Evolution and irregularities in cryptocurrencies

Evolution and irregularities in cryptocurrencies

Executive Summary

This research proposal focuses on the evaluation and irregularities sin the cryptocurrency market based on the specific research question to analyze significant outcomes with the identification of relevant aspects of research. The major research question of the paper is "How have cryptocurrencies evolved over the years and what are the irregularities that have arisen in the functioning of cryptocurrency?" This research follows the inductive approach based on interpretivist philosophy to promote an in-depth analysis of the qualitative information. Reliable outcomes are approached by the researcher through thematic analysis and managing exploratory research design. Peer-reviewed journal articles, books and other secondary sources are opted for the research to enhance the quality of the study. 

Introduction. 4

Research Objective. 5

Research Question. 5

Literature review.. 5

Methodology. 6

Research approach. 7

Research method. 7

Collection plan of data. 8

Data Analysis Technique. 8

Data Analysis and findings. 9

Research Approach. 9

Research method. 9

Statement of deliverables. 9

Gantt-chart 10

Ethics. 10

References. 11






Cryptocurrency is the currencies that are virtual and are secured through cryptography. These cryptographic currencies function as digital assets and are at times used as exchange. People who own it have tokens in digital forms as proof for the ownership and the currencies are accordingly recorded in the digital ledger. The very first cryptocurrency was found in the year 2009 and it was marked in the electronic cash system. The first currency publicly was released by pseudonym Satoshi Nakamoto (Hileman Rauchs, 2017). The first cryptocurrency that evolved was Bitcoin. This currency was created for the protection concerning inflation and also to give the control of money in the people's hand. Following Bitcoin, the market has grown and now several currencies prevail in the market. The market of cryptocurrencies has evolved over the years. Litecoin, Dogecoin is the currencies of a joke. They have entered the market after Bitcoin. The main idea for the evolution of cryptocurrency was to manifest a channel that is anonymous and transfers the currency to different persons and help in exchange. In recent time, the use of cryptocurrency is growing rapidly and companies like Starbucks are allowing it for the payments of drinks and foods. The volatility of the cryptocurrency market is at $4.8 billion per day (Clements, 2018). The following graph shows the growth of cryptocurrency over the year:


            Figure 1: Growth of cryptocurrency over the years


With the growth of cryptocurrencies in the market, various irregularities have cropped up in the business. Legal implications concerning the new technologies are rising. Government and also various institutions of finance are dealing with the discrepancies that arise at the time of dealings. Since the currencies cannot be owned physically there is a problem that persists including tax evasion, classification of cryptocurrencies and decentralization of virtual currencies (Clements, 2018). Also, there is a problem while registering the business and obtaining a license. Through cryptocurrency, tax can be evaded easily as users are anonymous and money cannot be traced. In the same manner, cryptocurrency has been defined as property in the US while in Canada it is treated as currency. So, various irregularities prevail in the functioning of cryptocurrency. This research will study the problems that have arisen in the cryptocurrency business due to evolution of cryptocurrencies around the globe. Also, the light will be shed on the evolution of the cryptocurrencies over the period and what has led to their growth and how an effective system defying the irregularities can be created.

Research Objective

Objectives for the research shows the points of purpose for which the researcher or the author wants to highlight or understand through the study. For the research, the following objectives will be considered:

  1. To study the history of cryptocurrency and how the currencies have evolved over the period around the globe.
  2. To study the functioning for the cryptocurrencies.
  3. To understand and define the irregularities that are prevailing in the functioning of cryptocurrency.
  4. To understand the best way in which cryptocurrencies can be regularized around the globe.

Research Question

The research question for the research paper defines the main objective or aim for the study. The main or primary question for research will be:

"How have cryptocurrencies evolved over the years and what are the irregularities that have arisen in the functioning of cryptocurrency?”


  1. How cryptocurrency does functions and evolved?
  2. What are how these irregularities can be pushed aside and the functioning of cryptocurrency can be improved?

Literature review

According to the author Inna Gryshova and Tatiana Shwstakovska, 2018 in the paper FinTech business and prospects of its development in the context of legalizing the cryptocurrency  y in Ukraine, the currencies are made by mining for which the users are at different locations and by installing the software or solving the algorithms cryptocurrencies can be created. The process for the legalization of the cryptocurrency keeps varying from country to country. In developed countries like the US, they are recognized as a mode for payment while in Germany they are considered as private money. While in Ukraine, the existence of these currencies is ignored that might lead to troubles in the social and economic environment. Later the country has generated a bill for the circulation and regulation of legal relations with cryptocurrency. The result of the study stated that the currency of cryptography cannot be equated with the product as the result is dependent on demand and supply. But for the appropriate functioning especially for legal regulations economy needs to look for cyber thefts mainly and enhance protection in that area.

Author A.M. Bondarneko in the year 2018 in its paper Cryptocurrency: a new way of earning, depicted how cryptocurrency has become a new way of earning. In the paper, it has been stated that cryptocurrencies over time have evolved and has become a new way of earning. The very first cryptocurrency in the world was created in the year 2009 and functioned on the technology of blockchain that was used as an open ledger for recording various transactions that have taken place in between the two parties. Bitcoins are one of the most famous cryptocurrency and are limited up to 21 million in the record of the transaction. In 2018, almost 81% of the volume has been produced. The system for blockchain is decentralized and entrusting a broker or the institution of exchange is not there. The price for the Bitcoin has reached to $9082 in the year 2018 which stood at $.0001 in the year 2009 and the capitalization of the market stood at $418.6billion. This depicts that cryptocurrency is growing in the market. With certain progress in the dealings of cryptocurrency, there are chances that it will grow further and higher in the market and people may earn a lot.

According to Sanam Jafari, in the paper “Cryptocurrency: A challenge to the legal system” depicts that there is a various legal issue that has cropped up with the growth of cryptocurrencies in the market. Various methods are being used for concealing the money transaction that happens through cryptocurrency. The exchange in the currency happens directly through a peer to peer transaction and no institution is involved due to which tax evasion cannot be evaded. Also, cryptocurrency is considered as a heaven for the tax evaders and various methods are used for hiding the transfer of money. Various wallets can be used by a single person and only receiving money can be done through that. Another pattern that is used is a fork and merge pattern. Through this method, the transaction is divided into various smaller parts and then sent to various destinations and later collected at one place. The countries have different takes on the dealings of cryptocurrency but they pose various threats that include cybersecurity risk, evasion of tax and support of terrorism in the terms of finance.



The research methodology is considered as a tool to evaluate the problem of the research and recognize the appropriate approach and design for the research that can help in maintaining validity and reliability. It is an effective part of the research to gather the information through an appropriate method and analyze relevant outcomes in terms of accuracy and validity. Different theoretical concepts are included in the research methodology followed by a research philosophy, approach and design (Research methodology, 2019). To analyze most appropriate outcomes from the research, qualitative data is recognizing as suitable which can provide significant information regarding cryptocurrency and help in evaluating the research findings.


Research approach

The research approach is referred to as an outline of the methods and techniques used by the researcher to create several assumptions based on the gathered information. Through investigating the research problem, the researcher can derive sufficient information for the study. To manage the outline of the research, two major research approaches are widely used by the researcher which are inductive and deductive. It can help in deriving a reliable conclusion of the study. The inductive approach of the research recognizes the generalized findings from specific findings whereas deductive approach helps in deriving specific results based on the generalized concepts to achieve reliable specific outcomes. Including this, it can also be marked that the inductive approach of research is common in the studies where the author has decided to use the secondary tools. On the other hand, the deductive approach of research is mostly used by the researchers who have based their study on primary data and also the data that has been collected is quantitative (Kumar, 2019). This study is based on the inductive approach that can approach the most effective research outcomes in this paper and provide a relevant understanding of the cryptocurrency.


Research method

Research methods are based on the philosophy and design of the research that is required to provide accurate direction to the study with a reliable technique. Research philosophy is considered as a belief that promotes data gathering, evaluation and interpretation to manage most suitable information for the research that can enhance the derived outcomes (Hashemnezhad, 2015). Two types of research philosophies are used by the researchers that help do the study which is interpretivism and positivism. The interpretivism research philosophy is concerned with human actions and behaviour while positivism philosophy is concerned with human perspectives based on scientific tools and techniques. Positivist philosophy of the research is the one that promotes the use of quantitative data tools of collection. These tools that are used in Positivist philosophy have a higher reliability rate. Although the interpretivist philosophy is based on the qualitative data to analyze human perceptions and their behaviour regarding specific actions (Ryan, 2018). This paper focuses on interpretivist research philosophy to align with the qualitative data and derive suitable research findings based on subjective information. To work through secondary qualitative information, interpretivist philosophy defines the appropriate direction and helps in managing an in-depth study of the components (Dougherty, Slevc & Grand, 2019). The use of interpretivist philosophy can help in defining the movement of cryptocurrency and their legality based on societal factors. They are dependent on how the government decides the process instead of one individual taking a call for the currency they own.

Research design is another essential part of research methodology that promotes logical representation of the data through appropriate techniques and tools. Through appropriate structure, the research can be managed by the researcher with a specific outline to derive valid results. Researchers emphasize on using three distinguished research design based on the features (McLeod, 2017). Exploratory, descriptive and experimental research designs are popular for the research wherein each research design specify the significant use of tools and techniques. The experimental research design helps in deriving highly valid results based on the scientific techniques and also recognizes potential threats that can create a barrier in the study while descriptive research design is concerned with the observation and description of the human behaviour based on a certain subject. However, the exploratory research design is concerned with the nature of the problem of research to analyze the most appropriate solutions based on the characteristics of the subject (Ten Ham-baloyi & Jordan, 2016). This paper emphasizes on exploratory research design to meet the needs of the qualitative data and help in evaluating the true perspectives of the research. This design of research will provide the best results for the study of irregularities and evolution in cryptocurrencies.

Collection plan of data

The chapter of methodology has various subsections that include the design of research, philosophy of research, the approach of research etc. But, one of the most important sub-segment of the methodology of the research chapter is the plan for the collection of data or a selection of tools for data. It is important for the research that the collection tool for data is selected appropriately as the outcome of research relies on the selection of data tool. Also with this, it should ensure that the tool of data collection is selected wisely to ensure that the right amount of data is collected as per the question of research (Ten Ham-baloyi & Jordan, 2016). Data collection tools are identified as specific techniques to gather relevant information from reliable sources. It can be based on secondary or primary research sources. The primary sources of research are based on collecting the information through a survey, interviews, case studies, checklists and observation while the secondary sources of research are based on information gathering from newspapers, journal articles, books or other published articles that represent the work on another researcher. This research is purely based on secondary qualitative information to analyze the views of other researchers regarding cryptocurrency and its relevant components. Effective use of qualitative sources helps in providing relevant information based on credible sources and addresses relevant outcomes (Gray, 2019).


Data Analysis Technique

The data analysis technique is known as an evaluation technique that helps in analyzing accurate research findings based on the other aspects of research methodology. To interpret the appropriate research findings, three major techniques are used in the research which are thematic analysis, graphical analysis and SPSS analysis. Thematic analysis is reliant upon the subjective data to evaluate the information from the qualitative sources in the form of several research themes While graphical analysis helps in presenting the information in specific graphs and charts to make visual representation effectively. Although SPSS is referred to as Statistical Package for the Social Sciences that enhances the use of quantitative data through statistical representation (Pituch & Stevens, 2015). To analyze effective research conclusions from the qualitative source, thematic analysis is considered as most appropriate.


It can be suggested that effective analysis of the research problem is based on reliable techniques of evaluation and managing suitable optimization of data. To promote the most reliable research methodology based on the qualitative data, interpretivist research philosophy is used by the researcher which can promote the in-depth study and promote reliable research findings. The inductive approach is opted by the researcher to work with specific assumptions and analyze the specific research findings based on the cryptocurrency. The most appropriate research design for the research is identified as an exploratory research design which can help in working on the true perspectives of the research problem and enhance the outcomes based on qualitative information. Secondary data collection tools are opted by the researcher to meet the desired objectives and enhance reliability in the qualitative sources. Furthermore, the researcher concentrates to use thematic analysis in the literature review to fulfil the needs of the research question and reach out to a defined conclusion based on the subjective data.


Data Analysis and findings

Research Approach

It can be identified that the researcher has opted for an inductive research approach that can draw certain conclusions based on the views and opinions of different researchers to enhance the reliability and credibility of the research. This approach is most suitable for the qualitative data and deriving the most significant conclusion with in-depth study. Effective use of the research approach will provide benefits in deriving accurate and reliable results based on the thematic analysis as specified by the researcher. Secondary research sources can opt from different sources regarding the themes defined according to the research questions. It can lead to the appropriate outcomes to manage the study in the right direction. Peer-reviewed journal articles will be used by the researcher for effective study and interpreting the most reliable conclusions. Thematic analysis can help in deriving conclusions from generalized concepts to specific outcomes that can use the literature review in the most significant manner. Secondary sources will also be used for identifying, analyzing and understanding the implication that is created by irregularities of cryptocurrency according to which appropriate methods can be suggested for removing the irregularities in the market.


Research method

In this study of research, the method that will be utilized will include qualitative research data tools only. The researcher will use the methods that will help them gather quality data.


Statement of deliverables

It defines the things that will be delivered or can be expected to get delivered after the study is completed. The following is included:

  • Understanding the cryptocurrency market at a global level.
  • Understanding the growth and evolution of the cryptocurrency market over the years.
  • Understanding the functioning of cryptocurrency in the market.
  • Understanding the irregularities that prevail in the market of cryptocurrencies.
  • Understanding the various methods that can be opted for the regularizing the market.
  • Understanding the methods of research that can be used and also the tools for data collection.
  • Understanding the process of doing the study of research.



Gantt-chart helps in depicting the information that is related to the time that is required by the researchers for completing a particular study. In the research the time required by the researcher is as follows:


Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Chapter 1








Chapter 2








Chapter 3








Chapter 4








Chapter 5












  • Information that has been collected through secondary sources is properly cited and has been referred to maintain the original author's credibility.
  • The dignity of humans is attached to the inviolability of individuals. In the research that has been carried out the dignity of humans has been preserved. Personal integrity, an individual's freedom and privacy are protected.
  • Interviews of the person were taken after the consent of the respondent and also they were made aware of the purpose for which the interview was being done.
  • The work that is created is original and the information that has been utilized is not plagiarized.
  • People who participated in the study were not forced and the participation was done by their own will.
  • The data that has been utilized in the study will not be used further in any other study.
  • Privacy of individuals has been maintained during the study.
  • During the research, it has been made sure that moral and ethical values have been followed.




Bondarenko, A. M. (2018). Cryptocurrency: a new way of earning. Retrieved from:http://elib.bsu.by/handle/123456789/216819

Clements, R. (2018). Assessing the evolution of cryptocurrency: demand factors, latent value, and regulatory developments. Mich. Bus. & Entrepreneurial L. Rev.8, 73.

Dougherty, M. R., Slevc, L. R., & Grand, J. A. (2019). Making research evaluation more transparent: Aligning research philosophy, institutional values, and reporting. Perspectives on Psychological Science14(3), 361-375.

Gryshova, I. Y., &Shestakovska, T. L. (2018). FinTech business and prospects of its development in the context of legalizing the cryptocurrency in Ukraine. ????????????????????????????????????????????????????????, (5), 77-78.

Hashemnezhad, H. (2015). Qualitative content analysis research: A review article. Journal of ELT and Applied Linguistics (JELTAL)3(1), 54-62.

Hileman, G., &Rauchs, M. (2017). Global cryptocurrency benchmarking study. Cambridge Centre for Alternative Finance33. Retrieved from:https://www.crowdfundinsider.com/wp-content/uploads/2017/04/Global-Cryptocurrency-Benchmarking-Study.pdf

Jafari, S., Vo-Huu, T., Jabiyev, B., &Mera, A. (2018). Cryptocurrency: A challenge to the legal system. Reza, Cryptocurrency: A Challenge to Legal System (May 2, 2018). Retrieved from: https://poseidon01.ssrn.com/delivery.php?ID=220090127065001098120113090118106064054038089037048042010100093081119007071112083093100042033122009045047069016122069110127029052078043034093121122091087005104100089081046043006072126092006064016117006077083016115005097079006125066000097075110074112112&EXT=pdf

Kumar, R. (2019). Research methodology: A step-by-step guide for beginners. Sage Publications Limited. Retrieved from:https://books.google.co.in/books?hl=en&lr=&id=J2J7DwAAQBAJ&oi=fnd&pg=PP1&dq=research+methodology&ots=cutpECNLfm&sig=W3XRlLj6tz9H7GDEOSwZ8qqlQYA&redir_esc=y#v=onepage&q=research%20methodology&f=false

McLeod, S. (2017). Experimental design. Retrieved from: https://www.simplypsychology.org/experimental-designs.html

Pituch, K. A., & Stevens, J. P. (2015). Applied multivariate statistics for the social sciences: Analyses with SAS and IBM’s SPSS. Routledge: New York.

Research Methodology (2019). Research approach. Retrieved from: https://research-methodology.net/research-methodology/research-approach/

Ryan, G. (2018). Introduction to positivism, interpretivism and critical theory. Nurse Researcher25(4), 41-49.

Ten Ham-Baloyi, W., & Jordan, P. (2016). Systematic review as a research method in postgraduate nursing education. Healthsagesondheid21, 120-128.

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