Transactional systems and Cryptocurrency: A Review of Literature
This study is aimed at reviewing literatures relation to general transactional systems and also cryptocurrency related literatures. The study information was collected through empirical literatures, published documents and monetary related database. The settled that transactional system has witnessed series of shift from barter system to the present fiat and fractional reserve system. The advancement of technology and the digital economy has contributed to significant decline in cash usage and the digital transaction is fast gathering momentum. The cryptocurrency system is among the recent evolution in a transactional system where the currency operates as a decentralized system on blockchain technology and distributed ledger with high security, simplicity, traceability, transparency, and accountability of all transactions on the block. Those formidable features are now threatening the future of the current fiat and fractional reserve system because the crypto is geared towards eliminating the role of banks in transactions. Keywords: Transactional system, fiat money, fractional reserve, cryptocurrency and blockchain.