according the last working paper entitled “Rise of the central bank digital currencies: drivers, approaches and technologies” published by Bank for International Settlements (BIS) [ 41 ].

In this context, China, Britain, Japan, the United States, Germany and Italy are blocking operations of the giant decentralized crypto exchange, Binance, because it is unlicensed to operate [ 42 ]. In response, Binance announced on its website that they will be winding down support for stock tokens on Binance.com to shift their commercial focus to other product offerings and that stock tokens are unavailable for purchase [ 43 ].

Philipp Sandner [ 44 ], defines DeFi as an umbrella term encompassing the vision of a financial system that functions without any intermediaries, such as banks, insurers or clearinghouses, and is operated just by the power of smart contracts [ 44 ]. This researcher and professor at Frankfurt School Blockchain Center argues that financial innovations can be freely developed and implemented in DeFi without regard to regulatory boundaries but, the absence of common legislative and political principles certainly has major disadvantages, thereby underlining the fact that everything in DeFi is based on smart contracts, and hence vulnerabilities in the code of smart contracts is a fundamental risk for DeFi users.

Tony McLaughlin is his article entitled “A Treasurer’s Guide to the Future of Money” [ 45 ] says that the commercial banking system and FinTechs could be caught in the crossfire of a battle between CDBCs and privately issued stable coins for monetary supremacy. This competition for deposits and payment services from two entirely new fronts could seriously impact financial stability of the banking system and the process of credit creation. He concludes that if the nature of money changes, so will the role of the Treasurer—this is true whether the future belongs to CBDC, cryptocurrencies or a fiat currency system that is hyper-connected and always on.

Various players are looking for cryptocurrency such as central banks, regulated financial institutions, telecommunications agencies, researchers, FinTech and other types of decentralized autonomous organizations promoting hot discussion of regulation from different perspectives such as financial, law and technology regulation, but is not clear if the regulation will be implemented only through CBDC or if regulations would also include, FinTechs and BigTechs within its scope.

The mechanisms for using innovative financial technologies need to be refined and the regulatory experience of different countries needs to be integrated [ 5 ]. The perspective of Azal [ 7 ] is that the technology has always preceded regulation, making regulatory options more complicated, demanding regulators meet this technological challenge and take a proactive approach to harnessing this complex modern technology.

Given the impact of cryptocurrency usage on the financial system, the new innovative start-ups using cryptocurrency and the increase in cybercrimes associated with cryptocurrency, we observed an absence of literature in cryptocurrency regulation to help understand what is being done to regulate cryptocurrency.

Kichenham et al., argue that in systematic mapping the search process is defined by topic area, while in systematic literature review the process is defined by the research question [ 46 ]. Systematic mapping studies are used to structure a research area, while systematic reviews are focused on gathering and synthesizing evidence [ 13 ]. The research questions in systematic mapping are general as they aim to discover research trends, while in systematic literature review the research question is specifically related to outcomes of empirical studies [ 46 ].

In our research, we did not find any systematic review or any systematic mapping on cryptocurrency regulation. Two studies related to cryptocurrency in the financial sector were found, but neither of these studies focused solely on cryptocurrency regulation.

The first study is a systematic literature review of “Towards Central Bank Digital Currency” [ 47 ] supplemented by academic and central bank publications to assess both the current state of academic research on CBDCs as well as research by major central banks. This study combined the various research fragments that currently exist to provide a comprehensive overview on the cryptocurrency regulation topic focusing on CBDC. As a contribution, several gaps in the scientific literature were identified, such as design properties, technical implementations as well as legal and societal aspects that have not been researched thoroughly.

The second study is a systematic mapping study of blockchain applications for Central Banks [ 48 ], focused on scientific papers, to analyse and map the gaps in scientific literature by exploring trends in peer-reviewed research contributions through thematic categorization of academic literature on Distributed Ledger Technology (DLT) use-cases for services, and operations and functions performed by central banks. As result, the study found that the most research-intensive use-cases are those for: (1) Central Bank Digital Currency (CBDC); (2) Regulatory Compliance; (3) Payment Clearing and Settlement Systems (PCS) operatedby central banks; (4) Assets Transfer/Ownership; and (5) Audit Trail.

We observed that these studies focused on central banks’ cryptocurrency regulation and not on cryptocurrency regulation in the general sense, thus indicating a significant gap in the research on cryptocurrency regulation: the first paper highlights the call for central bank regulation of cryptocurrency and regulatory compliance [ 48 ], while the second paper emphasizes gaps in CBDC scientific literature such as legal and societal aspects that have not been researched thoroughly [ 47 ].

We also did not find any research study that maps the current research approach in cryptocurrency regulation that provides researchers, practitioners and regulators an overview that could help them take the research on cryptocurrency regulation even further.

In this context, we understand that mapping the research contributions and challenges in DLT-Based Cryptocurrency regulation could help senior researchers, PhD Students, central banks, regulated financial institutions such as banks and insurance company, non-regulated institutions such as FinTechs to understand the state of the art of cryptocurrency regulation.

The nonexistence of research on cryptocurrency regulation that identifies, categorizes and analyses the literature and research gaps in this particular research area, especially information of evidence for future research direction, motivated us to conduct this systematic mapping focusing on the understanding of the current research that are being done by researchers and practitioners to better conduct the future research in cryptocurrency regulation solutions.

The systematic mapping allows us to find the various perspectives of cryptocurrency regulation and details of research contributions such as knowledge, framework, method, model, protocol, and tools created to resolve problems of cryptocurrency regulation.

The goal of this systematic mapping is to identify the existing research regarding cryptocurrency regulation and the challenges that need to be addressed in future studies. This goal leads us to define the following research questions (RQs):

RQ1: what are the publication approaches used for cryptocurrency regulation? This question is motivated by the need to understand the research maturity and we did this by analysing the research methods and types of the selected studies. RQ2: what are the current research topics on cryptocurrency regulation? Mapping the current research topics on cryptocurrency regulation will help other researchers and practitioners gain a better understanding of the current research topics and take the research on cryptocurrency regulation even further. RQ3: what are the research contributions to cryptocurrency regulation? This question evaluates the current research contributions to cryptocurrency regulation to understand what is being done to resolve the various problems associated with unregulated cryptocurrency. RQ4: what are the research challenges for cryptocurrency regulation? The list of the current research challenges in cryptocurrency regulation could help other researchers and practitioners focus their research on the areas that require more attention.

3 Research method

This study has been conducted as a Systematic Mapping, a methodology used to structure a research area and to identify existing systematic maps concerning topics investigated, frequency of publication over time, and venues of publication [ 13 ].

We chose the systematic mapping process as our research methodology because the systematic map is a method that is effectively used in software engineering to build a classification scheme and structure research field of interest [ 49 ].

Figure  1 presents the mapping process including the definition of the research question, search, study selection, data extraction, data analysis and classification steps.

Systematic mapping process [ 13 ]

We followed the systematic mapping process proposed by [ 13 ]. We also used the guidelines for systematic literature review [ 50 ] to search for relevant papers. In complement, we used the PRISMA checklist [ 51 ] to materialize the proposed methodology in order to conduct the systematic mapping [ 13 ].

The research was conducted between June and July of 2020. We updated it in February 2021. The results of this mapping study helped us to identify and map research areas related to cryptocurrency regulation and current research challenges.

In the following section, we present the search protocol that was developed by the second author and reviewed by the first author.

3.1 Search strategy

Based on the research goal of this study, we defined the Population, Intervention, Comparison, Outcomes and Context (PICOC) [ 50 ] using the following terms:

Population: Central Bank, researcher.

Intervention: Regulation, legislation, law, standards.

Comparison: Cryptocurrency.

Outcome: Financial system, financial stability, systemic risks, security risks.

Context: Regulators, regulated.

Based on the combination of PICOC terms defined, we used the Boolean “OR” to join the terms of each part and then we generated the search string.

3.2 Study selection

We excluded articles based on titles and abstracts, as well as full-text reading and quality assessment. The study selection is used to identify those primary studies that provide direct evidence for the research questions [ 50 ]. The content of selected primary studies should report the phenomenon of cryptocurrency regulation, the needs and proposed solutions for cryptocurrency regulation, the vision of regulators such as central banks, the research on cryptocurrency regulation on financial systems for the regulators, the regulated and other groups of interest, or innovation initiatives on regulation, legislation, law, and standards for cryptocurrency.

From this focus, we developed the following inclusion criteria:

Scientific: short or full paper focused on cryptocurrency regulation;

Published in peer-reviewed journals, conference proceedings, open-access journals;

Empirical research (qualitative and quantitative).

We excluded papers with the following features:

Not written in English;

Published before 2008 (the first cryptocurrency—Bitcoin—was created in 2008 by Satoshi Nakamoto);

Duplicated articles;

Not fully accessible;

Extended abstracts or “works-in-progress”;

Not scientific (report, book);

Regarding a topic unrelated to cryptocurrency regulation.

The inclusion criteria ensure that select papers focused on the context of this systematic mapping with high-quality work reporting original research. The exclusion criteria exclude papers not written in English and before 2008, incomplete versions of studies, papers focusing only on decentralized ledger technology, blockchain technology or its application, and papers about cryptocurrencies such as Bitcoin, Ethereum, and Monetha among others.

3.3 Data extraction

The extraction was done before a full reading of selected articles. To answer the defined research questions, we developed a data extraction sheet in accordance with [ 49 , 52 ]and organized the data extraction results into two categories: topic-independent classification and topic-specific classification.

In the topic-independent classification, we extracted research method and research type.

The classification of empirical research methods has also been frequently reported in mapping studies to describe the research methodologies that are frequently applied in software engineering such as survey, case study, controlled experiment, action research, ethnography, simulation, prototyping, and mathematical analysis [ 52 ]. The authors showed that these research methods could belong to various types, giving examples of how some experiments with students could be classified as validation research, while some experiments with practitioners could be classified as evaluation research.

Empirical research seeks to explore, describe, predict, and explain natural, social, or cognitive phenomena by using evidence-based observation or experience, by obtaining and interpreting evidence by experimentation, systematic observation, interviews or surveys, or by the careful examination of documents or artefacts [ 53 ]. These authors categorize empirical research studies as follows:

Survey: investigates relationships and outcomes, studying a large number of variables using a large sample size and rigorous statistical analysis.

Case study: investigates a contemporary phenomenon within its real-life context.

Experiment: investigates causal relations and processes, conducted when the investigator wants control over the situation, with direct, precise, and systematic manipulation of the behaviour of the phenomenon to be studied.

Action research: focuses particularly on combining theory and practice, contributing to the acquisition of new theoretical knowledge, with an iterative process involving researchers and practitioners acting together on a particular cycle of activities, including problem diagnosis, intervention, and reflective learning.

For the research type, we used the requirements engineering (RE) paper classification and evaluation criteria categorization of research type according to [ 54 ]:

Evaluation research: this is the investigation of a problem in RE practice or implementation of a RE technique in practice. Causal properties are studied empirically, such as case study, field study, field experiment, survey, etc.

Proposal of the solution: this paper proposes a solution technique and argues for its relevance, without a full-blown validation.

Validation research: this paper investigates the properties of a solution proposal that has not yet been implemented in RE practice. The solution may have been proposed elsewhere, by the author or by someone else. Possible research methods are experiments, simulation, prototyping, mathematical analysis, mathematical proof of properties, etc.

Philosophical papers: these papers sketch a new way of looking at things, a new conceptual framework, etc.

Opinion papers: these papers contain the author’s opinion about what is wrong or good about something, how we should do something, etc.

Personal experience papers: in these papers, the emphasis is on what and not on why. The experience may concern one project or more, but it must be the author’s personal experience.

In the topic-specific classification, we used the guideline [ 13 ]to map the research topics, contributions and challenges that emerged in the selected papers. First, we read abstracts and we looked for the contribution type of the paper. When the abstracts were too poor in quality to ensure clarity of the contribution to be chosen, we decided to study the introduction and the conclusion sections of the paper.

For the research challenges, we read the conclusion and we identified the gaps in the current research as pointed out by authors. We considered these gaps as a set of research challenges that need to be solved in future research on cryptocurrency regulation. When the conclusion is not clear or with poor information, we chose to study the abstracts and introduction to identify the research gaps.

Then, we combined a set of keywords from different papers to develop a high-level understanding of the nature of the research challenges, grouping papers with the same focus. After having identified the main categories based on a set of keywords chosen, we created the list of keywords that defined each category and we mapped the list of research challenges.

We designed the data extraction form (presented in Table 1 ) to extract and manage the data extracted from each selected paper.

The extraction was done after the full reading of selected articles. The extraction was performed by the second author and reviewed by the first author by tracing back the information in the extraction form to the statements in each paper and checking their correctness.

In this section, we report the results of the research questions via this systematic mapping. Figure  2 shows the number of mapping studies identified within the years 2008–2020. The mapping methodology was applied, creating a data extraction template on Parsifal, an open-source web application to perform systematic mapping in software engineering. Then we used Excel to make the data analysis.

Selection process, based on the PRISMA guideline [ 51 ]

We imported 368 documents from the ACM ( n  = 75), IEEE ( n  = 77), Google Scholar ( n  = 34), ScienceDirect (78), Scopus ( n  = 70), and Springer ( n  = 29). Additional papers were identified with a manual search of the reference lists of key studies and more papers were included ( n  = 5).

The selection process is reported as recommended by the PRISMA guideline [ 51 ]. We removed 29 duplicates, leaving 339 papers. By screening the title and the type of document, we removed 11 documents that were not scientific papers including extended abstract or poster, work in progress, books, and book chapters. Based on the title and abstract, 234 papers were removed because the topic did not relate to cryptocurrency regulation, leaving 105 papers.

Based on defined exclusion criteria, we excluded 63 articles papers not related to the goal, papers related to cryptocurrency regulation on specific country or region, leaving 42 papers. Based on quality assessment, 10 papers were removed based on cut-off score, leaving 32 papers for a full reading.

4.1 RQ1: what are the publication approaches used for cryptocurrency regulation?

In this section, we present how research on cryptocurrency regulation is being done by the scientific community by mapping the study method and the type of research of the selected studies.

In this research we classified the research method according to a classification model [ 53 ] and the research type based on classification and evaluation criteria [ 54 ]. The results are presented in Figs.  3 and 4 .

Research method

Research type

The action research method represents 31.3% of selected papers, indicating that some research on cryptocurrency regulation is being done through a combination of theory and practice.

Experiment and case study papers counted 9 papers each, and each representing 28.1% of the selected papers. The result for case studies suggests that research on cryptocurrency, as contemporary phenomenon within the regulatory context, is increasing. Given the results for experiments, we observed that experiments are being conducted on regulatory processes to control the associated risks of unregulated cryptocurrency via direct, precise, and systematic manipulation of the behaviour of the cryptocurrency.

Among research types, evaluation represents 28.1% of the selected papers. This result reveals that the research papers were often focused on the problems of cryptocurrency and implementation of proposals for cryptocurrency regulation.

The papers that contain the author’s opinion about problems related to unregulated cryptocurrency and how regulation should resolve these problems, represented 21.9% of selected papers. The philosophical papers that sketched a new approach or vision about cryptocurrency regulation represents 18.8% of selected papers.

Papers that emphasised the author's personal experience on projects related to the solution of cryptocurrency regulation represent 15.9% of selected papers. The validation type counted 4 papers, representing 12.5% of papers, focused on the investigation of a solution proposed for cryptocurrency regulation but that has not yet been implemented in practice. The solution type had only one paper revealing the need for more research of this type.

This section indicates the level of maturity of research into cryptocurrency regulation by analysing the research method and type of the selected studies. This information could help improve the understanding of how the research on cryptocurrency regulation is being done.

4.2 RQ2: what are the current research topics on cryptocurrency regulation?

This section provides an overview of the current research topics on cryptocurrency regulation, using the keywording technique. We classified all the relevant papers by using the keywording technique explained by [ 13 ].

Table 2 shows the classification of the research topics of the selected papers.

4.2.1 Distributed governance

This category included studies of challenges posed by distributed governance such as the balance of integrity and autonomy, decision-rights, control mechanisms, accounting for cryptocurrencies acquired for investment purposes, the management of cryptocurrency through distributed networks, solutions to reduce the aggregated cost of know-your-customer (KYC) requirements, and cryptocurrency compatibility with data protection.

4.2.2 Central bank digital currency

This category included studies of research and evaluation of central banks’ digital currency, central banks’ desire to lead further development of cryptocurrency, cryptocurrency design features such as value-based, account-based, wholesale, retail-oriented, interest-bearing, and non-interest bearing.

4.2.3 Monetary policy

This category comprised studies of the impact of cryptocurrency on monetary policy, the monetary policy risks of digital currencies, the analysis and estimation of risks related to unregulated virtual currencies to monetary policy.

4.2.4 Cryptocurrency adoption

Articles in this category included studies of cryptocurrencies from a business ethics perspective, the categorization and identification of factors that could influence the intention to use cryptocurrency, the disruptive innovation of cryptocurrencies in consumer acceptance, and cryptocurrency acceptance models for C2C e-commerce.

4.2.5 Security

This category included studies of security issues of blockchain-based transactions in 5G networks, policy specification and verification of transactions based on smart contracts in next-generation mobile networks, transaction protocols, and platforms for micropayments and initial coin offerings (ICOs).

4.2.6 Regulation

This category covered studies of evaluation of the legal framework of cryptocurrency, intersection and interactions between conventional law produced and enforced by national legal systems (i.e., the ‘code of law’) and the internal rules of blockchain systems (i.e., the ‘code as law’), and regulation of cross-border payment systems that could include hacking.

4.2.7 Cryptocurrency market

This category included studies of the cryptocurrency market, cryptocurrency entrepreneurs, the market’s reaction to regulatory actions, and the risks associated with an unregulated cryptocurrency market.

4.2.8 Cybercrime economy

This category included studies of the economic impact of blockchain-based micropayment systems and financial inclusion, the use of artificial intelligence to “de-anonymize” the Bitcoin ecosystem, the identification of risk counterparties and potential cybercriminal and illegal trades on the darknet, the system to monitor transactions occurring on the blockchain to detect illegal transactions, and blockchain technology used to prevent double-spending attacks.

4.2.9 Money laundering

This category included studies of recent developments regarding anti-money laundering legislation, the analysis of the money laundering process and how the cryptocurrencies have been integrated into this process, and the regulatory and government bodies responding to the regulatory challenges posed by cryptocurrency.

This section provides a summary of the current research topics on cryptocurrency regulation. The results could help other researchers and practitioners gain a better understanding of the current research topics and better conduct future research on this topic.

4.3 RQ3: What are the research contributions to cryptocurrency regulation?

This section presents the current research contributions to cryptocurrency regulation. This research question is motivated by the need to understand what is being proposed to resolve the various problems associated with unregulated cryptocurrency through the scanning for research contributions of selected papers.

We classified the research contribution type following the classification of [ 48 ] and [ 55 ]. We read the abstracts and we identified the type of contribution specified by the author in the abstract. When the abstracts were of too poor quality to ensure the type of contribution, we chose to study the introduction and the conclusion sections of the paper.

We classify the research contribution as follows:

Framework is a real or conceptual structure intended to serve as a support or guide to cryptocurrency regulation.

Knowledge is a contribution that is not classified by the author such as tool, protocol, model, method or framework. This type of contribution reveals several aspects of cryptocurrency such as social, financial, legal and technological scope to express the regulatory need.

Method is a guideline, procedure, methodology or steps proposed to regulate cryptocurrency.

Model is a set of contributions for improving the investigation on economic and social dimensions of cryptocurrency regulations.

Protocol is a technological solution with a set of roles implemented in blockchain technology, proposed to regulate cryptocurrency micropayments and data exchange through a secured channel in distributed ledger platforms.

Tool is an information system, based on blockchain, proposed to regulate cryptocurrency.

Table 3 shows the identified contributions and their authors.

Three tools were proposed to regulate cryptocurrency regulation. First is an information system to manage cryptocurrency through distributed consensus-based methods [ 56 ]. The second is an information system to reduce the aggregated cost of KYC in a jurisdiction using DLT where the main gain is the avoidance of the same tasks being duplicated by different financial institutions [ 35 ]. The third tool proposed is a blockchain monitoring system which monitors blocks and transactions generated in Bitcoin and Ethereum networks where the data collected is used to detect illegal transactions in the future [ 57 ].

4.3.2 Protocol

Two protocols were proposed. One is an application layer payment protocol named Streaming Data Payment Protocol (SDPP) that supports the emerging “Data-for-value” applications where the client–server architecture of SDPP through TCP allows the seller and the buyer to exchange data through a secured channel. The technology-agnostic design of SDPP allows the application developers to easily support different cryptocurrencies and distributed ledger platforms to handle micropayments and the recording of transactions [ 58 ].

The second protocol proposed uses the POW (proof-of-work) technique to allow distributed decision making within a network, namely Bitcoin’s blockchain protocol and technology, to give better protection against double-spending attacks [ 59 ].

4.3.3 Model

We found four proposed models. The first analysed the central bank incentives to establish a network model that includes hacking and proposed a model to calculate an optimal level of central regulation to reduce the critical mass of Bitcoin users, considering the central bank loss function [ 60 ].

The second model provides an investigation for understanding the impact of cryptocurrencies on consumer acceptance proposing the contribution of a cryptocurrency acceptance model [ 15 ].

The third model investigated factors that influence an individual’s intention to use a blockchain cryptocurrency, categorized and identified factors that could influence the intention to use cryptocurrency (specifically to transact) employing a theory of planned behaviour, and proposed a model to understand the acceptance and adoption of cryptocurrency [ 19 ].

The fourth is a proposed cryptocurrency accounting model under IFRS to be useful information for users of financial statements when cryptocurrencies are acquired for investment purposes [ 38 ].

4.3.4 Method

We found two methods. The first method investigated the security issues of blockchain-based transactions on 5G networks, particularly in the mobile sector, and proposed a methodology for policy specification and verification of transactions based on smart contracts in next-generation mobile networks [ 18 ].

The second developed and validated a novel method for “de-anonymizing” the Bitcoin blockchain transactions providing the first estimation of different entity types in the Bitcoin blockchain ecosystem and a solution of a prototype implementation for practitioners and regulators which can be used as a tool to assess transactions [ 61 ].

4.3.5 Frameworks

The nine frameworks found for cryptocurrency regulation were contributions involving different research scopes such as an overview of cryptocurrency [ 62 ], an overview on central bank digital currency [ 20 ], the challenges posed by distributed governance [ 63 ], the financial and monetary policy risks of digital currencies [ 5 ], the various risks associated with an unregulated cryptocurrency market [ 7 ], the private cryptocurrencies as an integral part of the financial market [ 21 ], the analyses of virtual currency regulation under financial and economic law, with particular attention to recent developments regarding anti-money laundering legislation [ 8 ], and cryptocurrencies from a business ethics perspective [ 3 ].

4.3.6 Knowledge

The knowledge contributions to the financial sector of cryptocurrency regulation included an overview of financial and monetary policy risks of digital currencies [ 31 ], the diverse aspects of virtual currencies and their ability to provide the answer as to whether these new types of currencies could in any way lower the role of nationally emitted money [ 64 ], the financial intermediation as a market where the cryptocurrency entrepreneurs will find most difficulty in operating outside existing regulatory regimes [ 11 ], and an examination thought-event study on whether and how regulatory actions and communications about such actions have affected cryptocurrency markets [ 22 ].

The knowledge contributions interconnecting the financial, legal and technological domain of research on cryptocurrency regulation were: the currencies in the digital sphere, along with their advantages and risks linked with unreasonable usage [ 65 ]; the contribution of blockchain-based micropayments to the cybercrime economy [ 34 ]; how blockchain might—or might not—be compatible with established legal and regulatory models such as data protection [ 37 ]; and the Security and Exchange Commission’s initial statements and subsequent pronouncements on Initial Coin Offerings (ICOs) to illustrate the potential problems with applying an older legal framework to an ever-evolving ecosystem [ 4 ].

The knowledge contributions interconnecting the legal and technological domain of research on cryptocurrency regulation were: ‘regulation by blockchain’, examination of the intersection and interactions between conventional law produced and enforced by national legal systems (‘code of law’) and the internal rules of blockchain systems, which take the form of executable software code operating across a distributed computing network (‘code as law’) [ 66 ]; and Central Bank Digital Currency (CBDC) legal regulation [ 23 ].

We also observed knowledge contributions interconnecting problems in various countries related to unregulated cryptocurrency, such as the legal framework of cryptocurrency in various countries [ 6 ], the use of cryptocurrencies in the money laundering process, and how regulatory and government bodies are responding to this new form of currency [ 9 ].

Figure  5 shows that in terms of research contributions, the current research found 9 frameworks (28.1%), 12 knowledge (37.5%), 2 methods (6.3%), 4 models (12.5%), 2 protocols (6.3%), and 3 tools (9.3%).

Research contributions

Figure  6 shows the bubble graphs associating research contribution with the research method (left) and research type (right) of the included studies. The vertical axis (research contribution) is shared between the two graphs. The size and shade of each bubble represent the absolute frequency of cryptocurrency regulation papers belonging to a given pair of research contribution and research method (left) or research type (right). The horizontal and vertical axes labels are accompanied by the relative frequency (i.e., percentage) of the class.

Visualization of a systematic map in the form of a bubble plot

The contributions from experiment research method and experience research type were tools and protocols to regulate cryptocurrency.

The model contribution is primarily derived from the evaluation research type and case study research method. The papers that contributed most to the method of cryptocurrency regulation are associated with experiment research method, and solution and validation research types.

We observed that the knowledge contributions come mainly from opinion and philosophical papers using action research and case study research methods. The framework contributions are most associated with evaluation and validation research type studies balanced across all research methods.

This section provides an examination of current research proposals to regulate cryptocurrency, mapping how the research is conducted and identifying the research contributions to cryptocurrency regulatory solutions. These research results could help researchers take the research on cryptocurrency regulation even further.

4.4 RQ4: what are the research challenges for cryptocurrency regulation?

This section analyses the research challenges for cryptocurrency regulation. This question is motivated by the need to know the current research challenges for cryptocurrency regulation to help other researchers and practitioners focus their research on the areas that require more attention.

Table 4 shows the identified challenges. We considered the research challenges as a set of problems that need to be solved in future research. In this scope, we identified gaps in the current research as pointed out by authors of selected papers and we listed problems that need to be solved in future work to complement the current research.

4.4.1 Cryptocurrency regulation

Calls for future empirical studies on the causes and consequences of financial regulation in blockchain and cryptocurrencies are needed to better understand the appropriate legal and surveillance/enforcement regimes that will minimize negative externalities from blockchain applications, while not stifling innovation [ 4 ]. This author also pointed further, to the need for additional work on international cooperation and harmonization of regulation, as financial innovations with blockchain are designed with little regard to national borders [ 4 ].

More clarity on the precise legal status of virtual currencies and more regulatory initiative is needed to mitigate the other potential risks of cryptocurrency [ 8 ]. Current debates surrounding blockchain demonstrated that lawyers still have a lot to learn from specialists in other disciplines, and vice versa, in this case, collaboration that makes it so rewarding to work in the field of technology law and regulation [ 37 ].Card-based payments have no well-defined standard to cater to micropayments with cryptocurrency [ 34 ]. One of the most important areas to explore in the compliance and standards domain is how security standards in the financial sector can be applied to blockchain-based financial transactions in 5G networks [ 18 ].

4.4.2 Cryptocurrency adoption

The second gap observed is in cryptocurrency adoption with a call for further research on the economic and ethical effects of the design of altcoin liquidity levels, and on how blockchain technology could be used to promote ethical goals in society, by hitching ‘mining’ to the creation of social or ecological benefits [ 3 ].

The implication of blockchain technologies requires in-depth multi-disciplinary attention from the academic and scientific perspective but also at the policy-making level, because, careful steps and risk avoidance should be favoured at the decision-making level for implementing and adopting blockchain in public service, central banks and governmental institutions in general [ 20 ]. The importance of investigating the role of the disruptive innovation of cryptocurrencies in the acceptance and trust perceived by users concerning the monetary transactions generated in e-commerce is also pointed out by [ 15 ].

4.4.3 Central bank digital currency regulation

The third gap observed is in Central Bank Digital Currency regulation. According to [ 62 ], the current research is not coherent on the design attributes of a possible CBDC because the design properties, technical implementations as well as legal and societal aspects have not been researched thoroughly.

4.4.4 Accounting for cryptocurrencies

The fourth gap identified is the accounting for cryptocurrencies with calls for follow-up studies to investigate the accounting practices of companies using cryptocurrencies, focusing first on companies accepting cryptocurrencies as a means of payment, and then on companies investing into cryptocurrencies. Accounting research should pay attention to the practices of (voluntary) disclosures concerning cryptocurrencies which may bring new insights into the informativeness of financial reporting and the interaction of standards and reporting incentives on accounting (disclosure) quality [ 38 ].

4.4.5 The risk of cryptocurrencies

The fifth gap relates to the risk of cryptocurrencies with a call for future studies to combine a variety of methods to gain additional insight into the issues of cryptocurrency’s vulnerability, risk identification and mitigation, regulation and acceptability [ 47 ]. Research is needed which highlights both the risks and potential rewards of altcoins for government actors and a rigorous mapping of this spread would enable business actors, among others, to better understand and offset looming volatility risks and generally to make sound policy decisions in this fast-changing field [ 3 ]. Also needed is a model to investigate the antecedents in a variety of contexts employing more advanced statistical modeling techniques such as structural equation modeling (SEM) or partial least squares (PLS) [ 19 ].

This section analysed the research challenges for cryptocurrency regulation, and created a comprehensive list of the challenges. The results could help other researchers and practitioners focus their research on the areas that require more attention.

5 Discussion

In this section, we discuss the answers to the defined research questions.

This systematic mapping identified the research on cryptocurrency regulatory proposals and current challenges that need to be addressed in future studies, and analysed the publication approaches, the current research topics, the research contributions, and the research challenges for cryptocurrency regulation.

Our purpose was to understand the level of maturity of the current research by analysing the research method and type of the selected studies, to map the current research topics, and to evaluate the current research contribution map in cryptocurrency regulation.

The most significant study type identified was action research, which contributed to the acquisition of new theoretical knowledge, and involved researchers and practitioners acting together on problem diagnosis, intervention, and reflective learning. Evaluation research was also an important type of research, and revealed that the research on cryptocurrency regulation had been focused primarily on the problems of cryptocurrency and proposals for cryptocurrency regulation. This type of research also called for more legislation and better law enforcement.

Current research has been focused on cryptocurrency problems such as money laundering, the dark market, drug trafficking, tax evasion by corrupt firms and criminal organizations, hacking, speculation bubbles, energy consumption, credit, operational and liquidity risks, and has also called for increased legislation and improved law enforcement.

The research topics on cryptocurrency regulation are: distributed governance; central bank digital currency (CBDC); monetary policy; cryptocurrency adoption; security; regulation; cryptocurrency market; cybercrime economy; and money laundering.

Table 5 presents a summary of the most important proposals to regulate cryptocurrency as indicated by the research contribution and research focus of the selected papers.

The tools proposed to regulate cryptocurrency regulation included an information system to manage cryptocurrency, and a tool for reducing the aggregated cost of know-your-customer (KYC) requirements.

The protocols proposed to regulate cryptocurrency were Streaming Data Payment Protocol (SDPP) and the Bitcoin blockchain protocol which facilitate distributed decision making within a network and give better protection against double-spending attacks.

The models proposed to regulate cryptocurrency were: a model to calculate an optimal level of central regulation; a model to provide an understanding of consumer acceptance of cryptocurrency; and a model to understand the acceptance and adoption of cryptocurrency and cryptocurrency accounting models under IFRS.

The methods proposed to regulate cryptocurrency involved policy specification and verification of transactions based on smart contracts, and a method for de-anonymizing Bitcoin blockchain transactions.

The frameworks proposed for cryptocurrency regulation were Central Bank Digital Currency (CBDC), the challenges of distributed governance, financial and monetary policy risks, and regulation to improve anti-money laundering legislation.

The knowledge contributions of cryptocurrency were: the financial and monetary policy risks of digital currencies; the market for financial intermediation; and the use of blockchain-based micropayments in the cybercrime economy.

More research on the theoretical and conceptual approaches to cryptocurrency regulation is necessary, as well as more projects related to solutions for cryptocurrency regulation. Furthermore, what is also needed are studies focused on the problems of cybercrime and money laundering using cryptocurrency across international borders, which is to say, a global approach to regulating cryptocurrency as an internationally distributed digital currency.

The regulatory research challenges include cryptocurrency regulation, cryptocurrency adoption, Central Bank Digital Currency (CBDC) regulation, accounting for cryptocurrencies and the risks inherent in cryptocurrencies.

Researchers are calling for extended research such as empirical studies on the causes and consequences of financial regulation in blockchain, studies on legal and societal aspects of central bank digital currency, and studies which combine a variety of methods to gain additional insight into the issues of vulnerability, risk identification and mitigation, regulation and acceptability of cryptocurrency.

Cryptocurrency regulation demands multi-disciplinary research to produce a robust regulatory framework including scientific perspective as well as the interests of the key stakeholders such as the regulators and the regulated, especially the International Bank of Settlements (IBS), governments, national and international central banks, banks, anti-money laundering organizations, telecommunications regulators and operators, Fintech companies and individuals who use cryptocurrency.

6 Limitations

In our study, we identified three limitations that may threaten the validity of the results. We relied on the map of threats to the validity of systematic literature reviews in software engineering [ 67 ] to identify limitations and techniques to overcome these limitations.

The first limitation identified was the lack of standard languages with regards to cryptocurrency. Several terminologies such as commodity money, cryptocurrency, cryptographic currencies, digital currency, e-currency, digital cash, electronic currency, e-money, internet-based money, internet currency, virtual currency, virtual money, altcoin, bank digital currency, central bank digital currency were used to introduce the thematic of unregulated cryptocurrency which caused chaos in the research process.

The strategy used to overcome this limitation was to work with another researcher to decide which terms to use in the search strings. We tested this strategy by removing all synonymous terms of cryptocurrency in our search string and observed the results of the search. We adopted this strategy to help eliminate studies that were outside of the scope of the research goal of this review.

The second limitation was the inability to access papers to download, which could have resulted in the absence of relevant primary studies. To resolve this limitation, we did a manual search on Google Scholar and on ResearchGate.

Finally, to overcome the limitation of unsatisfactory data synthesis, which could have influenced the quality of our data analysis, we piloted data synthesis including several different perspectives of cryptocurrency regulation.

7 Conclusion

In this systematic mapping study, we identified research that had been conducted on cryptocurrency regulation, as well as current challenges that should be addressed in future studies.

Mapping the publication approaches to cryptocurrency regulation, we concluded that the most significant study type was action research which contributed to the acquisition of new theoretical knowledge, and involved researchers and practitioners acting together on problem diagnosis, intervention, and reflective learning.

The main issues addressed by cryptocurrency research were: solutions for managing cryptocurrency through distributed networks; the design features of cryptocurrency such as value-based, account-based, wholesale, retail-oriented, interest-bearing, non-interest bearing; risks of unregulated virtual currencies on monetary policy; and categorization and identification of factors that could influence the intention to use cryptocurrency.

Security of blockchain-based transactions, was another issue addressed by cryptocurrency regulation and covered: the intersection and interactions between conventional law produced and enforced by national legislation; the market reaction in response to regulatory actions; the identification of cybercriminal and illegal trades on the darknet; and the analysis of the money laundering process and how cryptocurrencies have been integrated into this process.

The research contribution on cryptocurrency regulation comprises two types: concrete or tangible proposals such as tools, protocols, methods, models, and, the theoretical or intangible solutions such as frameworks and knowledge.

Researchers are calling for more research via empirical studies related to: the causes and consequences of financial regulation in blockchain; the legal and societal aspects of central bank digital currency; and combinations of various methods to gain additional insight into the vulnerability, risk identification and mitigation, regulation and acceptability of cryptocurrency.

The cryptocurrency regulation research challenges include calls for empirical studies addressing: the causes and consequences of financial regulation in blockchain and cryptocurrencies; the legal and societal aspects of central bank digital currency; international cooperation and harmonization of regulation; regulation to mitigate the potential risks of cryptocurrency; standards for card-based payments and micropayments with cryptocurrency; security standards in the financial sector applied to blockchain-based financial transactions in 5G networks; and standards for cryptocurrencies accounting.

This systematic mapping study contributes to the structuring of research into cryptocurrency regulation, and summarizes the research approaches, topics, contributions and challenges. The results of this systematic mapping could help researchers and practitioners to better understand how research is being done and communicated. This can thus help take the research on cryptocurrency regulation even further, can increase the current research topics, and can increase the research contributions so that researchers and practitioners can better conduct their future research on these topics and more effectively focus on the areas that require more attention.

For future work, we propose to further investigate the stakeholders, the drivers, the assessments, the goals for regulation of cryptocurrency, the central bank digital currency projects and decentralized finance (DeFi).

Availability of data and material

Not applicable.

Code availability

https://coinmarketcap.com/

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Acknowledgements

We would like to express our gratitude to the research center INOV INESC Inovação. We would also like to thank Garth Bernard for the paper revision.

Research reported in this publication was supported by Foundation for Science and Technology (FCT) – Portugal through the individual research grant SFRH/BD/151432/2021.

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MMS coordinated the study, participated in the design of the research protocol, oriented the statistical analysis of research results, and helped in drafting the manuscript. ECS carried out the theoretical background of blockchain-based cryptocurrency regulation, conceived the study, performed the statistical analysis, and wrote the manuscript's draft. All authors read and approved the final manuscript.

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Silva, E.C., Mira da Silva, M. Research contributions and challenges in DLT-based cryptocurrency regulation: a systematic mapping study. J BANK FINANC TECHNOL 6 , 63–82 (2022). https://doi.org/10.1007/s42786-021-00037-2

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A Systematic Overview of Blockchain Research

Blockchain has been receiving growing attention from both academia and practices. This paper aims to investigate the research status of blockchain-related studies and to analyze the development and evolution of this latest hot area via bibliometric analysis. We selected and explored 2451 papers published between 2013 and 2019 from the Web of Science Core Collection database. The analysis considers different dimensions, including annual publications and citation trends, author distribution, popular research themes, collaboration of countries (regions) and institutions, top papers, major publication journals (conferences), supportive funding agencies, and emerging research trends. The results show that the number of blockchain literature is still increasing, and the research priorities in blockchain-related research shift during the observation period from bitcoin, cryptocurrency, blockchain, smart contract, internet of thing, to the distributed ledger, and challenge and the inefficiency of blockchain. The findings of this research deliver a holistic picture of blockchain research, which illuminates the future direction of research, and provides implications for both academic research and enterprise practice.

1 Introduction

With the era of bitcoin, digital cash denoted as BTC makes it possible to store and transmit value through the bitcoin network [ 1 ] . And therewith, blockchain, the technology underlying bitcoin, which adopts a peer-to-peer network to authenticate transactions, has been gaining growing attention from practices, especially Libra, a global currency and financial infrastructure launched by Facebook, and digital currency electronic payment. Currently, blockchain is also an increasingly important topic in the academic field. Blockchain research has considerably progressed, attracting attention from researchers, practitioners, and policy-makers [ 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 ] .

Considering the huge potential benefits that blockchain would bring in various aspects of industries, for instance, finance and economy [ 10 , 11 , 12 ] , internet of things [ 13 , 14 , 15 ] , energy [ 16 , 17 ] , supply chain [ 18 , 19 ] , and other areas. It is often compared with the Internet and is even referred to as a new form of the Internet. As a result, the number of publications in the blockchain is growing rapidly. According to an initial search on the Web of Science Core Collection, over 2000 scientific papers published are related to blockchain.

Under the circumstances where the number of research publications in the blockchain is quickly increasing, although studies have tried to provide some insights into the blockchain research via literature reviews [ 20 , 21 , 22 , 23 , 24 ] . Comprehensive scientometric analysis of academic articles published in influential journals are beneficial to the further development of blockchain research. This research conducts a bibliometric visualization review and attempts to deliver an overview of the research in this fast-growing field.

The objectives of this research are as follows. First, we intend to build an overview of the distribution of blockchain-related research by time, authors, journals, institutions, countries (regions), and areas in the blockchain academic community. Second, we probe the key research topics of blockchain study, for which purpose, we conduct keyword co-occurrence analysis. Third, we picture the intellectual structure of blockchain study based on co-citation analysis of articles and author co-citation analysis. Finally, we identify the direction for the evolution of blockchain study. We adopt Citespace to detect and visualize emerging trends in blockchain study. To achieve these targets, we posed the following research questions:

Q1: What is the distribution pattern of blockchain publications and citations over recent years? Q2: Which are the main international contributing countries (regions) and institutions in blockchain research, and the collaboration network among them? Q3: What are the characteristics of the authorship distribution pattern? Q4: What are the key blockchain subjects based on the number of publications? Q5: Which are the major journals or conferences for blockchain-related research? Q6: Which are the most influential papers in blockchain research based on the number of citations? Q7: Who are the most influential authors in blockchain research according to the author co-citation network? Q8: What are the research trends in blockchain? Q9: What are the most supportive funding agencies for blockchain research?

Our intended contributions in this research are twofold. First, it is an attempt of adopting co-citation analysis to provide comprehensive and up-to-date developing trends in the lasted hot area, blockchain. Second, this study depicts a state-of-the-art blockchain research development and gives enlightenment on the evolution of blockchain. The findings of this research will be illuminating for both academic researchers, entrepreneurs, as well as policymakers.

The rest of the article is organized as follows. The literature review mainly summarizes related work. The “Data and methodology” section describes the data source and methodological process. The “Results” section presents the main results based on the bibliometric analysis as well as statistical analysis. “Conclusions and implications” conclude this research provides answers to the aforementioned research questions and poses directions for further work.

2 Literature Review

Scientometric analysis, also known as bibliometric network visualization analysis has been widely adopted in numerous areas to identify and visualize the trends in certain fields. For instance, Bonilla, et al. analyzed the development of academic research in economics in Latin America based on a scientometric analysis [ 25 ] . Li, et al. conducted research on emerging trends in the business model study using co-citation analysis [ 26 ] . Gaviriamarin, et al. applied bibliometric analysis to analyze the publications on the Journal of Knowledge Management [ 27 ] .

Since the birth of bitcoin, as the foundation of which, blockchain has gained an increasing amount of attention in academic research and among practices. The research papers focus on the blockchain are quite abundant and are continuing to emerge. Among a host of papers, a few studies investigate the research trend of blockchain-based on a bibliometric analysis [ 22 , 23 , 28 , 29 , 30 ] .

Table 1 presents a summary of these bibliometric studies that summarized some findings on blockchain research, yet very few investigated the co-citation network and the evolution of popular topics in a timeline view. The number of papers these articles analyzed is relatively small, which may be because they used simple retrieval formula in searching blockchain-related articles, and it could pose a threat to bibliometric analysis. Therefore, this research aims to conduct a comprehensive analysis of the status of blockchain research, which is beneficial to future research and practices.

An overview of existing bibliometric studies on blockchain research

Note: NP = number of publications; WOS = Web of Science Core Collection; CNKI = China National Knowledge Infrastructure Databases; EI = EI Compendex, an engineering bibliographic database published by Elsevier; Scopus = Elsevier’s abstract and citation database.

3 Data and Methodology

This section elaborates steps to conduct a comprehensive bibliometric-based analysis: 1) data collection, 2) methodological process. The overall approach and methodology are shown in Figure 1 , the details could be seen as follows.

Research methodology

3.1 Data and Collection

As the leading database for science and literature, the Web of Science Core Collection has been widely used in bibliometrics analysis. It gives access to multidisciplinary information from over 18,000 high impact journals and over 180,000 conference proceedings, which allows for in-depth exploration of the complete network of citations in any field.

For the sake of acquiring enough articles that are relative to the blockchain, we select keywords from Wikipedia and industry information of blockchain, and some existing research literature [ 1 , 20 , 23 , 30 ] . Moreover, in consideration of that, there are a host of blockchain research papers in various fields, in fact, although some papers use keywords in abstract or the main body, blockchain is not the emphasis of the researches. Therefore, in order to get more accurate research results, we choose to conduct a title search instead of a topic search. Table 2 presents the retrieval results with different keywords in the titles, we find that among publications that are relative to the blockchain, the number of Proceeding Papers is the biggest, which is closely followed by articles, and a few reviews. Based on the comparison of five search results in Table 2 . In addition, for accuracy and comprehensiveness, we manually go through the abstract of all the papers form conducting a title search, and choose papers that are related to blockchain. Finally, a dataset with 2451 articles is used in the subsequent analysis.

The dataset we choose has good representativeness, although it may not completely cover all papers on the blockchain, it contains core papers, and in bibliometric analysis, core papers are enough to provide a holistic view for a comprehensive overview of blockchain research.

Blockchain research article characteristics by year from 2013 to 2019

Note: Document type include: Article(A), Proceedings Paper(P), Review(R); Timespan = 2013 ∼ 2019, download in May 31, 2019; Indexes = SCI-EXPANDED, SSCI, A&HCI, CPCI-S, CPCI-SSH, ESCI, CCR-EXPANDED, IC.

3.2 Methodological Process

The bibliometric approach has received increasing attention in many research domains. In this study, the methodological process mainly includes three methods: 1) descriptive statistical analysis, 2) article co-citation, author co-citation, and cluster analysis on co-cited articles; 3) time-zone analysis on co-cited keywords.

Descriptive statistical analysis displays an overall status of the research development in the target field, which mainly presents an overview by publication years, document types, the research area of published journals, number of citations, and in terms of most cited paper, influential author, institutions and countries. Co-citation analysis helps to identify the frequency of co-cited papers and authors and provides crucial insights into the intellectual structure of certain research fields [ 31 ] . Time-zone analysis helps to understand the flow of information and research trends in the target area [ 32 ] .

Various visualization tools have been designed and developed as computer software such as Citespace and VOSviewer. In this study, we use Citespace for co-citation analysis and timezone analysis, VOSviewer is adopted for social network analysis and visualization, we also apply other tools such as Excel and Tableau for basic statistical analysis and the visualization of the bibliometric results. Notably, in Citespace, core nodes are displayed as “citation tree-rings”, which contain abundant information of an article, for instance, the color of a citation ring denotes the year of corresponding citations, and the rule of colors in Citespace is the oldest in dark blue and newest in light orange with a spectrum of colors in between, the thickness of a ring is proportional to the number of citations in a time slice [ 33 ] . Figure 2 illustrates the details of the citation tree-rings. In addition, Citespace adopts a time-slicing mechanism to produce a synthesized network visualization [ 34 ] .

Citation tree-rings [ 33 ]

4.1 Distribution by Publication Year

Table 3 illustrates several characteristics of blockchain-related publications sorted by the year of publication. The annual number of articles and countries has been growing continuously since the proposing of Nakamoto’s paper in 2008 [ 1 ] , and the first blockchain research paper was published in 2013. By examining the published papers over time, there were only eight articles published in 2013. Afterward, with a continuous increase, a peak of 1,148 articles was published in 2018, and the number of publications is likely to grow ever since. Meanwhile, the annual number of countries taking part in blockchain research has also rapidly increased from 6 to 93 between 2013 and 2017, whereas the average number of Times Cited for single articles declined from 34.00 to 1.73 between 2013 and 2018. Over the observation period, 97 countries took part in the research on the blockchain with a sample of 44 in the H-index of our paper.

Statistical description of Blockchain research article from 2013 to 2019

Note: NP = number of publications; No.CO = number of countries; AV.TC = average number of Times Cited.

Figure 3 presents the cumulative numbers of published articles and citations from 2013 to 2019. There was a drastic increase in the number of papers published annually after 2016. As for the cumulative number of citations, there was no citation of blockchain literature before 2013, and 272 citations in 2013. By 2018, this number has grown over 10,000, which implies a widespread influence and attention of blockchain study in recent years.

Cumulative growth in blockchain publications and citations, 2013–2019

The exponential growth is a typical characteristic of the development of research fields [ 35 ] . The model can be expressed as:

where C is the cumulative number of articles or citations, Y is the publication or citation year, α , and β are parameters. In this study period, the cumulative articles and citations in the filed grow exponentially by R articles  2 = 0.9463 and R citations  2 = 0.8691 respectively. This shows that the research quantity curve of the blockchain is like an exponential function, which means the attention of academic circles on the blockchain has been increasing in recent years.

4.2 Distribution and International Collaboration Among Countries/Regions

A total of 97 countries/areas have participated in blockchain research during the observation period. Table 4 shows the number of articles for each country (region) contributing to publications. Remarkably, an article may be written by several authors from different countries/areas, therefore, the sum of articles published by each country is large than the total number of articles. As can be seen from Table 4 , the USA and China play leading roles amongst all countries/areas observed, with publications of 532 (20.94%) and 489 (19.24%) articles respectively, followed by the UK, which published 214 (8.42%) articles.

Blockchain research country (region) ranked by number of articles (top 25)

Note: NP = number of publications; No.TC = number of total Times Cited; AV.TC = average number of Times Cited; No.CA = number of Citing Articles.

From the perspective of citations, according to country/area distribution in Table 4 , we also find that USA-authored papers were cited by 1,810 papers with 3,709 (36.57%) citations, accounting for 36.57% of total citations. Meanwhile, articles from the USA also have a very high average number of citations per paper with a frequency of 6.97, which ranks third among the top 25 countries/ areas. Interestingly, the articles from Austria and Singapore appeared with the highest average number of citations per paper, with a frequency of 7.44 and 7.16 respectively, whereas the number of publications from these two countries was relatively low compared with the USA. The second was China, following the USA, papers were cited by 753 articles with 1,357 (13.38%) citations. Although the number of articles from China is close to the USA, the average number of citations per paper is lower with a frequency of 2.78. The subsequent countries include the UK, Germany, and Italy. The results indicate that the USA is the most influential country in blockchain.

International collaboration in science research is both a reality and a necessity [ 36 ] . A network consisting of nodes with the collaborating countries (regions) during the observation period is shown in Figure 4 . The network is created with the VOS viewer in which the thickness of the linking lines between two countries (regions) is directly proportional to their collaboration frequency. We can see from Figure 4 that the USA has the closest collaborative relationships with China, the UK, Australia, Germany, and Canada. China has the closest collaborative relationships with the USA, Australia, Singapore, UK, and South Korea. UK has the closest collaborative relationships with the USA, China, France, and Switzerland. Overall, based on the collaboration network, collaboration mainly emerges in highly productive countries (regions).

International collaboration network of the top 25 countries (territories), 2013–2019

4.3 Institution Distribution and Collaboration

A total of 2,190 institutions participated in blockchain-related research, and based on the number of publications, the top 25 of the most productive institutions are shown in Table 5 . Chinese Academy of Sciences had the highest number of publications with 43 papers, followed by the University of London with 42 papers, and Beijing University of Posts Telecommunications ranked third with 36 papers. The subsequent institutions included the University of California System and the Commonwealth Scientific Industrial Research Organization (CSIRO). In terms of the number of total Times Cited, Cornell University is cited most with 499 citations, and the average number of Times Cited is 20.79. Massachusetts Institute of Technology followed closely with 407 citations and with an average number of Times Cited of 22.61. The University of California System ranks third with 258 citations and an average number of Times Cited of 8.06. ETH Zurich ranked fourth with 257 citations and an average number of Times Cited of 10.28. It is notable that the National University of Singapore also had a high average number of Times Cited of 12.56. These results indicate that most of the influential institutions are mainly in the USA and Europe and Singapore. The number of publications from institutions in China is large, whereas few of the papers are highly recorded in average Times Cited. Papers from the National University of Defense Technology China took the highest of average Times Cited of 7.79.

Blockchain research country (territory) ranked by number of articles (top 25)

To further explore data, the top 186 institutions with at least 5 articles each are chosen for collaboration network analysis. The collaboration network map is shown in Figure 5 , the thickness of linking lines between two institutions is directly proportional to their collaboration frequency. As seen from the cooperation network in the Chinese Academy of Sciences, Cornell University, Commonwealth Scientific Industrial Research Organization (CSIRO), University of Sydney, and ETH Zurich cooperated widely with other institutions. This shows that collaboration between institutions may boost the research of blockchain which echoes with extant research that proposes with-institution collaboration and international collaboration may all contribute to article quality [ 37 ] .

Collaboration network for institutions, 2013–2019

4.4 Authorship Distribution

The total number of authors who contribute to the publications of blockchain is 5,862. Remarkably, an article may be written by several authors from different countries (regions) or institutions. Therefore, the total number of authors is bigger than the total number of articles. In fact, during the observation period, the average number of authors per paper is 2.4 articles. Reveals the distribution of the number of authors with different numbers of papers. As seen from the results, most of the authors had a tiny number of papers, i.e., among 5,862 authors, 4,808 authors have only one paper, 662 authors have two papers, and 213 authors have three papers.

According to the participation number of articles, the most productive author in the blockchain is Choo, Kim-Kwang Raymond from Univ Texas San Antonio, who took part in 14 articles in blockchain, followed by Marchesi, Michele from Univ of Cagliari, who took part in 13 articles related to blockchain. The third most productive author is Bouri, Elie from the Holy Spirit University of Kaslik, and David Roubaud from Montpellier Business School. Miller, Andrew, Shetty, Sachin, and Xu, Xiwei ranked fourth, who took part in 10 articles related to blockchain.

The distribution of number of author with different numbers of articles

Note: No.AU = number of author; No.AR = number of articles.

Figure 6 displays the collaboration network for authors. The thickness of the linking lines between the two authors is directly proportional to their collaboration frequency. As we can see from Figure 6 , it indicates the most productive authors cooperate widely with others.

Collaboration network for authors, 2013–2019

4.5 Distribution of Subject Categories

Table 7 presents the top 25 blockchain categories ranked in terms of the number of articles published. As can be seen from Table 7 , among the top 10 categories, six are related to the Computer Science field, which indicates that blockchain-related researches are more abundant in the field of Computer Science compared with other research fields. Besides, there are also publications in the category of Business & Economics with 385 records.

The top 25 blockchain categories ranked by the number of publications

Figure 7 illustrates the betweenness centrality network of papers of the above categories by using Citespace after being simplified with Minimum Spanning Tree network scaling, which remains the most prominent connections. We can see from Figure 7 , the centrality of Computer Science, Engineering Electrical Electronic, Telecommunications, Engineering, and Business & Economics are notable.

Categories involved in blockchain, 2013–2019

4.6 Journal Distribution

The research of blockchain is published in 1,206 journals (conferences), the top 25 journals (conferences) are displayed in Table 8 . Blockchain research papers are concentrated in these top journals (conferences) and with a concentration ratio of nearly 20%. The major blockchain research journals include Lecture Notes in Computer Science, IEEE Access, Economics Letters, Future Generation Computer Systems, and Finance Research Letters, with more than 20 articles in each one. Meanwhile, the major blockchain research conferences include IEEE International Conference on Hot Information-Centric Networking, International Conference on Parallel and Distributed Systems Proceedings, International Conference on New Technologies Mobility, and Security, and Financial Cryptography and Data Security, with at least 14 articles published in each of these.

The top 25 blockchain publication journals (conferences)

Note: NP = number of papers; No.TC = number of total Times Cited; Italic represents conference.

4.7 Intellectual Structure of Blockchain

Since the notion of co-citation was introduced, there are a host of researchers have adopted the visualization of co-citation relationships. The work is followed by White and Griffith [ 38 ] , who identified the intellectual structure of science, researches then broaden the unit of analysis from articles to authors [ 39 , 40 ] . There are two major types of co-citation analysis, namely, article cocitation analysis and author co-citation analysis, which are commonly adopted to visualize the intellectual structure of the research field. In this study, we explore the intellectual structure of blockchain by using both article co-citation analysis and author co-citation analysis. We apply Citespace to analyze and visualize the intellectual structure [ 41 ] .

In this study, mining spanning trees was adopted to present the patterns in the author cocitation network, a visualization of the network of author co-citation is demonstrated in Figure 8 . In the visualization of the co-citation network, pivot points are highlighted with a purple ring, and landmark nodes are identified with a large radius. From Figure 8 , there are six pivot nodes and landmark nodes: Nakamoto S, Buterin V, Eyal I, Wood G, Swan M, Christidis K. These authors truly played crucial roles during the development of blockchain research. Table 9 shows the ranking of author citation counts, as well as their prominent publications.

Network of author co-citation, 2013–2019

The top 15 co-cited author ranked by citation counts

Nakamoto S, as the creator of bitcoin, authored the bitcoin white paper, created and deployed bitcoin’s original reference implementation, is not surprised at the top of the co-citation count ranking, and has 1,202 citations in our dataset. Buterin V, a Russian-Canadian programmer, and writer primarily are known as a co-founder of ethereum and as a co-founder of Bitcoin Magazine, follows Nakamoto S, receives 257 citations. Eyal I, an assistant professor in technion, is a third of the ranking, with a representative article is “majority is not enough: Bitcoin mining is vulnerable”. Wood G, the ethereum founder, and free-trust technologist ranks fourth with 244 citations. The other core author with high citations includes Swan M, Christidis K, Bonneau J, Szabo N, Zyskind G, Castro M, and Meiklejohn S, with more than 150 citations of each person, and the typical publications of there are present in Table 9 .

To further investigate the features of the intellectual structure of blockchain research, we conducted an article co-citation analysis, using cluster mapping of co-citation articles networks to complete a visualization analysis of the evolution in the research field of blockchain. According to the article co-citation network, we adopted Citespace to divide the co-citation network into several clusters of co-cited articles. The visualization of clusters of co-cited articles is displayed in Figure 9 .

Clusters of co-cited articles, 2013–2019

As we mentioned earlier in the “Data and Methodology” section, the colors of citation rings and links are corresponding to the different time slices. Therefore, the deeper purple cluster (Cluster #1) is relatively old, and the prominent clusters (Cluster #0 and #2) are more recent. Cluster #0 is the youngest and Cluster #1 is the oldest. Cluster labels are identified based on burst terms extracted from titles, abstracts, keywords of bibliographic records [ 26 , 41 ] . Table 10 demonstrates six predominant clusters by the number of members in each cluster.

Results show that the research priorities of the clusters keep changing during the observation period. From the earlier time (Cluster # 1), bitcoin and bitcoin network are the major priorities of researchers, then some researchers changed the focuses onto cryptocurrency in blockchain research. Notably, more researchers are most interested in blockchain technology and public ledger recently.

According to the characteristics of pivot nodes and landmark nodes in the co-citation article network. The landmark and pivot nodes in co-citation articles are shown in Figure 10 , Five pivot nodes are Nakamoto S [ 1 ] , Wood G [ 44 ] , Kosba A [ 51 ] , Eyal I [ 12 ] and Maurer B [ 55 ] . The main landmark nodes are Christidis K [ 45 ] . Swan M [ 2 ] , Zyskind G [ 48 ] Nakamoto S [ 1 ] , Kosba A [ 51 ] , Notably, some nodes can be landmark and pivot at the same time.

Landmark and pivot nodes, 2013–2019

Summary of the largest 6 blockchain clusters

Details of the largest cluster (Cluster #0, top10)

Details of the largest cluster (Cluster #1, top10)

Details of the largest cluster (Cluster #2, top10)

As seen from Table 10 , Cluster #0 is the largest cluster, containing 36 nodes, for the sake of obtaining more information about these clusters, we explored the details of the largest clusters. Table 11 illustrates the details of the Cluster 0#.

We also explored Cluster #1 and #2 in more detail. Table 12 and Table 13 present the details of Cluster #1 and Cluster #2 respectively, it is notable that the most active citation in Cluster #1 is “bitcoin: A peer-to-peer electronic cash system”, and the most active citation in Cluster #2 is “bitcoin: Economics, technology, and governance”. The core members of Cluster #1 and Cluster #2 deliver milestones of blockchain research related to the bitcoin system and cryptocurrency.

Table 14 lists the first 10 most cited blockchain research articles indexed by the Web of Science. These articles are ranked according to the total number of citations during the observation period. Among these articles, the publication of “blockchains and smart contracts for the internet of things” by Christidis is identified as the most cited paper of 266 citations. The paper also has the highest average number of citations per year.

The top 10 cited blockchain articles

4.8 Keywords Co-Citation Analysis

According to Callon, et al. [ 77 ] co-word analysis is a useful way of examining the evolution of science. In our study, among 2,451 articles related to blockchain, we obtained 4,834 keywords, 594 keywords appeared 3 times, 315 keywords appeared 5 times, and 130 keywords appeared 10 times. Table 15 presents the most important keywords according to frequency. As seen, ‘blockchain’ ranks first with an occurrence frequency of 1,105, followed by ‘bitcoin’ of 606. The other high occurrence frequency keywords include: ‘cryptocurrency’, ‘smart contract’, and ‘iot’ (internet of thing).

The top 25 keywords ranked by frequency

For the sake of further exploration of the relation amongst the major keywords in blockchain research papers, we adopted the top 315 keywords with a frequency no less than 5 times for co-occurrence network analysis. The keywords co-occurrence network is illustrated in Figure 11 . In a co-occurrence network, the size of the node represents the frequency of the keywords co-occurrence with other keywords. The higher the co-occurrence frequency of the two keywords, the closer the relationship between them.

The keywords co-occurrence network, 2013–2019

We can see from Figure 11 , the size of blockchain and bitcoin are the largest among all keywords. This means, in general, blockchain and bitcoin have more chances to co-occurrence with other keywords. Besides, blockchain is closer with a smart contract, iot, Ethereum, security, internet, and privacy, whereas bitcoin is closer with digital currency and cryptocurrency.

Figure 12 displays the time-zone view of co-cited keywords, which puts nodes in order from left to right according to their years being published. The left-sided nodes were published in the last five years, and on the right-hand side, they were published in recent two years. Correspondingly, some pivot nodes of keywords are listed in the boxes. We hope to show the evolution of blockchain in general and the changes of focuses in blockchain study.

The time-zone view of co-cited keywords, 2013–2019

The results suggest that, in 2013, when blockchain research begins to surface, bitcoin dominated the blockchain research field. Reasonably, the bitcoin is the first cryptocurrency based on blockchain technology, and the influential essays include quantitative analysis of the full bitcoin transaction graph [ 54 ] ; a fistful of bitcoins: Characterizing payments among men with no

names [ 50 ] ; and bitcoin meets google trends and Wikipedia: Quantifying the relationship between phenomena of the internet era [ 69 ] . Afterward, as various altcoins appeared, cryptocurrency and digital currency are widely discussed in blockchain-related research. The high-citation article is Zerocash: Decentralized anonymous payments from bitcoin [ 74 ] and privacy, which is the prominent characteristic of cryptocurrency. In 2015, blockchain and smart contract become a hotspot, the core publications include blockchain: A blueprint for a new economy [ 2 ] ; decentralizing privacy: Using blockchain to protect personal data [ 48 ] ; at the same time, some researchers also focus on the volatility and mining of cryptocurrency. In 2016, a growing number of researchers focus on the internet of things. The most popular article is blockchains and smart contracts for the internet of things [ 45 ] . In 2017, distributed ledger and blockchain technology become a research focus point. From 2018 onward, research focus on the challenge, and the inefficiency of blockchain appear.

4.9 Funding Agencies of Blockchain-Related Research

Based on all 2451 funding sources we analyzed in this study, the National Natural Science Foundation of China (NSFC) has supported the biggest number of publications with 231 papers, followed by the National Key Research and Development Program of China, which supported the publication of 88 papers. Comparatively, the National Science Foundation of the USA has only supported 46 papers. It is remarkable that the “Ministry of Science and Technology Taiwan” supported 22 papers, which is more than the European Union. Table 16 illustrates the top 20 funding agencies for blockchain research ranked by the number of supported papers. The results indicate that China is one of the major investing countries in Blockchain research with the biggest number of supporting articles.

The top 20 funding agencies of blockchain-related research

5 Conclusions and Implications

5.1 conclusions.

This research comprehensively investigates blockchain-related publications based on the Web of Science Core Collection and provides a quick overview of blockchain research. In this study, a coherent comprehensive bibliometric evaluation framework is adopted to investigate the hot and promising blockchain domain. We outline the core development landscape of blockchain, including the distribution of publications over time, by authors, journals, categories, institutions, countries (territories), intellectual structure, and research trends in the blockchain academic community. Combining the results of statistical analysis and co-cited articles, authors, and keywords, we formulate the answers to the following research questions:

RQ1 What is the distribution pattern of blockchain publications and citations over recent years?

The published blockchain papers significantly increased since 2013, when the first blockchain paper was published. An increasing number of articles were published since. In 2018, 1,148 articles were published at the peak, and the number of publications is likely to continuously grow. As for the cumulative number of citations, there were only 272 citations in 2013. By 2018 this number has grown to more than 10,000, which implies a widespread influence and attention attracted by blockchain study in recent years.

RQ2 Which are the main international contributing countries (regions) and institutions in blockchain research, as well as collaboration networks among them?

A total of 97 countries (regions) participated in blockchain research during the observation period. USA and China play the leading roles among all countries (regions), with publications of 532 (20.94%) and 489 (19.24%) articles respectively, followed by the UK, Germany, Italy, and Australia. From the aspect of citations, USA-authored papers were cited by 1,810 papers with 3,709 (36.57%) citations, accounting for 36.57% of total citations. Articles from the USA also have a very high average number of citations per paper with a frequency of 6.97. Although the number of articles from China is close to the USA, the average number of citations per paper is lower with a frequency of 2.78. The results indicate that the USA is the most influential country in the field of blockchain.

A total of 2,190 institutions participated in blockchain-related research. Among them, the Chinese Academy of Sciences has the highest number of publications with 43 papers, followed by the University of London, Beijing University of Posts Telecommunications, University of California System, Commonwealth Scientific Industrial Research Organization (CSIRO), Beihang University, University of Texas System, ETH Zurich. In respect of the number of total Times Cited and the average number of Times Cited, Cornell University is cited the most with 499 citations, and the average number of Times Cited is 20.79. followed by the Massachusetts Institute of Technology, University of California System, and ETH Zurich. The number of publications forms institutions in China is large, whereas few papers own high average Times Cited.

In terms of collaboration networks among different institutions, we found that the Chinese Academy of Sciences, Cornell University, Commonwealth Scientific Industrial Research Organization (CSIRO), University of Sydney, and ETH Zurich cooperated widely with other institutions.

RQ3 What are the characteristics of the authorship distribution?

The total number of authors who contribute to the publications of blockchain is 5,862. the average number of authors per paper is 2.4. Among 5,862 authors, 4,808 authors have only one paper, 662 authors have two papers, and 213 authors have three papers. Based on the number of participated papers, the most productive author in the field of blockchain is Choo, Kim-Kwang Raymond from Univ Texas San Antonio, who participated in 14 articles in the field of blockchain, followed by Marchesi M, Bouri E, David R, Miller A, Shetty S and Xu X.

RQ4 What are the core blockchain subjects and journals based on the number of publications?

Blockchain-related researches are more abundant in the field of Computer Science compared with other categories. Other major fields include Engineering, Business & Economics, Telecommunications, and Business & Economics.

RQ5 What are the major journals or conferences for blockchain-related research?

The research of blockchain is published in 1,206 journals (conferences), the major blockchain research journals include Lecture Notes In Computer Science, IEEE Access, Economics Letters, Future Generation Computer Systems, and Finance Research Letters. Meanwhile, the major blockchain research conferences include IEEE International Conference on Hot Information-Centric Networking, International Conference on Parallel and Distributed Systems Proceedings, International Conference on New Technologies Mobility and Security, and Financial Cryptography and Data Security.

RQ6 What are the most influential papers in blockchain research based on the number of citations?

Ranked by the total number of citations during the observation period, the publication: “blockchains and smart contracts for the internet of things” by Christidis and Devetsikiotis [ 45 ] is identified as the most cited paper with 266 citations, which also has a highest average number of citation per year, followed by decentralizing privacy: Using blockchain to protect personal data [ 48 ] with 169 citations and 33.80 average number of citations per year.

According to the number of times co-cited, the top five influential publications are as follows: Bitcoin: A peer-to-peer electronic cash system [ 1 ] , A next-generation smart contract and decentralized application platform [ 42 ] , Majority is not enough: Bitcoin mining is vulnerable [ 12 ] , Ethereum: A secure decentralised generalised transaction ledger [ 44 ] , Blockchain: Blueprint for a new economy [ 2 ] .

RQ7 Who are the most influential authors in blockchain research according to the author co-citation network?

Some authors played a crucial role during the development of blockchain research, Nakamoto S, as the creator of Bitcoin, and the author of the bitcoin white paper, created and deployed bitcoin’s original reference, therefore is not surprised at the top of the co-citation count ranking and got 1,202 citations in our dataset. Buterin V, a Russian-Canadian, programmer, and writer, primarily known as a co-founder of Ethereum and as a co-founder of Bitcoin Magazine who follows Nakamoto S and receives 257 citations. Other core authors with high citations include Eyal I, Wood G, Swan M, Christidis K, Bonneau J, Szabo N, Zyskind G, Castro M, and Meiklejohn S.

According to co-cited articles clusters, the research priorities in blockchain-related research keep changing during the observation period. Bitcoin and bitcoin network are the main priorities of researchers, then some researchers changed to focus on cryptocurrency in blockchain research.

RQ8 What are the research trends of blockchain?

The research priorities in blockchain-related research evolve during the observation period. As early as 2013, when the research on blockchain first appears, bitcoin dominated the blockchain research field. Then only one year later, as various altcoins begin to appear, cryptocurrency and digital currency are widely discussed in blockchain-related research. In 2015, blockchain and smart contracts become a hotspot till 2016 when a growing body of researches begin to focus on the internet of things. In 2017, distributed ledger and blockchain technology become the research focal point. From 2018 onward, research focus on the challenge and inefficiency of blockchain.

RQ9 What are the most supportive funding agencies of blockchain research?

The most supportive funding agency of blockchain research is the National Natural Science Foundation of China (NSFC) which has supported the publication of 231 papers. The results indicate that China is one of the major investing countries in Blockchain research with the biggest number of supporting articles.

Given the potential power of blockchain, it is noticeable that governments, enterprises, and researchers all pay increasing attention to this field. The application of blockchain in various industries, the supervision of cryptocurrencies, the newly rising central bank digital currency and Libra, are becoming the central issues of the whole society.

In our research, we conducted a comprehensive exploration of blockchain-related research via a bibliometrics analysis, our results provide guidance and implications for academic research and practices. First, the findings present a holistic view of research in the blockchain domain which benefits researchers and practitioners wanting to quickly obtain a visualized overview of blockchain research. Second, according to our findings of the evolution and trends in blockchain research, researchers could better understand the development and status of blockchain, which is helpful in choosing valuable research topics, the distributed ledger, the discussions on the inefficiency and challenges of blockchain technology, the supervision of cryptocurrencies, the central bank digital currency are emerging research topics, which deserve more attention from the academic community.

5.2 Limitations and Future Work

As with any research, the design employed incorporates limitations that open avenues for future research. First, this study is based on 2,451 articles retrieved from the Web of Science of Core Collection, although the Web of Science of Core Collection is truly a powerful database for bibliometric analysis, we can’t ignore the limitation brought by a unique data source. Future research can deal with this limitation by merging the publications from other sources, for instance, Scopus, CNKI, as well as patent database and investment data of blockchain, and it could help to validate the conclusion. Second, we mainly adopt the frequency indicator to outline the state-of-the art of blockchain research, although the frequency is most commonly used in the bibliometric analysis, and we also used H-index, citation to improve our analysis, some other valuable indicators are ignored, such as sigma and between centrality, therefore, it’s beneficial to combine those indicators in future research. Besides, it should be noted that, in co-citation analysis, a paper should be published for a certain period before it is cited by enough authors [ 26 ] , the newest published papers may not include in co-citation analysis, it’s also an intrinsic drawback of bibliometric methods.

Supported by the National Natural Science Foundation of China (71872171), and the Open Project of Key

Laboratory of Big Data Mining and Knowledge Management, Chinese Academy of Sciences

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Dissertation Topics on Cryptocurrency – Bitcoin, Etherum & Ripple

Published by Jamie Walker at January 10th, 2023 , Revised On October 5, 2023

Introduction

Cryptocurrencies are on the rise. Being the only decentralized currency globally, i.e., not monitored by any central bank, the cryptocurrency had its share of problems as it experienced dramatic price fluctuations since it emerged onto the scene.

Cryptocurrency is known as one of the easiest, reliable, and convenient ways of making transactions, it hasn’t been able to gain worldwide acceptance. Even though some countries have adopted the use of cryptocurrency and transactions are being conducted through it, others are sceptical of its long-term prospects in the financial industry.

Considering the highs and lows of cryptocurrency, its increasing value, its increasing use in illegal activities, being decentralized, paving the way for people to make easy and convenient transactions, and much more, there is undoubtedly a need to dig deep into the pros and cons of this newest form of digital currencies.

There are different types of cryptocurrencies today. Each has its advantages and disadvantages, and for a better understanding, they should be researched and investigated separately.

As a student of  finance  and  economics , it is imperative that you understand the ins and outs of cryptocurrencies, how they work, the technology they use and their future. Since the introduction of the first cryptocurrency – Bitcoin, many more cryptocurrencies have been launched. However, bitcoin, Ethereum, and Ripple remain the most popular.

To help you get started with brainstorming for cryptocurrency topic ideas, we have developed a list of the latest topics that can be used for writing your dissertation.

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2022 Dissertation Topics on Cryptocurrency – Bitcoin, Ethereum & Ripple

Topic 1: increasing bitcoin privacy and security- assessing the role and implementation of confidential transactions..

Research Aim: A confidential transfer is a technology that allows users to protect their money values from the public using new crypto techniques. The study aims to determine if confidential transactions can provide secret, secure as well as financial privacy.   As a result, it is crucial to examine the function of confidential transactions in order to ensure that no digital currency is lost or produced when a transaction occurs without disclosing the precise number of transfers.

Topic 2: Machine Learning as a Predictive Technology- Investigating its impact on Online Pricing and Cryptocurrency Market.

Research Aim: The crypto market and trends are often regarded as very volatile, leading to the idea that extraordinary benefits can be made. This study will investigate machine learning technology as a tool that can analyse numerical or statistical data sets and provide realistic and meaningful outcomes. This study will also focus on forecast price, economic instability, and consumer protection.

Topic 3: Cryptocurrencies- Bitcoin and Ethereum Success Factor and Performance Evaluation.

Research Aim: Bitcoin and Ethereum are two of the most popular cryptocurrencies utilized by digital financial marketplaces. While Ethereum has a restriction of its blocks, bitcoin does not. This study will look at the performance of each currency and the factors that have led to one being more successful than the other.

Topic 4: Assessing the Function of Digital Currency Cryptography in Finance, Security, and Business Marketing.

Research Aim: The purpose is to investigate the function of digital currency cryptography, which offers no service costs, mediators delays, or legal expenses, as well as the simplicity of receiving, disturbing, and keeping value on digital wallets.   It is critical to assess the effectiveness n terms of financial security and privacy in order to accomplish the right to privacy and privacy from other people monitoring as well as to eliminate the possibility of fraudulent personal details activity.

Topic 5: Examining the Role of Cryptocurrency in Facilitating Illegal Activities - Evaluation of Virtual Transactions used for Money Laundering.

Research Aim: Cryptocurrency provides its user’s privacy which might aid in avoiding regulatory restrictions, and because of that bitcoin platform has become popular with drug traffickers and other scams. This research will examine the potential to do illegal acts as a result of the perceived uncertainty of users provided by cryptocurrency. This study will not only present the issue but also help give a complete underatnd of thr flws of politicinas and policymakers tha have allowed cryptocurrencies to keep complex.

Covid-19 Cryptocurrency Topics Research Topics

Topic 1: research to identify the impacts of coronavirus on cryptocurrency.

Research Aim: This research will focus on identifying the effects of coronavirus on blockchain and cryptocurrency.

Topic 2: Research to study the benefits and drawbacks of adopting cryptocurrency and the future of bitcoin after the pandemic.

Research Aim: This study aims at studying the benefits and drawbacks of adopting cryptocurrency and the future of bitcoin after the pandemic.

Topic 3: Research to know whether cryptocurrencies lead to new investment opportunities.

Research Aim: This research will focus on identifying the possibilities of new cryptocurrencies investment opportunities amid the COVID-19 pandemic. Will it help in recovering from the global economic crisis?

Topic 4: Research to identify the execution of various cryptocurrency projects to connect healthcare providers and global suppliers of medical equipment.

Research Aim: This study aims at identifying the execution of various cryptocurrency projects to connect healthcare providers and global suppliers of medical equipment. Are these projects successful? Is there any way to improve the financial exchange during the pandemic?

Dissertation Topics Cryptocurrency 2021

Topic 1: security and privacy tips for cryptocurrency holders.

Research Aim: This research aims to focus on identifying effective security and privacy tips for cryptocurrency holders.

Topic 2: Cost of Bitcoins in 2021

Research Aim: This research aims to identify the cost of Bitcoins in 2021

Topic 3: Cryptocurrency and Economic stability

Research Aim: This research aims to conduct a study on cryptocurrency and economic stability

Dissertation Topics Cryptocurrency 2020

Topic 1: blockchain and cryptocurrency – how are they related.

Research Aim: With the widespread use and hype of cryptocurrency, there has been a lot of misconception about blockchain. Blockchain is the technology behind cryptocurrency and supports the usage and mining of cryptocurrency. This research will discuss all these details and explain how the two are related and how they correlate.

Topic 2: An evaluation of the growth of cryptocurrencies

Research Aim: Cryptocurrencies have grown over the past two years. Even though decentralized, this currency is now used in many countries. A lot of virtual transactions are carried out using cryptocurrencies, and the government has slowly started accepting this currency. This research will talk about how cryptocurrencies have grown, their life cycle will be discussed, and the research will also talk about how the currency has benefited people.

Topic 3: Trading cryptocurrency: exploring the various cryptocurrency exchanges and how they work

Research Aim: Just like any other currency, cryptocurrency can also be traded on various trading platforms. However, these currencies have their own dedicated trading platform, only where they can be traded. The rules and trading mechanisms of this currency are a bit different. This research will talk about the various crypto trading platforms available for people, how they work, and they differ from traditional trading platforms.

Topic 4: Cryptocurrency scams – how they happen and how you can safeguard yourself against them

Research Aim: With the widespread use of cryptocurrency and lose regulations, many users have been tricked and scammed by fraudsters. You have to ensure that the right gateways are being used, your information is not being traced, and your details are not being hacked. With so much going on on the internet, you must safeguard yourself from such scams. This research will talk about some crypto scams, how they happened, and what you can do to protect yourself and your transactions in the future.

Topic 5: Assessing the impact of cryptocurrency – what does the future hold?

Research Aim: There is no doubt that the impact of cryptocurrency on the financial industry has been huge. There is a lot that the future holds for it. Many experts say this currency will not last; however, trends and user acceptance show us otherwise. Cryptocurrency is here to stay. This research will discuss the future of cryptocurrency and how this currency might take over the world in the coming years.

Dissertation Topics on Bitcoin

Bitcoin is one of the most famous and widely used cryptocurrencies. Many people invested in it in the last few years, considering its increasing value. Here are some bitcoin issues that would make for an interesting topic of research.

Topic 1: Evolution of bitcoin and other cryptocurrencies

Research Aim: This research will enable you to gain a collective understanding of all the virtual currencies that have evolved in the past decades. The study will discuss the evolution of all different cryptocurrencies and then be narrowed down to bitcoin. Some of the issues that will be discussed will include; how bitcoin evolved, its acceptance, popularity, success, etc. The study will basically cover the evolution of history and the journey of bitcoin.

Topic 2: The growing demand for bitcoin: The basics and limitations

Research Aim: This research will aim to focus on the growing demand for bitcoin over the last several years. In a nutshell, the study will uncover the foundations and limitations of bitcoin technology and whether or not bitcoin has the potential to be accepted by financial institutes.

Topic 3: Bitcoin and financial security: Do they both correlate?

Research Aim: Bitcoin is a virtual currency that is not regulated by any authority. The domestic financial environment of the country may be threatened by bitcoin, which allows users to conduct transactions without involving the banks. This study will evaluate the threats posed by the unregulated virtual currency on the domestic financial environment of the country. The potential implications of these threats will be explored in great detail, strengthening and promoting the country’s financial environment.

Topic 4: Bitcoin: A carefully designed bubble or a legit currency?

Research Aim:  This is one of the most interesting bitcoin topics. The macroeconomic parameters of virtual currencies are designed to make the bitcoin mining process really difficult, thus driving their value up constantly. Currently, the process is the same, and the protocols that surround bitcoin are robust. Thus it remains inconceivable if the same will keep going or not. This study will investigate the factors associated with bitcoin mining and evaluate the protocols with the help of economic modelling.

Related:   Bit Coin Talk

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Topic 5: An analysis on the sustainability of bitcoin: What the financial institutions can learn from it?

Research Aim: Cryptocurrencies, including bitcoin, pose a serious threat to the existing financial and banking ecosystem. This study will analyze the diversity in the existing financial and banking ecosystem with a particular focus on how they can be modified to offer similar benefits as cryptocurrencies.

Topic 6: Should Bitcoin be regulated? A debate on how regulating it would impact the currency.

Research Aim: It is well known that cryptocurrencies are decentralised, i.e., there is no central bank regulating the currency, and there are no laws and regulations that apply to the currency. This study aims to discuss whether bitcoin should be regulated and how it will affect the currency.

Topic 7: Bitcoin limitations – Understanding the currency’s shortcomings

Research Aim: This research will discuss in detail the limitations of bitcoin. The shortcomings of the currency will be discussed with an emphasis on the solutions to overcome those shortcomings. This will be qualitative and evidence-based research.

Topic 8: Bitcoin – a monetary system? Evaluating the currency’s power in shaping the economy

Research Aim: Bitcoin has taken over the world. Almost every country has people using, mining, and trading bitcoin. This research will talk about how this currency has turned into a monetary system and how more and more countries are adopting it. The research will also discuss the role of bitcoin in shaping the economies of the future.

Topic 9: Is bitcoin a currency of the future or investment of the coming times?

Research Aim:  Many investors use bitcoin as an investment tool, especially citizens of countries where bitcoin is yet to be regulated. This research will analyse the future of the currency, how it could help in shaping the economy and the role it might play in strengthening the economy. This will be qualitative research.

Topic 10: Studying the impact of bitcoin on our society

Research Aim:  Bitcoin has left a huge impact on the economy since it was first introduced. More than that, the surge in the value of the currency has attracted the attention of many financial experts and academicians. Unfortunately, the currency has also been used for illegal activities. This research will talk about all these aspects and will also study the greater impact it has had on our society.

Dissertation Topics on Ethereum

Ethereum is a cryptocurrency based on blockchain technology. According to CoinDesk, Ethereum is a software system that is part of a decentralised system, meaning any single entity does not control it.

Ethereum is different from Bitcoin because it expands on its technologies to create an entirely new network, including an internet browser, coding language, and payment system – “in short, Ethereum is a public, open-source, Blockchain-based distributed software platform that allows developers to build and deploy decentralised applications”. The platform’s currency is called Ether.

The platform was founded in 2014 by Vitalik Buterin and a team of other developers. The currency is just one aspect/component of Ethereum yet can be mined by individuals more easily than Bitcoin. Here are some intriguing topics on ethereum currency that you can use for your dissertation.

Topic 1: Ethereum and bitcoin: Are they different?

Research Aim: Many people believe Ethereum to be imitating bitcoin. However, in reality, there are quite a few differences between these two cryptocurrencies. Ethereum functions differently, has a different signature algorithm and possesses a different mechanism to generate addresses.

Topic 2: How secure is ethereum? An analysis of cryptographic attacks on the Ethereum security protocols

Research Aim: Cracking cryptocurrencies is not impossible, only impractical. Even though it is extremely difficult and expensive to hack or attack a cryptocurrency, the trend is certainly rising. The Ethash protocol utilised by Ethereum has been attacked on several occasions, and there is a need to investigate the reasons pertaining to these attacks. This means that new algorithms must be introduced to ensure that cypher is not vulnerable and that Ethereum remains a secure currency to trade and make transactions.

Topic 3: An investigation on ethereum smart contracts, their vulnerabilities, and security.

Research Aim: Smart contracts are referred to as the foundation for the possession of digital assets and several decentralized applications within blockchain technology. In the case of Ethereum, smart contacts are public, distributed, and unchallengeable. However, they are vulnerable to attacks due to simple coding errors of developers. This study will investigate the operation and efficacy of smart contracts, how and why they are prone to attacks, and how this currency can be termed as safe and secure for the users.

Topic 4: Ethereum blockchain: Authenticating, authorizing and accounting.

Research Aim: There has been a massive uproar regarding the authentication, authorization, and accounting of blockchain technology. In simple terms, the security of blockchain technology is questioned and under scrutiny; due to many attacks, the system has suffered. The data and information of users are compromised after every attack, which is why people now use these currencies with caution. This study will perform an in-depth analysis as to how the Ethereum blockchain currently works and how it can be improved. The three characteristics of blockchain technology, including authenticating, authorizing, and accounting, will be explored in detail. A new and better protocol will be suggested, and its benefits and flaws will also be explained.

Topic 5: Is ethereum too easy to steal? Understanding the underlying security challenges

Research Aim: Research on this ethereum dissertation topic is extremely important because cryptocurrencies can be stolen or hacked, as we have seen over the last few years. With the increased use of cryptocurrency, hackers have learned the technology very well, security is breached frequently, and user data is compromised. Some cryptocurrencies function on strategies like multiple signatures so that a single rogue individual cannot irreversibly transfer money. However, not all cryptocurrencies function and work according to the same strategy. This study will focus on the security threats Ethereum is exposed to, how vulnerable the currency is and how important it is for developers to focus on this aspect of blockchain technology.

Find 100s of dissertation topics for other research areas.

Topic 6: Ethereum vs. Bitcoin – Analysing the block rate limitations of both currencies

Research Aim: Many enthusiasts confuse Ethereum with bitcoin. A common misconception is that Ethereum is built on bitcoin’s technology, which is not the case. Ethereum is a completely different cryptocurrency operating in the market. This research will compare the block rate limitations of both currencies. Bitcoin has a limitation of ten minutes per block, whereas, Ethereum has a greater block rate. This research will talk about the two-block rates, how it impacts the currency and the people using it and why this difference exists. This will be a comparative study.

Topic 7: Assessing the evolution of ethereum – How is the currency performing now?

Research Aim: Ethereum has grown rapidly over the years. Since the birth of bitcoin, every cryptocurrency that has entered the market has been labelled as a copy of the former. However, every currency has its own way of working and its own set of protocols. This research will assess the growth of Ethereum and also assess how the currency has evolved. The research will also discuss the currency’s current performance and how it might play a huge role in shaping the economy in the future.

Topic 8: Analysing attacks on the ethereum protocol – How safe is the currency?

Research Aim: With the ease of use of cryptocurrencies, currencies are also vulnerable to attacks. Regardless of the technology being used for the currency, some hackers break the code and enter the system. This research will not only consider the safety aspect of this currency but also analyse the Ethereum protocol, i.e. its safety, vulnerability, and how it impacts the investors.

Topic 9: Ethereum’s new economic model – How viable is it?

Research Aim: An Ethereum based new economic model was rolled out in the market not too long ago. Currently, anyone can join the Ethereum network by contributing computing power to make sure the transactions are legal. However, developers are changing the way networks select and reward users. With the new model, Ethereum holders will be able to accept or refuse transactions. This means if any user is dishonest, they will be on the verge of losing their tokens as a punishment. However, those who don’t support it argue that this economic model will not last. This research will compare the old and new models, understand the details, and conclude which one is more viable.

Topic 10: Trading ethereum – Understanding the process, platforms and trading methods

Research Aim: Just like any other cryptocurrency, Ethereum can also be traded. Many factors, such as market manipulation, government regulation, technological advances, etc., affect the price of the currency. All of these aspects will be discussed in this research. Moreover, the researcher will analyze the various platforms available for trading Ethereum, the limitations, and the trading process.

Dissertation Topics on Ripple (XRP)

Ripple is a company that uses blockchain technology for global payments. Ripple is also the largest holder of XRP and is the world’s third most valuable crypto asset. With the increased use of Ripple as a currency, proponents now argue that this cryptocurrency will be adopted by banks in the near future.

Ripple is a payment protocol built upon a distributed open-source internet protocol, native cryptocurrency, and consensus ledger. Ripple supports tokens that represent fiat currency, commodity, cryptocurrency, or any other unit value.

Ripple operates with a shared and public database or ledger for payments, exchanges, and/or remittances. XRP is the currency of the Ripple network. Each ripple user must have a minimum reserve equaling 20 XRP to minimise the potential of hacking attacks and attempts.

Here are some exciting ripple – XRP dissertation topics.

Topic 1: Ripple: An outlook and overview

Research Aim: Even though cryptocurrencies are on the rise and their use has increased, many people are unaware of the different payment protocols available for their use in the market. Moreover, their future outlook regarding how they would perform in the market and how successful they would be in the industry is worth researching. This study will focus on how ripple works, how the payment protocol operates, and how people use XRP to trade and make transactions. The study will comprehensively include all aspects of the currency, the different factors affecting its price, and its value in the market.

Topic 2: Ripple token (XRP): Overvalued or not?

Research Aim: Cryptocurrencies are decentralized, i.e., there is no authority; thus, they are free to regulate the currency according to what suits them best. Companies like Ripple are well established and have huge names in the industry. Thus their currency’s value is determined by the demand and the performance of the company. Once the demand for their currency increases, the value increases. This value may rise due to speculation or due to illegal trade and related activities. This study will investigate the various reasons that cause a shift in the price of the currency. Moreover, the study will conclude whether Ripple Token XRP is overvalued or not.

Topic 3: The role of XRP token in improving cross border transfers.

Research Aim: A high percentage of Ripple’s token, XRP is used for international transfers. People may not use it for the same purpose; however, companies do because many rely on international business, thus making international payments daily. With the help of Ripple Token, XRP, companies can make their day-to-day international transactions without incurring a huge cost. Fiat currencies carry a huge cost associated with international transfers. Thus this aspect must be focused on. Ripple’s role in developing as the easiest, cheap and secure currency for international transfers will be examined in this study.

Topic 4: Is Ripple more volatile as compared to other cryptocurrencies?

Research Aim: This is one of the most important Ripple (XRP) dissertation topics. Cryptocurrencies are commonly known for security breaches. They are vulnerable to attacks and require several security layers to avoid such instances completely. This study will compare Ripple to Bitcoin, Ethereum, and other major types of cryptocurrencies to understand if the currency is more volatile as compared to other cryptocurrencies.

Topic 5: Will cryptocurrencies be widely accepted one day? An analysis on the future of ripple XRP token

Research Aim: The future of cryptocurrencies is yet to be decided; however, with the benefits and wide acceptance of Ripple’s token, XRP, it is speculated that Ripple will be a widely accepted cryptocurrency in the business world. This study will focus on the current aspects of various cryptocurrencies, their current trends, their performance, acceptance level, and their benefits. Based on these aspects, the future of each currency will be evaluated and compared with each other, with major emphasis on Ripple’s Token, XRP.

Topic 6: Will ripple disrupt the global payment market? An analysis

Research Aim: Ripple is known as one of the fastest-growing and widely adopted cryptocurrencies. The technology on which this cryptocurrency is based is known worldwide, and slowly financial institutions, including payment companies, are adopting it. Ripple is already known as a cross-border money transfer tool. Thus this research will investigate how ripple will disrupt the global payment market and expand its reach. The research will also understand how ripple is disrupting the global payment market and paving the way for more and more companies to join its network. This will be mixed-method-based research.

Topic 7: Ripple moving towards mass adoption – Why do other cryptocurrencies lag behind

Research Aim: There has been a lot of debate behind the mass adoption of ripple. But the critics argue why public and financial institutions would prefer this cryptocurrency over others. There is no doubt that ripple is a popular cryptocurrency, and if stats are anything to go by, ripple is one of the top five cryptocurrencies in the world. This research will talk about the various reasons why other cryptocurrencies lag and why ripple is one of the most widely used and adopted cryptocurrencies.

Topic 8: Analysing factors that drive ripple’s performance in the market

Research Aim: Ripple has been widely adopted by people. The company is partnering with more and more financial institutions worldwide and is slowly taking over the payment market. This research will help understand how ripple drives performance in the market and how the company paves the way for new arrangements with the world market. Furthermore, the research will also aim to understand how ripple works and attract companies to work and partner with it.

Topic 9: Ripple vs. bitcoin – Evaluating differences between the two currencies

Research Aim: Bitcoin is the very first currency on the market. Every cryptocurrency that has thus entered has been compared to it. Ripple is no different. The currency has always been compared to bitcoin, and ever since Ripple’s mass adoption, this comparison has only intensified. This research will investigate the similarities and differences between these two currencies and will also talk about how these two work differently.

Topic 10: Ripple trading – How investors have earned huge profits by trading xrp

Research Aim:  Ripple is another cryptocurrency that is widely traded on cryptocurrency trading platforms. When trading ripple, you have to be aware of the processes involved, the dos and don’ts, and the benefits of trading. After you have gained complete knowledge, you will earn a profit. This research will talk about the trading process, the different available trading platforms, and how investors have earned by trading XRP. This will be a quantitative study showing trading results.

Important Notes:

As a student of cryptocurrency – bitcoin, ethereum, and ripple looking to get good grades, it is essential to develop new ideas and experiment on existing cryptocurrency – bitcoin, ethereum, and ripple theories – i.e., to add value and interest in the topic of your research.

The field of cryptocurrency – bitcoin, etherum and ripple is vast and interrelated to so many other academic disciplines like civil engineering ,  construction ,  law ,  healthcare , mental health , artificial intelligence , tourism , physiotherapy , sociology , management , marketing and nursing . That is why it is imperative to create a project management dissertation topic that is articular, sound, and actually solves a practical problem that may be rampant in the field.

We can’t stress how important it is to develop a logical research topic; it is the basis of your entire research. There are several significant downfalls to getting your topic wrong; your supervisor may not be interested in working on it, the topic has no academic creditability, the research may not make logical sense, there is a possibility that the study is not viable.

This impacts your time and efforts in  writing your dissertation  as you may end up in the cycle of rejection at the very initial stage of the dissertation. That is why we recommend reviewing existing research to develop a topic, taking advice from your supervisor, and even asking for help in this particular stage of your dissertation.

While developing a research topic, keeping our advice in mind will allow you to pick one of the best cryptocurrencies – bitcoin, ethereum and ripple dissertation topics that fulfil your requirement of writing a research paper and add to the body of knowledge.

Therefore, it is recommended that when finalizing your dissertation topic, you read recently published literature to identify gaps in the research that you may help fill.

Remember- dissertation topics need to be unique, solve an identified problem, be logical, and be practically implemented. Take a look at some of our sample cryptocurrencies – bitcoin, ethereum and ripple dissertation topics to get an idea for your dissertation.

How to Structure your Dissertation Topics on Cryptocurrency – Bitcoin, Etherum & Ripple

A well-structured   dissertation can help students   to achieve a high overall academic grade.

• A Title Page
• Acknowledgements
• Declaration
• Abstract: A summary of the research completed
• Table of Contents
• Introduction : This chapter includes the project rationale, research background, key research aims and objectives, and the research problems to be addressed. An outline of the structure of a dissertation  can also be added to this chapter.
• Literature Review :  This chapter presents relevant theories and frameworks by analysing published and unpublished literature available on the chosen research topic, in light of  research questions  to be addressed. The purpose is to highlight and discuss the relative weaknesses and strengths of the selected research area while identifying any research gaps. Break down of the topic, and key terms can have a positive impact on your dissertation and your tutor.
• Methodology:  The  data collection  and  analysis  methods and techniques employed by the researcher are presented in the Methodology chapter which usually includes  research design,  research philosophy, research limitations, code of conduct, ethical consideration, data collection methods and  data analysis strategy .
• Findings and Analysis:  Findings of the research are analysed in detail under the Findings and Analysis chapter. All key findings/results are outlined in this chapter without interpreting the data or drawing any conclusions. It can be useful to include  graphs ,  charts  and  tables in this chapter to identify meaningful trends and relationships.
• Discussion  and  Conclusion: The researcher presents his interpretation of results in this chapter, and state whether the research hypothesis has been verified or not. An essential aspect of this section is to establish the link between the results and evidence from the literature. Recommendations with regards to implications of the findings and directions for the future may also be provided. Finally, a summary of the overall research, along with final judgments, opinions, and comments, must be included in the form of suggestions for improvement.
• References:  Make sure to complete this in accordance with your University’s requirements
• Bibliography
• Appendices:  Any additional information, diagrams, graphs that were used to  complete the dissertation  but not part of the dissertation should be included in the Appendices chapter. Essentially, the purpose is to expand the information/data.

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Date Modified April 12 2023 by Stella Carter

Latest Cryptocurrency Research Topics for 2023

The most important dissertation topics for cryptocurrency have been discussed below. For a dissertation writer, it has become very challenging to write a dissertation on such topics after covid-19. Some of the challenges we have discussed are below.

• Cryptocurrency dissertation writers faced disruption in providing the necessary environment to conduct an experimental study.
• It has affected the research process and plans of the researcher and the way of conducting research.

To conduct an analysis of the current state of cryptocurrency regulation and its impact on the adoption of cryptocurrencies in different regions.

Objectives:

• To provide a comprehensive overview of the current state of cryptocurrency regulation in different regions, including regulatory frameworks, laws, and policies.
• To identify the similarities and differences in the regulation of cryptocurrencies across different regions, including the United States, Europe, and Asia.
• To explore the impact of cryptocurrency regulation on the adoption and use of cryptocurrencies in different regions, including the role of regulatory uncertainty and compliance costs.
• To examine the potential impact of regulatory developments, including changes in regulatory frameworks and new regulations, on the adoption and use of cryptocurrencies.
• To analyze the relationship between cryptocurrency regulation and innovation, including the potential impact of regulation on the development of new cryptocurrency products and services.
• To identify the challenges and limitations of current cryptocurrency regulation, including the potential for regulatory capture and the difficulty of regulating decentralized networks.
• To evaluate the effectiveness of current cryptocurrency regulation in achieving its intended goals, including the promotion of financial stability, consumer protection, and the prevention of illicit activities.
• To provide recommendations for future cryptocurrency regulation aimed at promoting innovation, financial inclusion, and responsible adoption and use of cryptocurrencies.
• To promote awareness and understanding of the relationship between cryptocurrency regulation and the adoption of cryptocurrencies within and beyond policy-making contexts.

To conduct a study of the economic implications of cryptocurrencies as alternative forms of currency, including their impact on monetary policy, inflation, and exchange rates.

• To provide a comprehensive overview of the economic characteristics of cryptocurrencies, including their volatility, liquidity, and market capitalization.
• To explore the potential of cryptocurrencies to function as alternative forms of currency, including their use as a means of payment, store of value, and unit of account.
• To analyze the potential impact of cryptocurrencies on monetary policy, including their potential to disrupt traditional monetary policy tools and practices.
• To examine the potential impact of cryptocurrencies on inflation and exchange rates, including their potential to mitigate or exacerbate inflationary pressures and currency fluctuations.
• To evaluate the potential risks and benefits of using cryptocurrencies as alternative forms of currency, including their potential to promote financial inclusion, reduce transaction costs, and increase financial privacy and security.
• To identify the challenges and limitations of using cryptocurrencies as alternative forms of currency, including their potential for speculative bubbles, price manipulation, and regulatory uncertainty.
• To provide recommendations for policymakers and market participants on the appropriate use and regulation of cryptocurrencies as alternative forms of currency.
• To promote awareness and understanding of the economic implications of cryptocurrencies as alternative forms of currency within and beyond academic and policy-making contexts.

To explore the role of blockchain technology in the development and growth of cryptocurrencies, including its impact on security, privacy, and scalability.

• To provide a comprehensive overview of blockchain technology, including its key features, applications, and limitations.
• To analyze the use of blockchain technology in the development and growth of cryptocurrencies, including its role in enabling secure and decentralized transactions, verifying transactions, and maintaining a tamper-proof ledger.
• To explore the potential of blockchain technology to improve the security and privacy of cryptocurrencies, including its ability to prevent double-spending, protect against fraudulent activities, and enable anonymous transactions.
• To examine the potential of blockchain technology to improve the scalability and speed of cryptocurrencies, including its ability to support high transaction volumes and reduce transaction processing times.
• To identify the challenges and limitations of using blockchain technology in the development and growth of cryptocurrencies, including its potential for high energy consumption, technical complexity, and regulatory uncertainty.
• To evaluate the effectiveness of blockchain technology in addressing the challenges and limitations of cryptocurrencies, including the potential for alternative technologies and solutions.
• To provide recommendations for future research and development aimed at improving the role of blockchain technology in the development and growth of cryptocurrencies.
• To promote awareness and understanding of the role of blockchain technology in the development and growth of cryptocurrencies within and beyond academic and industry contexts.

To examine the factors that affect the volatility of cryptocurrencies, including market sentiment, news events, and technological developments.

• To provide a comprehensive overview of the characteristics of cryptocurrencies, including their volatility, liquidity, and market capitalization.
• To analyze the factors that affect the volatility of cryptocurrencies, including market sentiment, news events, and technological developments.
• To explore the impact of market sentiment on the volatility of cryptocurrencies, including the role of investor behavior, market psychology, and sentiment analysis tools.
• To examine the impact of news events on the volatility of cryptocurrencies, including the role of news sentiment, event study methods, and media coverage.
• To explore the impact of technological developments on the volatility of cryptocurrencies, including the role of blockchain technology, smart contracts, and mining difficulty.
• To identify the challenges and limitations of measuring and predicting the volatility of cryptocurrencies, including the potential for high frequency trading, liquidity gaps, and algorithmic trading strategies.
• To evaluate the effectiveness of existing approaches to measuring and predicting the volatility of cryptocurrencies, including statistical models, machine learning algorithms, and sentiment analysis tools.
• To provide recommendations for future research aimed at improving the understanding and prediction of the volatility of cryptocurrencies.
• To promote awareness and understanding of the factors that affect the volatility of cryptocurrencies within and beyond academic and industry contexts.

To study the use of cryptocurrencies for illicit activities such as money laundering and terrorism financing, and the measures taken to combat these activities.

• To provide a comprehensive overview of the characteristics of cryptocurrencies, including their anonymity, decentralization, and global reach.
• To analyze the use of cryptocurrencies for illicit activities such as money laundering and terrorism financing, including the scale of the problem and the methods used by criminals.
• To explore the effectiveness of existing regulatory frameworks in combating the use of cryptocurrencies for illicit activities, including the role of government agencies, law enforcement, and international cooperation.
• To examine the potential of blockchain technology in enhancing the transparency and traceability of cryptocurrency transactions, including the development of blockchain analytics tools.
• To evaluate the effectiveness of existing measures taken to combat the use of cryptocurrencies for illicit activities, including the use of know-your-customer (KYC) and anti-money laundering (AML) policies, and the regulation of cryptocurrency exchanges.
• To identify the challenges and limitations of combating the use of cryptocurrencies for illicit activities, including the potential for decentralized exchanges, privacy-enhancing technologies, and the emergence of new forms of illicit activities.
• To provide recommendations for future research and policy aimed at improving the measures taken to combat the use of cryptocurrencies for illicit activities.
• To promote awareness and understanding of the use of cryptocurrencies for illicit activities and the measures taken to combat them within and beyond academic and industry contexts.

To analyze the impact of cryptocurrencies on the traditional banking industry, including its potential to disrupt traditional payment systems and financial intermediaries.

• To provide a comprehensive overview of the traditional banking industry, including its functions, structure, and regulations.
• To examine the characteristics of cryptocurrencies that make them potential disruptors of traditional banking, including their decentralization, security, and global reach.
• To analyze the impact of cryptocurrencies on traditional payment systems, including the potential for faster, cheaper, and more secure transactions.
• To explore the potential of cryptocurrencies to act as an alternative to traditional financial intermediaries, including banks and credit card companies.
• To evaluate the response of traditional banks to the emergence of cryptocurrencies, including the development of their own digital currencies and blockchain-based systems.
• To identify the challenges and opportunities posed by the integration of cryptocurrencies into the traditional banking industry, including the potential for increased competition, regulatory challenges, and technological innovation.
• To provide recommendations for future research and policy aimed at maximizing the benefits and minimizing the risks of integrating cryptocurrencies into the traditional banking industry.
• To promote awareness and understanding of the impact of cryptocurrencies on the traditional banking industry within and beyond academic and industry contexts. .

To conduct a comparative study of the different types of cryptocurrencies, including their technical features, use cases, and market performance.

• To provide a comprehensive overview of the history and evolution of cryptocurrencies, including the emergence of Bitcoin and subsequent altcoins.
• To examine the technical features of different types of cryptocurrencies, including their consensus mechanisms, block sizes, transaction speeds, and privacy features.
• To analyze the use cases of different types of cryptocurrencies, including their potential for payments, smart contracts, identity verification, and other applications.
• To evaluate the market performance of different types of cryptocurrencies, including their price volatility, liquidity, and trading volumes.
• To compare and contrast the technical features, use cases, and market performance of different types of cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and other major cryptocurrencies.
• To identify the factors that influence the adoption and success of different types of cryptocurrencies, including network effects, regulatory frameworks, and public perception.
• To provide recommendations for investors and users of cryptocurrencies based on the findings of the comparative study.
• To promote awareness and understanding of the different types of cryptocurrencies within and beyond academic and industry contexts.

To investigate the social and ethical implications of cryptocurrencies, including their potential to promote financial inclusion, social justice, and economic empowerment.

• To provide a comprehensive overview of the concept of financial inclusion, including its importance for promoting economic development and reducing poverty.
• To examine the social and ethical implications of traditional financial systems, including their exclusionary nature and potential for abuse and corruption.
• To analyze the potential of cryptocurrencies to promote financial inclusion, including their ability to provide access to financial services for underserved and marginalized populations.
• To explore the potential of cryptocurrencies to promote social justice, including their ability to facilitate peer-to-peer transactions, reduce transaction fees, and bypass intermediaries.
• To evaluate the potential of cryptocurrencies to promote economic empowerment, including their potential to provide greater financial control and autonomy to individuals and communities.
• To identify the challenges and risks associated with the use of cryptocurrencies for promoting financial inclusion, social justice, and economic empowerment, including security risks, regulatory challenges, and technical barriers.
• To provide recommendations for future research and policy aimed at maximizing the social and ethical benefits of cryptocurrencies.
• To promote awareness and understanding of the social and ethical implications of cryptocurrencies within and beyond academic and industry contexts.

To conduct a study of the user behavior and adoption patterns of cryptocurrencies, including the factors that influence their adoption and usage.

• To provide a comprehensive overview of the current state of adoption of cryptocurrencies, including the demographics of users and their motivations for using cryptocurrencies.
• To examine the factors that influence the adoption and usage of cryptocurrencies, including technical barriers, regulatory frameworks, and market conditions.
• To analyze the user behavior and adoption patterns of different types of cryptocurrencies, including their frequency of use, transaction sizes, and use cases.
• To identify the benefits and challenges of using cryptocurrencies for different user groups, including consumers, merchants, and investors.
• To evaluate the impact of media coverage and public perception on the adoption and usage of cryptocurrencies.
• To provide recommendations for improving the user experience and increasing the adoption of cryptocurrencies.
• To promote awareness and understanding of the user behavior and adoption patterns of cryptocurrencies within and beyond academic and industry contexts.
• To contribute to the development of a more inclusive and equitable financial system through the promotion of cryptocurrency adoption.

To conduct an analysis of the environmental impact of cryptocurrencies, including their energy consumption, carbon footprint, and potential for sustainable mining practices.

• To provide a comprehensive overview of the environmental impact of cryptocurrencies, including their energy consumption and associated carbon footprint.
• To identify the main sources of energy consumption in cryptocurrency mining, including hardware, cooling, and transaction validation.
• To assess the current state of sustainability practices in cryptocurrency mining and identify areas for improvement.
• To evaluate the potential of renewable energy sources, such as solar and wind power, for powering cryptocurrency mining operations.
• To investigate the impact of cryptocurrency mining on local environments and ecosystems, including water usage, air pollution, and land use.
• To compare the environmental impact of different types of cryptocurrencies and mining algorithms.
• To identify the trade-offs between environmental sustainability and other factors, such as security, scalability, and decentralization, in the design and operation of cryptocurrencies.
• To provide recommendations for promoting sustainable practices in cryptocurrency mining and reducing the environmental impact of cryptocurrencies.
• To raise awareness and understanding of the environmental implications of cryptocurrencies among academic and industry stakeholders.
• To contribute to the development of a more sustainable and responsible cryptocurrency ecosystem.

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Best Cryptocurrency Thesis Topics for 2022

• A comparison of (two or three) crypto-currencies to evaluate the volatility in them.
• An analysis of irreversible frauds in the crypto-currencies.
• Through empirical past evidence, evaluating crypto-currencies to see if it’s a big opportunity or a big fraud.
• An examination of crypto-currency under social, economic, and technological factors.
• Determining the impact of crypto-currency in today’s world, and evaluation of its future implications with recent trends.
• A cashless future is a utopia or a reality to come?
• Discussion of the challenges of a decentralised crypto-currency.
• Crypto-currency has more risks in comparison to its gains, discuss.
• A discussion on the role of states in regulating crypto-currency and the phenomena of digital economics.
• An analysis of advantages and disadvantages of crypto-currency.
• Crypto-currency going to provide a cashless society/world in the future, discuss.
• Analysing the perspective of a monetary policy towards the regulation of crypto-currency.
• Financial market prospects towards crypto-currencies.
• Why stock markets are not allowing crypto to become the determinant of stocks.
• An evaluation of why traditional financial markets has no trust on the credibility and sustainability of crypto-currencies.

Cryptocurrencies have been introduced in the 21 st century and have since evolved and adapted to the needs of the market and consumer. Currently, cryptocurrency market is worth over 100 billion US dollars, but since its inception the currency has seen major shifts in usage and format. The market for cryptocurrency has been evolving as well, based on the buying trends of consumers and gradual stringency of government regulations for digital methods of payments and other transaction. Therefore, in this study the evolution of cryptocurrency as an alternative to traditional cash or cash-less payment methods will be analysed.

As the prevalence of digital transactions increases, the use of cryptocurrencies has increased likewise. However, a hindrance to this usage has been several external factors of market value, pricing and customer perception. To overcome these issues, the regulatory bodies at national or international level for financial markets can ensure regulation that introduces clarity and transparency, resulting in increased adoption strategies. In this study, government regulations will be evaluated as a support system for the integration of cryptocurrency in global markets.

Traditional financial systems have always been centralised, with a specific entity and purpose that serves the interest of the government and the nation. However, cryptocurrency pose a dilemma to national bodies that regulate financial transactions, as it is a decentralised distributed network of systems. This leads to the false assumptions that cryptocurrencies are only used by illicit entities with ulterior motives, further tarnishing the image of digital platforms used for financial transactions. In this study, the researcher will be understanding the specific challenges faced in regulating cryptocurrencies and then devise recommendation for improvement in systems, in order to bring transparency.

Cryptocurrency supports financial transactions on an electronic platform, without an intermediary like a bank or other legislative bodies. However, the use of cryptocurrencies, like Bitcoin, Litcoin and Ethereum has increased considerably in a short time, therefore the pertinent step is for financial markets to adapt and integrate the two systems. In this integration, several challenges may arise which include regulation, cybercrime, frauds etc. This research will be analysing the challenges specific to cryptocurrency, by conducting a survey with consumers and understanding their perception. This will help in providing recommendations that are inclusive of the consumer behaviour as well as comply with legal requirements.

The fame of cryptocurrency has generated a great deal of interest among the general population about buying and selling on digital platforms. Therefore, in this study the factors that affect consumer satisfaction and perception will be assessed, within the context of cryptocurrency. This will enable the researcher to form a better understanding of reasoning behind choosing to switch to cryptocurrencies from traditional cash-based payment methods, as well as pinpoint the exact motive for avoiding these currencies. The study will include a theoretical framework for customer satisfaction and perception, which will provide contextual understanding for cryptocurrency perceptions.

The issue of cybercrime can have far reaching consequences when financial transaction and economic stability of a person is involved. Cases of cybercrime leads to millions of dollars of losses every year, with further ramifications on the emotional wellbeing of the person. Therefore, to have a better understanding of underlying issues that lead to cybercrime in cryptocurrency, via scams or phishing will be analysed and reviewed for this study. The study will also include the implications on the emotional and physical health of the person, as well as financial stability. The results of this study will hold significance for the victims as well as authoritative bodies for coping and policy making, respectively.

Use of cryptocurrencies for unlawful and dishonest business associations that result in money laundering, phishing scams, extortion etc. can result in value depreciation, as customer perception decreases. However, the decentralised nature of cryptocurrencies and ambiguity offered to consumers, is also established as a method to support such illicit transactions. Therefore, instances of cybercrime will be analysed and subsequent impact on the value of cryptocurrencies will be determined. This will be useful in further understanding the effects of stability of the currency, as buying or selling decreases.

Exchange scams in digital transactions can occur with the help of scam domains as well as fake mobile applications that target certain consumers. Studies indicate that major application markets, like the Google Play have also been misled and the applications are made available for thousands to download. This results in financial losses in the millions and setbacks to the branding or image of companies that deal in cryptocurrency. Therefore, in this study the causes of scams, such as consumer lack of knowledge, portrayal as an unsuspicious application and others will be identified and discussed. In terms of the implications, the losses incurred on users will be assessed as well.

Considering the implications of cryptocurrency scams, which can lead to financial, emotional as well as physical losses, it is important to conduct a study on prevention techniques that can help users identify them. In this research, various techniques, tools and general knowledge needed to avoid phishing, scams and other cybercrime activities will be critically analysed, using literature to understand the pros and cons of each method. The findings of the study will allow for recommendations that will include the most appropriate and proficient method that can be used for avoiding such scams.

Although, cryptocurrencies offer the benefit of making transactions without an intermediary, but the popularity of this currency has also led to unintended consequences. Regulators cannot be aware of the reason behind money transferred through cryptocurrencies, which has led to preference by criminals to evade sanctions and use cryptocurrencies. This nature of decentralised unregulated entity for financial transactions offers a route to criminals for sponsoring terrorist related activities as well as launder money out of home countries. Therefore, in this study the research will be analysing cryptocurrency as a source of criminal activities, by reviewing past cases where similar instances have occurred, which can help governments in reducing such uses.

The use of social media was previously perceived to only be for entertainment purposes, but recent data indicates that digital platforms offer advice and resources for financial decisions as well. Keeping this in mind, this study will be reviewing the role played by social media in predicting usage, pricing and perception for cryptocurrencies. This will be done by understanding the general role social media plays in customer perception and buying behaviour, which can further establish the probable effects on cryptocurrency. Consume perception can be further understood through interviews that can be conducted regarding cryptocurrency and use of social media for financial decisions.

Cryptocurrency is usually viewed to be in the same class as commodities or assets, therefore the consumer trends show buy and hold characteristics. Considering the volatile nature of cryptocurrency, the performance measurement will be done for offerings, pricing and reselling options. The aspects of liquidity, capitalisation of the market and pricing ratios determine the performance of different cryptocurrencies, which will be evaluated in this study.

Cryptocurrency, economy and financial decisions at a local level are directly linked and variations in one can lead to ramifications on other aspects. Cryptocurrency like Bitcoin exchange rates are impacted by fundamental economic factors, while market conditions are capable of impacting the long term stability of cryptocurrency exchange rates. However, at the same time these cryptocurrencies can also play a crucial role in developing a sustainable financial market, as remittances, inclusivity and bank structures can be improved for better adaptability. Therefore, in this study the economic development as a scientific concept will be analysed and its impact on cryptocurrencies.

Cryptocurrency offers a certain level of privacy to its users that can further help in avoiding regulation measures. This is why the platform of cryptocurrency has become the preference of drug dealers, extortionists and other scammers. As the perceived ambiguity of the user offered by cryptocurrencies, this study will be analysing opportunities to commit criminal activities. To better understand the research problem, major issues regarding role in criminal activities, factors pertinent to cryptocurrency allowing criminal activities, political aspects that hinder regulation and challenges for law enforcement will be discussed. This will present the problem, but also help in understanding the shortcomings of politicians and policymakers that have enabled cryptocurrency to remain ambiguous.

Traditional financial market is based on transactions containing banks, regulators, investors and other intermediary aspects. On the other hand, cryptocurrency is based on a decentralised system, in which regulators do not play a major role. Therefore, in this study the influence of digital transactional practices on traditional markets will be analysed. To understand the conceptual basis, literature will be reviewed for impact, while surveys with financial sector professionals will be helpful in understanding the reality.

Bitcoin and Ethereum are one of the foremost cryptocurrencies that are being used by the digital financial markets. While ethereum offers a limit to the block size, bitcoin does not offer the same services. This leads to differentiation based on consumer preference. This study will be reviewing the performance of each cryptocurrency and understanding the success factor that has made one superior to the other.

Bitcoin has been perceived to be specifically meant for tech savvy first-world countries, but the future of this currency is predicted to bring considerable options for development in the developing world. As the use of bitcoin can be used to overcome the issues of inflation, rates of exchange, fraud activities and accessibility to financial markets. In this research, the future of bitcoin will be identified and examined, which will further be evaluated by understanding the advances in technology and regulation.

Cryptocurrency is directly associated with financial sector and transactional activities, but stakeholder interest in this industry is affected by social, economic and technological factors. These factors include social awareness, economic development and technological advancement that can either increase usage or decrease consumer perception. In this study, these factors will be identified and analysed, which will further be used to understand the implications for the future.

Cryptocurrency market and trends are generally considered to be highly unpredictable that leads to the assumption that abnormal profits can be generated. Therefore, in this study the technology of machine learning will be analysed as a predictability tool, which can look at numerical or statistical datasets and generate realistic and relevant results. This prediction can be used for forecasting pricing, upheavals of economy as well as stabilise for the consumer.

Although, cryptocurrencies are controversial, but there is capability of the platform to be used for risk free financial relations. This is done due to the mechanisms of trust, guarantee and reduction of traditional hindrances offered by cryptocurrency funds that are not present in traditional systems. Based on this, the study will be assessing the role cryptocurrency can play in encouraging a safe environment regarding finances, which can decrease scams and frauds, while security measures can be ensured.

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Home > Graduate College > Dissertations > 3812

Dissertations

Essays on bitcoin and cryptocurrencies.

Jiasong Wu , Western Michigan University Follow

Date of Award

Degree name.

Doctor of Philosophy

First Advisor

Dr. Susan Pozo

Second Advisor

Dr. C. James Hueng

Third Advisor

Dr. Menelik Geremew

Bitcoin, cryptocurrency, volatility, monetary policy, event-study, three-factor model

Bitcoin and cryptocurrencies, invented as potential digital international currencies, have gradually drawn more and more attention since their birth. The growing popularity of cryptocurrencies in the past decade and the recent acceptance of Bitcoin as legal tender in El Salvador suggests that there is growing acceptance of these instruments and that cryptocurrencies are here to stay. Among these cryptocurrencies, Bitcoin has a unique place being the first and most well-known cryptocurrency in terms of price, market capitalization, and trading volume.

The first two essays of this dissertation focus on Bitcoin and the third essay focuses on the cryptocurrency market in general, through studies of their return time series. The first essay explores whether Bitcoin is a speculative asset by studying its volatility. Based on generalized autoregressive conditional heteroskedasticity (GARCH) models with daily data, I compare the conditional volatility of Bitcoin with that of the U.S. dollar, the euro, the British pound sterling, gold, the S&P 500 Index, and the CBOE VIX, and find that, at this time, Bitcoin behaves closer to a speculative vehicle than an international currency due to its much higher volatility. This may explain why it has not yet been widely accepted in the world as a payment method.

The second essay examines the effect of U.S. monetary policy on Bitcoin during times of quantitative easing (QE). The Federal Reserve has launched large-scale asset purchases programs, referred to as quantitative easing, since the nominal interest rate reaches its zero lower bound. To capture the possible shocks from both conventional and unconventional monetary policy, GARCH models are used in this essay to ascertain its effect on Bitcoin. In addition, the shocks from the stock market, the gold market, and the oil market are also examined. The results of these inquiries show that Bitcoin is not directly impacted by monetary policy but appears to be impacted from the stock market suggesting possible indirect channels through which Bitcoin is impacted by monetary policy.

The third essay investigates the impact of the global COVID-19 pandemic on the cryptocurrency market following the event-study approach (ESA). Having shaped the world in many ways, the COVID-19 pandemic has profoundly influenced the world economy and financial markets in the short run. To study if the cryptocurrency market is also impacted by the COVID pandemic, I incorporate a three-factor model into the ESA along with a large data set, including 100 cryptocurrencies and over 150,000 daily observations. I first show that the three-factor model built on training data captures the common risk factors (i.e., market, size, and momentum) of the cryptocurrency market quite well. Then I use the ESA along with the three-factor model on the test dataset to test if there is a significant event effect. I find that though the daily impact of the COVID pandemic is not always significant, the accumulated effect on cryptocurrencies is significantly negative and does not disappear over time, at least in the short run.

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Wu, Jiasong, "Essays on Bitcoin and Cryptocurrencies" (2021). Dissertations . 3812. https://scholarworks.wmich.edu/dissertations/3812

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Cryptocurrency refers to digital currencies like Bitcoin and Ethereum that operate the monetary transactions of the digital or virtual world. It has revolutionised startups and opened new economic opportunities, enabling people worldwide to earn millions. It's a new concept that academic researchers can explore. For research purposes, students need to look for exciting cryptocurrency dissertation topics .

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