René Riedl, Max Neuhofer, Bernhard Stockinger, Florian Grillenberger · 7 authors
Eine Analyse von 1498 Artikeln aus sechs Tageszeitungen zeigt, dass im deutschsprachigen Raum vorwiegend negativ über den Bitcoin berichtet wird. Eine Analyse von 1498 Artikeln aus sechs Tageszeitungen zeigt, dass im deutschsprachigen Raum vorwiegend negativ über den Bitcoin berichtet wird. Zwischen den untersuchten Tageszeitungen bestehen nur geringe Unterschiede. Zwischen den untersuchten Tageszeitungen bestehen nur geringe Unterschiede. Zwischen der Berichterstattung zum Bitcoin und dem Kursverlauf gibt es einen Zusammenhang. Zwischen der Berichterstattung zum Bitcoin und dem Kursverlauf gibt es einen Zusammenhang.
Abeer ElBahrawy, Laura Alessandretti, Andrea Baronchelli
The production and consumption of information about Bitcoin and other digital-, or crypto- , currencies have grown together with their market capitalization. However, a systematic investigation of the relationship between online attention and market dynamics across multiple digital currencies is still lacking. Here, we quantify the interplay between the attention towards digital currencies in Wikipedia and their market performance. We consider the entire edit history of currency-related pages and their view history from July 2015. First, we quantify the evolution of the cryptocurrency presence in Wikipedia by analyzing the editorial activity and the network of co-edited pages. We find that a small community of tightly connected editors is responsible for most of the production of information about cryptocurrencies in Wikipedia. Then, we show that a simple trading strategy informed by Wikipedia views performs better than baseline strategies, in terms of returns on investment, for most of the covered period although the ‘buy and hold strategy’ dominates during the periods of explosive market expansion. Our results contribute to the recent literature on the interplay between online information and investment markets, and we anticipate it will be of interest for researchers as well as investors.
Gourang Aggarwal, Vimal Patel, Gaurav Varshney, Kimberly R. Oostman
Blockchain and its application on cryptocurrency transactions have gathered a lot of attention and popularity since the birth of the pioneer Bitcoin in 2009. More than 1500 cryptocurrencies are currently circulated in the market. The technology underpinning Bitcoin and other cryptocurrencies is Blockchain and is a rapidly growing decentralized distributed ledger technology which find its major involvement in cryptocurrencies. But cryptocurrencies are of extremely volatile and fragile nature which makes it difficult to be used as a stable currency for transactions and devoid this market of human trust. Cryptocurrency market is controlled by various social and government factors which keeps it fluctuating. This paper identifies and discusses the important factors that govern the cryptocurrency market and analyzes the impact of these factors. A pilot user survey has also been presented at the end of this paper to understand and demonstrate the societal view of the acceptance of cryptocurrencies.
Raheleh Hassannia, Ali Vatankhah Barenji, Zhi Li, Habib Alipour
The purpose of the study is to design and develop a recommended system based on agent and web technologies, which utilizes a hybrid recommendation filtering for the smart tourism industry. A hybrid recommendation system based on agent technology is designed by considering the online communication with other sectors in the tourism industry, such as the tourism supply chain, agency etc. However, online communication between the sectors via agents is designed and developed based on the contract net protocol. Furthermore, the design system is developed on the java agent development framework and implemented as a web application. Case study-based results considering two scenarios involving 100 customers illustrated that the proposed web application improves the rate of the recommendation for the customers. In the first scenario without disturbances, this rate was improved by 20% and the second scenario with disturbances yielded a 30% rate of acceptable recommendation. In addition, based on the second scenario, real time data communication on the system occurred, thus the proposed system supported real time data communication.
Jan 1, 2019·Proceedings of the ... Annual Hawaii International Conference on System Sciences/Proceedings of the Annual Hawaii International Conference on System Sciences
The blockchain technology is subject to intensive discourse on social media. One example is the promotion of Initial Coin Offerings (ICO) as a new financial instrument for startups. As ICOs are generally low-regulated, potential investors and entrepreneurs are faced with decision-making under uncertainty. This uncertainty might be partially offset by social factors. Based on established behavioral, economic and information systems theory, we investigate how different social media channels are linked to the capitalization of blockchain startups. We present empirical evidence from online search trends, financial data and a corpus of 231,758 tweets related to 524 ICOs. Our results suggest that higher search volume, positive sentiment and the increased use of emotive language on Twitter are linked to a high capitalization. The results are relevant for startups and potential ICO investors.
The latest technologies are shifting how businesses capture, analyse and distribute data from the individual users' online activity. Therefore, this contribution critically reviews the latest developments on big data analytics and programmatic advertising. Moreover, it sheds light on the use of blockchain; as this distributed ledger technology provides secure, verified transactions among marketplace stakeholders. The findings suggest that the service providers are increasingly utilising data-driven technologies including programmatic advertising tools to target and re-target individuals online or on their mobile. However, individuals and organisations are becoming increasingly aware on data protection issues, as they often block marketers from tracking them and serving them ads. In conclusion, this contribution puts forward a theoretical framework that explains how, why, where and when practitioners are capturing, analysing and distributing data. In sum, it implies that the data-driven technologies are facilitating the businesses' customer-centric marketing.
The purpose of this study is to determine the factors influencing investors' decision making on cryptocurrency investments and create investors' preference partworths by conducting conjoint analysis. In conjoint method, assessment criteria are called as attributes and each attribute has more than one level. Methodology-In this study, conjoint analysis has been conducted to create investors' preference partworths. Conjoint method is a statistical method which is conducting a survey-based research design that provides information on respondents' choices on attributes and their levels for a specific product or an investment option. In the first step, attributes and their levels have been determined, then conjoint bundles, which form the basis of the survey form, were created. As a third step, data collected have been analyzed and preference partworths have been created. Findings-Data collected for the study have been analyzed by using Marketing Engineering for Excel software. The findings of this preliminary study indicate investors' priorities in cryptocurrency investments. By assessing these priorities, a highly competing cryptocurrency can be created.
Andrey A. Gusev, 49 Leningradsky Prospect, Moscow, 125993, Russia
Many fintech start-ups participant companies and cryptocurrencies have experienced phenomenal growth in value during the past several years.Many specialists would like to know the reasons for such success.In this article we investigate the predictive power of public opinions.This is one of the few works that using quantitative analysis connects social media and internet users' activities with cryptocurrency valuations.
In summary, this study has applied TAM model to examine cryptocurrency payment adoption in Taiwanese hotels, examining the factors that are more likely to affect the behavioral intent. The empirical results suggest that intent to adopt cryptocurrency payments is affected by perceived usefulness, and perceived ease of use of these payments. In turn, perceived usefulness is affected by trust towards these payments. Interestingly, perceived usefulness was not shown to be significantly affected by different types of risks associated with cryptocurrency payments, including financial risk, technological risk, and social risk. Perceived ease of use, in turn, is affected by convenience of cryptocurrency payments; and is not shown to be significantly affected by trust.
The "buzz" surrounding cryptocurrencies in online media last year has led to an increased interest in the topic as a possible source for investments. This paper aims to identify the key success factors for an m-learning cryptocurrency application that explains blockchain technology and cryptocurrencies for non-tech savvy people. The research methodology used for this paper applies the experimental method and probative logic. A survey was conducted among 128 participants, the target population being composed of people who have an interest in cryptocurrencies and who are involved in online crypto communities. The results of the study show that the people who invest in cryptocurrencies are usually those who have a high income and who possess other investment methods as well. When it comes to analyzing the mobile applications success factors, the study revealed that there are no significant differences between people who have cryptocurrency investments and those who do not in ranking mobile apps success factors. Also, besides cryptocurrency training the news and prices are among the most important features of an m-learning cryptocurrency application and on that account such an app must include them. The originality of this study comes from addressing an innovative topic as the research in this field is scarce. Furthermore, this paper raises awareness towards the necessity of educating people on this topic, on the need to research before investing in a specific project.
Jan 17, 2018·Peter Krafft, Nicolás Della Penna, Alex Pentland. (2018). An Experimental Study of Cryptocurrency Market Dynamics. ACM CHI Conference on Human Factors in Computing Systems (CHI)
P. M. Krafft, Nicolás Della Penna, Alex Sandy Pentland
As cryptocurrencies gain popularity and credibility, marketplaces for cryptocurrencies are growing in importance. Understanding the dynamics of these markets can help to assess how viable the cryptocurrnency ecosystem is and how design choices affect market behavior. One existential threat to cryptocurrencies is dramatic fluctuations in traders' willingness to buy or sell. Using a novel experimental methodology, we conducted an online experiment to study how susceptible traders in these markets are to peer influence from trading behavior. We created bots that executed over one hundred thousand trades costing less than a penny each in 217 cryptocurrencies over the course of six months. We find that individual "buy" actions led to short-term increases in subsequent buy-side activity hundreds of times the size of our interventions. From a design perspective, we note that the design choices of the exchange we study may have promoted this and other peer influence effects, which highlights the potential social and economic impact of HCI in the design of digital institutions.
Alexander Babkin, Т. А. Головина, A.V. Polyanin, Yulia Vertakova
The modernization of traditional process and service industries, organization of trading and procurement procedures, related financial and logistical operations, change in the structure of consumption associated with the through penetration of information technologies and digitization of economic processes creates the basis for formation of new markets and conditions for their functioning. As employees, consumers, businesses, and manufacturing processes become increasingly related as a single digital space, digitalization offers wide possibilities for new decision-making models being the basis for ongoing global economic and social transformations which change business and consumer models, one of which is the sharing economy. The digital model of sharing economy will be developed and transformed in the next few years to achieve the main purpose – the use of unengaged or underused assets in the economy. In this regard, the search for new tools and technologies for business models development is vital. The authors present the content, advantages, current state and prospects for development of the distributed registry technology (blockchain). It is presented that it will increase transparency, security and efficiency of transactions of economic entities in various financial and non-financial fields. A transactional model of the economic system based on the blockchain technology is presented. The sharing economy features and characteristics are given.
Jan 1, 2018·Proceedings of the ... Annual Hawaii International Conference on System Sciences/Proceedings of the Annual Hawaii International Conference on System Sciences
Friedrich Holotiuk, Francesco Pisani, Jürgen Moormann
The emergence of blockchain technology has led to an animated discussion among both researchers and practitioners about its future prospects. Similar to other upcoming technologies, in the foreground of the analysis are often the potential benefits of blockchain. Much less discussed are the challenges the technology must overcome before achieving breakthrough in traditional areas, such as the financial services sector. To close this gap, and to identify the challenges blockchain needs to overcome, we explore its impact in the payments industry, which represents a major pillar of banking and the cradle of blockchain. For this purpose, we performed a Delphi study and subsequently conducted a number of dedicated interviews. The findings enable us to delineate six key challenges that have to be tackled. Our study contributes to the literature on blockchain and has important practical implications as it indicates issues that should be addressed in order to foster its dissemination.
This thesis introduces blockchain, the underlying technology of cryptocurrencies such as Bitcoin, and discusses how best to conceptualize it relative to other technologies. Following an explanation of the fundamentals of blockchain, also known as the distributed ledger, I identify the characteristics of the technology. Building upon blockchain’s inherent strengths and limitations, I explore potential business applications of blockchain. Finally, I recommend that leaders continue to track the development and adoption of blockchain technology, even if they decide that implementing it does not align with their organization’s strategy at present.
Denne avhandlingens mål er å analysere om medieoppmerksomhet er en drivende faktor i etterspørselen etter Bitcoin, og på så måte avkastning på Bitcoin. Et nyttig verktøy i denne analysen er å kategorisere Bitcoin. De to hovedspørsmålene som da vil bli besvart er:\n(i) Hva slags finansielt aktivum kan Bitcoin kategoriseres som?\n(ii) Hvordan påvirker medieoppmerksomhet Bitcoin?\nDette er gjort ved å først presentere et teoretisk rammeverk for prisdannelse hvor investorers interesse er forklart i en variable for medieoppmerksomhet. Ved å bygge videre på dette rammeverket blir Bitcoins funksjonalitet som en valuta i samfunnet i dag analysert og sammenlignet ved bruk av det tradisjonelle rammeverket for penger vi kjenner til. Dette er videre analysert ved hjelp av volatilitetsprosessene til Bitcoin og andre finansielle aktivum. Funnene fra denne analysen tyder på at Bitcoin ikke kan klassifiseres sammen med tradisjonelle finansielle aktivum, og på så måte er et spekulativt finansielt aktivum som står på egenhånd. Videre blir det funnet at medieoppmerksomhet gjør Bitcoin mer attraktiv for investorer og er en driver av etterspørsel. Denne spekulative driveren av etterspørsel sammenfaller godt med kategoriseringen av Bitcoin som et spekulativt aktivum.
Open access
Consumer Behavior in Brand Consumption and Identification
Problem: Parallels have been drawn between the rise of the internet in 1990s and the present rise of bitcoin (cryptocurrency) and underlying blockchain technology. This resulted in a widespread of media coverage due to extreme price fluctuations and increased supply and demand. Garcia et al. (2014) argues that this is driven by several social aspects including word-of-mouth communication on social media, indicating that this aspect of social media effects individual attitude formation and intention towards cryptocurrency. However, this combination of social media of antecedent of consumer acceptance is limited explored, especially in the context of technology acceptance. Purpose: The purpose of this thesis is to create further understanding in the Technology Acceptance Model with the additional construct: social influence, first suggested by Malhotra et al. (1999). Hereby, the additional construct of social media influence was added to advance the indirect effects of social media influence on attitude formation and behavioural intention towards cryptocurrency, through the processes of social influence (internalization; identification; compliance) by Kelman. Method: This study carries out a quantitative study where survey-research was used that included a total sample of 250 cases. This sample consists of individuals between 18-37 years old, where social media usage is part of the life. As a result of the data collection, analysis was conducted using multiple regression techniques. Conclusion: Analysis of the findings established theoretical validation of the appliance of the Technology Acceptance Model on digital innovation, like cryptocurrency. By adding the construct of social media, further understanding is created in the behaviour of millennials towards cryptocurrency. The evidence suggests that there are clear indirect effects of social media on attitude formation and intention towards engaging in cryptocurrency through the processes of social influence. This study should be seen as preliminary, where future research could be built upon. More specifically, in terms of consumer acceptance of cryptocurrency and the extent of influence by social media.
The information age has dawned upon us through the comprehensive and boundless adoption of the internet; E-banking and smart-phones thus, causing a reliance on online transaction sys-tems reducing the need to handle tangible cash notes. The current monetary system is arguably on the cusp of an evolutionary moment through the adoption of virtualised currencies, this phe-nomenon potentially possesses the next metamorphic step in contemporary global economic money. Cryptocurrency is a radical new innovation, and has become a widely debated topic over the past few years despite this, the topic of the diffusion of innovation and the procedures which the phenomenon needs to overcome have had relatively small amounts of academic attention in comparison to other fields of research. Therefore, this study aims to identify how cryptocurrency is diffusing through the diffusion of innovation model with the intention of identifying the current location of diffusion; this in turn will create a more universalised understanding of the phenomenon in regards to other radical innovations. Due to the nature of the study, the conducted research utilised a qualitative method. Additional-ly, the focus on collecting data which will positively reflect an academic study with the purpose of uncovering information in alignment with the research questions of the study at hand lead to an ‘interpretivist’ methodology. Hence, 10 interviews were conducted of which the interviewees came from a range of different countries allowing the researcher to identify information rich da-ta. This approach allowed for two pathways of research to occur. Firstly, the non/potential in-vestors of which had basic cryptocurrency knowledge and secondly, current users/investors of which had an overall understanding of the cryptocurrency phenomenon. Furthermore, the pri-mary data alongside the utilisation of secondary survey questions and the literature allowed for a wider understanding of the phenomenon. The results of the study unveiled a range of trends and developments in the diffusion process. Accordingly, these findings advance the understanding of the micro, macro and psychological factors which are present in the diffusion of the cryptocurrency innovation. Thereby, the re-search draws attention to how a range of barriers synergistically working together requires a synergistic strategic approach from governments and individuals to surpass the current diffu-sion position and progress further, in turn increasing the chances of mainstream adoption.
Julio C. Mendoza-Tello, Higinio Mora, Francisco A. Pujol, Miltiadis D. Lytras
The deployment of cryptocurrencies in e-commerce has reached a significant number of transactions and continuous increases in monetary circulation; nevertheless, they face two impediments: a lack of awareness of the technological utility, and a lack of trust among consumers. E-commerce carried out through social networks expands its application to a new paradigm called social commerce. Social commerce uses the content generated within social networks to attract new consumers and influence their behavior. The objective of this paper is to analyze the role played by social media in increasing trust and intention to use cryptocurrencies in making electronic payments. It develops a model that combines constructs from social support theory, social commerce, and the technology acceptance model. This model is evaluated using the partial least square analysis. The obtained results show that social commerce increases the trust and intention to use cryptocurrencies. However, mutual support among participants does not generate sufficient trust to adequately promote the perceived usefulness of cryptocurrencies. This research provides a practical tool for analyzing how collaborative relationships that emerge in social media can influence or enhance the adoption of a new technology in terms of perceived trust and usefulness. Furthermore, it provides a significant contribution to consumer behavior research by applying the social support theory to the adoption of new information technologies. These theoretical and practical contributions are detailed in the final section of the paper.
This research intended to understand the factors affecting the acceptance of Bitcoin technology in Indonesia. It adopted the model of Unified Theory of Acceptance and Use of Technology (UTAUT), which took into account four influencing factors. Those were performance expectancy, effort expectancy, social influence, and facilitating conditions. The factors of gender and age were assumed to moderate the relations between those four factors and use and behavioral intention. The empirical data for those factors were collected by questionnaires from 49 respondents. The statistical significance of the relationships was evaluated by multivariate regression analysis. The result is a model that matches the data with R2 = 0,678. It demonstrates a high level of fitness. The analysis suggests that the performance expectancy factor and the social influence factor greatly affect the behavioral intention to use Bitcoin with the values of t-statistic of 3,835 (p-value = 0,000) for the former factor and 1,948 (0,059) for the latter factor. However, the social influence factor has less profound effect on the behavioral intention.
SteemIt is a Reddit-like social news site that pays members for posting and curating content. It uses micropayments backed by a tradeable currency, exploiting the Bitcoin cryptocurrency generation model to finance content provision in conjunction with advertising. If successful, this paradigm might change the way in which volunteer-based sites operate. This article investigates 925,092 new members’ first posts for insights into what drives financial success in the site. Initial blog posts on average received US$0.01, although the maximum accrued was US$20,680.83. Longer, more sentiment-rich or more positive comments with personal information received the greatest financial reward in contrast to more informational or topical content. Thus, there is a clear financial value in starting with a friendly introduction rather than immediately attempting to provide useful content, despite the latter being the ultimate site goal. Follow-up posts also tended to be more successful when more personal, suggesting that interpersonal communication rather than quality content provision has driven the site so far. It remains to be seen whether the model of small typical rewards and the possibility that a post might generate substantially more are enough to incentivise long-term participation or a greater focus on informational posts in the long term.