Users’ knowledge and motivation on using cryptocurrency

Abstract

Cryptocurrency is a decentralized digital currency stored in an online form that does not fall under governments and banks control. This study aimed at understanding users’ knowledge and their motivation on using cryptocurrency through structured interviews. Data was gathered through in- person interviews with three participants (n = 3). The analysis of the interviews indicated that (1) most participants have a clear understanding of cryptocurrency nature, albite some misconceptions, (2) most participants were able to explain technical aspects of cryptocurrency such as mining and market cap, (3) main uses of cryptocurrency according to participants were investment and currency, (4) perceived benefits of cryptocurrency are decentralization, security, anonymity, ease of use, and low fees, (5) perceived disadvantages were cryptocurrency not being recognized everywhere. Finally, (6) all participants planned to continue using cryptocurrency in the future. Although the number of participants was small, this research can be considered as a pilot study for future research aiming at understanding cryptocurrency users’ behaviour.