This is the second post in a three-part series featuring our blog competition winners from Michigan State University. The author of today's post is Xiyou Xu.
The emergence of cryptocurrencies has shaken up the economic establishments around the world. In fact, the phenomenon of such virtual currencies is thoroughly studied by the economists to understand how they impact the global financial system. As a result, such cryptocurrencies like Bitcoin have been examined regarding contrast to existing physical alternatives, and various experts have responded to its uprising.