Does Cryptocurrency Transactions Benefit ICT Businesses in Uyo Metropolis: Evidence from a Field Survey
Uduak Michael Ekong *
Department of Economics, Faculty of Social Sciences, University of Uyo, Uyo, Akwa Ibom State, Nigeria.
Emmanuel Ogbe
Department of Economics, Faculty of Social Sciences, University of Uyo, Uyo, Akwa Ibom State, Nigeria.
Samuel Effiong Isaac
Department of Economics, Faculty of Social Sciences, University of Uyo, Uyo, Akwa Ibom State, Nigeria.
*Author to whom correspondence should be addressed.
Abstract
In this study, we examined the effect of crypto currency transactions on ICT businesses in Uyo with the objective of investigating the determinants of crypto currency ownership among ICT businesses and the effect of crypto currency transactions on their business performance through a survey of 60 specific ICT businesses within Uyo. Logit regression was used to examine the determinants of crypto currency ownership among ICT businesses while spearman’s rank correlation was used to examine the relationship between crypto currency transactions and business performance. The survey data indicates that over 95 percent of respondents are aware of the existence of crypto currencies and over 60 percent says they have good knowledge of crypto currencies while majority of those who own crypto currencies are those with good knowledge of crypto currencies. Knowledge of crypto currencies, low transaction cost, transaction security, and the expected impact of crypto currencies on the monetary system were identified as significant determinants of crypto currency ownership while the rank correlation coefficient of 0.43 shows a moderate positive correlation between crypto currency transaction and business performance. It is recommended that public and private institutions should invest more in financial technology and consider ways to take advantage of crypto currency technology.
Keywords: ABO blood group, Crypto currency, Association of Tuberculosis, bitcoin, ABO gene frequencies., blockchain, mining, ICT businesses
How to Cite
Downloads
References
Hayek FA. Denationalization of money: The argument refined. London: Institute of Economic Affairs; 1978.
Friedman TL. The Lexus and the Olive Tree: Understanding Globalization. New York, NY: Farrar, Straus, and Giroux; 1999.
Friedman M, Schwatz J. A monetary history of the United States, 1867 -1960. Princeton: Princeton University Press; 2008.
Evans D. Economic aspects of bitcoin and other decentralized public- ledger currency platforms. Coase-Sandor Institute for Law & Economics Working Paper No. 685; 2014.
Nikamotor S. Bitcoin: A peer-to-peer electronic cash system; 2009. Retrived, 20 Feb, 2018 from bitcoin.org
LeBlanc G. The effects of crytocurrencies on the banking industry and monetary policy. Senior Honors Theses. 499. Eastern Michigan University, U.S.A; 2016. Available:http://commons.emich.edu/honors/499
Chiu J, Koeppl T. The economics of cryptocurrencies – bitcoin and beyond. Working Papers in Economics and Finance, School of Economics and Finance, Victoria Business School, Wellington, New Zealand; 2017.
Chiu J, Koeppl T. The economics aspects of cryptocurrncies. School of Economics Finance (SEF) Working Papers. University of Victoria University of Wellington New Zealand; 2107.
Dourado E, Brito J. Cryptocurrencies. Palgrave McMillian. The New Palgrave Dictionary of Economics; 2014. Available:www.dictionaryofeconomics.com
Narayanan A, Bonneau J, Felten E, Miller A, Goldfeder S. Bitcoin and Crypto Currency Technologies; 2015.
Gandal N, Hałaburda H. Competition in the Cryptocurrency Market. Bank of Canada Working Papers No 33; 2014.
Rose C. Comedy of the commons: Commerce, customs and inherently public property. Faculty Scholarship Review 1828. University of Chigago; 1986. Available:http://digitalcommons.law.yale.edu/fss_papers/1828
Antonopoulos A. Bitcion technology: A festival of the commons. foundation for economic education (FEE); 2015. Available:www.fee.org retrieved on 12th May 2018.
Hayes, Adam. How Much Cheaper are Bitcoin Fees than Credit Card Fees? Investopedia.com; 2016. Available:https://www.investopedia.com/news/how-much-cheaper-are-bitcoin-fees-credit-card-fees
Naware A. Bitcoin: Its advantages and security threat. International Journal of Advanced Research in Computer Engineering & Technology (IJARCET). 2016;5(6):1732-1735.
Seaman, David. The Bitcoin Primer: Risks, Opportunities, And Possibilities. Amazon Digital Services; 2014.
Douma S. Bitcoin: Pros and cons of regulation. University of Leiden; 2016.
Osterrieder, Joerg, Strika, Martin, Lorenz, Julian. Bitcoin and cryptocurrencies—not for the faint-hearted. International Finance and Banking. 2017;4(1):56. Available:http://www.macrothink.org/journal/index.php/ifb/article/view/10451
Gupta S, Lauppe P, Ravishankar S. A Blockchain-Backed Central Bank Cryptocurrency. Dept. of Computer ScienceYale University; 2017.
McWilliams D. Niculescu-Marcu C, Cruz B. The impact of smart ledger technology on world trade. Center for Economic and Business Research, Long Finance, UK; 2018. Available:http://www.longfinance.net/DF/Economic_Impact_Of_Smart_Ledgers_On_World_Trade.pdf
Daugherty P, Trkla K, Janas J. 2018 Cryptocurency Survey. Foley and Lardner LLP; 2018. Available:https://www.foley.com/files/uploads/Foley-Cryptocurrency-Survey.pdf
Heilmen, G and Rauchs, M (2017). Global Crytocurrency Benchmarking Study, Cambridge Center for Alternative Finance, University of Cambridge. Available:https://www.jbs.cam.ac.uk/wp-content/uploads/2020/08/2017-04-20-global-cryptocurrency-benchmarking-study.pdf
Henry C, Huynh K, Nicholls G. Bitcoin Awareness and Usage in Canada. Bank of Canada Topics: Bank notes, Digital Currencies, Econometrics and statistical methods; 2017. Available:https://www.bankofcanada.ca/wp-content/uploads/2017/12/swp2017-56.pdf
ING international survey. Bitcoin Buy in Europe, USA and Australia. ING international survey on Mobile Banking- Cryptocurrencies; 2018. Available:https://think.ing.com/uploads/reports/ING_International_Survey_Mobile_Banking_2018.pdf
Puneet, Deepika, Kaur. Crptocurrencies: Trend, perspectives and challenges. International Journal of Trend in Research and Development. 2017;4(4):4-6.
Available:Baumann J, Lesoimeir A. Cryptocurrencies Outlook 2018. SwissBorg; 2017. https://swissborg.com/files/swissborg-cryptocurrencies-outlook-2018.pdf
Spenkelink H. Identifying Factors that Influence the Adoption of Cryptocurrencies from a Multiple Stakeholder Perspective. Faculty of Management and Governance University of Twente, Netherlands; 2016. Available:https://pdfs.semanticscholar.org/5c0d/bbf5c9aa38766d61eac90a0258b4d7d97f6f.pdf
Sovbetov Y. Factors infuencing cryptocurrency prices: Evidence from bitcoin, ethereum, dash, litcoin, and monero. London School of Commerce; 2018.