The Impact of Cryptocurrency on the International Business Community. The Study of Select Shopping Malls in Uyo, Akwa Ibom State
CHAPTER ONE
Research Objectives
Main Objective
To determine the impact of cryptocurrency on the international business community.
Specific Objectives
- To assess the roles of cryptocurrencies in buying and selling the De Choice Mall, Uyo.
- To evaluate the risks of adopting cryptocurrencies in retail transaction in Uyo
- To examine the challenges of using cryptocurrencies in Uyo
CHAPTER TWO
LITERATURE REVIEW
Introduction
This chapter discusses in great detail the associated literature that relates to earlier studies conducted by other researchers in relation to this study and the theoretical framework
Definition of Key Terms
A cryptocurrency
A cryptocurrency is a digital asset created to function as an alternative payment method that use powerful encryption to thwart financial operations, control the creation of new units, and confirm the transfer of assets (Peters et al., 2015). A digital token called “crypto currency” was created in response to the demand for direct peer-to-peer online payments (Peters et al., 2015).
People have reportedly embraced a virtual money as a numerical representation of value, according to Mandeng (2018). They have been utilized as a form of payment even though they are neither issued or suspended through formal bidding. Electronic money was defined as “a sort of unregulated, digital currency that is used and accepted among members of a particular virtual community, and is issued and typically controlled by its developers” (European Central Bank,2012). Cryptocurrencies were classified as private, de-nationalized, digital, unreserved, convertible, and adjustable rate monies by Mandeng (2018). The most well-known cryptocurrency, Bitcoin, also goes by the titles of digital currency, virtual currency, electronic currency, digital cash, and cryptocurrency.
The digital currency is transformed into real money and used for a variety of different transactions. The real currency is more widely accepted (such as Bitcoin). Consumers and shops now accept bitcoin more than they do other traditional transaction platforms. Users may be protected by legislators because they prefer real digital money (Hardy & Norgaard, 2016).
The most popular and well-known cryptocurrency is called bitcoin, which was created by an unidentified developer or group of developers using the alias Satoshi Nakamoto. It tracks ownership and value transfers on a decentralized public ledger. The unique feature of cryptocurrencies is that transactions are validated by a large number of “miners,” who solve a tricky cryptographic puzzle to confirm who actually owns the coin and the transfer in question (Peters et al. 2015).
Cryptographic techniques are used by cryptocurrencies to ensure that transactions are genuine and unique while relying on the transmission of digital information. By decentralizing the exchange and releasing it from hierarchical power structures, Bitcoin advanced the digital coin market.
CHAPTER THREE
RESEARCH METHODOLOGY
This chapter encompasses the accepted methodology as well as the research model that was literally implemented during the analysis of data collected by the researcher.
Also discussed in brief details or in details, are the tools for data collection, reliability test of questionnaires, demographic data of the research participants and then test results with respect to reliability.
Research Design
This is a research technique whereby data gathering and analysis allows researchers to change the theory (Saunders & Lewis, 2012). Instead, inductive research targeted to achieve insights, create patterns, consistency, and meaning through a robust data collection process (Gray, 2013). The researchers used the induction method because it is more suitable for qualitative research, and uses multiple methods to collect data by studying a small number of participants. This research is inductive because researchers relied on the results of data analysis to determine the risks that digital currencies pose to the banking industry in Nigeria.
The research also conducted qualitative and semi-structured interviews to obtain more consistent ideas and information from interviewees (Saunders & Lewis, 2012). Qualitative approach regularly emphasizes words rather than quantification when collecting and analyzing data (Bryman& Bell, 2015). Semi-structured interviews enable interviews to explore all aspects of the interviewer’s narrative and push them to deepen their understanding of information (Saunders & Lewis, 2012).
CHAPTER FOUR
RESULTS AND DISCCUSIONS
Introduction
This part of this study provides detailed results as well as discussions attained during the analysis of results meant for the study. Results gotten by previous researchers is been compared with the results gotten by the researcher and hence, a conclusion is drawn.
CHAPTER FIVE
CONCLUSION AND RECOMMENDATIONS
Introduction
The section finalizes it by providing a summary of the whole research, highlighting significance of the result, hence indicating genuine decisions backing them. In the same vein, some information for future research purposes is recommended by the researcher that would basically guide to researchers in the future that may in one way or another, prefer to work in the study’s area.
Conclusion
Presentation of the general investigation of the general adoption of the Cryptocurrency transactions in Nigeria (as a case study). In total, two cities were given or provided questionnaires that was meticulously put together by the researher to fill. With the aid of most of completed questionnaires, analysis of the data filled by the customers (respondents) was executed and results with valid and detailed explanations was provided by the researcher. The following verdicts were deduced from the results and has been proved.
- Fromthe analysis of the results attained, the “strongest correlation” existed between the Cryptocurrency transaction’s benefits and its ease to use. Results attained showed the customers’ perception was positively and strongly affected by Internet banking, mobile banking, ATM and POS systems. In as much as the user can easily make use of these Cryptocurrency transactions, they prefer it over the traditional
- Basically,there was just one Moderate correlation amongst the variables (dependent and independent) which was between the self-efficacy and ease to use of the Cryptocurrency transaction but there were more weak positive correlations that existed between the listed variables.
- A weak but almost moderate correlation existed only between the Trust of DPS andthe Customers’ perception of the Cryptocurrency transactions alongside the true Perception attained by customers while using the Cryptocurrency transaction and its basic Ease to Now for the customers, it is paramount that they must be satisfied with services provided by certain applications. The positive results attained based on use as well as the benefits of Crypto currency transaction was able to convince the researcher that indeed the adoption of the Cryptocurrency transaction in Nigeria has come to stay.
Recommendations
Quite a number of limitations were stated in the introductory part of this study by the researcher. These limitations to this study require further investigation by other researchers that may want to seek future researcher on this study. Hence, recommendations are listed below and shown be taken into consideration for a fruitful future research:
- Basically this research’s questionnaire was limited to just a two cities by circulating the questionnaires amongst customers of It must have kind of limited more positive results going forward in this research, hence, it is adviced that for future research, more cities should be added to the list so as to get more results for analysis from respondents.
- Time was also a major constraint in this study, hence, it should be noted that for future research, the study should proceed on time so as to adequately and meticulously gather results or responses from respondents for detailed analysis.
- The researcher for future purposes should endeavour to explore other sectors like going to schools as well (universities or even high school) because the world has gone technological in almost all dimensions now and surely customers in these schools can provide mush needed responses to the adoption of Cryptocurrency transactions in
REFERENCES
- Abukhzam, M., & Lee, A. (2010) Factors affecting bank staff attitude towards e- banking adoption in Nigeria.The Electronic Journal on Information Systems in Developing Countries,42(1), 1-15.
- Afsharpour, M., & Pahlevani, M. (2013). review and prioritization of payment tools and equipment of e-banking using Analytical Hierarchy Process (AHP). Seventh National Conference and the First International Conference of Ecommerce and Economy, Tehran.
- Alghamdi, R., Drew, S., & Al-Ghaith, W. (2011) Factors influencing e-commerce adoption by retailers in saudi arabia: a qualitative analysis, The Electronic Journal on Information Systems in Developing Countries, 47(1), 1-23.
- Antwi, S. K., Hamza, K., & Bavoh, S. W. (2015) Examining the Effectiveness of Electronic Payment System in Ghana: The Case of e-ZWICH in the Tamale Metropolis. Research Journal of Finance and Accounting, 6(2), 163-177.
- Anyanwu, A. C., Ezugwu, A. E., and Abdullahi, S. E. (2012) Electronic Payment System (EPS): Facilitating the Development and Adoption in Nigeria. International Journal of Computer Science Issues, 9(2), 462.
- Ayo, C.K., & Ukpeke, W.I. (2010), Design of a secure unified e-payment system in Nigeria: A case study. African Journal of Business Management, 4 (9), 1753 – 1760.
- Baddeley, M. (2004) “Using E-Cash in the New Economy: An Electronic Analysis of Micropayment Systems”, Journal of Electronic Commerce Research, 5(4), 239- 253.
- Bourreau, M., & Valetti, T. (2015). Competition and interoperability in mobile money platform markets: What works and what doesn’t?.Communications and Strategies, 99, 11-32.
- Cao, T. K., Dang, P. L., & Nguyen, H. A. (2016). Predicting consumer intention to use mobile payment services: Empirical evidence from Vietnam. International Journal of Marketing Studies, 8(1), 117- 124.
