An analysis into the feasibility of adopting cryptocurrency as an alternative currency in Zimbabwe.
Today I am introducing a Cryptocurrency{Bitcoin} study carried out in Zimbabwe.I will be sharing with you the results we got in each stage of the study and how it was carried out. Below is the abstract of the Study.
ABSTRACT
This study analyzed cryptocurrency features that may facilitate cryptocurrencies to be regulated and be realized as substitute currencies in Zimbabwe. Bitcoin was the first invention of cryptocurrency as all other cryptocurrencies were born out of bitcoin. This research focused on Bitcoin characteristics that it has which are likely to impede their use as substitute currencies in providing low costs payments and combating the monetary problems that the country is facing.
image credit
The features cryptocurrencies have in common with fiat currencies being a medium of exchange, store of value and unit of account. A purposive sampling technique research method was carried to supplement the regression model. The research provided concrete suggestions from already Bitcoin users. The research results show that the majority of respondents recommended the use of bitcoin as a substitute currency.
image credit
Moreover, above half of the respondents cited that they were engaging in informal businesses and they were not using the traditional system for transactions. The research also shows that Bitcoin was easy to use, thus can be adopted as per TAM model. Some respondents suggested that there were no differences in Bitcoin technology and current banking technology, thus they agreed that Bitcoin was easy to use. A regression model was constructed to see the relationship between bitcoin adoption and pillars for adoption.
image credit
The research regression results show that the pillars for Bitcoin adoption are already in existence. There is a positive correlation between Bitcoin adoption and pillars for adoption. The results show that a unit increase in internet penetration and mobile penetration leads to an increase in bitcoin adoption.
Conversely, inflation and Bitcoin volatility lead to a decrease in Bitcoin adoption. For Bitcoin adoption, awareness and an increase in bitcoin exchanges, and merchants should be done. Lastly, accounting and other financial regulations should be implemented to provide the basic framework of using cryptocurrencies.
Donations
BTC - 1CeT8H4TbrZAEwr9tJSK222r3agE4SfE8Q
ETH - 0xdCc6409fB1De028bdfA942e76c5C0121A550F4c7
LTC - LgTVniBDfgzeYjBVr6UpNrDxJzrkXH2Brv
@tinashe got you a $1.61 @minnowbooster upgoat, nice! (Image: pixabay.com)
Want a boost? Click here to read more!
You've made my day.
Wonderful post @tinashe ...I upvote
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Tinashe from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
This post has received a 0.78 % upvote from @drotto thanks to: @banjo.
It's a good post dense with information. But allow me one point of criticism.
And that is maybe make the academic tone and jargon of similar future posts less jargon dense for some of us who aren't acquainted which the style of writing.
Thank you!!!
What is this?😳😳😳😳😳