HI6008 | Business Research | Holmes Institute


Crypto currency is a modern topic and is very interesting to be researched upon. This is because in recent times crypto currency has been stated to be an effective way of creating digital currency. The research team is focused upon development of a detailed research on the topic of ‘Crypto currency and its impact on online businesses.  There have been many instances where Crypto currency has both negative and positive impact over online business hence it is a very interesting topic to be researched upon. It is a modern topic which is the part of disruptive innovation that has taken place in the recent decades.

Literature review


In the era of digital revolution, most of the people are using smart phones, tablets as well as personal advance computers that is why there has been a radical change in the global market & economy which has led to the introduction of Crypto currency like technological aspect. Crypto currency has become necessary to those people who want to maintain privacy. A literature review has been conducted in order to understand the previous researcher’s views on the concept of Crypto currency and the kind of impact it has on online business.

Outline of Crypto currency

The term Crypto currency refers to virtual currency which allows online secure payment methods. It is one of the biggest inventions of technology in the digital world. Instead of depending on any financial institute, Crypto currency transactions are done by any computer aided person, which is very secure and encrypted. The first blockchain depends on Crypto currency Bitcoin, which was made in 2009 by Satoshi Nakamoto.  Bitcoin is a centralized system which introduces Altcoins, Peercoin, Namecoin, Etherum, Cardano & EOS. Crypto currency makes the fund transfer easier between two parties. It possesses a wallet of User’s which allows the fund transfer with minimal processing fees. According to Albayati, Kim, & Rho, (2020) money is very expensive so it would be replaced with some more effective assets. There should be a combination of finance & technology which make the transaction process very much faster.

Reason for using Crypto currency  

There are several reasons for using Crypto currency:

To reduce transaction fees

By using Crypto currency transaction users need to pay a very nominal amount of processing fees or no direct processing fees where banks or credit card transactions charge adequate processing fees.

Secure payment

Crypto currency possesses third party involvement free money transfer which is very secure.

Faster payment

This transaction happens almost immediately contrasting to the credit card payment. Users may access the coin payments in less than a minute.

Volatile in value

Crypto currencies are volatile in nature. It makes the business more attractive to investors. But there is also a risk of crash transactions. Unless any crash occurs, the payment is made within a few seconds.

Impact of Crypto currency on online business

The shopping habits of people have been changed. In this global pandemic people are ordering anything essential as well as non-essential commodities from online. The e-commerce market provides many advantages such as the ability to buy at home, maintaining social distance. But online shopping is not problem free. The customers are afraid of being deceived. But Crypto currency has made online payments more secure for online businesses. By using Crypto currency there are no chances of disclosing any personal information or being deceived. So, it is very safe for online business. As nowadays major online transactions are made with credit cards which are untrustworthy as lots of personal data are needed for this transaction. Crypto currency always maintains transparency as it stores the history of transactions which have ever been made, is called blockchain. The transaction is very fast as it can happen anywhere, to anyone and any amount within a minute. This fast transaction helps to smooth the online business cash flow. It is very secure as after completing money transfer through Crypto currency, it is very difficult to reverse which is very secure to the online retailers. Accepting Crypto currency as a payment method makes the business broader as it does not possess any extra charges across the border so that the traders can conduct their online business around worldwide. According to Bunjaku, Gorgieva & Miteva, (2017) Bit coin is an online virtual currency for the online business which believes in the combination of cryptographic protection & a peer to peer protocol. In the concerned article it was also stated that crypto currencies can be imagined as a chain of transactions from one owner to the next. In these online transactions’ users are identified as a public key. It is non-governmental, so the ownership of the money is absolutely anonymous. So, this safe transaction helps to facilitate the online trades.  Hur, Jeon &Yoo,(2015) stated that, at the end of the year 2019 Bit coin has reached in approx. 4.7million active users. Bit coin, a decentralized Crypto currency is much more popular than any previous e-cash. The brick and mortar businesses like firms, restaurants, online service, Sports Company, apartments and other small, medium and large-scale online businesses are using crypto currencies like Bit coin. Mostly merchants as well as individual technology workers use crypto currencies. It is also widely used by the common man as a mode of payment in buying goods & services. Many renowned online companies are using crypto currencies as an authorized source of money transactions. Such as wordPress.com, Subway, Microsoft, Dell, use Bit coin as a fund source. As an online seller, by adopting Crypto currency would definitely help to gain the trust of the customers & expand the consumer base by offering more options during checkout.


Crypto currency is in the hot topic of the global financial system & trades. Bitcoin and other crypto currencies have the ability to replace the old as well as new mode of transaction.   Bit coin is still in its infancy stage with its incomplete features which are under development. With high risk of hacking, volatility makes the future of Crypto currency pessimistic.

Research problem

In the review of literature it is seen that Crypto currency has had more negative impact on the online business rather than a positive impact. It is seen that the impact of Crypto currency over online business has created negative side effects in the online business systems and this is a major problem that will be researched in the current research. It is important to consider that through the use of the research there will be detailed analysis over the research problem that is the negative impact of Crypto currency on online business as well as some positive impact that Crypto currency has on the online business operations.

Research Question

Now research question are major question that the researcher will look answer at the end of research which is as follows:

  1. What is Crypto currency in online business?
  2. What is the impact of Crypto currency on online business?
  3. What are the possible negative impacts of Crypto currency  on online business?
  4. What are the ways in which the negative impacts of Crypto currency can be mitigated in online business?


Albayati, H., Kim, K., and Rho, J. J. 2020. Acceptance of financial transactions using blockchain technology and Crypto currency : A customer perspective approach. Technology in Society, 101320.

Bunjaku, F., Gorgieva-Trajkovska, O., and Miteva-Kacarski, E. 2017. Cryptocurrencies–advantages and disadvantages. Journal of Economics, 2(1).

Hur, Y., Jeon, S., and Yoo, B. 2015. Is bitcoin a viable E-business?: Empirical analysis of the digital currency’s speculative nature.





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