Applied Research Project

Executive Summary of Evolution and Irregularities in Cryptocurrencies

The research proposal summarizes about the plan for carrying out the research on the topic Evolution and irregularities in the cryptocurrency market. The proposal follows a research question “How has cryptocurrencies evolved over the years and what are the irregularities that have arisen in the functioning of cryptocurrency?” and according the literature review for the topic is done. After that selection of research methods and approach has been done. The research will be carried out in a deductive manner using positivism approach in philosophy. The data will be collected through secondary method and for enhancing the quality interview methods of primary method will be conducted. In the end a work schedule through Gantt chart of the research is present in the proposal.

Table of contents


Research Objective.

Research Question.

Literature review..


Research approach.

Research method.

Collection plan of data.

Data Analysis and findings.

Research Approach.

Research method.

Statement of deliverables.





Introduction to Evolution and Irregularities in Cryptocurrencies

Cryptocurrency are the currencies that are virtual and are secured through cryptography. These cryptographic currencies functions as digital assets and are at times used as exchange. People who own it have tokens in digital forms as a 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 with respect to the inflation and also to give the control of money in the people’s hand. Following Bitcoin the market has grown and now there are several currencies that prevail in the market. The market of cryptocurrencies has evolved over the years. Litecoin, Dogecoin are the currencies of 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 cryptocurrency is evolving and companies like Starbucks is allowing it for the payments of drinks and foods. The volatility of the market for cryptocurrency is at $4.8 billion per day. The following graph shows the growth of cryptocurrency over the year:

With the growth of cryptocurrencies in the market there are various irregularities that 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 are problem that persist including tax evasion, classification of crypto currencies 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 US while in Canada it is treated as currency. So, there are various irregularities that 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, light will be shed on the evolution of the cryptocurrencies over the period of time 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, following objectives will be considered:

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

Research Question

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 has 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 over time?
  2. What are the ways in which these irregularities can be pushed aside and functioning of cryptocurrency can be improved?

Literature Review of Evolution and Irregularities in Cryptocurrencies

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 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 keep varying from country to country. In the country like US they are recognized as a mode for payment while in Germany they are considered as private money. While in Ukarine existence of these currencies is ignored that might lead to troubles in 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 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 for earning. In the paper it has been stated that cryptocurrencies over the 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 block chain 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 transaction. In 2018, almost 81% of the volume has been produced. The system for block chain is decentralized and entrusting a broker or the institution of exchange is not there. The price for the Bitcoin have 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 are 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 author Sanam Jafari, in the paper Cryptocurrency: A challenge to the legal system depicts that there are various legal issue that have cropped up with the growth of cryptocurrencies in the market. There are various methods that 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 there is no institution that is involved due to which tax evasion cannot be evaded. Also, cryptocurrency are considered as heaven for the tax evaders and various methods are used for hiding the transfer of money. There are various wallets that can be used by single person and only receiving of money can be done through that. Another pattern that is used is fork and merge pattern. Through this method transaction are divided into various smaller parts and then sent to various different destinations and later collected at one place. The countries have different takes on the dealings of cryptocurrency but they pose various threats that includes cybersecurity risk, evasion of tax and support of terrorism in the terms of finance.

Methodology of Evolution and Irregularities in Cryptocurrencies

Research Approach

For carrying out a study there are two approaches that are available that will also help in deriving a reliable conclusion. The research approaches include inductive research approach and deductive approach of research. Inductive approach is an approach that is theoretical and according to this approach researcher is required to move from an observation that is specific to a theory that is broad. Due to this the conclusion that is drawn is broad as well. While another approach that is deductive approach refers to a specific research approach as in this the study of research moves from a theory that is generalized to a conclusion which is specific. 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 tools that are secondary in nature. On the other hand 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 in the nature (Kumar, 2019).. In the above mentioned study, the method that will be used is deductive research so as to draw conclusions which are specific for the questions that has been developed instead of getting answers that are generalized in nature. The only difference while carrying the research for the aim is that the data will be secondary instead of primary and qualitative. This will help in finding the results of the study more accurate and reliable.

Research Method

The method of research includes the design and philosophy of the research. For a study there are two types of design of research that prevails and are suitable that includes exploratory design of research and descriptive research design. Descriptive design of research depicts a methodology in which the data that is used is qualitative. This design of research helps in understanding any particular phenomenon or event. This is done by identifying characteristics but helps in answering the specific questions that are related to the study. Another design for the research that is suitable includes exploratory design of research. Under this design of research a particular event is explored and the questions that are related to that event are answered. With this the design of research also helps in drawing conclusion that are specific for the questions of research ( Ten Ham-baloyi & Jordan, 2016). Also, it should be marked here that where descriptive design of research uses the help of qualitative data tools of collection and secondary data tools of collection, exploratory design of research helps in facilitating the primary data tools collection with the tools of secondary data collection tools. In the above mentioned research, the researcher has opted for the descriptive design of research that is viable for the secondary data tools and the qualitative form of data as well. This design of research will provide the best results for the study of irregularities and evolution in cryptocurrencies.

In combination with the design of research, it is also important that the philosophy of research or the paradigm is defined in the study. The philosophy of research is referred as the system of belief which is followed by the author in order to reach the topic of research, collecting the data and also analyzing it accordingly. Two types of research philosophies are there that prevail and can be helpful in doing the study that includes intrepretevist philosophy of research and the other one being positivist philosophy of research. Intrepretevist philosophy is one which prefers the use of data that is qualitative tools of collection like interviews, resources in the library, journals, case studies etc. 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 higher reliability rate. With this, Positivist philosphers of research also believes that the society is shaped with the perception of the individuals . While on the other hand Interpretevist philosopher suggests that individuals are not the puppets who are trained and react as per the force of society (Dougherty, Slevc & Grand, 2019). They have their own process of thoughts. In the study, positivism approach is used as the movement of cryptocurrency and their legality depend on the societal forces. They are dependent on how government decides the process instead of one individual taking a call for the currency they own. Thus, Positivism philosophy is most suitable for the research study that has to be carried out in the paper.

Collection Plan of Data

The chapter of methodology has various sub sections that includes the design of research, philosophy of research, approach of research etc. But, one of the most important sub-segment of methodology of research chapter is the plan for collection of data or 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 be made sure that the tool of data collection is selected in an intelligent manner so as to ensure that the right amount of data is collected as per the question of research. In this case of research study, the tools of data collection that can be used includes interview method, case studies, resources in the library, journals and the books, articles and also the method of observation. The method of interview is helpful for getting appropriate and accurate results for the study. However, it should be kept in mind that interview method might help in collecting the data but a very detailed information from the respondents cannot be obtained as the answers vary and there are no answers that are fixed that can be obtained by the respondent. The respondent can provide varied variety of information that helps in further enhancement of the topic and also improves the quality and the relevancy of the results that will be obtained. Interview method however is a primary method of data collection tool but it provides qualitative data and helps in improvement of the results.

In the study secondary source of data are the main source from which data will be utilized. Case study method can be used as it helps in finding and identifying scenarios that are real and also helps in implications of various strategies. Another important source of secondary data that will be used is library resource. It will include the journals and books that will help in developing a framework that is theoretical for the topic of research and align it with respect to the questions of research. In the study, interview method can be utilized for primary source and improving the quality of the research. Also with that library resources can be used as there will be various interviews that would have been published for theory framework of the study. Both including will improve the credibility of the research findings and provide a better result.

Data Analysis and Findings of Evolution and Irregularities in Cryptocurrencies

Research Approach

It has been mentioned before that the deductive approach of research will be used for drawing a conclusion that is specific instead of going with a generalized theory for the question of research that has been developed. Also it has been described that the deductive research approach helps in felicitating the secondary and primary data tools of collection. It will also help in improving the reliability and accuracy of the findings that will be derived through the research. The primary method for getting qualitative data that will be used is interview method. The interview can be taken from the people who are at present dealing in cryptocurrency as they will be able to describe in a better way about the evolution and also the fears that prevail and the harm that irregularities in the market can do. It should be understood here that all the interviewee are the person who are dealing in the cryptocurrency market so that accurate and up to date information can be attained for making the study very reliable. The interview were selected through random selection. The people in the arena will be the preferred choice for doing the interview. In addition to this books and journals will be opted by the researcher for creating a theoretical and conceptual base. Secondary sources will also be used for identifying, analyzing and understanding the implication that are 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 the quality data instead of quantitative 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 global level.
  • Understanding the growth and evolution of 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.


Budget depicts the cost that is expected and will be spent in doing or carrying the study. The budget will include the items like internet connection, library membership charges, purchasing of journals if required etc.


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 so as to maintain the original author’s credibility.
  • The dignity of humans is attached with the inviolability of individuals. In the research that has been carried out dignity of humans has been preserved. Personal integrity, individual’s freedom and the privacy is protected.
  • Interviews of the person was 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 have been maintained during the course of study.
  • During the course of research it has been made sure that the moral and ethical values have been followed.

References for Evolution and Irregularities in Cryptocurrencies

Bondarenko, A. M. (2018). Cryptocurrency: a new way of earning. Retrieved from:

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 Science, 14(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. Наукові записки Інституту законодавства Верховної Ради України, (5), 77-78.

Hileman, G., & Rauchs, M. (2017). Global cryptocurrency benchmarking study. Cambridge Centre for Alternative Finance, 33. Retrieved from:

Jafari, S., Vo-Huu, T., Jabiyev, B., & Mera, A. (2018). Cryptocurrency: A challenge to legal system. Reza, Cryptocurrency: A Challenge to Legal System (May 2, 2018). 

Kumar, R. (2019). Research methodology: A step-by-step guide for beginners. Sage Publications Limited. Retrieved from:

ten Ham-Baloyi, W., & Jordan, P. (2016). Systematic review as a research method in postgraduate nursing education. health sa gesondheid, 21, 120-128.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Accounting and Finance Assignment Help

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