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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.
ContributorsMorrissey, Michael Joshua (Author) / Wang, Jessie (Thesis director) / Ray, Colter (Committee member) / Department of Finance (Contributor) / Barrett, The Honors College (Contributor)
Created2016-12
ContributorsMarine Biological Laboratory (Woods Hole, Mass.) (Publisher) / Arizona Board of Regents (Publisher)
Created1939
ContributorsMarine Biological Laboratory (Woods Hole, Mass.) (Creator) / Marine Biological Laboratory (Publisher)
Created2006
ContributorsMarine Biological Laboratory (Woods Hole, Mass.) (Creator) / Marine Biological Laboratory (Publisher)
Created2007
ContributorsMarine Biological Laboratory (Woods Hole, Mass.) (Publisher) / Arizona Board of Regents (Publisher)
Created1944
ContributorsMarine Biological Laboratory (Woods Hole, Mass.) (Publisher) / Arizona Board of Regents (Publisher)
Created1945
ContributorsMarine Biological Laboratory (Woods Hole, Mass.) (Publisher) / Arizona Board of Regents (Publisher, Publisher)
Created1948
ContributorsMarine Biological Laboratory (Woods Hole, Mass.) (Creator) / Marine Biological Laboratory (Publisher)
Created1996
ContributorsMarine Biological Laboratory (Woods Hole, Mass.) (Publisher) / Arizona Board of Regents (Publisher)
Created1955
ContributorsMarine Biological Laboratory (Woods Hole, Mass.) (Publisher, Publisher) / Arizona Board of Regents (Publisher, Publisher)
Created1960