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ABSTRACT

The study aims to evaluate the claims of Bitcoin being a payment method especially

when using it in remittances. This particular study was conducted because there has been

an existing problem with cash as a payment method that is why users tend to find another

payment method. Among the payment methods were cash, credit cards, debit cards, prepaid

cards, bank transfer and the like, and now, a variation of virtual payment system was

introduced, known as a cryptocurrency, where bitcoin is the best known out of all the

cryptocurrencies and regularly reported in the news. The participants of the study were

Filipino individuals who use bitcoin for different transactions especially as a payment

method and were mostly selected from certain groups or community of Bitcoin users in

Facebook. A descriptive research design was used in the study and SPSS was used to

calculate and analysed data. One sample median Wilcoxon signed rank sum test is

employed to examine the research hypothesis. The findings revealed that despite the

different factors that need to be considered, bitcoin can still an effective payment method.

Keywords: Bitcoin, cryptocurrencies, payment method, traditional money, decentralize,

medium of exchange, volatility


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ACKNOWLEDGEMENT

First of all, we would like to express our deepest gratitude to our Almighty God, who

provided the strength and wisdom that enabled us to complete this research on “Bitcoin

Use Case: Mode of Payment in Filipino Users”

We want to thank Dr. Antonietta P. Tungcab, lecturer, in the Institute of Business and

Management. We are also indebted to her for sharing expertise, and sincere and valuable

and encouragement extended to us.

We are also grateful to Mr. Jeffrey Gozun for all the imparted time and knowledge that

greatly improved the manuscript.

We also like to express the gratitude to each other for the cooperation and hard work for

completing this manuscript

Last but not the least, we would like to extend our appreciation to those who could not be

mentioned here but played their role to inspire us behind the curtain.