Today I am introducing a Cryptocurrency{Bitcoin} study carried out in Zimbabwe.I will be sharing with you the results we got in each stage of the study and how it was carried out. Below is the abstract of the Study.
ABSTRACT
This study analyzed cryptocurrency features that may facilitate cryptocurrencies to be regulated and be realized as substitute currencies in Zimbabwe. Bitcoin was the first invention of cryptocurrency as all other cryptocurrencies were born out of bitcoin. This research focused on Bitcoin characteristics that it has which are likely to impede their use as substitute currencies in providing low costs payments and combating the monetary problems that the country is facing.
image credit
The features cryptocurrencies have in common with fiat currencies being a medium of exchange, store of value and unit of account. A purposive sampling technique research method was carried to supplement the regression model. The research provided concrete suggestions from already Bitcoin users. The research results show that the majority of respondents recommended the use of bitcoin as a substitute currency.
image credit
Moreover, above half of the respondents cited that they were engaging in informal businesses and they were not using the traditional system for transactions. The research also shows that Bitcoin was easy to use, thus can be adopted as per TAM model. Some respondents suggested that there were no differences in Bitcoin technology and current banking technology, thus they agreed that Bitcoin was easy to use. A regression model was constructed to see the relationship between bitcoin adoption and pillars for adoption.
image credit
The research regression results show that the pillars for Bitcoin adoption are already in existence. There is a positive correlation between Bitcoin adoption and pillars for adoption. The results show that a unit increase in internet penetration and mobile penetration leads to an increase in bitcoin adoption.
Conversely, inflation and Bitcoin volatility lead to a decrease in Bitcoin adoption. For Bitcoin adoption, awareness and an increase in bitcoin exchanges, and merchants should be done. Lastly, accounting and other financial regulations should be implemented to provide the basic framework of using cryptocurrencies.
Donations
BTC - 1CeT8H4TbrZAEwr9tJSK222r3agE4SfE8Q
ETH - 0xdCc6409fB1De028bdfA942e76c5C0121A550F4c7
LTC - LgTVniBDfgzeYjBVr6UpNrDxJzrkXH2Brv
