Attitude Of Millennial Generation Towards Cryptocurrency

Chapter 4 Data Analysis

In this study, it is mentioned that the advancement and rise of cryptocurrency would place the world economy a different position. The rate of adoption has made the cryptocurrency to rule the world, and certainly has the potential to become the de facto standard of currency in the future. While the case certainly points to proper regulation and jurisdictional control as noted from the reviews of literatures, which has already pointed out with regards to the standing research questions. But, the fact of the matter remains that any research is its own entity, and while literature may point out the correctness and the possibility of multiple train of thoughts with a unifying theme or concept, it is still a part of the entire process.

This chapter takes under consideration a primary form of research to collect authentic data from the general public in order to connect to the themes alluded in the literature review comprehensively. These takeaways have essentially shaped the very foundation of the tool used to collect primary data for this research through straightforward and consented interviews from people chosen on the basis of certain demographic needs and assignations. An overall format of the interview process shall be discussed, but is mentioned below for better scaling and understanding respectively.

· Awareness, knowledge and personal experience with cryptocurrency.

· Trust and possibility of investing one’s own finances to the system in any shape or form.

· Factors contributing to making the investment in cryptocurrency.

· Possibilities and Impact upon society as a whole.

Through these overall themes and takeaways covered, now comes the time about how exactly one could analyse the data obtained. One thing of note is that almost all information is more of a qualitative kind with open ended questions allowing a greater possibility of what can be answered and taken under due consideration. Quantitative data analysis would require data that would be intrinsically objective and simple to map, which is not the case in this scenario whatsoever. Therefore, the primary focus should be to implement more of a qualitative analysis, and judge in the accordance to the information obtained in the literature review.

4.1 Aim

The aim of the report is data analysing of a qualitative research, which involved an interview process of eight different individuals selected on the basis of them being the primary audience with whom the research is concerned: millennials. The kind of attitude and the reflection of the people, which is exhibited is mentioned in this part of the report, realistically traces some takeaways and themes established in the literature review to be the core aspects of the research. On such behaviour is exhibited by the investing of one’s own money, which might be taken in terms of behavioural attitudes. These are specifically captured in the interview process itself through explorative questions after the primary ones so that the data obtained is contextually founded on a rather strong premise. Therefore, people focus much more on the challenges and principles that usually go inside the process of decision-making, the researchers have tried to analyse in the interviews themselves what motivations could be behind them.

The factors that lead to the growth and development of the blockchain in light of all the regulations and the risks associated is reflective, and done through a considerable application of empathetic understanding. Millennials and cryptocurrencies have a seemingly deeper bond or connection with each other just like past generations have had with the inventions, themes and events of their own time. They were connected to each other on numerous technological factors that include different kind of innovations which are done in the past just like the steam engine and the car and the television and the gun. In future generations, this entire thing shall go through a big transformation. The objective of the study shall help in predicting how these kind of changes shall take place and what does it mean for both.

The question of the whole research are directly correlated with the themes that constituted a great deal of importance in the entire chapter for literature review. This is mainly done to represent the sociological structure of the population of this generation. The crash including finance and the market volatility has usually resulted in a lack of trust towards the institutions related to finance. The millennials constitute the largest population group at the moment, and significant leaps and consolidations they may will certainly have a lot of impact and consequence upon the future. The entire presentation of cryptocurrencies’ influence upon society remains to be seen at large. However, the interviews conducted in this very regard would be a probable indication, which need to be properly analysed through qualitative principles of deduction, interpretation, comparison and scaling. For better understanding and comprehension of the public, interviewee names are not mentioned in this chapter for obvious concerns about privacy, and keeping the focus solely upon the issue at hand. For this reason, alphabetical order of names should denote a mirroring alphabetical progression of the individuals being referred to here. Since there may be a lot of instances of direct quotations, referring to the alphabetical order of names would trace the actual interviewees in an efficient way.

4.2 Findings

In the case of effective and interview research, it is very important to effectively analyse all of the probable points of question that the researchers first had as primary motivators for research. Leading from that, effective confirmation of what the playing factors are there in this regard are explored and found out about in the literature review. Data analysis primarily focuses these aspects, and the findings section is most obviously demarcated and separate with this very point of view in mind. The case for both these divisions are presented in the previous sections of the chapters. As noted earlier, however, that the actual findings of the research process are intrinsically qualitative in nature. This brings forward questions about their accuracy and authentication with regards to their veracity. While cases are taken on an actual basis, the researchers have confirmative evidence for the data mentioned down below in the form of audio recordings. However, chances are taken in facilitating the proper understanding by the reading audience as much as possible in association with the accompanying texts.

Awareness, knowledge and experience with cryptocurrency

The first part of the survey are effectively done to collect data about the worldview of the millennials, and to have knowledge about their knowledge about the entire topic of cryptocurrency. In the first finding, there is little doubt that the youth have a pretty basic but correct knowledge even when their intimacy with the concept does not go beyond colloquialism. Although detailed knowledge is not necessary for using a technology, but their basic premise and probable application is all what is actually needed, which is shown in seven out of ten cases in the interview. So, critics who have called the technology a niche preference is not entirely true about it. At least, among the current generation who are just starting to take the leadership and other responsibiliti8es in their own lives across society, cryptocurrency is not out of their radar by any possible means, and if it presents a more affirmative state in the future, it has a very real chance of constituting a definitive need for prominence.

Only about half of them, however, has had any real experience in dealing with, or having any kind of transaction with cryptocurrency in the first place. There are a number of reasons as to why people seemingly why such a high percentage have no possible experience with cryptocurrency as a system and a technology. Sometimes the cryptocurrencies do not cater to the needs and wants of the millennial or the people. In terms of many, security, or the lack thereof, is a primary motivation for people who do not want anything to do with cryptocurrencies in their very own lives. The following sentiment from the participant A is certainly a highlight of this very feeling or stance.

A: Unfortunately, I don’t have much experience in using cryptocurrency because maybe I don’t trust online sources much sometimes…Well, its quiet risky as there are high chances of getting hacked or probably not getting what you are been promised.

The reasons provided for the unpredictable dynamics that the millennial social dynamic is certainly of major importance to this very end. While millennials tend to have a pretty accurate picture cut into their minds and outlook of life, they also verily consider the dangers and threats possessed by such an offering with magnanimously dangerous financial pitfalls involved. However, is that the case in earnest? After all, there could be a case to be made for those who have, in fact, first hand in regards to the cryptocurrency technology widely available in the market. Here is what responder B had to say about his own personal experience.

B: Well when I started investing in cryptocurrency it was like a mid of 2017 so at that time crypto was still new and it was one of the highly one of the highest revenue generating industry so that is what you know attracted to me and I started doing it that way.

As noted from the response, the individual had already been under the process of investing his very own finances in the technology, and seemed to be aware of the contemporary exigencies involved. This is at a time when the case for cryptocurrencies was at its most critical downswing. However, his belief also shined through with his responses with facts about cryptocurrency in general, and what it means for the people engaging in them in a proper way. For the responder, C, the case remained positive even under the same conditions as noted from the following response described.

C: Oh, Yes I did trade in Bitcoins when they were at a good pace in rising. Bought it around 9000 USD. But I bought it in I mean another currency and not in Euros but another currency at 9000 USD and waited for a long to go up as they don’t rise in a very good pace and I sold off as the graph started falling. I sold off at round about 11,000/- to 12000/- USD so yes, I have a good experience in cryptocurrency trading. When they were at their peak.

So, in this case, it might seem that the scenario of cryptocurrency is certainly applicable for such individuals in the generation who are immediately attracted to the entire predicament. As noted from the responses, the people who have experience dealing withcryptocurrency are fully confirmed about all the dangers and risks involved. But, it would seem that their foresight is telling them to go with it anyways because of future projections of possibilities in store. All in all, it seems that the very reason for which half of the audience is attracted towards cryptocurrency also constitutes the sole factor in play as to why the other half shies away from it. The issues of trust and confidence, especially in terms of financial actions, is a very complicated issue for millennials. But, the primary motivator why so many are actually attracted towards it, is because of its threatening nature to the real world financial scenario, which is seemingly quite bleak and dangerous at the same time.

Trust and Possibility of Investing into cryptocurrency

Investment in stocks and bonds are said to be interesting as it is greatly dependent upon the level of trust and confidence exhibited by those actually participating in it. One should be aware of how to play cards well in terms of a large number of factors as presented by such a widespread and uniform mode of technology as cryptocurrency. If the probable limitations is not corrected or alternated in the most affirmative fashion then the value of the cryptocurrency as it has happened with the first and most realistic realization of the technology, known as Bitcoin, experienced unpredictable fluctuations in terms of their values in the market, and what their actual worth finally came to be. It comes as no surprise that cryptocurrency can be treated as a traditional stock and bounds, which is notable why the traditional financial institutions have been so reticent about this revolutionary technology in the past. There are a lot of knowledge that must be properly understood, and not all of them are going to be positively affirming across every instance of a transaction. In terms of actual cases, it would seem that a great deal of erosion, which is a fifty-fifty case, as noted before, among the millennials at the very least. Most, however, seem to come from an affluent position, and are expecting some definitive changes in future. These changes should lead to a better sense of regulating and controlling what is basically an entire format of currency in itself. However, incidental input from the interviews does require mentioning for proper showcasing of this very feeling. The response from A is certainly encapsulating to this very end, and it is quite evident from her response.

A: I find investing in stocks or bonds quiet interesting. It’s like you should know which proper company you should invest and keeping in mind economic and financial status. It is almost a gamble. You should know how to play your cards well.

Her responses show a frank clarity of the basic consideration that any member of the general public should display, especially with regards to the entire process of stock of investing itself. If the particular point of the investment shows something positive in terms of the future, which essentially means growth and capitalization, there is no reason why one should not do it. She was also able to display the difference between investing in bonds and stocks, and cryptocurrency by and large; while fully completing reasons as to why the case rests with the latter. This feeling was also captured by interviewee E who has an extended experience of investing into the technology close to six or seven years from the time this interview was conducted.

E: I have been doing Cryptocurrency for quite some time. Six to seven years already. I know about Bitcoins and their market. I know the technology behind it. I invest in coins like Ripo I have Ethereum, Bitcoins. I could tell it in details and knowledge….Yea, I wouldn’t invest if the market is rising, I would be selling if the market is rising….Well, it’s market supply and demand, at this point right now, till late in December 2017. It was obviously like 20000 the rate was hyped and once people started selling the market come down. It’s trading psychology how people think about the market, some people say it’s well trading, a lot of well-traders would lead the coin. Just a number of different factors.

It is quite evident that the individual not only has an extensive history with cryptocurrency, but also with investing in general. The input showed as to what the exact differences are, but also predicts how everything is guided by market principles, and the demands of need and supply. Better regulation and control is at the forefront of the considerations, and it also gives insights about how the entire situation and option about personal investment could be extremely profitable on one hand, while also fraught with danger on the other. It essentially shows why so many people would be extremely unwilling to invest just because of the psychology involved in the investing game, which resembles very much like gambling, at least on the part of who is spending. The case for many rests with the fact the unregulated nature of what the technology holds for the society is a great factor. However, in the future if proper measures are, in fact, taken, these individuals would not have a problem about investing upon such a promising offer. This is quite effectively noted by interviewee G who has not a whole lot of information about the entire concept.

G: I may try to – but I just feel that it is very volatile and it is unregulated so it depends upon the risk appetite of every person. I am a little more conservative when it comes to finances and because cryptocurrency is not regulated anywhere in the world I will not be very much interested in investing in cryptocurrency in the future as well.

The case for investing upon the rising industry of cryptocurrency is certainly an important factor, which will probably guide the possibilities and extent of its intrusion to the social fabric. However, several issues in regards to legitimacy and regulation is currently limiting it in terms of fully appealing to a larger audience. Proper steps and unique ideas are required, just like they have been for the invention of technology in question.

Factors contributing to making the investment in cryptocurrency

Cryptocurrency has attracted a lot of people for the purpose of financial investment. Some of the major and popular examples of the cryptocurrency are Bitcoin, verge and litecoin etc. The internet is flooded with news about people who have gained extreme successes in this field, and many investors are really very interested in entering the world of cryptocurrency but there are also some risks related to it in this field. The dynamics involving the exchange rate can only be determined by the supply and demand policies. However, a great deal of transactions through cryptocurrency has also denoted critical and significant influence with respect to security and authentication. The development of cryptocurrency market is usually conditioned by all the oppositions on the traditional foundations which involves economy. Wanting the independence, as well as securities and other facilitations must be cheaply implemented and assured all across the board. The transactions usually lay foundations that are solid for the development for the market of cryptocurrency. This is going to improve certain spheres and fields of life only for the users that are ordinary. This also helps in making the business far more transparent and efficient at the same time. If it is stabilized finally, then it may finally give rise to a new economic scenario. This is what responder D had to say about his experiences with personal investing into the cryptocurrency technology.

D: Today’s generation, their investing in Bitcoin and all because it all depends upon the popularity of the product in that generation the popularity of the property and goldand now it’s the Bitcoin and this you can say of derivative products.So it all depends on the popularity of the product and its risk and reward factor.

There are a number of factors which contribute in the growth of the cryptocurrency, one involves investing in the Bitcoin. The popularity of Bitcoin is tantamount to the fact that popularity with regards to investment is dependent upon the clashing factors of advantages and risks involved, as well as their realization in terms of scalability. Before Bitcoin, however, there were popular avenues for investment in such non-transitory assets like property or gold. Investment involves the risks and the rewards associated with it, and not just the popularity of Bitcoin, but it nevertheless possesses some form of influence regardless of this very fact.Cryptocurrency is essential to the millennial generation at large because when it is made, all kinds of transactions are stored in what is generally touted as publicly accessible ledger. All possible identities related to the owners of the every unit is usually encrypted for ensuring the legal status of keeping the records. It is because the currency is holistically decentralized, and ownership does not translate to irreparable forms of control and change. This certain doubt, and the indecisive factors resulting from it is greatly apparent from the response mentioned down below.

G:I think it was a sudden exposure or over publicity or a or I could say a sudden marketing of Bitcoins essentially which is lead to lot of people like wanting to invest in cryptocurrency which led to an increase in demand and thereby, because of that there was a sudden increase in the demand and the market value of Bitcoin was way above the normal average. So it was more of my understanding a more of marketing gimmick and just an increased awareness. Only after bitcoins market value went a lot up, people started realizing or they started understanding what cryptocurrency is.

His response to the factors contributing to the investment includes the popularity, as well as the sudden start of marketing in the Bitcoins, which helped people investing to the cryptocurrency in the first place. A lot of demands has led to the increase in the value of the market to an unprecedented extent, and has motivated even more people to invest. The demand is usually above the average thing. The awareness is increased. However, because of the fact that so much of its stock is dependent squarely upon the factors of rises and falls in the market, its value has become intrinsically uneven even to a standard extent. This makes the entire predicament vulnerable to extreme fluctuations in terms of price and value, which can greatly affect the perception in terms of getting into investment drastically. Without a proper approach to control and regularizing the system, the constantly increase in size also may indicate the situation to be even more unpredictable- a factor that is generally considered to be a detriment by all investors.

Possibilities and Impact upon society as a whole

Cryptocurrencies have dominated the headlines in the past couple of years because of the rise of it. More and more people are adopting the ways and methods of transferring the value and which is resulting in the markets getting disrupted. The people has adopted to the technology named blockchain and the products that are innovative, and are builtupon it. The assets which are digital and the value-exchange mechanisms that are growing towards the change that is dramatic and which involves the methods of transactions in the daily lives of the people. The entire financial industry is usually disrupted which led to the tremendous growth of the cryptocurrencies but this did not only affect this industry only. The media has a huge impact in contributing to the growth and popularity of the cryptocurrency. Cryptocurrencies are having huge impacts all over the world and is very popular in certain countries as well. Media coverage is also one of the major reasons behind the spread of the popularity of the bitcoins. This fact is quite evident by the response of individual E as stated below, which specifically assesses the social impact that cryptocurrencies have had over the world at large.

E: Social impact… it naturally won the way the people behave with it in our generation people are becoming more and more cashless and payments through cryptocurrency, another social impact would say change in the way new generation sees investment in a different way….Cryptocurrency also has a negative social impact I don’t know if you are aware the Crypto boom so that definitely had a negative social impact. So you know a lot of people invested in Cryptocurrency and Bitcoins was also used for payment of the black market. Buying drugs and etc. So that side I think is other side of the impact and the negative side.

Her responses are quite clear in this field. Social impact also means the possibilities related to it. In this generation which seems to be quite deprived in the financial fields. People, who are deprived of much cash flow, rely hugely on the bitcoins which cryptocurrency. Social impact mean show the public has accepted it or perceived it. The way people are seeing the impact which results in the change in the new generation. According to the response of the above person, there are negative impacts of this cryptocurrency as well. Crypto boom is considered to be a negative impact on the society. Though a lot of people has invested in cryptocurrency and also bitcoins, which are even associated with the payment in the black market which is a dangerous impact. The purchase of drugs also has a negative impact on the society. Hence it is inferred that there are not only positive impact but also negative impact on the society.

C: Oh. That’s the beauty of it. There is no government intervention, there is no bank needed which means we in future if we use this technology we won’t be dependant on them. Given the number of years of democracy, our government political views Right now it’s not best, very hard to trust them for obvious reasons and once we don’t need them would be more okay to more easily be able to do business as that will be more dependant on you. And the party which is interested and there is no third party no exchange, there will be no government intervention as is mostly it is positive but the risky part is people would be then able to trade sinful goods what I mean like drugs, weapons they would find a way to trade that as well and since it is all digital chance of tax fraud in that so someone is using cryptocurrency to trade in sinful goods could be tracked down easily. They have found the ways to do that and if any change in that technology is that you are asking changes in that system could be tracked down easily.

The possibilities and the impacts which are mentioned by the above speaker are also taken to consideration. The impact has beauty and transparency attached to it. Banks is not needed, so the idea of dependency is not coming into picture. There is no third party involved and because of this there is so much of good impacts on the society. Along with the positive parts, negative traits are also involved which result in cryptocurrency being a risky measure and the society should know the demerits attached to it. Right from the start, cryptocurrency or Bitcoin has been involved with the more parties and places that are shunned by the general online public. This is known as the ‘dark net’, a part of the internet where regulations and security protocols do not work. In such cases, one can even claim that cryptocurrency has evoked the largest negative fallout imaginable just because people have come to connect these very aspects with the overlying issue of trading in cryptocurrency. Speaking about social impact, it would seem that any cryptocurrency inventions has to specifically evoke an overwhelmingly positive feel and outcome for it to have a decidedly appeal to the public in general. It shall remain to be considered as a niche appeal format of currency until then, and as long as that perception exists, the viewpoint of having a large scaled positive impact would continue to be as it is at present.