Factors Affecting Cryptocurrency Perception and Behavior Research

This document presents a research outline focusing on the factors influencing consumer perception and behavior in relation to cryptocurrency, specifically Bitcoin. The study aims to determine the reasons behind consumer choices regarding cryptocurrency, exploring whether they switch from traditional payment methods or avoid them. The research will identify challenges faced by cryptocurrency exchanges in reaching consumers and evaluate factors affecting consumer satisfaction and perception in understanding and investing in cryptocurrencies, with a focus on investment patterns and motivations. The methodology employs a positivism philosophy with a quantitative approach, using both primary and secondary data collection techniques. Random sampling will be used to select respondents. Relevant references include studies on cryptocurrency data analysis, Bitcoin investment motivations, consumer acceptance and trust, cryptocurrency systems, and experiential loyalty intentions in Bitcoin travel.

Research Methods (SOE11131) – OUTLINE RESEARCH TEMPLATE
Name: Matriculation number:
Programme:
Indicative project title:
Factors affecting perception and behaviour of consumers in relation to Cryptocurrency:
Determining the reasoning behind choosing Cryptocurrency
Related Modules:
Investment and Portfolio
Context and rationale
Research context - Cryptocurrencies are digital or virtual currencies. They are
decentralised networks and make use of block-chain technology which makes them nearly
impossible to counterfeit. They have generated a great deal of interest among general public
and buying-selling them has come up as popular investment method as well as alternative to
traditional cash-based payment methods.
Research rationale: This research will help form a better understanding behind
consumers choosing to switch to cryptocurrencies from traditional cash-based payment
methods or the reason to avoid these currencies. Further, this study will enable researchers to
evaluate various factors that impact consumer satisfaction and perception in understanding
and investing in cryptocurrencies with a focus over investment pattern and motivation behind
Bitcoin.
Aim and objectives:
Aim: To determine factors affecting consumer satisfaction and perception behind consumer
buying of Cryptocurrency – A case study on Bitcoin
Objectives:
1. To understand the concept of Cryptocurrency and various types of cryptocurrencies
and their exchanges.
2. To identify various challenges faced by Cryptocurrency exchanges in reaching
consumers.
3. To determine reasons behind consumers choosing to switch to cryptocurrencies or
refrain themselves from switching to cryptocurrencies from traditional cash-based payment
methods.
4. To evaluate various factors affecting consumer satisfaction and perception behind
buying Bitcoin.

Indicative research approach (methodology, design and methods):
Research Methodology:
Philosophy: There are two popular theories of research philosophy – positivism and
interpretivism. Positivism prefers scientific methods and hence, use quantitative methods to
shape research results while interpretivism prefers humanistic methods and hence, use
qualitative methods. This research requires quantitative analysis majorly, hence, positivism
will be used for concluding this research.
Approach: Two research approaches are deductive reasoning and inductive
reasoning. Deductive reasoning would be used in this research so that quantitative data can be
properly managed and inferences can be drawn from the more general to more specific.
Study Choice: Two methods for data sampling would be used – qualitative and
quantitative. However, quantitative method is more useful study option to conduct this
research and draw inference as per the research topic.
Data Collection: Both primary and secondary techniques for data collection will be
used to conduct this study effectively.
Sampling: Random sampling will be used for selecting respondents.
Relevant references [maximum of five]:
 Alexander, C. and Dakos, M., 2020. A critical investigation of cryptocurrency data
and analysis. Quantitative Finance, 20(2), pp.173-188.
 Mattke, J., Maier, C., Reis, L. and Weitzel, T., 2020. Bitcoin investment: a mixed
methods study of investment motivations. European Journal of Information Systems,
pp.1-25.
 Mendoza-Tello, J.C., Mora, H., Pujol-López, F.A. and Lytras, M.D., 2019. Disruptive
innovation of cryptocurrencies in consumer acceptance and trust. Information Systems
and e-Business Management, 17(2), pp.195-222.
 Mukhopadhyay, U., Skjellum, A., Hambolu, O., Oakley, J., Yu, L. and Brooks, R.,
2016, December. A brief survey of cryptocurrency systems. In 2016 14th annual
conference on privacy, security and trust (PST) (pp. 745-752). IEEE.
 Wu, H.C. and Chang, Y.Y., 2019. What drives experiential loyalty intentions?: The
case of bitcoin travel. International Journal of Hospitality & Tourism Administration,
pp.1-35.