ISSN 1847-3946

organizer

43rd international convention

September 28 - October 2, 2020, Opatija, Croatia

Lampadem tradere

mipro - innovative promotional partnership

mipro proceedings
 MIPRO 2020
43rd International Convention
September 28, 2020 – October 2, 2020
Opatija, Croatia

Proceedings

Conferences:
Microelectronics, Electronics and Electronic Technology /MEET
Data Science and Biomedical Engineering /DS-BE
Telecommunications & Information /CTI
Computers in Education /CE
Computers in Technical Systems /CTS
Intelligent Systems /CIS
Robotics Technologies and Applications/RTA
Information Systems Security /ISS
Business Intelligence Systems /miproBIS
Digital Economy and Digital Society /DE-DS
Information and Communication Technology Law /ICTLAW
Engineering Education /EE
Software and Systems Engineering /SSE
MIPRO Junior - Student Papers /SP
Smart, Sustainable And Resilient Cities And Infrastructure /SSRCI
Optoelectronics and Photonics /OPHO
Dew Computing /DEWCOM

Edited by:
Karolj Skala
 International Program Committee
Karolj Skala, General Chair (Croatia)
Lejla Abazi-Bexheti (North Macedonia)
Enis Afgan (United States),
Miimu Airaksinen (Finland),
Saša Aksentijević (Croatia),
Slaviša Aleksić (Germany),
Slavko Amon (Slovenia),
Krešo Antonović (Croatia),
Michael E. Auer (Austria),
Viktor Avbelj (Slovenia),
Dubravko Babić (Croatia),
Snježana Babić (Croatia),
Tadej Bajd (Slovenia),
Ante Bakić (Croatia),
Marko Banek (Croatia),
Mirta Baranović (Croatia),
Bartosz Bebel (Poland),
Nina Begičević Ređep (Croatia),
Ladjel Bellatreche (France),
Adrian Boukalov (Belgium),
Ricardo Branco (Portugal),
Ljiljana Brkić (Croatia),
Marian Bubak (Poland),
Andrea Budin (Croatia),
Željko Butković (Croatia),
Patrizio Campisi (Italy),
Željka Car (Croatia),
Jesús Carretero Pérez (Spain),
Bojan Cukic (United States),
Alfredo Cuzzocrea (Italy),
Duško Čakara (Croatia),
Stipo Čelar (Croatia),
Marina Čičin-Šain (Croatia),
Dragan Čišić (Croatia),
Davor Davidović (Croatia),
Vlado Delić (Serbia),
Radoslav Delina (Slovakia),
Matjaž Depolli (Slovenia),
Saša Dešić (Croatia),
Dražen Dragičević (Croatia),
Todd Eavis (Canada),
Maurizio Ferrari (Italy),
Tiziana Ferrari (Netherlands),
Nikola Filip Fijan (Croatia),
Renato Filjar (Croatia),
Tihana Galinac Grbac (Croatia),
Enrico Gallinucci (Italy),
Dragan Gamberger (Croatia),
Paolo Garza (Italy),
Tom Gavazzi (Croatia),
Gordan Gledec (Croatia),
Matteo Golfarelli (Italy),
Stjepan Golubić (Croatia),
Vera Gradišnik (Croatia),
Simeon Grazio (Croatia),
Andrej Grgurić (Croatia),
Stjepan Groš (Croatia),
Nina Gumzej (Croatia),
Marjan Gusev (North Macedonia),
Jaak Henno (Estonia),
Bojan Hlača (Croatia),
Željko Hocenski (Croatia),
Tatjana Holjevac (Croatia),
Vlasta Hudek (Croatia),
Darko Huljenić (Croatia),
Robert Inkret (Croatia),
Ivo Ipšić (Croatia),
Mile Ivanda (Croatia),
Marina Ivašić-Kos (Croatia),
Hannu Jaakkola (Finland),
Tomislav Jagušt (Croatia),
Darko Jardas (Croatia),
Vojko Jazbinšek (Slovenia),
Leonardo Jelenković (Croatia),
Bojan Jerbić (Croatia),
Dragan Jevtić (Croatia),
Alen Jugović (Croatia),
Admela Jukan (Germany),
Oliver Jukić (Croatia),
Irena Jurdana (Croatia),
Ozren Jureković (Croatia),
Marko Jurić (Croatia),
Đani Juričić (Slovenia),
Nikola Kadoić (Croatia),
Jurij Matija Kališnik (Slovenia),
Ivan Kaštelan (Serbia),
Zlatko Katalenić (Slovenia),
Ana Katalinić Mucalo (Croatia),
Tihomir Katulić (Croatia),
Pekka Kess (Finland),
Tonimir Kišasondi (Croatia),
Zalika Klemenc-Ketiš (Slovenia),
Mario Konecki (Croatia),
Marko Koričić (Croatia),
 Gregor Kosec (Slovenia),
Igor Kotenko (Russia),
Božidar Kovačić (Croatia),
Miklos Kozlovszky (Hungary),
Danica Kragić Jensfelt (Sweden),
Goran Krajačić (Croatia),
Dieter Kranzlmüller (Germany),
Marjan Krašna (Slovenia),
Srećko Krile (Croatia),
Lene Krøl Andersen (Denmark),
Benjamin Kušen (Croatia),
Marko Lacković (Croatia),
Erich Leitgeb (Austria),
Jadran Lenarčič (Slovenia),
Tomislav Lipić (Croatia),
Hrvoje Lisičar (Croatia),
Dražen Lučić (Croatia),
Duško Lukač (Germany),
Igor Ljubi (Croatia),
Zongmin Ma (China),
Goran Marković (Croatia),
Leslie Martinich (United States),
Ludek Matyska (Czech Republic),
Mladen Mauher (Croatia),
Igor Mekterović (Croatia),
Željka Mihajlović (Croatia),
Branko Mikac (Croatia),
Anđelko Milardović (Croatia),
Hrvoje Mlinarić (Croatia),
Thor Moen (Norway),
Lueny Morell (Puerto Rico),
Gorana Mudronja (Croatia),
Neeta Nain (India),
Jadranko F. Novak (Croatia),
Dario Ogrizović (Croatia),
Predrag Pale (Croatia),
Dana Paľová (Slovakia),
Nikola Pavešić (Slovenia),
Mile Pavlić (Croatia),
Branimir Pejčinović (United States),
Ana Perić Hadžić (Croatia),
Dana Petcu (Romania),
Juraj Petrović (Croatia),
Duc Truong Pham (UK),
Damir Pintar (Croatia),
Vincenzo Piuri (Italy),
Tonka Poplas Susič (Slovenia),
Andreja Pucihar (Slovenia),
Aleksandra Rashkovska (Slovenia),
Robert Repnik (Slovenia),
Libuša Révészová (Slovakia),
Slobodan Ribarić (Croatia),
Vittorio Rosato (Italy),
Dubravko Sabolić (Croatia),
Ioan Sacala (Romania),
Davor Salamon (Croatia),
Jörg Schulze (Germany),
Bruno Siciliano (Italy),
Sandro Skansi (Croatia),
Zoran Skočir (Croatia),
Ivanka Sluganović (Croatia),
Mladen Sokele (Croatia),
Ana Sović Kržić (Croatia),
Mario Spremić (Croatia),
Vlado Sruk (Croatia),
Uroš Janez Stanič (Slovenia),
Vjeran Strahonja (Croatia),
Tomislav Suligoj (Croatia),
Aleksandar Szabo (Croatia),
Dina Šimunić (Croatia),
Frano Škopljanac-Mačina (Croatia),
Dejan Škvorc (Croatia),
Zorislav Šojat (Croatia),
Andreja Špernjak (Slovenia),
Vitomir Štruc (Slovenia),
Velimir Švedek (Croatia),
Darko Švelec (Croatia),
Viktor Švigelj (Slovenia),
Zheng-Hua Tan (Denmark),
Nikola Tanković (Croatia),
Antonio Teixeira (Portugal),
Edvard Tijan (Croatia),
Paul Timmers (UK),
A Min Tjoa (Austria),
Ivan Tomašić (Sweden),
Roman Trobec (Slovenia),
Tibor Vámos (Hungary),
Mladen Varga (Croatia),
Lucija Vejmelka (Croatia),
Matjaž Veselko (Slovenia),
Linda Vicković (Croatia),
Marijana Vidas-Bubanja (Serbia),
Davor Vinko (Croatia),
Goran Vojković (Croatia),
Mihaela Vranić (Croatia),
Miroslav Vrankić (Croatia),
Boris Vrdoljak (Croatia),
Slavomir Vukmirović (Croatia),
Yingwei Wang (Canada),
Mario Weber (Croatia),
Roman Wyrzykowski (Poland)
 organized by
MIPRO Croatian Society

technical cosponsorship
IEEE Region 8
IEEE Croatia Section
IEEE Croatia Section Computer Chapter
IEEE Croatia Section Electron Devices/Solid-State Circuits Joint Chapter
IEEE Croatia Section Education Chapter
IEEE Croatia Section Communications Chapter
EAI European Alliance of Innovation

under the auspices of

Ministry of Science and Education of the Republic of Croatia
Ministry of the Sea, Transport and Infrastructure of the Republic of Croatia
Ministry of Economy, Entrepreneurship and Crafts of the Republic of Croatia
Ministry of Public Administration of the Republic of Croatia
Ministry of Regional Development and EU Funds of the Republic of Croatia
Ministry of Environment and Energy of the Republic of Croatia
Ministry of Demography, Family, Youth and Social Policy of the Republic of Croatia
Ministry of Agriculture of the Republic of Croatia
Primorje-Gorski kotar County
City of Rijeka
City of Opatija
Croatian Regulatory Authority for Network Industries - HAKOM
Croatian Power Exchange - CROPEX

patrons
University of Zagreb
University of Rijeka
Juraj Dobrila University of Pula
Ruđer Bošković Institute, Zagreb
University of Zagreb, Faculty of Electrical Engineering and Computing
University of Zagreb, Faculty of Organization and Informatics, Varaždin
University of Rijeka, Faculty of Maritime Studies
University of Rijeka, Faculty of Engineering
University of Rijeka, Faculty of Economics and Business
Zagreb University of Applied Sciences
Croatian Academy of Engineering - HATZ
Croatian Regulatory Authority for Network Industries - HAKOM
Ericsson Nikola Tesla, Zagreb
T-Croatian Telecom, Zagreb
Končar - Electrical Industries, Zagreb
HEP - Croatian Electricity Company, Zagreb
A1 Hrvatska, Zagreb

sponsors
HEP - Croatian Electricity Company Zagreb
Končar-Electrical Industries Zagreb
Storm Computers Zagreb
InfoDom Zagreb
A1 Hrvatska Zagreb
Mjerne tehnologije Zagreb
Selmet Zagreb
Institute SDT Ljubljana
Nomen Rijeka
 All papers are published in their original form

For Publisher:

Karolj Skala

Publisher:

Croatian Society for Information, Communication and

Electronic Technology – MIPRO
Office: Kružna 8/II, P. O. Box 303, HR-51001 Rijeka, Croatia
Phone/Fax: (+385) 51 423 984

Printed by:
GRAFIK, Rijeka

ISSN 1847-3946

Copyright  2020 by MIPRO

All rights reserved. No part of this book may be reproduced in any form, nor may be stored in
a retrieval system or transmitted in any form, without written permission from the publisher.

V
 ICT for Innovative Education and Science: Smart Environment for Networked 812
Strategies
V. Omelyanenko, O. Kudrina, H. Shevtsova, O. Prokopenko, V. Petrenko

Student Social Media Usage and Its Relation to Free-recall Memory Tasks 816
V. Vidaček Hainš, M. Kućar, R. Kovačić

Modernized Courses in Automotive Software Engineering 822

I. Kaštelan, B. Pavković, M. Vranješ, M. Popović

Intuitive and Rational Information Management 826

I. Mikšić, T.Babić, Lj. Bakić-Tomić

Artificial Intelligence – a New Topic in Computer Science Curriculum at Primary 832

and Secondary Schools: Challenges, Opportunities, Tools and Approaches
Z. Tkáčová, Ľ. Šnajder, J. Guniš

Inquiry-Based Python Programming at Secondary Schools 835

J. Guniš, Ľ. Šnajder, Z. Tkáčová, V. Gunišová

Sentiment Analysis of Open-Ended Student Feedback 840

T. Hynninen, A. Knutas, M. Hujala

Comparative Analysis of Students' Attitudes on Teaching Quality and its Assessment 845
in Higher Education
K. Pavlina, A. Pongrac Pavlina, V. Juričić

Students' Attitudes toward Value-Driven Digital Marketing 849

A.M. Jadanec, T. Babić

The Web-based Lectures as Leverage for Developing the Sense of Belonging in the 855
All-Russian Creative School-Contests
O.S. Fomichova, V.A. Fomichov

STEAM Students and Their Expectations from Future Business Life: a 861
Values-driven Workplace
Y. Borysiuk, T. Babić

Cryptocurrency as the Currency of the Future: a Case Study among Algebra 867
University College Students
A. Knežević, T. Babić, Z. Musa

New Teaching Methods in Higher Education - Management of Information 873

Systems Course
K. Aleksić-Maslać, P. Vranešić, B. Debić

XVIII
 Cryptocurrency as the currency of the future:
a case study among Algebra University College
students
Antea Knežević*, Tihana Babić* and Zvonimir Musa*
*
Algebra University College, Zagreb, Croatia
antea.knezevic@racunarstvo.hr, tihana.babic@algebra.hr, zvonimir.musa@racunarstvo.hr
Abstract - The cryptocurrencies were designed to be a
medium of exchange. The blockchain technology on which
cryptocurrencies are based on offers many possibilities for
computer science and all future businesses. For the past
decade experts as well as laypeople have been experiencing
cryptocurrencies in extremes. They either have a very
positive attitude or a very negative attitude towards them.
Experts who have very positive attitudes towards them
believe that cryptocurrencies create new ways of conducting
business and new ways of trust relationships are managed.
Experts who have very negative attitudes towards them often
emphasize the fact that they are often linked to negative
connotations such as being a tool for criminal activities or
skipping social responsibilities such as tax avoidance and
corruption. They also emphasize the fact that it is a new,
unexplored technology and an unstable market. The purpose
of research conducted among students of Algebra University
College was to explore their opinions and ways of using
blockchain technologies in the present and their attitudes
toward using cryptocurrencies in the future.
Keywords – cryptocurrency, blockchain technology, case
study, students
I. INTRODUCTION
Representation of the European Commission in Croatia
defines Cryptocurrencies as digital money, created in
digital form as a means of digital exchange.
Cryptocurrencies exist only on the Internet and have not
been published by, or monitored by, a central bank or
government. Precisely because cryptocurrencies are not
controlled by the central bank, they are not formally
money [1].
They are stored in a "digital wallet" on one of the
websites that provide this service. Every transaction made
is recorded. The general or public "ledger" in which all
transactions and value changes of cryptocurrency units are
recorded is called "blockchain".
A blockchain is a database that is shared across a
network of computers. Once a record has been added to the
chain it is very difficult to change. To ensure all the copies
of the database are the same, the network makes constant
checks [2].
The blockchain offers many possibilities for computer
science and all future businesses. For the past decade
experts as well as laypeople have been experiencing
cryptocurrencies in extremes. They either have a very
positive attitude or a very negative attitude towards them.
MIPRO 2020/CE
Many kinds of research have been done, most of them
showing that young people under the age of 35, mainly
known as “millennials” are more prone to working with
cryptocurrencies [3]. Because most researches on this
topic are conducted in The United States of America, the
authors of this paper decided to test this theory among
students of Algebra University College.
II. ADVANTAGES OF CRYPTOCURRENCIES
Experts who have very positive attitudes
towards cryptocurrencies believe that they create new
ways of conducting business and new ways of how trust
relationships are managed. The level of technology drives
changes in the global economy and, accordingly, the
emergence of virtual currencies is an important event in
the world of business and finance.
The European Banking Authority has divided the
benefits of using virtual currencies into two categories.
Those are economic and individual benefits [4]. The
economic benefits under the EBA relate to more facts.
First, they relate to transaction costs. In principle
transaction, costs should not exist because there are no
intermediaries in the transaction. However, there are
transaction costs, but they are much less compared to other
forms of payment. The reason is the costs incurred in
regulation, internal control, and similar. Secondly,
approximately every ten minutes new blockchain entries
are added. The geographic distance of the participants in
the transaction does not matter. Regardless of their
distance, the same timeline is required to complete the
transaction. This characteristic is considered an
exceptional advantage in opposition to other payment
methods.
The basic individual benefit of cryptocurrencies is
online transactions. The use of cryptocurrencies is
beneficial to both buyer and seller. Because they are
autonomous they have no issuer and no institution to
control their circulation, which means the seller is granted
full anonymity, which buyers mainly benefit from. A
return possibility in a virtual currency transaction is not
deductible. When making a payment for a selected product
or we cannot get the virtual currency unit back on request.
This is where the EBA highlighted the advantage by sellers
because, with traditional forms of payment in the case of
fraudulent defect reports, funds often would have to be
refunded [5].
867
 Except for spending money, Cryptocurrencies have
been suggested to be a new and popular form of alternative
investment. They hold several important advantages over
traditional forms of currency such as independence,
security, and price liquidity which can result in something
like we experienced with Bitcoin, resulting in a massive
surge of interest in cryptocurrency. Anyone who owned
Bitcoin at the end of 2017 became very rich overnight.
Bitcoin exploded in price, and needless to say, everyone
who wasn’t a part of that wanted to invest some money in
case it happened again. And it did happen again in 2019
[6].
Many cryptocurrency users find it very important that it
preserves their privacy. In order to be able to open an
account and execute transactions through a bank, you are
obliged to provide extensive personal information, but
with cryptocurrency, you do not have to provide personal
data and the transactions take place anonymously.
Although the degree of privacy varies from cryptocurrency
to cryptocurrency, most of them guarantee complete
anonymity. And you can create as many account numbers
or addresses as you want [7].
One of the most interesting and important features of
cryptocurrencies is the blockchain technology that it’s
based on. Blockchain technology makes it possible to
digitize every physical object or service and to put its value
in the blockchain. For example, cars, houses, web page
designs, domain names, etc. can be placed in the
blockchain and traded via automatic smart contracts. As a
result, the intervention of third parties such as banks,
notaries, advisors, and accountants are no longer necessary
and transactions can take place faster and cheaper. This
can also apply to services such as insurance, loans, and
similar. It can be used to manage your personal identity
safely in the blockchain and use it, for example, to identify
yourself when traveling, verifying the age when
purchasing alcohol, etc. Finally, smart contracts can be
used to fully automate government tasks, when collecting
taxes, issuing permits, paying subsidies, and when holding
local, regional, or national elections. In that way, everyone
can see exactly what goes in and what comes out and the
government can become a lot more transparent [8].
III. DISADVANTAGES OF
CRYPTOCURRENCIES
As stated before, the advantage of cryptocurrencies is
its anonymity but the downside of anonymity is its lack of
confidence. The lack of a competent institution to control
and guarantee creates a high risk of the counterparty. In
electronic money, the issue of risk and trust is
questionable, while in fiat money it is highly correlated
with the national economy and politics [8].
While some experts applaud the anonymity feature of
cryptocurrencies, many see them as a downside. The
reason for that is their susceptibility to criminal purposes
resulting from the anonymity of their use. The black
market and the dark web are big users of cryptocurrencies.
Criminals value their anonymity, as much as they value the
ability to send vast sums of money around the world
simply using their phone. This made cryptocurrencies
868
relatable to the risk of money laundering, terrorist
organizations, and other illegal activity, financing many
negative connotations [9].
From a strictly economic view, many experts show a
negative attitude towards cryptocurrencies because of their
strong volatility and difficulty to predict. Since the
beginning, cryptocurrencies had a highly volatile nature.
This is one of the main reasons mass adoption is taking
longer than it should. Many corporations don’t want to
deal with a form of money that is going through huge
swings in volatility. Even though we had a positive
experience of volatility at the end of 2017., when Bitcoin
exploded in price, many other cryptocurrencies in use
behave the exact opposite, and lose their value fast,
creating a risk for potential investments[10].
Except for volatility is the number one risk of crypto
investing, experts are also pointing out other potential
problems. Regulatory and legal issues are two of the big
obstacles facing the crypto sector. Because the technology
is new, governments and banks have not yet formed a
coherent fiscal policy for them. Therefore, there is a risk
that their taxation status, trading rules, or even legality,
could change and become more complicated. Also, a
concern, although it’s never been conclusively proved, it’s
widely assumed that insider trading, collusion, and market
manipulation is present across the crypto sector[11].
And last, but not least, one big cryptocurrency issue is
lack of awareness and understanding. It is a known fact
that many people are still unaware of digital currencies. To
be able to use and invest in cryptocurrencies people need
to be educated to be able to apply it to their lives.
Businesses are accepting bitcoins because of the
advantages, but the list is relatively small compared to
physical currencies. One of the reasons is that the workers
need to be educated on Bitcoin so that they can help the
customers. This will definitely take some time and effort.
Otherwise, what is the benefit of such large companies
accepting Bitcoin if its staff doesn’t even know what
digital currencies are[12].
IV. WORLD'S LARGEST CRYPTOCURRENCY
BY MARKET CAP
At the time of October 8th, 2019 there were
approximately 2,957 cryptocurrencies being traded with a
total market capitalization of $221bn. This means that the
top 10 cryptocurrencies represent roughly 85% of the total
market value. Even though the list of top 10
cryptocurrencies changes very often, the first tree on the
list is a constant. Those are Bitcoin, Ethereum, and Ripple.
Being the first one to launch in 2009., Bitcoin is the
world's largest cryptocurrency by market cap. It is created
by an anonymous developer Satoshi Nakamoto, whose
true identity is never verified. Bitcoin offers the promise
of lower transaction fees than traditional online payment
mechanisms and is operated by a decentralized authority,
unlike government-issued currencies [13].
Second on the list is Ethereum, a blockchain-based
open public network platform that enables developers to
build and deploy decentralized applications for use by
businesses, as well as individual users. It acts as a platform
MIPRO 2020/CE
 on which a whole virtual ecosystem can be developed,
stored, executed, and used by users securely and
anonymously. Unlike commission-based app stores
demanding a cut for hosting and running various apps, the
decentralized and autonomous nature of Ethereum keeps it
zero- to low-cost[14].
Third, on the list is XRP. XRP is a currency that is part
of the Ripple technology. Ripple is a technology mostly
known for its digital payment network and protocol.
Ripple's main specialty is payment settlement asset
exchange that is similar to the SWIFT system for
international money [15].
Over the last year, fourth and fifth place of the list has
been exchanged by Bitcoin Cash and Bitcoin SV. Both of
those coins are a result of a hard fork of Bitcoin. A hard
fork is a radical change to the protocol of a blockchain
network that makes previously invalid blocks/transactions
valid or vice-versa[16]. This means both of those coins
started as Bitcoin, but a group of miners decided they
wanted to set new rules to the code, changing its initial idea
and creating their own version of Bitcoin.
Some coins that are or have been in the top 10
cryptocurrencies by market cap are Tether, Litecoin, EOS,
Stellar, and Monero.
Tether is a blockchain-based cryptocurrency stable
coin whose crypto coins in circulation are backed by an
equivalent amount of traditional fiat currencies, like the
dollar, euro, or yen. It is always worth 1 American
dollar[17]. Litecoin is a peer-to-peer cryptocurrency. It's a
fully decentralized open-source, working as a global
payment network developed with the aim to improve
Bitcoin's shortcomings[18]. EOS is a decentralized system
based on the blockchain that enables the development,
hosting, and execution of decentralized applications on its
platform, similar to Ethereum [19]. Stellar is an open-
source payment technology, very similar to Ripple[20].
Monero is a digital currency that offers a high level of
anonymity for users and their transactions. It has several
privacy-enhancing features that improve upon Bitcoin
[21].
One crypto token that hasn’t made the top 10 list yet,
but created a lot of attention over the last year is the LINK
token with the Chainlink technology behind it. ChainLink
is a platform that attempts to bridge the gap between smart
contracts on the blockchain and real-world applications of
the blockchain. It uses oracles, which find and verify real-
world data and bring it on-chain to be integrated into smart
contracts [22].
V. STUDENTS AND CRYPTOCURRENCIES
A survey conducted in the United States of America in
August of 2019, questioned members of Millennials to
question who had some information or knowledge on
cryptocurrencies. Research showed 98.4 percent of them
were familiar with Bitcoin, 77.7 percent with Ethereum,
71.6 with Litecoin, and 47.6 percent with Ripple. Most
surprising of all, 21 percent of the respondents did not have
access to traditional banking of any kind, which makes
cryptocurrency a more likely and popular alternative to
traditional banking among young adults and students. The
MIPRO 2020/CE
reasons for such a huge popularity of crypto among young
people are suspected to be technological advancements,
and lack of faith in existing traditional banking systems
[3].
VI. THE RESEARCH METHODOLOGY
A. Purpose of the Research
A survey conducted in the United States of America
showed that cryptocurrencies were used at a high rate
among young people (millennials). Testing that theory, the
purpose of research conducted among students of Algebra
University College was to explore their opinions and ways
of using blockchain technologies in the present and their
attitudes toward using cryptocurrencies in the future.
The research objective: Do students from Algebra
University College use cryptocurrencies?
To answer the main research objective, the following
research sub-questions were defined:
1. Are students familiar with the concept and
technology of cryptocurrency?
2. What characteristics of cryptocurrency do
students consider to be their advantages?
3. What characteristics of cryptocurrency do
students consider to be their disadvantages?
4. Do students use cryptocurrencies and / or plan to
invest in them in the future?
B. The Research Population Sample
The research was conducted among the Algebra
University College students. A sample of participants was
pertinent.
The total population sample was 64 participants (N =
64), which included students from 7 different study
programs: Software engineering, System engineering,
Digital marketing, Multimedia computing, Visual
communications design, Design and communication
management, and Data Science. The structure of all
surveyed students according to the study program is
presented in Chart 1.
Software
engineering
2%
2% Digital marketing
6%
Multimedia
31% computing
16%
Visual
communications
design
20%
Design and
23% communication
management
System engineering
Data science
Chart 1. The structure of the participants per Study Program in
percentage, N = 64.
869
 The structure of student familiarity with
The majority of participants were undergraduate cryptocurrencies is presented in Table 1.
students; 53 of them (82.8 %), while 11 (17.2 %) of
participants were graduate students. 39 of students (60.9 CRYPTOCURRENCIES Never Rarely
Some-
Often Always
times
%) were male and 25 (39.1 %) were female.
Bitcoin 0.0% 0.0% 1.6% 29.7% 68.8%
C. The Research Methods
Ethereum 42.2% 3.1% 9.4% 17.2% 26.6%
The research was conducted through an anonymous
voluntary survey during the winter semester of the Ripple 51.6% 4.7% 14.1% 15.6% 12.5%
2019/2020 academic year.
A specially designed questionnaire in the Google Tether 57.8% 17.2% 12.5% 3.1% 6.6%
Forms tool had 11 closed-ended questions, of which 4 Litecoin 45.3% 21.9% 3.1% 10.9% 15.6%
were related to demographics. For 3 questions answers
were defined with the degrees of frequency according to EOS 56.3% 20.3% 9.4% 3.1% 6.6%
the Likert scale. 2 questions had predefined 10 statements
Stellar 60.9% 20.3% 6.6% 3.1% 4.7%
related to the advantages and disadvantages of using
cryptocurrencies. 3 questions were yes or no questions. 1 Chainlink 65.6% 17.2% 6.6% 3.1% 7.8%
question offered the most famous cryptocurrencies for
Monero 62.5% 7.8% 12.5% 4.7% 9.4%
which students were able to indicate the degree of
familiarity and agreement according to the Likert
frequency scale. Table 1. Distribution of the students' familiarity with cryptocurrencies,
N=64.
To ensure a clear understanding of the terms, a
descriptive definition of term cryptocurrency was 2. What characteristics of cryptocurrency do students
specified at the beginning of the survey: consider to be their advantages?
“A brief explanation of the terms: In terms of advantages, 27 of the total number of
Cryptocurrency is digital money, created in digital students questioned has agreed that cryptocurrencies are a
form as a means of digital exchange. It exists only on the good investment, while 26 stayed impartial. A total of 19
Internet and has not been published, or monitored by, a students agreed that cryptocurrencies are a good way of
central bank or government. Precisely because saving (28 stayed impartial), but merely 14 agreed that
cryptocurrencies are not controlled by the central bank, cryptocurrencies are useful for protecting against the loss
they are not formally money. of value of traditional goods (27 impartial). Half of the
They are stored in a "digital wallet" on one of the students (32) agreed that cryptocurrencies are useful for
websites that provide this service. Every transaction that online payments (24 impartial). Also, 28 agreed that
is made is a highly edited digital record. The general or cryptocurrencies are a safe way of paying (25 impartial).
public "ledger" in which all transactions and value A total of 22 respondents agree that cryptocurrencies
changes of cryptocurrency units are recorded is called might replace money in the future (24 impartial). Half of
"blockchain".” the respondents (32) agree transaction transparency is a
A quantitative method was used for the analysis of the very important feature of cryptocurrencies (24 impartial)
research results. Through the Google Forms tool, the data and 33 of them agreed that the strength of cryptocurrencies
processing of the survey results was made. lies in the possibility to operate cryptocurrency
transactions every day from 0 to 24 h, meaning that they
D. The Research Results provide better services than the banks that have this type
of service limited (20 impartial). To the question of
1. Are students familiar with the concept and technology control, 27 respondents agree cryptocurrencies allow
of cryptocurrency? complete autonomy (25 impartial), but to the question of
The research results have shown that most of the total cost 33 neither agree nor disagree with the statement that
number of surveyed students (87.5%) are familiar with the cryptocurrencies offer lower transaction costs. And last,
concept of cryptocurrencies. But just over half of the half of the respondents (32) agree there is a large selection
students (51.6%) declared themselves familiar with the of cryptocurrencies for different purposes (30 impartial).
blockchain technologies on which cryptocurrencies are The structure that represents the students' degree of
based on. agreement according to the Likert frequency scale is
When it comes to particular cryptocurrencies, presented in Table 2.
specifically the top 10 most valued, research results have The statements represented by letters in the table are as
shown that almost all of the total number of surveyed following:
students (63) are familiar with Bitcoin. Less than half of A. Cryptocurrencies are useful for investment
the participants are familiar with Ethereum (28), Ripple purposes.
(18) and Litecoin (17). The participants are poorly familiar B. Cryptocurrencies are useful for saving purposes.
with Monero (9), Chainlink (7), Tether (6), EOS (6), and C. Cryptocurrencies are useful for protecting
Stellar (5). against the loss of value of traditional goods.
D. Cryptocurrencies are useful for buying online.

870 MIPRO 2020/CE

 E. Cryptocurrencies are a secure payment method. The structure that represents the students' degree of
F. Cryptocurrency will someday replace the money. disagreement according to the Likert frequency scale is
G. Transaction transparency is a very important presented in Table 3.
feature of cryptocurrency. The statements represented by letters in the table are as
H. It is possible to operate cryptocurrency following:
transactions every day from 0 to 24 h, which A. Cryptocurrency technology is new and has not yet
means that they provide better services than the been fully developed.
banks that have this type of service limited. B. Cryptocurrency technology is difficult for laymen
I. Cryptocurrencies allow us to complete autonomy. to understand.
J. The cost of cryptocurrency transactions is C. There is no security in case of losing funds.
minimal. D. The cryptocurrency market is unregulated.
K. There is a large selection of cryptocurrencies for E. In most places, cryptocurrencies have not yet
different purposes. been accepted as a payment method.
F. Cryptocurrencies are useful for the avoidance of
Strongly
Neither
Strongly
taxes and other government regulations.
STATEMENT Disagree agree or Agree
disagree
disagree
agree G. Cryptocurrencies make it easier to evade the law.
H. The cryptocurrency market is volatile.
A. 4.7% 9.4% 40.6% 31.3% 10.9% I. The cryptocurrency market enables online theft.
J. Cryptocurrencies support unrealistic human
B. 9.4% 14.1% 43.8% 20.3% 9.4%
views about easy ways of making money without
C. 6.3% 26.6% 42.1% 10.9% 10.9% effort.
D. 3.1% 7.8% 37.5% 23.4% 26.6% Neither
Strongly Strongly
STATEMENT Disagree agree or Agree
E. 6.3% 7.8% 39.1% 23.4% 20.3% disagree agree
disagree

F. 6.3% 18.8% 37.5% 21.9% 12.5% A. 1.6% 14.1% 34.4% 35.9% 12.5%

G. 3.1% 7.8% 37.5% 26.6% 23.4% B. 0.0% 7.8% 31.3% 32.8% 26.6%

H. 6.3% 6.3% 31.3% 26.6% 25.0% C. 0.0% 7.8% 39.1% 28.3% 23.4%

I. 3.1% 14.1% 39.1% 25.0% 17.2% D. 0.0% 7.8% 34.4% 34.4% 20.3%

J. 4.7% 4.7% 51,6% 14.1% 23.4% E. 1,6% 1.6% 21.9% 35.9% 37.5%

K. 1.6% 3.1% 46.9% 21.9% 25.0% F. 3.1% 1.6% 42.2% 29.7% 20.3%

G. 0.0% 1.6% 50.0% 28.1% 17.2%

Table 2. Distribution of the agreement degree according to the Likert
frequency scale.
H. 1.6% 4.7% 37.5% 32.8% 21.9%

3. What characteristics of cryptocurrency do students I. 7.8% 12.5% 45.3% 17.2% 15.6%

consider to be their disadvantages?
In terms of disadvantages, 31 of the total number of
students questioned has agreed that the technology behind
cryptocurrencies is new and has not yet been fully
developed (22 impartial). Most of the respondents (38)
agree the cryptocurrency technology is difficult for laymen
to understand (20 impartial). To the question of loss, 25 of
the respondents neither agree nor disagree with the
statement that there is no security in case of losing funds.
35 of respondents agree that the cryptocurrency market is
unregulated, and even 47 agree cryptocurrencies have not
yet been accepted as a payment method in most places, of
which 24 strongly agree. Students agree (29) with the
statement that cryptocurrencies make it easier to evade the
law, and more than half (35) agree the cryptocurrency
market is volatile. Most of the respondents (24) neither
agree nor disagree with the statement that the
cryptocurrency market enables online theft. And at last 27
of respondents agree cryptocurrencies support unrealistic
human views about easy ways of making money without
effort.
J. 7.8% 7.8% 40.6% 21.9% 20.3%
Table 3. Distribution of the agreement degree according to the Likert
frequency scale.
4. Do students use cryptocurrencies and / or plan to
invest in them in the future?
The research results have shown that most of the total
number of surveyed students (73.4 % ) didn’t own any kind
of cryptocurrency at the moment of taking this survey and
but almost half of the respondents (43.75%) answered that
they will invest in cryptocurrencies in the future, of which
17.5% answered that they will surely invest. 25% of
respondents answered that they probably won’t invest in
cryptocurrencies, of which only 6.3% answered they
surely won't invest. 30.2% of respondents are not sure if
they will invest.
The students' predictions on their future investing
in cryptocurrencies are presented in Chart 2.

MIPRO 2020/CE 871


I'm sure I won't I probably won't I'm not sure
I probably will I sure will
6%
18%
19%
27%
30%
Chart 2. The structure of student's predictions in future cryptocurrency
investing, N = 64.
VII. CONCLUSION
Most of the research done on young people under the
age of 35, known as “millennials” has been done in the
United States of America and shows that they are more
prone to working with cryptocurrencies than the rest of the
population. The research also shows that using
cryptocurrencies is very normal for them and that most of
them use it like regular payment options.
After conducting the same research in Croatia among
students from one of Croatians leading IT studies, the
research result shows that Croatian “millennials” are not
there yet. Even though most of them are familiar with
Bitcoin, only 26.6% of them own any kind of
cryptocurrency. Also less than 50% of the total number of
surveyed students planes to invest in it in the future as they
find the technology new and hard to understand and the
market unregulated and volatile.
This research was conducted before the outbreak of the
Covid-19 pandemic which for Croatia escalated in the
second half of March 2020. It would be interesting to
repeat the research in one year to examine whether under
the influence of new circumstances the students changed
their opinions.
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