Paper Info
Title
Is Cryptocurrency Money?: Three Empirical Studies Analyzing Medium of Exchange, Store of Value and Unit of Account
Abstract
Cryptocurrencies, such as Bitcoin, Ethereum or Ripple, are discussed as a new form of money. Typically, money fulfills three core functions: 1) medium of exchange, 2) store of value, and 3) unit of account. To examine whether individuals consider cryptocurrencies as money, we conduct three studies. Study 1 (N=57) provides valid and reliable measurement items for the three core functions of money. Study 2 (N=95) shows that the general perception about the fulfillment of the core functions is rather positive for cryptocurrencies. The results from Study 3 (N=99) furthermore reveal that Bitcoin is perceived significantly better in fulfilling all three functions than Ethereum or Ripple. The findings suggest that cryptocurrency research needs to include or at least control for the basic perceptions of core functions when examining individuals' adoption or use of cryptocurrency as money. Furthermore, the findings suggest that existing knowledge from Bitcoin use or adoption research cannot be easily transferred to the context of another cryptocurrency.
Year
DOI
Venue
2020
10.1145/3378539.3393859
SIGMIS-CPR '20: 2020 Computers and People Research Conference Nuremberg Germany June, 2020
DocType
ISBN
Citations 
Conference
978-1-4503-7130-8
0
PageRank 
References 
Authors
0.34
0
3
Name
Order
Citations
PageRank
Jens Mattke104.06
Christian Maier230036.00
Lea Reis312.46