Diffusion and Adoption of Bitcoins In Light of The Financial Crisis: The case of Greece

Date

2017-10

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Conference

Peer reviewed

Yes

Abstract

In 2008, following the outbreak of the global financial crisis, a new trading system emerged that was made possible by cryptographically-produced currencies. Among them, the most popular digital cryp-tocurrency is undoubtedly the Bitcoin. This alternative way of trading quickly captured the interest of both businesses and consumers. Combined with a general lack of confidence towards financial institu-tions, central governments, and the effect of capital controls imposed across several countries, Bitcoins begun being used extensively for funds transfer across borders and general payments. How-ever, it is unclear whether the use of Bitcoins is extensive enough so as to lead to complete or partial disintermediation of monetary transactions, and whether users understand how the technology works and what are the inherit risks of this alternative payment mechanism. This paper addresses these ques-tions through a survey-based study, conducted within the Greek context, where capital controls are still active and awareness regarding cryptocurrencies seems to be on the rise. Our findings show that despite that end-users of Bitcoin are somewhat concerned with regards to security issues, they are nevertheless interested in its use for identifying new business opportunities and bypassing residency-based measures, such as capital controls.

Description

Keywords

blockchain, cryptocurrencies, bitcoin, capital controls, Greece, electronic transactions

Citation

Zamani, E.D., Babatsikos, I. (2017) Diffusion and Adoption of Bitcoins In Light of The Financial Crisis: The case of Greece. In the Proceedings of the 11th Mediterranean Conference on Information Systems (MCIS 2017), Genoa)

Rights

Research Institute

Centre for Computing and Social Responsibility (CCSR)