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Decoding the cryptocurrency user: An analysis of demographics and sentiments.
1Nova School of Business and Economics, Portugal.
Heliyon
|March 4, 2024
Summary
Most people see cryptocurrencies as investments, not payment methods, due to volatility and complexity. Users desire regulation and value anonymity, highlighting a gap in current cryptocurrency adoption for payments.
Area of Science:
- Digital Finance
- Consumer Behavior
- Technology Adoption
Background:
- Emergence of new payment methods focused on user convenience.
- Cryptocurrencies as a novel digital asset and potential payment system.
Purpose of the Study:
- Analyze general population attitudes towards cryptocurrency adoption for payments.
- Investigate perceptions of cryptocurrency users and non-users.
- Understand views on the future of the cryptocurrency market and its payment potential.
Main Methods:
- Descriptive survey targeting diverse user groups.
- Sentiment analysis of open-ended questionnaire responses.
- Utilized multiple English language lexicons for qualitative data analysis.
Main Results:
- Cryptocurrency users primarily invest, prioritizing popular coins over intrinsic features.
- E-commerce and international transactions are the most appealing payment use cases.
- High volatility and usability challenges are significant barriers to adoption.
- Users increasingly demand regulatory oversight.
- Anonymity is a valued feature despite volatility concerns.
Conclusions:
- Cryptocurrency adoption for payments faces challenges related to user perception, volatility, and usability.
- Growing demand for regulation and the appeal of anonymity shape user attitudes.
- The study presents an innovative mixed-methods approach for analyzing qualitative data in digital finance research.
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