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ENGL 1301

3 May 2022

Ethereum: The Next Currency


Critical Preface


Crypto currency is going to replace traditional currency in the coming years. There is evidence to suggest that Crypto currency is becoming more legitimate, especially as banks and lenders, both domestically and globally, are beginning to accept it as forms of payments and to back loans. Ethereum may not be the most well-known type of crypto currency, but it has the potential to replace Bitcoin if it continues to trend upwards. Traditional banking systems need to make smart choices moving forward to be inclusive to crypto currency as a valid form of payment.



Buterin, Vitalik. “Ethereum Whitepaper |”, 2014, 11 March 2022.

This article provides a brief overview of the purpose and application of Ethereum in the world of finance by Vitalik Buterin, the founder of Ethereum. Last updated on April 25, 2022, the article is kept up to date whenever there are any changes within the Ethereum protocol. With an honorary doctorate from the Faculty of Business and Economics of the University of Basel, Buterin utilizes ethos and logos to inform the reader of the purposes of Ethereum. This article describes the same decentralized system as described in Philipp Sandner’s article, “Decentralized Finance Will Change Your Understanding Of Financial Systems.” This article served to support my point that a decentralized financial system is beneficial to consumers.

Hyatt, John. “Is Cryptocurrency Regulated in the US?” Nasdaq, 19 August 2021, or-cryptocurrency.

This article discusses the current regulations and challenges that face cryptocurrency. The author of this article, John Hyatt, has covered many topics in finance and has worked for financial institutions and cryptocurrency organizations, and he solely uses facts to inform his audience. This article reiterates the idea present in Marissa Scicchitano’s article, “How Cryptocurrencies



May Impact the Banking Industry – Wolf & Company, PC.,” that institutions will be unwilling to endorse cryptocurrency because of the possibility of harsh regulations from legislators. To support my argument, I used this source to discuss the issues that cryptocurrency will need to overcome in order to be viable in the future.

Sandner, Philipp, et al. “Decentralized Finance Will Change Your Understanding Of Financial Systems.” Forbes, 22 February 2021, ge-your-understanding-of-financial-systems/?sh=ae1deb35b520.

This article reviews the potential of a decentralized financial system and the consequences of it. Philipp Sandner alongside two other contributors are all experts in blockchain technology and have various degrees in economics and finance. Just like Marissa Scicchitano’s article, “How Cryptocurrencies May Impact the Banking Industry – Wolf & Company, PC.,” Dr. Sandner states the implications that blockchain technology has on the traditional financial ecosystem. In my solution, I used this article to discuss the technical aspects of blockchain technology.

Scicchitano, Marissa A. “How Cryptocurrencies May Impact the Banking Industry – Wolf & Company, PC.” Wolf & Company, PC, 12 December 2020, nking-industry/.

This article suggests that cryptocurrency will disrupt traditional banking and institutions need to adapt to the constantly changing climate of the economy to




stay competitive. Marissa Scicchitano, the author of this article, is a senior manager in Wolf & Company, P.C. and has certifications as a Certified Public Accountant. This article is similar to John Hyatt’s article, “Is Cryptocurrency Regulated in the US?,” because it also discusses the roles that banks and other financial institutions need to play in an increasingly decentralized economy. I used this article to show an opinion that a major financial institution supported in order to provide the reader with a perspective from the institutions affected the most by cryptocurrency.

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