Bitcoin: the added values and challenges of adopting Bitcoin
Hoang, Viet (2017)
Hoang, Viet
Turun ammattikorkeakoulu
2017
All rights reserved
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2017121621644
https://urn.fi/URN:NBN:fi:amk-2017121621644
Tiivistelmä
In 2008, on a private mailing list of the Internet dark webs, the tech pioneers were passing around one of the most innovative technologies in the financial field that humanity has ever witnessed, it is called Bitcoin and the blockchain technology.
Throughout the years, the demand for Bitcoin currency has risen exponentially. Based on the demand for the Bitcoin tokens, thousands and thousands of access points are being built globally, providing services for millions of users annually. Moreover, well-known online merchants start exchanging products and services for the ownership of the currency. From the side of brick-and-mortar store owners, Bitcoin seems to be neglected.
Thus, the paper will focus on delivering two well-defined goals. Firstly, it is to equip merchants with a fundamental knowledge towards Bitcoin and the blockchain. Secondly, it will investigate and understand the driven factors which encourage as well as prevent merchants from adopting Bitcoin, through the cases of Finnish store owners.
To retrieve the data, qualitative research was carried out through a series of interviews with Finnish merchants in Helsinki area. Regarding the benefits of adopting Bitcoin, the findings pointed out Bitcoin adoption provides a promising low commission fee while enhancing the company’s marketing image. On the other hand, there are challenges that hinder the adoption such as slow transaction execution, lack of knowledge and misconceptions from merchants.
Ultimately, this paper will vision on what is lack from the development of Bitcoin point-of-sale. Through which, solutions may be found which can connect Bitcoin with merchants globally.
Throughout the years, the demand for Bitcoin currency has risen exponentially. Based on the demand for the Bitcoin tokens, thousands and thousands of access points are being built globally, providing services for millions of users annually. Moreover, well-known online merchants start exchanging products and services for the ownership of the currency. From the side of brick-and-mortar store owners, Bitcoin seems to be neglected.
Thus, the paper will focus on delivering two well-defined goals. Firstly, it is to equip merchants with a fundamental knowledge towards Bitcoin and the blockchain. Secondly, it will investigate and understand the driven factors which encourage as well as prevent merchants from adopting Bitcoin, through the cases of Finnish store owners.
To retrieve the data, qualitative research was carried out through a series of interviews with Finnish merchants in Helsinki area. Regarding the benefits of adopting Bitcoin, the findings pointed out Bitcoin adoption provides a promising low commission fee while enhancing the company’s marketing image. On the other hand, there are challenges that hinder the adoption such as slow transaction execution, lack of knowledge and misconceptions from merchants.
Ultimately, this paper will vision on what is lack from the development of Bitcoin point-of-sale. Through which, solutions may be found which can connect Bitcoin with merchants globally.