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Bitcoin: An empirical study on the future developments
University West, Department of Economics and IT, Division of Business Administration.
University West, Department of Economics and IT, Division of Business Administration.
2014 (English)Independent thesis Advanced level (degree of Master (One Year)), 10 credits / 15 HE creditsStudent thesis
Abstract [en]

Bitcoin has over the years dominated the headlines for good and bad reasons. Examples of this range from the first introduction of a Bitcoin Automatic Teller Machine (ATM) to the recent attack on the Bitcoin exchange, MT Gox, where 850000 bitcoins were stolen worth hundreds of millions USD. The fundamental questions that this research answers are what Bitcoin exactly is and whom the actors are using this digital currency. Furthermore, an empirical research is conducted to highlight how actors expect Bitcoin to develop in the future.

Bitcoin is depicted as a self-evolving system that has its own community. This research draws similarities with the traditional theory of ecosystem and the business ecosystem theory by Moore (1996). The Bitcoin ecosystem is presented as a model that consists out of internal and external factors.

The methods that are used in this research are mostly of quantitative nature, though a qualitative way of analysing is also incorporated in this research. An electronic questionnaire was sent to users, investors and companies that use Bitcoin. These electronic questionnaires were sent to companies by email and to different Bitcoin forums to reach users and investors in Bitcoin. A total of 51 actors have completed the questionnaire.

The empirical analysis focused on the present and the future of Bitcoin. The subjects that are covered consisted of legal, economic and technological factors that determine the Bitcoin system. The present situation shows that the main reason people use Bitcoin is that it offers the actors an alternative for fiat currencies and low transaction costs when making payments. The current drawbacks of the Bitcoin system are, regarded by scholars and actors, to be the high volatility in the value of Bitcoin and the security concerns that are caused by hackers of the system.

Finally, the overall sentiment amongst users, investors and companies is that the future of Bitcoin is considered to be a bright one based on the legal, economic and technological factors

Place, publisher, year, edition, pages
2014. , p. 60
Keywords [en]
Bitcoin, Digital currency, Cryptocurrency, Future Bitcoin, Ecosystem, Business ecosystem, Bitcoin actors, Digital payments, Currency speculation
National Category
Business Administration
Identifiers
URN: urn:nbn:se:hv:diva-6453Local ID: EXD951OAI: oai:DiVA.org:hv-6453DiVA, id: diva2:732838
Subject / course
Business administration
Educational program
International Business
Supervisors
Examiners
Available from: 2014-07-07 Created: 2014-07-07 Last updated: 2015-09-15Bibliographically approved

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf