Volume-9 | Issue-4 | April-2019 | PRINT ISSN No 2249-555X

Original Research Paper

Management

A STUDY ON THE AWARENESS AND PERCEPTION OF CRYPTOCURRENCY

IN BANGALORE

Swati Shukla
Akshay. A* Assistant Professor, Dept of Management *Corresponding Author
ABSTRACT Cryptocurrency is a digital currency which is created for the purpose of transaction as a normal currency. It uses
Cryptography and Blockchain technology to secure its exchanges and limit the production of a particular type of
cryptocurrency and keep track of each and every transaction in whole network. The Cryptocurrency laden with so much new age technologies and
a huge market presence all over the world, but still, even after a decade of its existence, it has not attained an established image as a new age
currency system among majority of the countries in the world and people are still skeptical about its worth. It's almost a decade that
Cryptocurrencies are existing in all over world but still its status has not been identied as whether it will ever attain the actual currency status or it
will remain as a part of investment portfolio. To know the awareness and perception level of cryptocurrency in Bangalore as it is a cosmopolitan
city, the study has been carried out.

KEYWORDS : Currency, Cryptocurrency, Investment, Blockchain.

Brief Introduction
Money is something which keeps a great value in life of any living
human being on this planet and its history dates back to ancient time
when Gold, Silver and other metal coins were used for buying goods
and other essential items.

Actually, before the dawn of Monetary System, the Barter System was
the main mode of transaction i.e., people were exchanging goods in
exchange of other goods of their specic need or requirements.
Gradually, Barter System got replaced by Monetary System and later
on different currencies came into existence which were adopted by
different countries of the world. The metal coins which were Figure- 1.1
predominantly used for exchange were overshadowed by Paper
Money as it was easy to carry from one place to another and presence of Blockchain
big denominations in printed paper form helped big businesses to carry The decentralized blockchain technology on which many of today's
out big transactions. biggest cryptocurrency coins are built act as public ledgers where all of
the transactions that have been performed within the network are
Gradually, the use of cash transactions started fading away due to stored for anyone to independently verify. Public ledgers are what
invention of Plastic money by the mid-20th century as it was resolving make trustless peer-to-peer transactions possible, because the users of
the security issues like stealing or theft of carrying large amount of that digital currency know that all of the transactions on the network
cash. It became easy for people to keep a card made of plastic to use for will be conrmed and displayed on the blockchain.
various transactions instead of keeping huge amount of cash.
On a blockchain, transactions are recorded chronologically, forming
Later on, progressive development of computers and invention of an immutable chain, and can be more or less private or anonymous
Internet gave birth to Internet banking and due to further advancement depending on how the technology is implemented. The ledger is
of mobile phone technology, we can easily avail the facilities like distributed across many participants in the network — it doesn't exist
mobile banking or mobile payment gateways where all transactions in one place. Instead, copies exist and are simultaneously updated with
will be done just through one click in our mobile. Now, we do not have every fully participating node in the ecosystem. A block could
to carry anything but just a smart mobile phone and rest will be taken represent transactions and data of many types — currency, digital
care by all the advanced technology. rights, intellectual property, identity, or property titles, to name a few. (
The rst crypto-currency was Bitcoin, which was created in 2009.
Till here, we need a particular count of cash printed or minted by the Satoshi Nakamoto (the unknown inventor of Bitcoin) on 9 Jan 2009
Government and it will be kept in a bank through which we carry out all announced the rst release of Bitcoin, a new electronic cash system
that uses a peer-to-peer network or blockchain to prevent double
our transactions, which is a form of centralized system but now we
spending. It is completely decentralized with no server or central
have gone one step ahead and Decentralized form of currency has
authority. The creation and value setting of these currencies are
emerged which is being used in transactions for various purposes,
entirely dependent on public and market forces.
known as CRYPTOCURRENCY.
The Cryptocurrency laden with so much new age technologies and a
Cryptocurrency is a digital currency which is created for the purpose of huge market presence all over the world, but still, even after a decade of
transactions as a normal currency. It uses Cryptography and its existence, it has not attained an established image as a new age
Blockchain technology to secure its exchanges and limit the currency system among majority of the countries in the world and
production of a particular type of cryptocurrency and keep track of people are still sceptical about its worth. Even though more number of
each and every transaction in whole network. countries coming forward to regularise its use in day to day business
transactions, some countries are regulating its use as part of nancial
Cryptography investment as digital asset by devising rules and regulations but still
Cryptography is an age old technology which is being used to secure countries like India and China are not showing any friendly stance
data or information from being stolen or misused. In Cryptography, the towards the cryptocurrencies neither in form of currency nor as
data is encrypted in form of ciphertext and then decoded, so that it can investment tool.
be understandable by the user.
Transaction Process of Cryptocurrency
The following picture is the representation of Cryptography… As Cryptocurrency is an entirely digital entity, so its exchange or
INDIAN JOURNAL OF APPLIED RESEARCH 15
 Volume-9 | Issue-4 | April-2019 | PRINT ISSN No 2249-555X
transaction involves all technical process which are based on computer technology. This open source one can used to build and deploy
programming, various kinds of algorithms, articial intelligence etc. decentralize applications. Similar to Bitcoin, Ethereum is also
The transaction of cryptocurrency (e.g. Bitcoin) can be explained as distributed to public to use as a blockchain network.The most
follows- important difference between Bitcoin and Ethereum is the way
1. A wants to send money to B. blockchain application platform is used in both the cases.The Bitcoin
2. The transaction is represented online as a “block”. work for one particular application where peer to peer transaction take
3. The block is a broadcast to every party in the network (assuming place and only for bitcoins but in case of Ethereum the blockchain
there are multiple networks). technology/platform can be used for any decentralized application.
4. Those in the network approve the transaction is valid (multiple
conrmations). Namecoin
5. The block then can be added to the chain, which provides an Namecoin is also falls under cryptocurrency preview and this is an
indelible and transparent record of transactions (with the help of experimental open source where it uses technology which can
address of the block chain). improve the security, the way decentralization take place and can also
6. Then the money nally moves from A to B. control the speed of internet for some of the network infrastructure. It
uses key/value pair registration and follows the bitcoin technology for
Bitcoin has no intrinsic value (cannot be redeemable) transfer system.
Bitcoin exists only in the network (has no physical value like
commodities). Hence it cannot be determined from whom the money Ripple
gets transferred to which person on the other side. Ripple is well known for digital payment system rather than for
cryptocurrency. Ripple functions on peer to peer decentralize platform
Its supply is not regulated by central banks of the respective countries and it too uses the open source technology. It allows awless money
except few. Therefore, it is difcult to trace the transactions of crypto transfer independent of form of currency like bitcoin, litecoin, Yen and
currencies. USD.

The general diagrammatic representation of transaction of Auroracoin

cryptocurrency is given below-… Auroracoin is known for decentralised, peer-to-peer, and secure
cryptocurrency released in 2014 in Iceland . This was as an alternative
to the Icelandic Króna and purpose was to bypass governmental
restrictions associated with the national at currency. The reason
behind launhing this currency as to replace the existing currency and
become the ofcial cryptocurrency of Iceland. This was the rst
currency which comes under country specic cruptocurrency.

Monero
Monero was launched in April 2014 and it is an open source
cryptocurrency. This is represented as XMR. It mainly focuses on
property where individual units are essensitally interchangebale,
privacy and decentralization. Monero uses an unclear public ledger,
which means that anyone can do the transactions, but no outside
people over network can tell the source, amount or destination.
Monero uses a secure way to validate the transaction over network
known as Proof of Work mechanism.

Zcash
Like Bitcoin, Zcash is also a cryptocurrency where transaction data is
posted to a public blockchain. But it uses a very high security where
users personal and transaction data remain completely condential.
There are very selective feature where one can disclose the transaction
details for specic purpose like audit.It is highly secured over network.
Figure- 1.2
Source: (https://blockgeeks.com/guides/what-is-cryptocurrency/, n.d.) Bit coin cash
Bitcoin Cash is also falls under cryptocurrency. The existing bitcoin
Different Types of Cryptocurrency has blocksize as 1 MB which was limited in one way to do store high
In all over the world, there are more than 1600 cryptocurrencies number of transaction. To amend the size of the block from 1 MB to 8
available till date and the number is growing every passing day. Some MB in 2017 developers did the code change.This change was named as
of the different cryptocurrencies are explained as follow- hard fork and it came into effect from 1st Aug 2017. Because of this
change the blockchain and cryptocurrency for split into two. If anyone
Bitcoins was owing the bitcoin when this fork was formed then he was also the
Bitcoin is a kind of digital currency where cryptography rules are used owenr of same number of Bitcoin cash units.
to control and generate the unit of currency. Bitcoin comes under
umbrella of cryptocurrency and it was the rst and most valuable Bitcoin private
among knowns cryptocurrency. This is also known as decentralised Bitcoin Private is a cryptocurrency where user will get an option to
digital currency. keep the sender , receiver and amount private in a given transaction.
This is completely opposite to bitcon and other cryptocurrencies where
Litecoins transactions are transparent and anyone can see the details.
Litecoin is also a form of cryptocurrency. This is also known as peer-
to-peer cryptocurrency. It is available as an open-source software Issues or Challenges Associated with Cryptocurrency
project. It was released under the MIT/X11 license. In case of Litecoin As cryptocurrency is innovative in all its endeavour and have attained a
the creation and transfer of coins follows open source cryptography unique place at global platform and people are also enthusiastic about
protocol and algorithm. By technical comparison litecoin is almost its presence but the journey of cryptocurrencies till now is kind of
identical to bitcoin.The minor difference is processing speed of roller coaster ride and the same is expected in the near future. There are
network in both the cases. In Litecoin network speed is faster than so many challenges associated with the cryptocurrency which are
bitcoin. Also the algorithm used in litecoin is different than bitcoin. discussed as below-
Ÿ Regulation- Cryptocurrency regulation is the most required
Ethereum aspect currently in cryptocurrency industry. As some of the
Ethereum is an open source software platform which uses blockchain countries have already regulated its use and transaction in the
16 INDIAN JOURNAL OF APPLIED RESEARCH
 Volume-9 | Issue-4 | April-2019 | PRINT ISSN No 2249-555X
current nancial market but some of the countries coming forward
to take friendly call towards its regulation. Until and unless, it
won't be regulated throughout the world, it will be perceived as
illegal means only.
Ÿ Volatility- As its regulation is still awaited throughout the globe, it
will not be taken as stable system and there will be high
uctuations in its demand and supply, which leads to its volatile in
nature, i.e. within short period of time, its value changes abruptly.
Ÿ Security- As it is entirely a digital asset, from its creation or
mining to transaction, exchange, storage, all happens in digital
form, so it is always susceptible for security threat. Any time
hackers can attack any part of it and compromise its existence.
Ÿ Cost- Nothing comes free of cost and the asset which is entirely the Figure-2.1
creation of technology will also be more valuable. All the Source: ( (coinmarket.com, n.d.), n.d.)
innovative technologies involved in it, are costly, so it comes with
a price. The graph below (Figure-2.2) is showing almost similar trend as
Ÿ People's perception- As the regulation of cryptocurrency across Figure-2.1 but without considering Bitcoins. The Market
the globe is still awaited, so people still perceived as illegal means Capitalization of cryptocurrency (including Bitcoins and Altcoins)
and are sceptical in making any view regarding cryptocurrency. was in astronomical growing trend since last one and half year, i.e. Jan,
Ÿ Upgradation of technology- As the whole concept of 2017 to mid of the 2018 but after that it is showing continuous
cryptocurrency depend on the technology, and we know downward sloping trend and volatility is in high range.
technology is intensively dynamic in nature. It has to be upgraded
at continuous basis. The upgradation always comes with the dearer
cost.
Ÿ Theft- This is also a major setback for cryptocurrency holders.
The storage of the keys of cryptocurrencies is a huge risk which is
once stolen cannot be recovered and as it is not completely
regularised product across the world. Therefore, theft is a major
challenge in safeguarding this digital asset.
Ÿ Risk for investors and users- The cryptocurrency is still in its
early stage, even though it has attained its age of one decade
(Origin of Bitcoins, 2009) but it has not accepted by many
countries of the world, so still no proper regulation has come to axe
it under some set of rules, regulation and laws. Therefore, due to
lack of regulation, it is very volatile in nature which impose great
risk appetite to its users and investors.

Significance/ Need for the study Figure-2.2

Cryptocurrency is a new age technology based digital currency and its Source: ( (coinmarket.com, n.d.), n.d.)
popularity is increasing among people gradually but the Government The Figure-2.3 is showing percentage of Total Market Capitalization
and regulatory authorities are still doubtful about its use and there are of Bitcoin and other popular altcoins.
many legal and security issues linked with it. Cryptocurrencies are
mainly being used as investment tool and it is highly volatile in nature. Percentage of Total Market
So it is imperative to study the effectiveness of cryptocurrency as
investment tool among people in Bangalore by knowing their
awareness and perception levels.

Industry Profile of Cryptocurrency

Cryptocurrency is a digital currency which is entirely intangible in
nature and involves cryptography and blockchain as major
technological backbone in its creation and further processing like
transactions, distribution and security of different cryptocurrencies.

The rst Cryptocurrency, which was created in January'2009 by a

pseudonymous inventor named Satoshi Nakamoto, was BITCOIN and
after that so many altcoins have been created till date. Many countries Capitalization
of the world have taken friendly stance towards the acceptance and Figure-2.3
regularisation of cryptocurrency but still, there are many countries in Source: (coinmarket.com, n.d.)
the world which are sceptical about its regularisation including India
too. There are many issues linked with cryptocurrency like volatility, ICO (Initial Coin Offering)
security, legal issues etc. Initial Coin Offering (ICO) is just like IPO (Initial Public Offering)
where companies offer their shares to general public to raise the funds,
The estimation of exact market size of any industry is a difcult task same way cryptocurrencies which are new in market traded through
and in case of cryptocurrency, it is herculean task to do its industry the ICOs and transactions happen either in exchange of regulatory
prole as it is highly volatile in nature. Every then and now its currency or other cryptocurrencies. The ICOs have seen upsurge in
valuation differs with a great extent. In recent time i.e. in last two recent time.
years, the cryptocurrency, especially Bitcoins have emerged as the
major player in the market capitalization all across the globe. Growth Drivers
Ÿ Economic Expansion
Important factor in the rise of the cryptocurrency market is the current
Market Capitalization means the number of coins available in the
economic expansion. Observing the history of cryptocurrencies – with
market multiplied by the current market price of that coin in prevailing blockchain and Bitcoin coming into existence in 2009 and Bitcoin's
market. subsequent exponential growth after 2013 – it is easy to see that as
market fears calmed after the 2008 recession, investors' appetite for
The graph below (Figure 2.1) showing the trend of market capitalization risk returned to pre-recession levels. And as the stock market
of bitcoins from April, 2013 to December, 2018. It can be observed from experienced an almost all-time record year in 2017, investor
the graph that valuation of Bitcoins is very short lived. condence upsurge to historic highs as well – a perfect environment
INDIAN JOURNAL OF APPLIED RESEARCH 17
 Volume-9 | Issue-4 | April-2019 | PRINT ISSN No 2249-555X
for the growth of a new type of risky investment asset. Bitcoin ETF and declared tokens were “securities” thereby restricting
their legal use to that of a normal security (only investment purpose).
Ÿ Blockchain Technology Later in same year, the Chinese Central Bank declared that ICO's were
Blockchain has taken the technology world like a storm with the rise of illegal. The crypto market has proven to be even more sensitive to news
Bitcoin. Prior to the invention of blockchain technology, bitcoin and on regulation and government treatment than traditional stock
the rest of the cryptocurrency world were virtually worthless. exchanges. This trend of sensitivity, combined with continued
Blockchain technology is simply a ledger that contains a sequence of uncertainty, will curb the growth of cryptocurrencies. As still
transactions in the form of blocks that update automatically across a developed world is trying to understand and institutionalize
series of independent databases located in multiple geographic cryptocurrencies.
locations, which provide the base for Decentralised system. This
technology has great implications for many industries but has already Ÿ Volatility
had fast effects on the currency and nancial technology area. As previously observed, the crypto market has seen extreme levels of
Cryptocurrency gets its value because of increased efciency, volatility over the course of its growth and expansion. Although certain
decreased transaction costs, and heightened security which are investors would view this trend positively, there is a large portion of the
provided by blockchains. It permits for users to make unforgeable and world's capital that is off-limits to cryptocurrencies because of their
veriable transactions, whereas avoiding the digital fees sometimes high volatility. Cryptocurrencies are so volatile for many reasons
enacted by banks for on-line transactions. Since its introduction in including:
2008, the worth of cryptocurrencies has fully grown at astronomical Ÿ Lack of Intrinsic Value
rates, that explains the exuberance and entrance into reverse mergers Ÿ Lack of Regulatory Framework
for digital assets. That growth and also the integration of blockchain Ÿ Lack of Institutional Capital
the monetary sector is anticipated to continue.
Many of these are characteristic of immature and newly created
Ÿ Investor Appetite markets and should be resolved over the course of the coming decade
One of the key drivers of the expansion seen within the crypto market as the market matures. But until these issues are resolved, volatility
has merely been an outsized increase in capitalist craving. Over the will continue to play major role in crypto market.
course 2017, cryptocurrencies received an outsized quantity of
attention from investment and government establishments that Ÿ Cybercrime
legitimized them as investment assets. In Feb and Apr, Japan issued Last but not the least, the growth of the cryptocurrency market is
laws requiring cryptocurrencies to register with the monetary services conned to the degree to which it can assure all the investors that their
agency – a step towards the legalisation of cryptocurrencies. In June, money will be safe. This seems to be traditional investing logic, but
Goldman Sachs declared that because of widespread demand, their with the innovative nature of cryptocurrencies, investors are
markets division would begin covering Bitcoin. Further CME declared particularly cautious about the safety of their invested capital. Despite
it'd begin issuance of Bitcoin derivatives. All of these events, among the security facilitated by blockchain technology, the crypto world is
others, showcase the conned capitalist demand for cryptocurrencies. still entirely digital and therefore vulnerable to cyber-attacks. This has
already occurred multiple times over the past ve years with hundreds
Attractive Investment Features of millions of dollars being stolen by hackers all across globe.
Decentralized: Monetary policy set by central banks might cause
devaluation of centralized currencies. Whereas cryptocurrencies aren't Research Methodology
controlled by any government and so aren't subject to the need of Review of Literature
central banks and are majorly controlled by market dynamics. 1. Akshay A., Shivashankarachar Y. - “A Study On Security Issues In
Investments And Transactions In Bitcoins And Cryptocurrencies”
Secure: Cryptocurrencies, by its inherent denition, are secure. The In this paper, they have focused on the unique characteristics of Bitcoin
decentralized nature of blockchain technology permits for as a Cryptocurrency and the major security issues related with the
unforgeable, veriable transactions to take place across geographic transaction and investment of Bitcoins. The security of the Bitcoins is
locations. This evaporates various kinds fears critics have raised for the the major area of research. As its origin is mainly technology based but
past decade concerning cryptocurrencies. it is still vulnerable during transaction process. The security issue is not
related only to the mining and transaction of Bitcoins but its online
Completely Digital: As cryptocurrencies are completely digital, there storage also poses major security threat. This paper also pointed out the
are no transportation charges whatsoever, nor transaction charges. other risks associated with Bitcoins like no regulation regarding its
Even banks through internet banking charges some fees for transaction in India. Therefore, no considerations regarding any kind
transactions on regular basis, while the digital nature of of grievances related to the Bitcoins. Other issues are like less
cryptocurrencies considerably decreases the price of digital awareness among people about bitcoins, volatility, transactions of
transactions. Bitcoins by illicit users as it is part of decentralised system, no central
regulation etc.
Growth in Value: With the advancement of technology capable of
utilising cryptocurrencies, the market has shown that there's an uptrend 2. Everett J. & Team, Department of US Treasury - “Risks and
of seeking digital currencies. As a result, cryptocurrencies have a Vulnerabilities of Virtual Currency- Cryptocurrency as a Payment
become a valuable technique for holding and appreciating wealth. Method” In this paper, authors have explored the risks and challenges
for the use of cryptocurrencies as an alternative to traditional
Untapped Uses: Investors are observing that this is just the start of the currencies for illicit users, consumers, the ofcial sector, and nancial
uptrend for cryptocurrencies. Still there are many applications that are institutions. Through exploring the cryptocurrency needs and
either has to be start or to be explored. These may include smart requirements for each of these groups, it is easy to understand which
contracts, ESOP's, capital raising and likewise many more. groups are most likely to navigate to specic cryptocurrencies, and
then develop an appropriate response. The emergence of
Growth Restraints cryptocurrencies as a new method of payment has broad implications
Ÿ Regulation for illicit users, consumers, the ofcial sector, and nancial
Regulator treatment of cryptocurrencies has not been completely institutions. There are signicant risks and challenges that must be
decided yet, however uncertainty over the future regulations to be overcome before these users adopt and accept cryptocurrencies to
placed on the investing and trading in the crypto market is a major conduct nancial transactions on a large scale. This adoption will
hindrance to the growth crypto market. In fact, a lack of regulatory require adaptation of the cryptocurrency protocols and regulation to
oversight scares many wannabe investors away and lends to the meet the requirements of each of these perspectives.
stereotype that cryptocurrencies are used only by illicit users looking
to launder money. Many investors are worried that governments are 3. Jeffrey Mazer, Financial & Investment Analysts, USA –
looking to completely ban the use of cryptocurrencies and has already “ Demystifying Cryptocurrencies, Blockchain, and ICOs ”
taken place in some countries. Additionally, as regulators around the The Jeffrey Mazer is a Freelancer Financial Expert in USA. He
world have seen the appreciation in the crypto market and hope to provides his expertise to various organisations and institutions for
capitalize on its growth, questions have been raised about the tax nancial analysis. In this article he has explained each and every
norms of cryptocurrencies. This year, the SEC disapproved of a concept related with Cryptocurrency like what is cryptocurrency,

18 INDIAN JOURNAL OF APPLIED RESEARCH

 Volume-9 | Issue-4 | April-2019 | PRINT ISSN No 2249-555X
technology used in Cryptocurrency like Blockchain and cryptography. cryptocurrency. The paper also envisages that how 21 countries of the
How transaction process takes place in cryptocurrency through world have reacted towards cryptocurrency i.e. whether Friendly or
blockchain system, how miners complete the process of transactions. Neutral or Hostile stance towards it. The paper also listed the issues
He has also explained the various kinds of cryptocurrencies and market and challenges faced by Cryptocurrency.
capitalisation of Bitcoins and other altcoins along with Initial Coin
Offering (ICOs). He has also discussed the issues related with Statement of the problem
cryptocurrencies all across the world and also discussed about its Project Title – “A Study on the Awareness and Perception of
regulation by Governmental agencies across the globe. Cryptocurrency in Bangalore”

4. Christian Catalini, MIT Expert- “Blockchain, Explained” The problem of the study: The Cryptocurrencies can be utilized just
In this Blog (MIT Digital), the author has explained in detail about the like our traditional currency for transaction purpose but still the
Blockchain Technology and its origin linked with the origin of Regulatory Authority as well as Government are sceptical about its
cryptocurrency. He has emphasized that blockchain technology has use. It's almost a decade that Cryptocurrencies are existing all over
provided the basic inherent values to Cryptocurrency like low cost of world but still its status has not been identied as whether it will ever
verication and networking, privacy and security etc. He has also attain the actual currency status or it will remain as a part of investment
explained how this blockchain technology will disrupt other sectors portfolio. People are also not much aware about the worth of
like Banking, Finance, Money Transfer, Money Payments, Identity & cryptocurrency and mostly they perceive it as illegal means.
Privacy, Internet of Things, Robotics, Articial Intelligence etc. He has
predicted that the blockchain technology will be booming all over the Objectives of the Study
globe in coming decade. 1. To study the awareness and perception level of cryptocurrency
among people in Bangalore.
5. World Crypto Index (Cryptocurrency Guide, News and 2. To determine the willingness of people to choose Cryptocurrency
Reviews) as an investment tool.
This platform is available online which provides all the basic as well as 3. To study the future prospect of cryptocurrency in India through
extensive knowledge about cryptocurrency and daily updates of the people's perception.
Cryptocurrency. It also keeps track records of cryptocurrency market
where all the cryptocurrencies are being traded. The cryptography Scope of the Study
technology is very well explained here and how this technology makes As Cryptocurrency is a digital currency which has not been perceived
cryptocurrencies the most secure form of transaction system all across as legal means of transaction for day to day activities till now in
globe. Further, it has been explained that how Cryptography majority of the countries in the world. In India too, it has not been taken
technology can change the future of Central Banking and Financial positively by the Government or Regulatory Authority, as currently
Institutions Safety and Security system. RBI has issued notice to ban any transaction related to Cryptocurrency
through any bank in the country. So the study of its awareness and
6. Sudhir Khatwani (CoinSutra) – “Future of Bitcoin and other perception among people which is mainly based in Bangalore will give
Cryptocurrencies in India after RBI's Ban” some insight on how people have perceived its presence in our own
In this article, it has been discussed that what is the scenario of Bitcoins country. As Bangalore is a cosmopolitan city, it represents the
and other Cryptocurrencies in Indian Market after the RBI's ban of population of various states of the country. So this study will reect the
transaction of these virtual currencies in INR (at money) through its overall perception of Indian people.
own entities like banks and other nancial institutions. The author has
discussed the various implications against the ban of the transactions The samples under study were employed people in various
of these cryptocurrencies through banks. He has pointed out that the public/private/educational institutions, Business community,
same stand was taken by Chinese Government and it resulted in unemployed categories and students but limited to Bangalore City
upsurge demand of cryptocurrencies by crypto investors through other only. As survey was done through Google Survey Form, so it was
channels. The same can be done in India also because there are other restricted to the people who have online connectivity.
platforms and peer to peer transaction facilities available to buy and
sell cryptocurrencies in India. He has also emphasized on the Operational Definition of the Concepts
innovative technology used in Cryptocurrency, i.e. Blockchain which Ÿ Cryptocurrency is an intangible currency which is purely
is going to be the new Dot Com Boom in the world in coming decade characterised by digital technology. It is designed by the
and by banning the Cryptocurrency in India, the millennial investors amalgamation of innovative technologies like Cryptography and
and technocrats will miss a chance to establish themselves in this eld. Blockchain.
He has suggested that, though the case is pending in Supreme Court, Ÿ Cryptography is an old age technology where data is in the form
the RBI will mend his stand on the cryptocurrency and try to regularise of codes which can be decoded by specic receiver of that data.
it as investment purpose for diversied nancial asset category to Currently, Cryptography is highly evolved technology from its
minimise its illegal trading in the black market. inception stage which provide enhanced security feature to
Cryptocurrency.
7. Peter De DeVries – “An Analysis of Cryptocurrency, Bitcoin and Ÿ Blockchain is the other major technology involved in
the Future” cryptocurrency which provides basis for its transaction and
In this research paper, author has done the SWOT Analysis of Bitcoins accounts easy. The decentralisation of cryptocurrency is possible
along with the other Cryptocurrency and has given conclusion on its due to Blockchain technology only.
future perspective. The Strength of the bitcoins lies within its design Ÿ As the study consists of two variables, comprised of Awareness
and limited number of its production which will never face ination and Perception of people regarding Cryptocurrency.
pressure. The Weakness of the Bitcoins, again lies in its transaction Ÿ Awareness is the knowledge or recognition of anything.
process where each and every transaction is visible to all public ledger Ÿ Perception emphasize on how people understood or interpret by
chains which can be susceptible for some cyber-attacks and thefts. The awareness of that thing. In Perception process, due to exposure of
Opportunity can be observed through, by extending the innovative certain stimulus some sensation arises which sends the signal to
technologies involved in Cryptocurrency like Cryptography and the brain and it interpret the result about stimulus. So in the process
Blockchain to current Banking and Financial System which can be of perception rst in the process of understanding the world
made more secure and decentralized system. The Threats are related around us, rst step is attention which creats sensation to the brain
with the high volatile nature of these virtual cryptocurrency, which can and then interpretation will happen.
be stabilised across the globe, if it can be regularised uniformly. The
future is still uncertain particularly for these currencies but the So these both variables have been studied through Survey Method
technologies associated with it, will be the new boom across the globe. which comes under Exploratory Research by the means of
Questionnaire.
8. Shailak Jani- “The Growth of Cryptocurrency In India: Its
Challenges & Potential Impacts on Legislation” Methodology
In this Research Paper the author has tried to explain how technology The Research Design for this study is mainly based on Exploratory
has led to the origin of Cryptocurrency and its growth trend in global Research method which involves qualitative investigation in most of
market as well as its business in Indian market. The paper also focusses the cases. It is the simplest and most loosely structured design. The data
on the expectations and condence of the users towards have been collected through Primary Data collection which involves
INDIAN JOURNAL OF APPLIED RESEARCH 19
 Volume-9 | Issue-4 | April-2019 | PRINT ISSN No 2249-555X
Survey Method based on questionnaire. The options in each question is Ÿ Learnt the basic tools like creating Google Survey Forms, use of
either multiple choice or Likert Scale Rating type. MS Excel as a tool in research study etc.

The questionnaire was circulated to some specic part of Bangalore Data Analysis
region in form of Google Survey Form, to measure their awareness and The data analysis includes the processing of all the data collected
perception of cryptocurrency. The questionnaire was prepared keeping through survey in form questionnaire, to convert it some usable form,
in mind to cover all the demographics like male, female, age group so that required information can be extracted and conclusion can be
starting from 20 years and above, working (public/private/educational drawn from that information.
institutions), business people, non-working, students etc. Even
different annual income groups have been taken into account. The data collected through primary data sources (questionnaire survey
method) were tabulated and calculated in percentage form. Analysis
The two variables which were under study have been measured were done on the basis of tabulated data. The further analysis of data
accurately through tables and graphs and results have been interpreted. was done either through bar graph (2D diagram) or Pie Chart and
On the basis of results and interpretations, ndings, conclusion and interpretations were carried out on the basis of those graphs.
suggestions have been given.
As the questionnaire consisted of 16 questions and had either multiple
Other than Primary Data, Secondary Data have also been collected for choice questions or Likert Scale based questions, so accordingly tables
the study of general growth trend among Cryptocurrency market in have been created and graphs were plotted. On the basis of Tables and
India and the world. The secondary data are mainly collected through Graphs, the data has been analysed and interpreted.
online platforms like websites, blogs, articles etc. The data have also
been collected from books, journals, newspaper etc. Data Analysis of all the questions of the questionnaire are given below-

Sampling Table 4.1 Shows number of respondents on the basis of Gender.

The Sampling is mainly convenience sampling based in Bangalore. SL.No Response No of Respondents Percentage (%)
The questionnaire was distributed especially to working class
1 Male 73 68.86
community, business & students and their responses were collected
which formed the basis of study. As the questionnaire was in Google 2 Female 31 29.24
Survey Form, so it was easy to reach to different sampling units in 3 Prefer Not to Say 2 1.8
Bangalore region. 4 Total 106 100
Analysis
Sources of Data Among all the respondents 73 are male, 31 are female and 2
The data collected through Primary data which was collected for the respondents are not in favour of disclosing their gender.
rst time through Survey Method (Exploratory Research) and
Secondary sources which were already available through books,
websites, journals, articles etc. were collected to understand the actual
understanding of people towards Cryptocurrency at local and global
level.

Tools for Data Collection

Primary data collected through Survey method, based on
Questionnaire, circulated in the form of Google Forms online.
Secondary data referred from various articles, journals, research
studies available online, newspapers etc.

Plan of analysis Graph 4.1 Shows number of respondents on the basis of Gender
The data collected through Questionnaire were drafted in Table format
and then results were analysed through Bar diagram and Pie charts and Interpretation
results were interpreted for different sampling units to determine their From the above table and graph, it can be observed that, among all the
awareness and perception level about Cryptocurrency. The future respondents 68.9% are male, 29.24% are female and 1.8% fall into
prospect was predicted on those interpreted results. category who are not willing to disclose their gender.

Limitations of the Study Table 4.2 Shows number of respondents on the basis of Age
There are few limitations in the study like- Category.
1. As the sampling taken were convenience sampling, so it might not SL.No Response No of Respondents Percentage (%)
necessarily be the representation of the actual population of the
Bangalore region. 1 20-30 Yrs 14 13.2
2. As the survey was circulated through Google Survey Forms, 2 30-40 Yrs 61 57.54
which require internet connection. So, this study is limited to the 3 40-50 Yrs 28 26.41
internet users only. 4 Above 50 Yrs 3 2.83
3. Some of the respondents of sampling units lled the survey 5 Total 106 100
without any interest and knowledge, which lead to sampling error
to some extent. Analysis
4. Cryptocurrency is a global product, but this study is mainly based Among all respondents, 14 belong to the age category of 20-30 years,
on the people of Bangalore, so it will not give clear picture of its 61 belong to the 30-40 years age category, 28 belong to the 40-50 years
adoption at larger platform as people really want to have this as of age category and only 3 belong to the above 50 years.
currency or investment tool.

Learning Outcomes
By carrying out this project, I learned many different things like-
Ÿ Concepts related to the cryptocurrency and different technologies
involved in it.
Ÿ All the issues linked with cryptocurrency in domestic and global
context.
Ÿ The industry performance of cryptocurrency across the globe.
Ÿ The views of people and government regulatory agencies towards
cryptocurrency at national and international level.
Ÿ Simultaneously I learned how to do a research analysis through Graph 4.2 Shows number of respondents on the basis of Age
survey method. Category.

20 INDIAN JOURNAL OF APPLIED RESEARCH

 Volume-9 | Issue-4 | April-2019 | PRINT ISSN No 2249-555X
Interpretation institution), 6.6% are unemployed, 3.77% are students and 2.83% are
From the above Table and Graph, it can be observed that among all business class.
respondents 13.2 % belongs to 20-30 years of age group, 57.54% in 30-
40 years, 26.41% in 40-50 years and 2.83% fall in above 50 years of Table 4.5 Shows number of respondents on the basis of their
age. annual income.
SL.No Response No of Respondents Percentage (%)
Table 4.3 Shows number of respondents on the basis of their
educational qualification. 1 1-5 Lakhs 17 17
SL.No Response No of Respondents Percentage (%) 2 5-10 Lakhs 21 21
1 High School 0 0 3 Above 10 lakhs 62 62
2 Senior Secondary 1 0.96 4 Total 100 100
3 Bachelors 25 24.04 Analysis
Among all respondents, 17 earn in-between 1-5 lakhs of annual
4 Masters 78 75
income, 21 respondents earn in-between 5-10 lakhs and 62
5 Total 104 100 respondents earn more than 10 lakhs.
Analysis
Among all the respondents, only 1 respondent has Senior Secondary as
Educational Qualication, 25 respondents have Bachelor Degree and
78 respondents have Master Degree as their Educational Qualication.

The Figure 4.5 Shows number of respondents on the basis of their

annual income

Interpretation
Graph 4.3 Shows number of respondents on the basis of their From the above Table and graph, it can be observed that among all
educational qualification. respondents, 62% earn above 10 lakhs, 21% fall under 5-10 lakhs
and 17% are in between 1-5 lakhs.
Interpretation
From the above table and Graph, it can be observed that among all Table 4.6 Shows number of respondents on the basis of their
respondents 0% belongs to High School, 0.96% belongs to Senior awareness of Finance, Banking and Investment.
Secondary, 24.04% belong to Bachelor degree and 75% belong to SL.No Response No of Respondents Percentage (%)
Master degree.
1 Yes 72 67.92
Table 4.4 Shows number of respondents on the basis of their 2 No 6 5.66
Occupation. 3 May be 28 26.41
Sl. No Response No of Percentage 4 Total 106 100
Respondents (%) Analysis
1 Business 3 2.83 Majority of the respondents, i.e. 72 are well aware about their Finance,
2 Employed( 92 86.79 Banking and Investment. Only 6 respondents are not aware about it and
Public/Private/Educational 28 respondents are not sure about their knowledge of Finance, Banking
Institution) and Investment.
3 Student 4 3.77
4 Unemployed 7 6.6
5 Total 106 100

Analysis
Among all respondents, 3 are Business persons, 92 respondents are
employed in various sectors, 4 are students and 7 are unemployed.

Graph 4.6 Shows number of respondents on the basis of their

awareness of Finance, Banking and Investment.

Interpretation
From above Table and Graph, it can be observed that, among all
respondents 67.92% are aware about their nances & investments,
5.66% respondents are not aware and rest 26.41% are not sure about it.

Graph 4.4 Shows number of respondents on the basis of their Table 4.7 Shows number of respondents on the basis of their
Occupation. favourite Investment tool.
SL.No Response No of Respondents Percentage (%)
Interpretation 1 Mutual Funds 56 52.83
From the above Table and Graph, it is observed that among all 2 Equity 18 16.98
respondents 86.79% are employed (public/private/educational 3 Cryptocurrency 1 0.94
INDIAN JOURNAL OF APPLIED RESEARCH 21
 Volume-9 | Issue-4 | April-2019 | PRINT ISSN No 2249-555X
4 Real estate/Gold 31 29.24 cryptocurrency and 52 respondents have only some idea about
5 Total 106 100 cryptocurrency.

Analysis
Among all the respondents, 56 respondents favoured the Mutual Funds
as their favourite investment tool. 18 respondents favoured Equity, 31
favoured Real Estate/Gold as their investment tool and only one
responded in favour of Cryptocurrency.

Graph 4.9 Shows number of respondents on the basis of their

knowledge of Cryptocurrency.

Interpretation
From the above Table and Graph, it is observed that 57.14%
respondents have an idea about Cryptocurrency, 34.06% respondents
know about its basic framework and 8.79% are well knowledgeable in
Cryptocurrency.
Graph 4.7 Shows number of respondents on the basis of their
favourite Investment tool. Table 4.10 Shows number of respondents on the basis of their
preference to choose Cryptocurrency as.
Interpretation SL.No Response No of Respondents Percentage (%)
From the above Table and Graph, it can be observed that 52.83%
1 Currency 35 38.04
respondents have responded for Mutual Funds as their preferred
investment then 29.24% as Real Estate/ Gold, 16.98% as Equity and 2 Investment tool 57 61.95
only 0.94% have chosen cryptocurrency as their preferred investment 3 Total 92 100
tool. Analysis
Among all the respondents, 35 respondents prefer to see
Table 4.8 Shows number of respondents on the basis of their cryptocurrency as Currency form and 57 respondents prefer it to be
Awareness of Cryptocurrency. like Investment tool.
SL.No Response No of Respondents Percentage (%)
1 Yes 74 69.81
2 No 23 21.69
3 May be 9 8.49
4 Total 106 100
Analysis
The maximum number of respondents, i.e. 74 are aware about
cryptocurrency, 23 respondents are not aware at all and 9 are not sure
about it.

Graph 4.10 Shows number of respondents on the basis of their

preference to choose Cryptocurrency as.

Interpretation
From the above Table and Chart, it is observed that 38.04% of
respondents want to see Cryptocurrency as Currency and rest 61.95%
are in favour of Investment tool.

Table 4.11 Shows number of respondents on the basis of their

choice whether to invest in Cryptocurrency or not.
SL.No Response No of Respondents Percentage (%)
Graph 4.8 Shows number of respondents on the basis of their 1 Yes 20 18.87
Awareness of Cryptocurrency 2 No 51 48.11
3 May be 35 33.02
Interpretation 4 Total 106 100
From the above Table and Graph, it is observed that 69.81% Analysis
respondents are aware of Cryptocurrency, 21.69% do not know about it Among all the respondents, 20 respondents have shown their interest
and 8.49% are not sure about Cryptocurrency. to invest in Cryptocurrency, 51 respondents are not in favour of
investing in Cryptocurrency and 35 respondents are not sure about
Table 4.9 Shows number of respondents on the basis of their investing in Cryptocurrency.
knowledge of Cryptocurrency.
SL.No Response No of Respondents Percentage (%)
1 Basic Framework 31 34.06
2 Detailed Knowledge 8 8.79
3 Just have an idea 52 57.14
4 Total 91 100
Analysis
Among all the respondents, 31 respondents know the basic framework
of Cryptocurrency, 8 respondents have detailed knowledge about
22 INDIAN JOURNAL OF APPLIED RESEARCH
 Volume-9 | Issue-4 | April-2019 | PRINT ISSN No 2249-555X
Graph 4.11 Shows number of respondents on the basis of their Interpretation
choice whether to invest in Cryptocurrency or not. From the above Table and Chart, it is observed that 70.37%
respondents got less than 5% of return on investment in
Interpretation cryptocurrency, 11.11% got in between the range of 5-10% of return
From the above Table and Pie chart, it can be observed that 18.87% and 18.52% got more than 10% of return on investment in
respondents are agree to invest in Cryptocurrency, 48.11% Cryptocurrency.
respondents are not in favour of investment in Cryptocurrency and
33.02% are not sure about it. Table 4.14 Shows number of respondents on the basis of their
indifference towards Cryptocurrency.
Table 4.12 Shows number of respondents on the basis of income SL.No Response No of Respondents Percentage (%)
range. 1 Legal Issues 12 16
SL.No Response No of Respondents Percentage (%) 2 Lack of Condence 42 56
1 Less than 5 % 41 38.68 3 Security Issues 6 8
2 5-10 % 13 22.41 4 Volatility 15 20
3 More than 10% 4 6.91 5 Total 75 100
4 Total 58 100 Analysis
Analysis Among all the respondents, 12 respondents have sought the reason as
Among all the respondents, 41 are ready to invest less than 5% of their legal issues attached with cryptocurrency as their indifference towards
annual income, 13 respondents are interested in investing 5-10% of cryptocurrency, 42 respondents have shown that they do not have
their annual income and only 4 respondents have shown interest to condence in cryptocurrency, 6 respondents sought the reason as
invest more than 10% of their annual income. security issues related with cryptocurrency as their indifference
towards it and 15 respondents have given the high volatile nature of
cryptocurrency as their indifference towards cryptocurrency.

Graph 4.12 Shows number of respondents on the basis of income Graph 4.14 Shows number of respondents on the basis of their
range. indifference towards Cryptocurrency

Interpretation Interpretation
From the above Table and Chart, it is observed that 38.68% would like From the above Table and Chart, it is observed that 16% respondents
to invest in Cryptocurrency but less than 5% of their total annual have shown their disinterest towards Cryptocurrency due to legal
income, 22.41% would like to invest in the range of 5-10% of their issues, 56% have shown their lack of condence in Cryptocurrency,
annual income and 6.91% respondents would like to invest more than 8% see security reasons as their lack of interest towards
10% of their annual income. cryptocurrency and 20% sought the reason of disinterest as volatile
nature of Cryptocurrency.
Table 4.13 Shows number of respondents on the basis of their
Return on Investment in Cryptocurrency. Table 4.15 Shows number of respondents on the basis of their view
SL.No Response No of Respondents Percentage (%) on regulation of Cryptocurrency.
1 Less than 5 % 19 70.37 SL.No Response No of Respondents Percentage (%)
2 5-10 % 3 11.11 1 Strongly disagree 23 21.7
3 More than 10% 5 18.52 2 Disagree 11 10.38
3 Neutral 29 27.36
4 Total 27 100
4 Agree 18 16.98
Analysis 5 Strongly Agree 25 23.58
Very less number of respondents have invested in Cryptocurrency. So 6 Total 106 100
number of responses are very less. So among all the responses, 19 Analysis
respondents have got less than 5% of return on investment in Among all the respondents, 23 respondents are strongly disagreeing
Cryptocurrency. 3 respondents have got in between 5-10% of return on for regulation of cryptocurrency, 11 respondents are disagreeing with
investment in cryptocurrency and 5 respondents have got more than its regulation, 29 respondents are in neutral position, 18 respondents
10% of return on investment in Cryptocurrency. are in agreement with the regulation of cryptocurrency and 25
respondents are strongly agreeing with the regulation of
cryptocurrency.

Graph 4.13 Shows number of respondents on the basis of their Graph 4.15 Shows number of respondents on the basis of their
Return on Investment in Cryptocurrency. view on regulation of Cryptocurrency.
INDIAN JOURNAL OF APPLIED RESEARCH 23
 Volume-9 | Issue-4 | April-2019 | PRINT ISSN No 2249-555X
Interpretation 14. Those respondents who have not shown interest in
From the above Table and chart, it is observed that, the Government of Cryptocurrency have sought the reason as 'Lack of
India and other Regulatory Authorities of India should regularise it or Confidence in Cryptocurrency' followed by volatility and
not, so for this 21.70% have shown their strong disagreement, 10.38% legal issues.
have shown disagreement, 27.36% are in no opinion category, 16.98% 15. Almost half of the respondents are in view that Government of
are in agreement and 23.58% are in strong agreement. India should regularise the use of Cryptocurrency.
16. Majority of the respondents have opinion that we do not have
Table 4.16 Shows number of respondents on the basis of their views infrastructural and regulatory support required for
on current regulatory and infrastructural support for Cryptocurrency adoption.
cryptocurrency in the country.
SL.No Response No of Respondents Percentage (%) Suggestion
1 Yes 3 3.19 1. As cryptocurrency is a part of decentralized system and it is
2 No 68 72.34 available across the globe, so it is aptly required to regulate its use
to stabilise its demand, as it is very volatile in nature. Its regulation
3 May be 23 24.47
is also important to mitigate its use by illicit users.
4 Total 94 100 2. As Cryptocurrency inherently imbibe the most innovative
Analysis technologies of the world currently, so imposing complete ban on
Among all the respondents, 3 think that we have all the regulatory and it, will be a loss to the millennial generation to learn and
infrastructural support, 68 respondents are in view that we do not have experience such innovative product. Therefore, its regulation is
regulatory and infrastructural support and 23 are not sure about it. justiable.
3. As this study was conducted on a very small scale, so the data
collected and their ndings might be differed from actual
perception of people. Therefore, it is advisable and
recommendable to conduct a study on large scale to have
extensive idea about people's perception. So that it can provide a
base for the Government and its regulatory agencies to make their
decisions properly.
4. The Sampling Units chosen were mainly Convenience sampling
units which formed the basis of this research study but those
sampling units were not guided properly, how to ll the
questionnaire and how to respond each question for their proper
response. So there have been some degree of sampling errors
which can be observed during Data Analysis. This error can be
avoided if proper guidance will be given during lling up of the
Graph 4.16 Shows number of respondents on the basis of their questionnaire.
views on current regulatory and infrastructural support for
cryptocurrency in the country. Conclusion
From the above ndings, it can be concluded that people in general are
Interpretation
aware of the Cryptocurrency and they would like to see it as part of
From the above Table and Graph, it is observed that 72.34%
their investment portfolio as it provides good return. But they are not
respondents have accepted that we do not have all the regulatory and
willing to invest in Cryptocurrency due to lack of regulation from
infrastructural support, 24.47% are not sure about it and 3.19% are in
Government and regulatory authorities. If Government of India and its
agreement that we have all kinds of support to regulate it.
regulatory authorities will come forward to regulate its use and
transaction in nancial market, it can play a major role in entire
Key Findings, Suggestion, Conclusion
investment portfolio.
Findings of the study
From the Data Analysis and Data Interpretation, following ndings
As it is well known that Cryptocurrency is the product of all new age
have emerged-
innovative technologies, and many countries of the world have already
1. Majority of the respondents are Male.
regulated its use in day to day business and many countries are coming
2. Most of the respondents fall in the age category of 30-40 years.
forward to regulate its transaction in nancial market. So, Indian
3. Majority of the respondents are having Master degree as their
Government and its regulatory authority should come forward and
highest level of education.
take steps to regulate the transactions of Cryptocurrency as investment
4. Most of the respondents are in Employed category i.e., employed
option.
in either public, private or educational institutions.
5. Most of the respondents earn more than 10 lakhs of Annual Questionnaire for Primary Sources of Data
Income.
6. Among all respondents, majority of the respondents are well Survey on Awareness and Perception of
aware about their nance, banking and investment area. Cryptocurrency
I am pursuing management studies and doing project on "A Study on the Awareness and Perception
7. Mutual Funds are the most favourite investment tool for majority of Cryptocurrency in Bangalore". To establish the fact that Cryptocrrencies will mark its impact and
of the respondents followed by Gold/Real Estate. become universal currency or remain as a part of investment portfolio, I want to collect data on its
awareness and the perception among general public. All the information collected through this Survey
8. Around 75% of the respondents are aware about the will only be used for the study purpose.
Cryptocurrency.
* Required
9. Almost half of the respondents have an idea about
Cryptocurrency. Very limited number of respondents have
1.Gender * Mark only one oval.
extensive knowledge of Cryptocurrency. Male
10. Majority of the respondents feel that Cryptocurrency should Female
be regularised as Investment tool. Prefer not to say
11. Half of the respondents are not in agreement to invest in
Cryptocurrency and rest 35% are not sure about it. Only 15% are 2.Age *
ready to invest in cryptocurrency. Mark only one oval.

12. Among the respondents, those who are ready to invest in 20-30yrs
Cryptocurrency, majority would like to invest around 5% of their 30-40yrs

annual salary. 40-50yrs

13. Among the respondents, those who have already invested in Above 50 yrs

Cryptocurrency, majority have got around 5% of return followed

by more than 10% of return on investment in Cryptocurrency.
24 INDIAN JOURNAL OF APPLIED RESEARCH
 Volume-9 | Issue-4 | April-2019 | PRINT ISSN No 2249-555X
3. What is your highest level of education? * Mark only one oval.

High School
Senior Secondary
Bachelors
Masters

4.What is your occupation? * Mark only one oval.

Employed( Public/Private/Educational Institution)

Business
Unemployed Student

5.What is your annual income ? Mark only one oval.

1 - 5 lakhs
5 - 10 lakhs
Above 10 lakhs

6. Do you think, You are financially aware regarding your

understanding of banking,finance and investment? * Mark only
one oval.

Yes
No
Maybe

7. What is your favourite investment tool in financial market? *

Mark only one oval.

Mutual Funds
Equity
Real estate/Gold
Cryptocurrency

8.Are you aware of cryptocurrency? * Mark only one oval.

Yes
No
Maybe

If "Yes" then please answer the following questions.

REFERENCES
Books
1. Paul Vigna, Michael J. Casey, “The Age of Cryptocurrency”
2. Dominic Frisby, “Bitcoin: the Future of Money?”
3. Deepika Chawla, Neena Sondhi, “Research Methodology – Concepts and Cases”
Journals
4. Akshay A., Shivashankarachar Y. - “A Study On Security Issues In Investments And
Transactions In Bitcoins And Cryptocurrencies”, The IASMS Bi-annual Journal of
Business Spectrum, 2018, Volume: XI, Number: 2, pp.26-30
Newspapers
Times of India
The Hindu
Websites
5. https://www.investinblockchain.com/what-is-cryptography/
6. https://www.worldcryptoindex.com/currencies/
7. https://investmentbank.com/crypto-growth/
8. https://coincentral.com/cryptocurrency-market-capitalization/
9. https://coinsutra.com/future-of-bitcoin-cryptocurrency-india/
10. https://www.researchgate.net/publication/316656878_An_Analysis_of_
Cryptocurrency_Bitcoin_and_the_Future
11. https://www.researchgate.net/publication/324770908_The_Growth_of_
Cryptocurrency_in_India_Its_Challenges_Potential_Impacts_on_Legislation
12. http://randomwalker.info/publications/research-for-practice-cryptocurrencies.pdf
13. https://datarius.io/uploads/45f8bb98bb88fa153bbbaf6ff789cea0.pdf
14. https://blockgeeks.com/guides/what-is-cryptocurrency/
15. http://empirica.io/blog/different-types-cryptocurrency/
16. https://en.wikipedia.org/wiki/List_of_cryptocurrencies
17. https://www.worldcryptoindex.com/how-cryptography-is-used-cryptocurrency/
18. https://www.investinblockchain.com/what-is-cryptography/
19. https://www.investopedia.com/tech/explaining-crypto-cryptocurrency/
20. https://www.toptal.com/nance/market-research-analysts/cryptocurrency-market
21. https://cointelegraph.com/bitcoin-for-beginners/what-are-cryptocurrencies#legality-
of-cryptocurrencies
22. http://ide.mit.edu/news-blog/blog/blockchain-explained

INDIAN JOURNAL OF APPLIED RESEARCH 25