The Use of Cryptocurrencies : Consumers’ Perceptions of the Use of Cryptocurrencies

Abstract

This paper aims to investigate the use of cryptocurrencies, more precisely : How do consumers perceive the use of cryptocurrencies? and to verify this hypothesis : “How does the degree of knowledge and demographic factors affect how consumers perceive the use of cryptocurrencies?” In order to answer these questions, an online survey was conducted, focusing on the use of cryptocurrencies in three areas : investments/savings, payments, and loans. The results from the survey indicate that generally speaking, participants are not interested in using cryptocurrencies, if not “neutral”. Furthermore, the main motivation for using cryptocurrencies is the financial gain from investments while the main obstacle is the lack of knowledge. In addition, it was discovered that knowledge and demographics also have an impact on participants’ perceptions. Men and young people are more interested just as are more knowledgeable participants. As a result, this paper not only helps understand consumers’ interests and profiles but also identifies future possible work such as addressing the problem of knowledge with better communication with the aim of increasing the general degree of knowledge and thus, increasing the level of interest.