Purpose

The authors make a fundamental initial effort to conduct a systematic review analysis on “cryptocurrency,” mainly to analyze the way it has been changing the “stereotype” financial transactions, and also identify the probable unexplored research avenues on this innovative investment regime. The study aims to draw the landscape of the current state, prospects, challenges, trends and possible agendas of cryptocurrency in the global market.

Design/methodology/approach

Using a quali-quantitative approach widely known as meta-literature review, the synthesis analysis on “cryptocurrency” is conducted. Methodologically, the authors review and analyze the most recent and relevant papers preferably published between 2016 and 2020 in leading business and finance journals of ISI Web of Science (ISI WOS) through bibliometric analysis particularly coupled with content analysis.

Findings

The findings of the meta-analysis summarize the relevant stylized facts of the cryptocurrency market: distinctive features of blockchain technology, decentralized payment method, low-cost facility, ensuring pseudo-anonymity, independence from central authority, double spending attack protection, organic and instantaneous nature, among others. In addition, the analysis identified several future research regimes: pricing model, prospect of investment regime, hedging properties, volatility dynamics, information asymmetry, underlying risk factors and bubble-like nature in global cryptocurrency market.

Practical implications

This academic novelty significantly contributes to enhance our knowledge on the current state-of-the-art of digital finance, outlines the research agenda and eventually provides important investment implications for financial managers, research analysts, investors, market practitioners, regulatory compliance professionals and policymakers. Therefore, the findings shed the lights on new investment opportunity in the global market.

Originality/value

Cryptocurrency, virtual currency or digital asset having cryptography for idiosyncratic security features, seems to be a persistent paradigm shift in the digitalized financial system. Despite the continuing growth, the academic research on cryptocurrency is still at nascent stage, particularly because researchers did not deeply draw attention at this financial innovation. In addition, the authors argue that none of the earlier studies yet conducted a meta-analysis on this latest investment regime. Therefore, this review study is the initial attempt to fill up the gap in the finance literature.

中文翻译：

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我们对加密货币了解多少？过去，现在，将来

目的

作者做出了一项基本的初步努力，对“加密货币”进行了系统的回顾分析，主要是分析它改变“刻板印象”金融交易的方式，并确定了这种创新投资机制可能尚未探索的研究途径。该研究旨在描绘全球市场中加密货币的现状、前景、挑战、趋势和可能的议程。

设计/方法/方法

使用广泛称为元文献评论的定性定量方法，对“加密货币”进行综合分析。在方法论上，作者通过文献计量分析，特别是内容分析，审查和分析了 2016 年至 2020 年间在 ISI Web of Science (ISI WOS) 的领先商业和金融期刊上发表的最新和相关论文。

发现

元分析的结果总结了加密货币市场的相关风格化事实：区块链技术的鲜明特征、分散支付方式、低成本设施、确保伪匿名、独立于中央权威、双重支付攻击保护、有机和即时性质等。此外，该分析确定了几个未来的研究机制：全球加密货币市场的定价模型、投资机制前景、对冲属性、波动性动态、信息不对称、潜在风险因素和泡沫性质。

实际影响

这一学术新奇大大有助于增强我们对当前最先进数字金融的了解，概述研究议程，并最终为财务经理、研究分析师、投资者、市场从业者、监管合规专业人士和政策制定者提供重要的投资意义. 因此，调查结果揭示了全球市场的新投资机会。

原创性/价值

加密货币、虚拟货币或数字资产具有特殊安全特性的密码学，似乎是数字化金融系统中持续的范式转变。尽管持续增长，但关于加密货币的学术研究仍处于起步阶段，特别是研究人员并未深入关注这一金融创新。此外，作者认为，早期的研究还没有对这种最新的投资制度进行荟萃分析。因此，本综述研究是填补金融文献空白的初步尝试。