Research Article: 2024 Vol: 28 Issue: 5S
Gangu Naidu Mandala, Central Tribal University of Andhra Pradesh Vizianagaram
Narayani Ramachandran, SVKM’s Narsee Monjee Institute of Management Studies, Bengaluru
Citation Information: Mandala, G.N., & Ramachandran, N. (2024). Investor’s awareness towards crypto currency in India. Academy of Marketing Studies Journal, 28(S5), 1-5.
Purpose: Customers of e-commerce have shown a great deal of interest in the robust organisation of decentralised payment processes, notably among cryptocurrency investors. When there are many transactions compared to a single transaction size, a cryptocurrency performs best. It makes use of a distributed payment network that covers immaterial costs without the involvement of a third party or financial institution. Methodology and Design: In this analysis, we have made an effort to ascertain the level of interest that investors in Andhra Pradesh have for various cryptocurrencies and the risks associated with something very similar. To acquire the data, a sample of 280 investors was used. Findings: Although it is still in its infancy, Bitcoin is the only known example of a cryptocurrency that works well. As a result, developers continue to expend effort to make Bitcoin stronger. Male financial backers have been found to be more aware of digital currencies and the core innovation of blockchain. Originality and Values: The Bitcoin network has a unique propagation of namelessness that is not innate in any web-based business exchange. Although blockchain technology spurs growth and several new applications for businesses, there are a number of risks associated with using cryptographic forms of payment as a result of this technology.
Bitcoin; Blockchain, E-commerce; Cryptocurrencies; Indian Economy.
The history of money dates back to the days when gold, silver, and other metal coins were used to pay for goods and other necessities, and it has an enormous value in the lives of all people who are still alive now. In actuality, prior to the creation of the Financial Framework, (Is Bitcoin Safe? Bitcoin Security Best Practices) Akshay (2018); Bhatt, (2018); Chawla, (2108), Dewani, (2020). The Trade Framework served as the primary means of exchange, with people exchanging goods for those that matched their specific requirements or necessities. Bargaining framework was gradually replaced by financial framework, and eventually, numerous monetary forms emerged and were accepted by various countries around the world (Kalyani, 2016).
Paper Cash replaced the metal coinage, which had previously been the primary medium of exchange. Paper Cash was easier to move from one location to the next, and the presence of large groups in printed paper structures facilitated major organisations' ability to conduct large-scale transactions. By the middle of the 20th century, plastic money had completely eliminated the need for money exchanges since it solved security problems associated with carrying large amounts of cash without being stolen or broken into. People discovered that keeping a plastic card to use for various transactions was simpler than keeping a large amount of cash Ku-Mahamud, (2019).
Although it is becoming more and more popular among people, cryptographic money is another type of age-based sophisticated currency. Its use is still viewed with scepticism by the public authority and administrative professionals, and it has various legal and security concerns. Digital money is notoriously unstable and is typically used as a tool for speculation Parashar (2018).
Survey of Writing
The most common and well-known digital currency in the world, bitcoin, has been gaining popularity. Water, if it were intriguing, would be more significant than jewels. (Faturahman, 2021)Bitcoin enjoys respect from its users because they feel that if they accepted it as payment, they would use it elsewhere to purchase goods or services. Whatever the respected item may be, as long as the customers maintain their confidence. (Ganorkar, 2017) The value of a cycle coin exists in its environment much like how the Native Americans used wampum, which is a shell, as their form of currency. Most of the time, it is believed that Bitcoin and other cryptographic forms of payment are protected from growth beginning with public government modifications or restrictions. As a result, it creates a "place of refuge" where investors can put their wealth because it generally retains value in the face of growth. Financial backers have often witnessed global business sectors collapse (most often due to political causes), while the value and adoption of digital currencies has increased. Recent votes by the Assembled Realm to leave the European Association, known as "Brexit," have been counted. Prior to the voting, the price of Bitcoin decreased by around 15%. Throughout recent events, Bitcoin has grown to have a shaky reputation. (Orabi, 2022) Not just Bitcoin, but all computerised money in general, might get a bad rap from tales like Silk Street Kanirajan, (2019).
Objectives
In this study we are focusing more on investor’s investment plans and their preference of bitcoins and cryptocurrency
1. To analyses investors’ awareness towards cryptocurrency and bitcoin.
Methodology and Design: In this analysis, we have made an effort to ascertain the level of interest that investors in Andhra Pradesh have for various cryptocurrencies and the risks associated with something very similar. To acquire the data, a sample of 280 investors was used.
Sample Area: Manayam Parvathipuram.
Sample Size: 280.
Sample Techniques: Convenient Sampling.
Statistical Tools: Weighted Average Mean.
The majority of the 114 people who responded to the following question about the drawbacks of using Bitcoin or cryptographic money believe that theft or hacking of Bitcoin and Specific flaws or mistakes are the drawbacks of Bitcoin. The uncertainty of the conversion standard is considered as a detrimental element for the use of Bitcoin chasing a credit-only economy, according to 96 respondents, or 84% Henry, (2018) Tables 1-3.
| Table 1 Advantages / Benefits of Cryptocurrency | ||||
| Benefit | Low benefit | Medium benefit | High benefit | Weighted Average Mean of benefit of cryptocurrency |
| Unknown and imperceptibility connected with the Bitcoin exchange | 56 | 56 | 90 | 1.8 |
| Speed of exchange | 16 | 68 | 192 | 2.4 |
| No Focal Power | 74 | 20 | 90 | 1.6 |
| Extremely low exchanges/commission charges | 26 | 60 | 174 | 2.28 |
| Worldwide Acknowledgment particularly as a method of trade money | 18 | 68 | 186 | 2.386 |
| Simple to utilize and access | 64 | 60 | 60 | 1.614 |
| No inflation | 44 | 64 | 114 | 1.9 |
| No way to involve individual information for Misrepresentation | 32 | 60 | 156 | 2.18 |
| Table 2 Disadvantages / Burdens of Cryptocurrency | ||||
| Burdens | Low Burdens | Medium Burdens | High Burdens | WAM |
| Trade Hazard | 22 | 64 | 180 | 2.3 |
| Taking and hacking | 16 | 44 | 228 | 2.5 |
| Technical Problems | 14 | 64 | 204 | 2.5 |
| Currency Exchange Rate Volatility | 20 | 60 | 192 | 2.4 |
| Required knowledge | 18 | 80 | 168 | 2.3 |
| Central Authority absent | 24 | 28 | 228 | 2.46 |
| Table 3 Awareness of Cryptocurrency | |||||
| Not by any stretch significant | To some degree significant | Especially significant | Generally significant | WAM | |
| If government regulation of Bitcoin exists | 10 | 16 | 84 | 272 | 3.35 |
| If there were more Bitcoin promotion and teaching | 18 | 48 | 126 | 120 | 2.73 |
| If the price of bitcoin is more steady | 12 | 68 | 114 | 120 | 2.75 |
| If your banks allowed you to buy bitcoin | 20 | 48 | 78 | 144 | 2.54 |
| If significant retail websites begin to accept Bitcoin | 12 | 40 | 78 | 172 | 2.68 |
| If significant physical stores begin to accept Bitcoin | 20 | 48 | 66 | 172 | 2.71 |
| If a straightforward and safe Bitcoin purchase process is implemented | 14 | 44 | 84 | 200 | 3 |
| If there are better ways to store Bitcoin, | 6 | 44 | 90 | 224 | 3.19 |
| If the government gives its blessing | 6 | 20 | 60 | 288 | 3.28 |
| If consumers receive the Bitcoin transaction cost savings | 10 | 48 | 108 | 172 | 3 |
| If current financial transactions switch to accept Bitcoin | 10 | 48 | 108 | 172 | 3 |
The majority of the 114 respondents who responded to the question below that was concerned about Bitcoin's straightforward transformation into a method for credit-only payments or digital currency believe that Bitcoin should be governed by government regulation or that government stamps of approval should be taken into consideration Zubir (2020).
The future of Bitcoin is uncertain because to its many serious drawbacks, including its high cost volatility, vulnerability to hacking, lack of insurance from a major bank, and lack of buyer protection. Because it has no inherent value and financial backers will continue to support the cost, which is obviously higher than its intrinsic value, Bitcoin is an air pocket, much like any other air pocket that we may have noticed, like as the dotcom bubble or the hotel bubble. Additionally, the expense is only managed by the balance of trade Sheema Afshan (2017).
It is therefore unlikely that it will be accepted as laid-out money by the general populace, as its two main advantages—obscurity and low exchange rates—are not really what the average shopper wants. However, the technology underpinning Bitcoin and cryptographic money can be adapted to other monetary standards or payment systems, which might have a long-lasting impact on how people spend money going forward.
In any event, the crucial analysis carried out thus far has shown that the majority of respondents believe that the theft of Bitcoin through hacking and specific mistakes or errors is the barriers to Bitcoin. The dynamic nature of the bitcoin environment, which constantly modifies and upgrades the bitcoin usage, suggests that some of the hypotheses expected for those blockchain examinations may not entirely hold. As a result, blockchain investigation actually presents fascinating open questions.
According to the majority of respondents, establishing uniform KYC requirements for participating organizations will increase the benefits of digital currency for the majority of underprivileged people, dealers, charge divisions, and administrative specialists. Additionally, the Advanced Resource and Blockchain Foundation of India (DABFI) plans to establish self-administrative platforms for the exchange of bitcoins and other blockchain-based digital assets. A majority of respondents agree that such intercession will increase the advantages of bitcoin, which is a positive appraisal of respondents' opinions regarding such mediation Mittal, (2017).
Additionally, several fundamental components of the Bitcoin framework, such as the blockchain approach as an add-just record, may present intriguing challenges for future advancements on secure decentralised frameworks Narayanan, (2020); Vyshnavi (2016).
The acceptance of cryptocurrency payments by educated individuals with total assets between $5 and $10 million is currently modest. However, respondents are motivated to accept cryptocurrency payments as quickly as possible, showing that acceptance may increase once some (perceived) barriers are removed. In this essay, we examine the factors that influence recipients' intent and sincere acceptance of cryptocurrency payments. Since Bitcoin is a completely decentralised form of money, its value is based on the fact that there is a great deal of interest in it and that there is a limited supply. The attraction stems mostly from its favourable exchange rates, anonymity, potential for speculation, and potential for use in illegal activities.
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Received: 05-Feb-2024, Manuscript No. AMSJ-24-14463; Editor assigned: 06-Feb-2024, PreQC No. AMSJ-24-14463(PQ); Reviewed: 29-Mar-2024, QC No. AMSJ-24-14463; Revised: 25-May-2024, Manuscript No. AMSJ-24-14463(R); Published: 18-Jun-2024