Full metadata
Title
Bitcoin: How Benefit and Cost Shape The Adoption of Virtual Currency
Description
Bitcoin is a form of virtual currency that can be used as a medium of exchange for goods or services. Different from other forms of virtual payment, bitcoin is de-centralized and puts all of the power in the hands of the user, rather than a banking institution. However, bitcoin's ability to develop as a renowned medium of exchange has been impeded, potentially due to a lack of knowledge, active bitcoin platforms, and support. In this paper, I conduct a survey to understand factors that affect households' adoption of bitcoin. In particular, I focus on factors that capture the potential benefit and cost of adopting bitcoin. Through a public survey, participants are asked a series of questions on their willingness to adopt bitcoin. I found significant results stating that subjects were more inclined toward bitcoin contingent upon the number of platforms accepting it, the number of acquaintances using bitcoin, and the degree of personal knowledge participants have about bitcoin. These findings suggest that perceived benefit captured by network effect and convenience of use, as well as the potential cost captured by uncertainty help shape the adoption of bitcoin.
Date Created
2016-12
Contributors
- Morrissey, Michael Joshua (Author)
- Wang, Jessie (Thesis director)
- Ray, Colter (Committee member)
- Department of Finance (Contributor)
- Barrett, The Honors College (Contributor)
Topical Subject
Resource Type
Extent
45 pages
Language
Copyright Statement
In Copyright
Primary Member of
Series
Academic Year 2016-2017
Handle
https://hdl.handle.net/2286/R.I.40503
Level of coding
minimal
Cataloging Standards
System Created
- 2017-10-30 02:50:58
System Modified
- 2021-08-11 04:09:57
- 3 years 1 month ago
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