Adrian - Borbe - CHAPTER 1 5 1

NATIONAL COLLEGE OF BUSINESS AND ARTS
Cubao * Fairview * Taytay

_________________________________________________________________
_________________________________________________________________
Commitment acIntegrity * Service to All * Accountability
Cubao Tel. No. 8913-8787 * Fairview Tel. 34270290 * Taytay Tel. No. 8658-6992
1
_________________________________________________________________
Chapter 1
PROBLEM AND ITS BACKGROUND
This chapter presents the introduction, background of the study,
conceptual framework, statement of the problem, significance of the
study, scope, and limitation, and definition of terms.
Introduction
The Philippines has allowed cryptocurrencies to be used as
legal tender. Approximately less than 2% of all known transactions
in the Philippines are conducted using cryptocurrency but this does
not account for transactions conducted in the informal economy.
The easy conversion of cryptocurrency to fiat currency could easily
be done through the Automated Teller Machines (ATMs) of the
Union Bank of Philippines and other registered remittance and
transfer companies.
According to data from the Bangko Sentral ng Pilipinas, the
Philippines is one of the fastest adopters of cryptocurrencies in the
world. According to research, the pandemic exacerbated this trend,
_________________________________________________________________
Commitment * Integrity * Service to All * Accountability
1
_________________________________________________________________
as Filipinos recognized the worth of the money as an investment
and source of income. The prevalence of crypto-friendly technology
in the country has also contributed to its acceptance, bringing the
Philippines on par with Vietnam and Nigeria.
In 2017, the value of cryptocurrency in the Philippines
skyrocketed from $1,000 to more than $19,000 in a few months.
Since then, BSP has developed a trustworthy infrastructure that
safeguards cryptocurrency users and promotes the acceptance of
bitcoin, which is still in its infancy. Recently, the Bangko Sentral ng
Pilipinas issued guidelines for virtual currencies (VCs). The BSP
Circular No. 1108 Series of 2021 will create new standards for
Virtual Asset Service Providers. Specifically, these Guidelines
declare that venture capital is not legal money since it is not backed
by a central bank, a specific commodity, or any territory. As a
conduit for delivering certain financial services, such as remittances
and payment transactions, virtual currencies must be registered
with the BSP and suitable risk mitigation and management
measures must be implemented. There are several cryptocurrency
_________________________________________________________________
2
_________________________________________________________________
exchanges in the Philippines registered with BSP, Binance,
Coins.ph, PDAX, and more.
Therefore, this research study sought to determine college
students who are engaged in business related programs’ level of
awareness concerning cryptocurrencies and how it might influence
them to accept cryptocurrency as a mode of payment. The study's
findings will also support important information that will shed light
on the potential acceptance of cryptocurrency in developing
economies like the Philippines, based on the respondents’
awareness.
Background of the Study
The research was conducted in Quezon City, where students
engaged in Business-related programs assess the level of
awareness and acceptability towards cryptocurrency as a mode of
payment.
_________________________________________________________________
3
_________________________________________________________________
Cryptocurrency is a digital or virtual currency that uses
cryptography (the art of writing and solving codes) to secure and
verify transactions and to control the creation of new units.
Cryptocurrencies operate independently of central banks and can
be transferred directly between individuals or entities without the
need for intermediaries such as banks.
Cryptocurrencies have been adopted by a growing number
of businesses and individuals worldwide as a means of payment
and investment. Some of the benefits of cryptocurrencies include
low transaction fees, faster settlement times, and greater privacy
and security. However, they also come with risks, such as price
volatility, security concerns, and the potential for illegal activities
such as money laundering and tax evasion.
The researchers took advantage of the current situation to
conduct a study to determine if the students know cryptocurrencies
and what are their thoughts about it. Filipinos are also hesitant on
accepting cryptocurrency as well since there are past events
_________________________________________________________________
4
_________________________________________________________________
showing cryptocurrency scams. Even the authorities warned the
Filipinos regarding cryptocurrency potential scammers. The
Philippine Immigration Bureau warned the public against
cryptocurrency scammers who lure young professionals into
working illegally in Southeast Asia. The agency said Filipinos
should remain cautious online because scammers usually lure
victims through online offers. In November, the Department of
Migrant Workers (DMW), Department of Foreign Affairs and Office
of Senator Ana Theresia Hontiveros-Baraquel rescued 12 victims of
an illegal recruitment scheme in Myanmar.
Cryptocurrency exchanges have been growing in the
Philippines. In addition to the 11 operators registered by the
Bangko Sentral ng Pilipinas (BSP), there are 37 crypto exchange
operators licensed by the Cagayan Economic Zone Authority
(CEZA). These operators are registered under the Remittance and
Transfer Companies with Money Changing or Foreign Exchange
Dealing and Offshore Virtual Currency Exchange (OVCE) Service.
The CEZA has issued two types of licenses: 24 companies
_________________________________________________________________
5
_________________________________________________________________
received the Offshore Virtual Currency Exchange (OVCE) Principal
License and 13 companies received the OVCE Regular license.
The former licensees are allowed to conduct offshore financial
technology and cryptocurrency exchange activities while the latter
license only permits licensees to conduct offshore crypto exchange
activities.
Taking this into account, the researchers, who are college
students at the National College Of Business And Arts - Cubao,
conducted a research study to collect data and identify the level of
awareness of students and the level of acceptance regarding
cryptocurrency as a mode of payment by asking closed-ended
questions. With that being said, this research seeks to examine the
link between business students' awareness and the acceptability of
cryptocurrencies as a mode of payment.
Conceptual Framework
According to Cueva, D. (2022), the conceptual framework
illustrates the organization, sequence, purpose of your research
_________________________________________________________________
6
_________________________________________________________________
and enables readers to have a general understanding of your work.
It describes the research activities you want to conduct, the manner
in which you intend to conduct these activities, and the knowledge
you possess to demonstrate your expertise with your study topic or
research challenge. In a research study, it also serves the goal of
illustrating the concepts and their interrelationship.
Figure 1. Conceptual Framework
Figure 1 shows an input, its process, and an output. The input
indicates the profile of the respondents and the questions that
_________________________________________________________________
7
_________________________________________________________________
intend to know the level of awareness and perception of the
students in selected schools towards cryptocurrency. The process
includes the tools needed to garner any related study and response
that will help the research study. The last frame includes the
desired outcomes of the study perceived by the researchers, to be
followed by feedback. The arrows above represent the flow of data
from formulating questions to implementing tools to answer them,
as well as any related studies that will support the data being
gathered, up to achieving the ultimate goal of the study. Through
these frameworks, an outcome will be drawn that will help to
expand and support the research study.
Statement of the Problem
The term cryptocurrency has gained so much attention
during the last few years. Investments in cryptocurrencies like
Bitcoin, Ethereum Litecoin, etc. have gone up around the world. But
in the Philippines, only a limited number of people have actual
knowledge about cryptocurrencies and crypto trading. According to
Edusma, R.R., (2022), the Tax Senior Associate of PwC
_________________________________________________________________
8
_________________________________________________________________
Philippines, the previous government’s Finance department
proposed new tax measures to the successor administration. One
such proposal is to tax cryptocurrency. Cryptocurrencies have been
around for almost a decade, but it is still unclear whether they will
ever achieve the status of true currency or whether they will stay a
component of an investment portfolio.
Hence, the study aimed to (1) Determine the demographic
profile of the students. (2) Identify the level of awareness of
students on cryptocurrency. (3) Determine the degree of
acceptance towards cryptocurrency as a mode of payment. (4)
Determine the relationship between the level of awareness in
cryptocurrencies to the acceptability of cryptocurrency as a mode of
payment.
Hypothesis
Null Hypothesis (Ho)
There is no significant relationship between the level of
awareness of cryptocurrencies and acceptability as a mode
of payment.
_________________________________________________________________
9
_________________________________________________________________
Significance of the Study
The study aims to know the awareness and acceptability of
college students taking up business related programs in
cryptocurrency as a means to use it as a mode of payment. This
study will benefit the following:
To Students. The results of this study will help the students
to be aware of the use of cryptocurrency as a mode of payment and
can be used as a reference for further study.
To business owners. The outcome of this study will help
business owners that are considering entering the world of
cryptocurrency as a mode of payment to boost their sales.
To future researchers. The results of this study can be
used as a reference for future studies by providing an overview and
background information about cryptocurrencies as a mode of
payment.
_________________________________________________________________
10
_________________________________________________________________
To the government: The result of this study can be used as
a reference in making a policy and a further study about
cryptocurrency with the help of important data and insights coming
from this research.
Scope and Limitation
This study discusses the level of awareness of
cryptocurrency in relation to acceptability as a mode of payment
among students engaged in business-related programs in selected
schools in Quezon City. The researchers decided to get 100
respondents from (4) four selected schools in Quezon City which
are students in National College of Business and Arts, Quezon City
University, New Era University, and Technological Institute of the
Philippines.
The data will be gathered through the use of survey
questionnaires. The survey includes questions about respondents'
personal information, level of awareness regarding cryptocurrency,
and level of acceptance towards cryptocurrencies as a mode of
_________________________________________________________________
11
_________________________________________________________________
payment. The researchers hope to complete this study in three
months or less during the second semester of the School Year
2022-2023.
This study will not cover other problems that are not
necessarily connected to awareness of students in business related
courses in cryptocurrencies and not having any connection about
acceptance as a mode of payment. The research is limited to
selected schools in Quezon City, and the sample size is only 100
respondents, and does not cover populations in other schools and
cities.
Definition of terms
● Awareness - Knowledge and understanding that
something is happening or exists.
● Acceptability - The quality of being satisfactory and
able to be agreed to or approved of.
● Adopt. The action or fact of choosing to take up,
follow, or use something
_________________________________________________________________
12
_________________________________________________________________
● Altcoin. An alternative digital currency to Bitcoin. The
word Altcoin is a portmanteau of "alternative" and
"coin", to form "altcoin".
● Assets. Is any resource owned or controlled by a
business or an economic entity.
● Barter. It means to trade by exchanging one
commodity for another
● Bitcoin. Is a cryptocurrency, a virtual currency
designed to act as money and a form of payment
outside the control of any one person, group, or entity,
thus removing the need for third-party involvement in
financial transactions.
● Blockchain. A distributed database that maintains a
continuously growing list of ordered records, called
blocks.
● Cryptocurrency. A digital form of currency that uses
cryptography to secure the processes involved in
generating units.
_________________________________________________________________
13
_________________________________________________________________
● Cryptography. the art of keeping information secret
and safe by transforming it into a form that unintended
recipients cannot understand.
● Currency. A medium of exchange for goods and
services.
● Crypto Exchange. A platform on which you can buy
and sell cryptocurrency.
● Crypto Mining. Cryptocurrency mining is a process
of creating new digital "coins."
● Decentralized. The transfer of control and
decision-making from a centralized entity (individual,
organization, or group thereof) to a distributed
network.
● Defenders. a person who defends someone or
something.
● Detractors. Someone who criticizes something or
someone, often unfairly
● Exchange. The act of giving or taking one thing in
return for another.
_________________________________________________________________
14
_________________________________________________________________
● Fiat. A government-issued currency that is not
backed by a commodity such as gold
● Hyperinflation. The prices of goods and services rise
uncontrollably over a defined period of time
● Hash Graphs. Gives each transaction a consensus
timestamp that is based on when the majority of the
network nodes received that transaction.
● Hedge funds. Is a limited partnership of private
investors whose money is managed by professional
fund managers..
● Innovation. Refer to something new, such as an
invention, or the practice of developing and
introducing new things.
● Investment. Is an asset or item acquired with the
goal of generating income or appreciation
● Ledger. Is a “book” in which users of the blockchain
network can write their thoughts.
● Mercurial. (of a person) subject to sudden or
unpredictable changes of mood or mind.
_________________________________________________________________
15
_________________________________________________________________
● Mode of Payment. is the way that consumers choose
to pay for their purchases.
● Paradigm. Is a distinct set of concepts or thought
patterns, including theories, research methods,
postulates, and standards for what constitute
legitimate contributions to a field.
● Perception. The quality of being aware of things
through the physical senses, especially sight.
● Proof of Work - Proof of work (PoW) describes a
system that requires a not-insignificant but feasible
amount of effort in order to deter frivolous or malicious
uses of computing power, such as sending spam
emails or launching denial of service attacks.
● Proof of Stake. Is a type of consensus mechanism
used to validate cryptocurrency transactions
● Satoshi Nakamoto. Is a pseudonym for the person or
people who helped develop the first bitcoin software
and introduced the concept of cryptocurrency.
_________________________________________________________________
16
_________________________________________________________________
● Traders. A person who buys and sells goods,
currency, or stocks.
● Virtual Currency. A type of unregulated digital
currency. It is not issued or controlled by a central
bank.
● Volatile. A term means likely to change suddenly and
unexpectedly, especially by getting worse.
_________________________________________________________________
17
_________________________________________________________________
Chapter 2
REVIEW OF RELATED LITERATURE AND STUDIES
To provide additional information about the study, the
researchers used various materials for a better understanding and
to support the study. The researchers used similar variables to the
study. The reading materials gathered are articles from journals,
thesis studies, and other web articles that will broaden the
knowledge of the researchers and use it as an advantage to
provide validity of the topic. The information gathered by the
researchers focused on the status and information related to
cryptocurrency in the Philippines and other foreign cryptocurrency
information as well.
REVIEW OF RELATED LITERATURE
This review consists of articles, documents, and books that
focus on the same topic matter of the research study. This will not
only restate facts but rather critique and highlight their relevance to
the research study.
_________________________________________________________________
18
_________________________________________________________________
Local Literature
According to SUNSTAR, in its article entitled “Filipinos’
cryptocurrency ownership” the Philippines globally ranked
second in ownership of cryptocurrency, with 22.7 percent crypto
owners among internet users aged 16 to 64, according to the 2021
fourth quarter report from an audience targeting company. Turkey
bested the developing Southeast Asian country as it had registered
23.8 percent crypto users.
Based on the broad global survey by GWI, the Philippines
and Turkey (which is currently in the storm of an economic crisis,
with the Turkish lira plummeting in value) have more crypto owners
than Argentina (20.4 percent), Thailand (20.3), South Africa (19.5),
Nigeria (18.5), Singapore (17.9), Indonesia (17.4), Brazil (16) and
the United States (14.2). It is astounding that the Philippines ranked
second in owning Bitcoin and other cryptocurrencies. Filipinos,
however, must be reminded of the risks that come along with
investing in the volatile market.
_________________________________________________________________
19
_________________________________________________________________
According to Nichel Gaba, CEO and founder of Philippine
Assets and Digital Exchange, in his article entitled
“Crypto-currency adoption” said, “Between December 2020 and
today, something happened to put bitcoin and crypto into a space
where even traditional portfolio managers need to consider them.
We are living in interesting times in crypto,” he added.
Gaba pointed out the fintech industry in the Philippines was
still at an evolving stage, and said that although crypto-supporting
platforms were effective, the industry in general required more
support from government and regulatory institutions.
He added that the mainstream position of cryptocurrency
was close to fruition in the Philippines due to the swiftly evolving
technological landscape which has seen PDAX enjoy a 70-fold
increase in transactions and a 15-fold customer increase in less
than a year.
BSP also recently launched a new security framework that
protects cryptocurrency from being used in money laundering.
_________________________________________________________________
20
_________________________________________________________________
Speaking about the changes, Melchor Plabasan, Technology Risk
and Innovation Supervision Director of BSP, pointed out that the
use of crypto has revolutionized remittances and payments as well
as opening up new fundraising opportunities.
According to Navalan (2022), in her article entitled “Is the
Philippines on track to becoming a blockchain hub?”. In the
article it stated that the Philippines now ranks 2nd in the world for
crypto adoption, but its path ahead is unclear, writes Emman
Navalan. What are the hurdles it must overcome?
The Philippines has finally moved blockchain to the top of its
policy agenda. The country’s central bank has seen a massive
increase in crypto adoption over the past few years due to the
Covid-19 pandemic. The long isolation period exposed the
Philippines’ growing middle class and tech-savvy millennials to the
concept of digital tokens through popular blockchain-based games
such as Axie Infinity. At one point, 40% of players of the game,
_________________________________________________________________
21
_________________________________________________________________
which generated US$1.3 billion in revenues last year, were
reportedly based in the Philippines.
Likewise, Bitcoin trading volumes hit new highs on some
peer-to-peer crypto exchanges in July this year. The volume of
cryptocurrency transactions grew 362% year-on-year to nearly 20
million in the first half of 2021. These transactions were worth
P105.93 billion, or about US$1.82 billion.
The Philippines also now ranks second in Chainalysis’
Global Crypto Adoption Index 2022 — behind Vietnam and ahead
of Ukraine, India and the United States. According to Chainalysis,
the index is a “measure where the most people are putting the
biggest share of their money into cryptocurrency…. the countries
where individual, non-professional investors are embracing digital
assets the most.” In response to the Philippines’ growing embrace
of crypto, the Banko Sentral ng Pilipinas (BSP) announced that it
would launch a wholesale central bank digital currency (CBDC)
project slated for the last quarter of 2022, stating that crypto may
_________________________________________________________________
22
_________________________________________________________________
have the potential to improve domestic and cross-border payments
and might help boost the country’s recovery from the ongoing crisis.
This is in line with its goal of converting 50% of payments into
digital by 2023.
The key to building up the Philippines as Asia’s next
blockchain hub will lie in an agile and forward-looking regulatory
framework that focuses on ensuring a more level playing field with
regard to financial services provided by established financial
institutions and startups in the emerging system. The seeds have
been planted, but no seed will become a tree and bear fruit in just a
few days. As we wait for better weather, transparency and free flow
of information will be necessary to ensure innovation, growth and
security.
According to De Vera (2019), in the article entitled “
Cryptocurrency awareness high among Filipinos'' it shows that
while a majority of Filipinos indicated awareness about
cryptocurrencies, their actual holdings remained low due to
_________________________________________________________________
23
_________________________________________________________________
perceived risks related to these digital assets. An Organization for
Economic Cooperation and Development (OECD) report published
December 13, 2019 titled “Cryptoassets in Asia: Consumer
attitudes, behaviors and experiences” said the level of
awareness of cryptocurrencies in the Philippines was 74 percent
among respondents to a survey conducted in February and March
this year 2019.
According to Acopiado et al., (2022), in the journal entitled
“Digital Payment Adoption during the COVID-19 Pandemic in
the Philippines” the study assessed the factors affecting the
adoption of digital payments of firms in the Philippines as a pivot
strategy in business operations. Through an online survey, a
sample of 433 participants holding at least a supervisory position
were surveyed from July 2020–January 2021. Using Logit analysis,
results revealed that younger firms, those with partnership business
structure, firms with more employees, those with existing ICT-based
facilities, and firms experiencing business growth before the
pandemic were more likely to adopt digital payments.
_________________________________________________________________
24
_________________________________________________________________
Foreign Literature
According to Laird (2007), in his article entitled “Theory of
Self-Perception” The individuals learn about their attitudes,
feelings, and other internal states by inferring them from
observations of their overt conduct and the conditions in which it
happens. As a result, to the degree that internal cues are weak,
ambiguous, or uninterpretable, the individual is in the same
functional position as an outside observer, who must rely on the
same exterior clues to infer the individual's interior states. The
theory states that when people are unsure about their feelings and
motivations, they will use their behavior to infer what they feel. This
theory tries to explain this research paper on awareness and
attitudes of business students toward Cryptocurrency. What are the
attitudes of students who are aware of Cryptocurrency compared to
those who are not aware?
According to Dearing (2018), in his theory “The Theory of
Diffusion of Innovation” TDI has established a reputation as a
well-known innovation-decision-making method. Adoption
_________________________________________________________________
25
_________________________________________________________________
frequently begins with recognizing a need for innovation or change,
which results in efforts to find answers. This procedure then
progresses to the determination of whether or not to accept such a
solution, and lastly to whether or not the solution will be
implemented. Thus, the idea suggests that before any intention or
actual adoption can occur, the anticipated users must be aware of
the presence of an invention or adoption. Rogers further
emphasized that individuals and organizations may be classified as
low, middle, or high adopters.
According to Bonneeau, et al., (2016), in the book entitled
“Bitcoin and Cryptocurrency Technologies”, some people are
excited about Bitcoin because of the underlying technology. Others
are excited about its commercial possibilities, and yet others about
its social and political implications. Reasonable people can
disagree about the latter two, but we hope this book has convinced
you that technologically, Bitcoin is deep, novel, interesting, and
based on sound principles. Beyond Bitcoin there is a fascinating
world of alternative cryptocurrency designs that we’re just starting
_________________________________________________________________
26
_________________________________________________________________
to explore, some of which might one day be more important than
Bitcoin itself. We got into Bitcoin because we believe in the power
of its technology, and we think it’s deeply connected to the rest of
computer science. While we’ve highlighted how seemingly amazing
new technology can struggle to displace established institutions, we
believe that in the long run, people will continue to find new
commercially and socially useful things to do with cryptocurrency
technology. Even if your interest is primarily commercial, you’d do
well to master the underlying technology — understanding its
power and limitations will help you better weather the market’s hype
cycles
According to J. Brito and A. M. Castillo (2016), The
adoption and acceptance level of cryptocurrency has increased and
can be recognized by the following indicators: market capitalization,
estimated number of users, and transaction volume. The
cryptocurrency market value reached its peak at the end of 2017
with more than $800B. However, the high volatility of the price
influences the market capitalization dramatically. For the number of
_________________________________________________________________
27
_________________________________________________________________
cryptocurrency users, the exact number of users cannot be
determined but it can be estimated. We can examine it by checking
the estimated number of wallets created, number of unique
addresses, and number of users of the exchange sites. It is
predicted that the number of Bitcoin users will reach 200M by 2024.
The number of wallets created does not reflect the number of users
since a single user can have more than one wallet . The estimated
total number of the Blockchain wallet users worldwide indicates a
growing number of wallets created with a total number of 24 million
Blockchain wallet users at the end of March 2018.
According to S. Alzahrani et al., (2019) This section
investigates the factors that influence the adoption decision and
provides an in-depth analysis of every factor.
● Technical Factors
1. Control over the system
Cryptocurrency operates in either a
peer-to-peer decentralized system such as Bitcoin or
in a centralized system like Ripple. The difference is
_________________________________________________________________
28
_________________________________________________________________
in the existence of the central authority. The
cryptocurrencies operating in a decentralized nature
puts the trust in the network of users . This kind of
system gets rid of the central authority, runs off the
blockchain technology, and allows the users to
operate in a free market. Decentralized
cryptocurrencies offer a higher level of transparency
as all the transactions are published in the public
ledger and can be accessed by all users on the
network. The miners who are part of the network
verify the transactions. It attracts users since no one
has control over the network except the users
themselves. The loss of trust in the financial systems
that rely on a trusted central authority attracts users to
this new system. On the other hand, there are
centralized altcoins with central authority, similar to
the traditional banks, that run, manage, operate and
maintain the system and transactions. The absence of
_________________________________________________________________
29
_________________________________________________________________
the central authority might pose a concern from a
regulation perspective.
2. Anonymity
The anonymity aspect of the altcoins has
attracted consumers' attention to adopt altcoins and
posed concerns form the legal authorities'
perspectives. Altcoins such as Bitcoin is in fact
pseudo-anonymity which means that the history of
every transaction is recorded; however, the identity of
the sender and receivers are kept safe and hidden
with a digital number, so no one would know who
sends or receives the money unless the sender or
receiver claims the transaction to be theirs.
The identity of the transactions' sender or
receiver can also be determined when either one of
them try to cash out by sending their coins to the
exchange sites to then transfer the money to their
_________________________________________________________________
30
_________________________________________________________________
bank account. Moreover, lawmakers can intercept
the original bank exchange of other currencies into
altcoins. This aspect has attracted illegal actions.
Altcoins were used to facilitate the exchange of
illegal goods around the world and encouraged
criminal and terrorist payment activity since it
provides a high level of anonymity in their financial
transactions. The altcoins can be used for money
laundering activities as well.
The vast utilization of the altcoins in illegal
activities is due to impossibility to trace the
transactions to its original source. A study of users'
experience regarding utilizing the “Silk Road” website
to buy illicit goods revealed that the users' concerns
for personal safety and anonymity of the transactions
as the main motivators of using the website and
altcoins as payment methods . A study on 990 Bitcoin
users revealed that 32.3% believes that Bitcoin is
_________________________________________________________________
31
_________________________________________________________________
per-se anonymous or fully anonymous while it is
pseudonymous . While 80% of the participants
believe that it is possible to track their transactions,
25% reported to have used Bitcoin for the anonymity
purpose and 18% have applied certain methods in
order to stay anonymous on the Bitcoin network. The
anonymity in the financial industry is a critical
characteristic where cryptocurrency has provided a
higher level of it in comparison to the traditional
banking system. On the other hand, this feature may
pose an adoption barrier as people and authority
could perceive it as a facilitator for crime.
3. Fast Transfer
One of the drawbacks of the existing banking
system is the time it takes to transfer funds from the
sender's account to the receiver's account especially
in the case of the international wire transfer. The
amount of money to be transferred, through traditional
_________________________________________________________________
32
_________________________________________________________________
banks, in some cases influences the time it takes to
transfer the money, as it requires certain security
confirmations. The transfer of altcoin from one wallet
to another seems to nearly be instantaneous to just a
few minutes which, in comparison, would take way
more time through the traditional banking system. It is
important to note that the cryptocurrency transfer time
depends on how busy the network is and how much
the amount to be transferred is. The amount of money
only determines the priority of the transaction to be
confirmed by the network without placing a certain
limit on how much money to be sent or received or to
where in the world. The altcoin transfer is available
24/7 and is not subject to operation hours or
downtime of the centralized systems. The traditional
banking system with central authority can result in
payment or transfer delays, or even account lockouts
which make the altcoin a viable option for users to
transfer funds.
_________________________________________________________________
33
_________________________________________________________________
4. Blockchain Technology
Blockchain is considered a major innovation that
is transforming and changing the financial industry
and is expected to have major impacts on other
sectors such as the health industry. The existence
of the blockchain allowed cryptocurrency to
become a possible alternative to the financial
systems we know . Blockchain “is an open,
distributed ledger that can record transactions
between two parties efficiently and in a verifiable
and prominent way”.
Blockchain has two types of public ledgers:
Permissionless-public ledgers operate “for any
unknown or untrusted user with access to the
ledger, and allow these users to participate in
commercial transactions”, and Permissioned-public
_________________________________________________________________
34
_________________________________________________________________
ledgers operate “on behalf of a community of
interest, but access controls are owned/managed by
rules” . Bitcoin is one application of the
Permissionless- public ledgers and Ripple uses the
Permissioned-public ledgers. Both Bitcoin and
Ripple use the blockchain technology to operate but
Bitcoin is a decentralized system relying on the
network of users where Ripple is a centralized
system
The Blockchain concept was introduced by
Satoshi Nakamoto in 2008 to operate Bitcoin
cryptocurrency. Blockchain is a foundational
technology rather than a disruptive technology
where it can create foundations for our economic
and social systems. Cryptocurrency uses blockchain
as a financial software platform. The blockchain
technology is considered as an important adoption
criterion as it provides several benefits for the users
_________________________________________________________________
35
_________________________________________________________________
such as reducing the transactions costs and
eliminating the intermediaries. Gartner Inc. has
classified the Blockchain technology, under key
platform-enabling technologies, as one of the top
emerging technologies that organizations should
track to gain competitive advantage.
Blockchain technology serves as the base for
the cryptocurrency operation and function. There
has been a growing market for blockchain
technology worldwide since 2016. In 2017, the
global blockchain technology market was predicted
to reach $339.5M in size and is forecast to grow to
$2.3B by 2021.
5. System Security
Security is a crucial aspect of any technology
or system to gain widespread acceptance by users.
_________________________________________________________________
36
_________________________________________________________________
In a decentralized cryptocurrency, the only way it
can be hacked is for the hacker to take control of
more than 50% of the coins on the network.
However, since the decentralized system operates in
a peer-to- peer network, it will require a massive
computing power to do so which would be almost
impossible .
The decentralized system does not have one
single point like the centralized system that can be
brought down. The peer-to-peer network relies on
the users to manage their wallets. It is not easy to
knock down the network, but it can be very easy to
hack into a clients' personal computer and steal their
coins. It is indicated that around 30%-50% of the
computers in the U.S. have been infected by some
kind of a virus of crime ware . In a sample of 990
Bitcoin users, a study found that about 22% of its
participants have lost coins or wallet keys due to
security breaches or self-induced errors with 43.2%
_________________________________________________________________
37
_________________________________________________________________
indicating that it was their own fault. It is risky to put
the security of users' wealth in their hands. Also, the
financial systems nowadays consider their systems'
security as a critical aspect of their business and
utilize the most advanced technologies to protect
their systems. A single breach may result in losing
millions of dollars and the trust of consumers.
● Economic Factors
1. Investment opportunities
The decision to involve in the cryptocurrency
world might be driven by the potential investment
opportunity it might generate rather than treating it as
a currency. A study found that user's interest in
cryptocurrency is driven by its appeal as an
investment opportunity rather than an alternative
transaction system or a currency. Despite the very
high volatility the cryptocurrency has, the general
trend of the prices over the past years is increasing.
_________________________________________________________________
38
_________________________________________________________________
However, the investment decision in the
cryptocurrency market requires extensive evaluation
due to the high-risk portfolio of its exchange rate and
the very high volatility of the prices. The limited supply
of many altcoins attracts users to buy them for
investment purposes as they treat them as gold.
Investors vary in their decision to make a short versus
long term investment in the cryptocurrency market.
Some investors prefer to benefit from the daily
volatility of the prices while others aim for long term
return on their investment where they believe the
prices will continue to grow for the long run. The
volatility of the prices may attract the attention of
some people and may scare others from involvement.
At one point of time, most of the existing altcoins were
traded at very cheap prices and now worth so much
which may induce consumers to believe the existing
prices will reach a whole new level in the future. The
market now includes hundreds of altcoins that are
_________________________________________________________________
39
_________________________________________________________________
priced under a dollar and sometimes even less than a
cent where it attracts investors from different
economic backgrounds as they are affordable.
2. Low Transaction Cost
Another attractive aspect of the cryptocurrency is
the low transfer fee or transaction cost when
transferring altcoins or using cryptocurrency to
transfer money from one account or wallet to
another. The transfer fee is very low in comparison
to traditional banks or intermediaries. The sender
also can pay extra for faster transactions. The speed
in which the transaction is confirmed sometimes
depends on the amount to be exchanged. The
higher the amount, the higher priority is placed on
the transaction which means faster transfer.
_________________________________________________________________
40
_________________________________________________________________
Studies show that the transaction of Bitcoin for
example is lower than that of the retail foreign
exchange market. In the case of Bitcoin, it has a 2%
narrower bid-ask spreads than retail foreign
exchange markets. Also, Bitcoin is 5% better than
the retail foreign exchange rate when used to
convert U.S. dollars to other currencies. The very
low cost of transactions opened the doors for the
businesses as well to accept cryptocurrency as an
optional payment system for the customers to avoid
the high transaction cost imposed by the banks. This
will also help especially for the international
remittance market where the transaction cost is
calculated at a high percentage of the transaction
value. Cryptocurrency is expected to help avoid the
high cost of the transactions that is estimated to be
about 8% of the transaction value and can go up to
24%. In some poor African countries, the remittance
_________________________________________________________________
41
_________________________________________________________________
fee is double the global average where they have to
pay almost 12% of the money sent.
3. Alternative Banking System
Cryptocurrency can be used as an alternative
banking system or a storage system of wealth
especially since it is mostly not tied to a
government or central authority. It can be used as a
store of value or assets as well as a currency. A
study of the Bitcoin users about their experience
shows that Bitcoins are used by some users as a
store of value for their investments and saving
protection. There have been various motivations to
use the cryptocurrency as a storage system of the
value such as the political situation in some
countries where the national currency is not stable,
and the volatility of currencies is high. The political
situation in some countries has driven the local
currency down to become worthless. Due to the
_________________________________________________________________
42
_________________________________________________________________
political issues, Libya's economy and currency is
struggling to hold its value and there is an acute
liquidity shortage. The banking system is falling,
and people pay unaffordable prices for goods with
wages that are worthless. This situation revives
black market for the currency and the Libyan Dinar
has lost almost 85 percent of its dollar value in the
last couple of years. Cryptocurrency provides a
viable solution for populations living in
underdeveloped countries and struggling
economies. It solves potential problems such as
hyperinflation, inflation, exchange, fraud,
counterfeiting, and inaccessibility. In some
countries there might not be a national currency, or
the regulations of financial institutions or sectors
are weak. Cryptocurrency helps in providing access
to financial services and the banking system.
_________________________________________________________________
43
_________________________________________________________________
According to reports, there are around two billion
people who have limited access to formal financial
services. In the underdeveloped countries, issues
such as technological infrastructure where they
seem to be technologically underdeveloped,
Cryptocurrency infrastructure where they are lack
of technology that support and accept
cryptocurrency as payment system, and fear of
new ideas and trust issues may prevent these
struggling countries form taking advantage of
cryptocurrency as potential solution for their
economies and stand in the way of its adoption. In
Countries like Cyprus, the banks started facilitating
the purchase and storage process of
cryptocurrency. People living in countries with
fluctuated and unstable exchange rate such as
Brazil, Argentina, Nicaragua, and Venezuela may
have higher interest in cryptocurrency and can use
cryptocurrency as storage of value or holding place
_________________________________________________________________
44
_________________________________________________________________
for their wealth. Cryptocurrency can be used as
payment methods or to be transferred to other
more stable currencies. Unstable monetary
systems and highly volatile currency in some
countries present potential adoption opportunities.
Cryptocurrency appears to have its prices change
all the time, but that change is not as violent as the
devaluation of some countries currencies such the
Venezuelan bolivar. The government corruption,
political situation and mismanagement have
prompted hyperinflation. In the effort to improve the
economic situation, Venezuela proposed an
oil-backed cryptocurrency called “petro” to become
the first in launching a government-backed
cryptocurrency. price of one barrel of Venezuelan
oil.
_________________________________________________________________
45
_________________________________________________________________
● Social Factors
1. Subjective Norms
The influence of family and friends is an important
determinant of the adoption. Subjective norms are defined
as a “person's perception that most people who are
important to him think he should or should not perform the
behavior in question”. It has been considered as an
important construct in many models and theories that
have investigated the technology adoption and
acceptance such as Technology Acceptance Model 2
(TAM2) and the Unified Theory of Acceptance and Use of
Technology (UTAUT).
Subjective norms are intended to capture the social
influence as a predictor of intention to technology
acceptance. Social influence is defined as the degree to
which an individual perceives that important others believe
he or she should adopt and use cryptocurrency.
_________________________________________________________________
46
_________________________________________________________________
Cryptocurrency is trending, and families and friends
influence each other's decision to buy altcoins. Many
studies that examined the adoption and use of
cryptocurrency included the subjective norm construct in
their models. An interview-based study investigating the
perceptions of the cryptocurrency users indicated
subjective norms as an essential factor for the
cryptocurrency's future adoption. Silinskyte applied the
UTAUT to examine the usage behavior toward Bitcoin and
understand its adoption. The study aimed at identifying
the significant constructs including subjective norms that
predict users' intention to adopt Bitcoin. Baur et al., shows
that the character of Bitcoin fosters peer influence. Users
are willing to adopt cryptocurrency if their peers adopt
them. Word of mouth as well another subjective norm
factor where it can foster the adoption.
2. Global Intention
Recently, the world's attention toward cryptocurrency
has increased dramatically which resulted in an increase
_________________________________________________________________
47
_________________________________________________________________
in the demand for cryptocurrency. People around the
globe started following cryptocurrency news especially
when the prices skyrocketed in the end of 2017 and
beginning of 2018. The cryptocurrency prices led to an
increased rate of adoption. The role of governments is
initial in influencing the mass attention and interest. It was
seen that people from around the world are observing the
major countries and economies reaction toward
cryptocurrency prices.
There are no formal regulations or laws in most of
the world's countries. Also, it is not universally recognized
as an official payment currency that can be used to pay
for goods and services. A few major countries such as
Hong Kong, Canada, and the United States have imposed
certain kinds of regulations and laws. In the U.S., the
Senate and the House of Representatives are assessing
the risks and implications of the cryptocurrency on the
investors and the financial system. Countries from all
around the world started acting to this mass attention and
_________________________________________________________________
48
_________________________________________________________________
global trends of the cryptocurrency. Switzerland proposed
new guidelines to help investors to follow and apply the
country's rules and regulation on financial transactions,
India has announced it might ban all cryptocurrency, and
Japan has started working on setting up rules to regulate
the cryptocurrency market.
3. Influencer’s Involvement
According to C. Clifford (2018), There are many
influencers announcing either their interest in involving in
cryptocurrency or they already have adopted it. For
example, the businessman Mark Cuban who made his
wealth by selling his tech company, Broadcast.com,
announced that he will be accepting bitcoin as a payment
method for tickets in his owned NBA Dallas Mavericks
team next season. The positive comments and views of the
top business people in technology such as Bill Gates,
Richard Branson, Eric Schmidt ex-Executive Chairman of
Google, John McAfee, and Peter Thiel Co-Founder of
PayPal add more appeal to cryptocurrency.
_________________________________________________________________
49
_________________________________________________________________
The technology investors and celebrities can
influence the decision of people to become involved in
cryptocurrency. CNBC published a list of celebrities who
are involved in the cryptocurrency industry. The list
includes: Cameron and Tyler Winklevoss, Paris Hilton,
Floyd Mayweather, Ghostface Killah, and Jamie Foxx.
These celebrities for sure have enormous influence on their
fans' and followers' intentions to adopt cryptocurrency. The
involvement of famous business people whom people trust
leads to more chances of adoption. Also, many other
people would buy altcoins just because their favorite artist
or celebrity bought some.
● Personal
1. Technological Curiosity
Many people are involved in cryptocurrency
just to examine this innovative technology. There are
innovators and early adopters for any technology
who are driven by their curiosity toward the new
innovative solutions. The innovators and early
_________________________________________________________________
50
_________________________________________________________________
adopters are the first two phases of the technology
adoption lifecycle. Curiosity toward this new concept
of money plays a role in the adoption of
cryptocurrency. Presthus and O'Malley have studied
the user's motivations to adopt Bitcoin and found out
that technological curiosity is a major motivator of
Bitcoin adoption. Dokic et al., indicated that the key
motivations for Bitcoin adoption are curiosity, profit
and political reasons. New generations have the
passion and curiosity to examine new technologies
in the market.
2. High Level of Control Over One’s Money
The cryptocurrency systems give the user's
full control over their own money. It is considered as
one of the most appealing and attractive features
cryptocurrency offers to users. Cryptocurrency
allows users to send or receive whatever amount of
_________________________________________________________________
51
_________________________________________________________________
money to anywhere in the world and to whom they
wish to. The users have full control over the
information about their money. The elimination of
intermediaries allows for more control of one's
money. This is a powerful tool that requires users
competently control and manage their own money.
One threat is the risk of user error. Also, the security
and safety of the infrastructure people use to store
their money are their responsibility. Despite the fact
that many users prefer to have full control over their
money, there is still a drawback such as risk of
losing coins due to various reasons. One risk is the
safety of the coins relaying on the users themselves.
One study reported that 26.5% of the sample Bitcoin
users have indicated a loss of Bitcoins due to
hardware failure, 24.4% due to software failure, and
18% due to security breaches.
_________________________________________________________________
52
_________________________________________________________________
3. Privacy
Cryptocurrency provides a higher level of
privacy. Privacy is a very significant issue for
everyone especially when it comes to their wealth.
In cryptocurrency, no one can know how much one
has or where he or she spends it at or for what
purpose. The elimination of intermediaries improves
the privacy level desired. The existing financial
systems are perceived to threaten users' privacy
and limit personal liberty. The increasing regulations
and laws in the financial industry threaten and
compromise the people's privacy which would make
cryptocurrency a viable option. However, users now
buy altcoins through exchange websites then
transfer them to their personal wallets. Most of the
exchange websites require personal information
disclosure to comply with Anti-Money Laundering
(AML) and Know Your Customer (KYC) regulations
which would pose a risk on one's personal privacy.
_________________________________________________________________
53
_________________________________________________________________
Privacy of financial information and transactions is a
major motivator for cryptocurrency adoption.
Review of Related Studies
This review consists of information gathered from the thesis
and other research studies which can be relevant to the present
study, allowing the researchers to compare and contrast their
findings with other past findings. Those that were included in this
will help researchers in familiarizing information that will show what
methods are to be considered to prove the study’s validity.
Local Studies
According to Francisco et al., (2022), in the thesis entitled
“The Perception of Filipinos on the Advent of Cryptocurrency
and Non-Fungible Token (NFT) Games” found that Crypto
gamers are fully aware of the financial instability in the
cryptocurrency market that may further worsen if the government
decides to regulate it as crypto assets will soon be in great
demand. Also, they believe that there is a possibility for exponential
_________________________________________________________________
54
_________________________________________________________________
1015 economic growth once crypto gaming is regulated. However,
this study also showed that most players engaged in a
“play-to-earn” game mainly for self-sustenance and not for the
long-term development of the cryptocurrency in the Philippines.
With this, their lack of substantial knowledge makes them unsure
about investing in cryptocurrency for the long term.
The players are also aware that one of the major impacts of
the market’s volatility is the chance of big investment gain. Hence,
their investment in playing the crypto game also depends on the
volatility of the market. The higher the risk, the higher the returns
when they hit their stride the right way. Furthermore, the
unregulated income-generating crypto game and the lack of
knowledge about the market resulted in a high trust issue level in
the cryptocurrency market.
It is suggested that further research must be conducted to
understand how self employed Filipino income earners
comprehend NFT gaming and cryptocurrency, impacting their level
_________________________________________________________________
55
_________________________________________________________________
of interest and participation. It is also recommended to compare
how government regulation affected other investment markets to
juxtapose to the existing status quo within the cryptocurrency
market.
According to Rentoy (2020), in his thesis entitled “The
Acceptability of Cryptocurrencies as Mode of Payment among
Millennial Certified Public Accountants in the Philippines” this
research found out that Millennial CPAs are neutral in terms of
acceptability of cryptocurrencies as mode of payment in the
Philippines. Among the nine independent variables investigated in
this study, only Performance Expectancy (PE), Social Influence
(SI), and Cultural Belief (CB) were found to have significant
influence on the behavioral intention to accept cryptocurrencies. In
order to increase the level of acceptability of cryptocurrencies, the
importance of these three variables are paramount. Therefore,
corporate and business strategy formulations must delve on
focusing on the three significant variables to enhance the influence
of the Behavioral Intent (BI) to accept cryptocurrencies as a mode
_________________________________________________________________
56
_________________________________________________________________
of payment. Given the nature and flexibility of the UTAUT model, its
adoption and modification were found to be extremely suitable in
understanding technological advancement and innovation that may
not yet be fully acceptable at present times. Together with the
constructs investigated in this study along with the original UTAUT
constructs, business professionals, owners, and managers may
use the results of this study as a strategic compass to direct
through the qualms carried about by technological innovations such
as cryptocurrencies.
According to Doblas (2019), in the thesis entitled
“Awareness And Attitude Towards Cryptocurrencies In
Relation To Adoption Among College Students In A Private
Tertiary Institution In Cagayan De Oro City, Philippines” The
research derived that the number of consumers who are highly
aware of the presence of cryptocurrency is still much to be desired.
Cryptocurrency is positively viewed as a potential medium of
exchange but there is still much skepticism for it to be positively
accepted to function as an investment vehicle primarily due to its
_________________________________________________________________
57
_________________________________________________________________
volatility. Therefore, attitude towards cryptocurrency and level of
awareness significantly influence an individual’s willingness to
adopt cryptocurrency.
According to Eunice M. Chua and Ed Mark P. Rustico,
(2018), in the thesis entitled “Acceptability Of Investing In
Cryptocurrencies” The results showed that generally, the
participants are not really willing to invest in cryptocurrencies,
however, the they have strongly agreed that they need to research
about cryptocurrencies further before investing and that majority of
them perceive cryptocurrencies as volatile and risky investments.
Results further revealed that when the participants are grouped
according to their age and civil status their willingness to invest in
cryptocurrency significantly varies while sex, educational
attainment, monthly income and occupation do create such
significant differences. Specifically, this study gives evidence that
the younger participants, single and married, are more likely to
invest in cryptocurrencies. The researcher recommends that this
study can be used as a learning guide in classroom discussion on
_________________________________________________________________
58
_________________________________________________________________
the potential of Bitcoin and Ethereum as investment options. In
order to improve this study, it also recommended to use a wider
scope of variables such as cohorts to elicit more accurate results
especially to the investment behaviors towards cryptocurrencies.
According to J. England (2021), in an article titled “
Cryptocurrency to become mainstream in the Philippines” The
Philippines has embraced cryptocurrency as data shows the
country has the third-highest uptake of crypto globally. The
Philippines is one of the world’s fastest adopters of cryptocurrency,
new reports show. According to data, the pandemic has fuelled the
trend, with Filipinos releasing the value of crypto as an investment
and income generating currency.
A rise in crypto-friendly technology in the country has also
facilitated its uptake, which means the Philippines is now on a par
with Vietnam and Nigeria. Reports by consensus experts from the
Bangko Sentral ng Pilipinas (BSP) earlier this month show that
gaming rewards, BTC, ATM networks and rural banking integration
_________________________________________________________________
59
_________________________________________________________________
are ‘reliable early indicators’ for the upsurge that makes crypto
growth in the Philippines the world’s third-fastest growing sector.
The Fintech Philippines Association and European Chamber
of Commerce of the Philippines have reported similar findings.
Bitcoin first became popular in the Philippines in 2017, when its
value skyrocketed from $1,000 to over $19,000 in the space of a
few months. Since then, BSP has installed a reliable platform that
protects crypto customers and also encourages bitcoin uptake,
which is still in a nascent stage. As of December 2020, BSP has
also opened up channels with 17 virtual currency exchanges that
are industry compliant.
Foreign Studies
According to (Armour & Labelle, 2021), in the article
entitled “What are the risks of Investing in Cryptocurrency in
2023” the most talked-about reason of all, and that’s the security of
digital assets. Now, there are several aspects to cover here, and
the first one is about choosing the best trading or/and exchanging
_________________________________________________________________
60
_________________________________________________________________
platform. The number of these platforms is pretty vast, but even
though the new ones will offer much more advantages, sticking to
those that have already operated for some time is always the best
choice, just in case. The second phase is about choosing where
and what type of digital wallet to create, and there are two main
types, cold and hot wallets. Now, both have certain advantages and
disadvantages, but once you decide on the one that suits you the
most, it’s time to pick where to create one.
That is crucial as we want the one that has an app that is
compatible with our device and, of course, the one that has our
favorite payment method. These two things are the most important,
and by carefully choosing the platform and digital wallet, the overall
safety of our digital assets will be much higher, meaning that there
are no additional risks.
Furthermore, we are all aware that cryptos are stored in
digital wallets, and we cannot physically hide them somewhere or
put them into the safe to make sure that no one can access them.
_________________________________________________________________
61
_________________________________________________________________
Since every transaction requires the internet to be performed, there
is a concern that it can easily be hacked, so our money may end up
on some other account.
The same thing is with crypto wallets, and people are afraid
that some experienced hacker can access them and take all the
funds in a few seconds. Although these concerns have a basis and
seem pretty logical, you should know that crypto transactions are
safe and secure, and it is almost impossible to misuse and hack
them. Big companies around the globe use them and transfer large
amounts of money, and they would not do that if they were not sure
that their funds would end up in the real account.
According to Tran Bao et al., (2022), in their thesis entitled
“Crypto As A Choice Of Payment: Perceived Challenges From
User Perspectives” Overall, the thesis’ results offer in-depth and
direct insight from user perspectives on the topic of crypto adoption.
It contributes to the literature on public opinion of cryptocurrency
and crypto payments, which could serve as the foundation for
_________________________________________________________________
62
_________________________________________________________________
understanding the crypto market itself. The thesis also supports
product-service providers who are associated with cryptocurrency
as a means of payment as well as regulatory institutions paying
attention to cryptocurrency and its implementation. On one hand,
business owners and service-product providers can grasp a more
precise picture of their potential users by acknowledging the
genuine struggles crypto users face. The perceived challenges
from user perspectives enable those who adopt crypto payment to
improve their current defects and develop future payment features.
Getting a better understanding of user perspectives helps crypto
payment providers support thoroughly in order to enhance users'
confidence to normalize crypto payment in daily life. Crypto as an
alternative payment might be beneficial in attracting a new group of
customers for products and services. On the other hand, for
authorities, the finding of non-constructive guidance or a regulatory
body for taxation on cryptocurrency indicates a necessity for
government support to better clarify and streamline regulations to
protect both users and product-service providers in terms of crypto
payment.
_________________________________________________________________
63
_________________________________________________________________
According to Sagheer et al., (2022), in their thesis entitled
“Factors Affecting Adaptability of Cryptocurrency: An
Application of Technology Acceptance Model” they found out
that cryptocurrency is attracting the general masses and gaining
the attention of consumers, investors, investment industries, and
regulators, but its acceptance among these stakeholders is still
questionable. The current study sheds light on factors affecting the
adaptability of cryptocurrency in Pakistan with an integrated TAM.
This study has three significant findings. First, it reveals that
technological awareness positively impacts consumers’ behavioral
intention to adopt it
Cryptocurrency usage is limited in developing economies
due to a lack of technological awareness. Therefore, enhancing the
technological level and explaining a clear grasp of each transaction
procedure can positively influence the behavioral intention of crypto
users to adopt it as a medium of exchange. Second, it explains the
intervening role of perceived factors (usefulness, risk, ease of use)
between technology awareness and behavioral intentions. Third, it
_________________________________________________________________
64
_________________________________________________________________
concludes that government support significantly impacts the
relationship between technology awareness and behavioral
intention directly and also through the indirect path of perceived
factors, such that the effect of technology awareness on behavioral
intention through perceived factors (usefulness, ease of use, risk) is
more assertive when government support is high. The findings
underscore the importance of the TAM in influencing customers’
behavioral intentions, decisions, and acceptance of cryptocurrency.
According to Rejeb et al., (2021) in an article entitled,
“Cryptocurrencies In Modern Finance” The focus on
cryptocurrencies in the finance and banking sectors is gaining
momentum. Cryptocurrencies offer businesses and individuals’
lower transaction costs, higher efficiencies, increased security and
privacy, meaningful diversification benefits, alternative financing
solutions, and financial inclusion.
According to S.Vetrichelvi and Dr A R Shanmuga Priya,
(2022), in their thesis entitled “A Study on awareness and
_________________________________________________________________
65
_________________________________________________________________
attitudes towards Crypto currency among college students” It
is always the students and youngsters who easily adopt technology
and this study is conducted with college students studying various
courses like engineering, medicine, science, arts, and humanities.
The results of this research study concludes that awareness level
on cryptocurrency is high but attitude towards adopting
cryptocurrency is low due to various factors like volatility, regulation
and so on. People’s perception on using cryptocurrency as an
exchange medium will change if properly regulated by the
regulatory bodies and also the common people have to be
educated on the same.
Synthesis
Cryptocurrency has transformed the global economic
system. It offers a new and innovative means of exchange that has
quickly infiltrated financial market trends and altered the traditional
cash world.
_________________________________________________________________
66
_________________________________________________________________
As the technology world innovates, things are getting out of
hand to the point that there are some things that people believed as
impossible, become possible. With that being said, electronic
money was invented. According to the Electronic Money
Association (EMA), The first Electronic Money Directive (EMD) was
adopted in September 2000.
Currently, the emerging cryptocurrency might have the
potential to be a mode of payment all over the world. Through this
study, having information about acceptability of the said
respondents regarding cryptocurrency as a mode of payment is
also an informative way of determining the possibilities of
implementing it as well here in the Philippines. Considering the
factors that there is a lot of electronic money that arose in the said
country, it might expand and expand as time will pass by.
Adoption of cryptocurrencies as a mode of payment is still
low: Despite increasing awareness, the adoption of
cryptocurrencies as a mode of payment is still low. Many
_________________________________________________________________
67
_________________________________________________________________
consumers are still hesitant to use cryptocurrencies due to
concerns about security, volatility, and lack of merchant
acceptance.
It is astounding that the Philippines ranked second in owning
Bitcoin and other cryptocurrencies. As seen in two articles it shows
that many Filipinos engage in Cryptocurrency like Bitcoin.
According to the Philippine Article, the Banko Sentral ng Pilipinas
(BSP) announced that it would launch a wholesale central bank
digital currency (CBDC) project slated for the last quarter of 2022,
they concluded and claiming that cryptocurrency may have the
ability to enhance domestic and international payments and may
facilitate the nation's recovery from the ongoing crisis.
People’s opinions are essential in terms of determining the
acceptability. Giving personal thoughts might add something big as
a factor when implementing something in a specific community or
country, in short, involvement is a must. People can give opinions
especially whether to accept the cryptocurrency as a mode of
payment, or state otherwise.
_________________________________________________________________
68
_________________________________________________________________
According to the researchers' gathered literature, when
people are unsure about their feelings and motivations, they will
use their behavior to infer what they feel. Cryptocurrency is viewed
positively as a potential medium of exchange, but its volatility
makes it unlikely to be accepted as an investment vehicle. The idea
suggests that before any intention or actual adoption can occur, the
anticipated users must be aware of the presence of an invention or
adoption.
According to Sagheer et al., (2022), in their thesis entitled
“Factors Affecting Adaptability of Cryptocurrency: An Application of
Technology Acceptance Model , Beyond attracting the general
public and gaining the attention of consumers, investors,
investment industries, and regulators, cryptocurrency has made a
significant contribution to our country. The cryptocurrency industry
in the Philippines has grown rapidly, as evidenced by its current
ranking of second in Chainalysis' Global Crypto Adoption Index
2022, trailing only its ASEAN neighbor, Vietnam. The Philippines is
_________________________________________________________________
69
_________________________________________________________________
home to Coins.ph, Rebit.ph, and Bitmarket.ph, among many other
BSP-registered cryptocurrency exchanges that have spearheaded
the country's financial revolution and modernization in recent years.
The Philippines has one of the world's largest remittance markets.
The Banko Sentral ng Pilipinas (BSP) has announced its intention
to launch a wholesale central bank digital currency (CBDC) project
in the fourth quarter of 2022, in response to the growing popularity
of cryptocurrencies. This project is in line with the country's
intention to transition to digital payment.
Also, According to S. Alzahrani (2019), In a study entitled
“Analysis of the Cryptocurrency Adoption Decision” Technical ,
Economic, and Social Factors were found to have significant
influence on the behavioral intention to accept cryptocurrencies.
Under the Technical factors, it talks about the control over the
system, anonymity, fast transfer, and block chain technology, and
security system.
_________________________________________________________________
70
_________________________________________________________________
Economic factors such as investment opportunities, low
transaction costs, and alternative banking system. A study found
that user's interest in cryptocurrency is driven by its appeal as an
investment opportunity rather than an alternative transaction
system or a currency. It's like killing two birds in one stone, you
have both income and investment as well.
According to T. Kim (2017), The transfer fee is very low in
comparison to traditional banks or intermediaries. The sender or
users also can pay extra for faster transactions. The speed with
which a transaction is confirmed is sometimes determined by the
amount being exchanged. The greater the amount, the higher the
priority of the transaction, resulting in a faster transfer.
According to C. Sas and I. E. Khairuddin (2017), in a study
entitled “Design for Trust: An Exploration of the Challenges and
Opportunities of Bitcoin Users” where it talks about the examines
user behavior and discovers that some people utilize Bitcoin as a
safe haven for their savings and investments. Also, since various
political conditions have made the local currency useless in some
_________________________________________________________________
71
_________________________________________________________________
nations, bitcoin can be utilized as a storage method, particularly in
nations where the local or national currency is unstable. So,
cryptocurrency offers a remedy for those who reside in
underdeveloped nations with failing economies. It addresses
numerous problems, including hyperinflation, inflation, exchange,
fraud, counterfeiting, and inaccessibility. Additionally, it supports the
banking system and the delivery of financial services.
According to F. E. Gunawan and R. Novendra (2017), in a
study entitled “An Analysis of Bitcoin Acceptance in Indonesia”, The
Social factors that also influence the adoptability of
cryptocurrencies are subjective norms, global intention and
influencers involvement. The adoption's outcome is significantly
influenced by the influence of family and friends. Subjective norms
are intended to capture the social influence as a predictor of
intention to technology acceptance. According to Baur et al., the
nature of Bitcoin encourages peer influence. If their peers accept
cryptocurrencies, users are willing to do the same. Another
subjective norm aspect that may encourage adoption is word of
_________________________________________________________________
72
_________________________________________________________________
mouth. Governments play a pivotal role in influencing public opinion
and interest. It was observed that individuals from all over the world
are watching how the major economies and countries are
responding to the price of cryptocurrencies. There is a greater
possibility of adoption when renowned business figures are
involved. A large number of individuals would also buy alternative
currencies just because their favorite celebrity or musician did.
The study gathered by the researchers emphasizes the
comprehension, acceptability, and the significant factors that might
influence the decision of students in adopting cryptocurrency as a
mode of payment. Since cryptocurrencies are developing quickly,
knowing the present level of cryptocurrency acceptance and
knowledge that might help businesses adjust to shifting customer
preferences and predict how cryptocurrencies will be utilized in the
future. The study stressed out that crypto awareness and
acceptability can provide insights into consumer behavior, including
their willingness to adopt new payment methods but also as an
_________________________________________________________________
73
_________________________________________________________________
investment portfolio. Businesses can use this information to better
target their marketing efforts and enhance consumer satisfaction.
The following are the key findings from the gathered literature and
studies:
Awareness of cryptocurrencies is increasing: Studies have
found that awareness of cryptocurrencies is increasing among the
general public. However, this awareness is not evenly distributed
across different demographics, with younger and more affluent
individuals being more likely to be aware of cryptocurrencies.
Merchant acceptance is a key driver of adoption: The
availability of merchants that accept cryptocurrencies is a key driver
of adoption. Studies have found that consumers are more likely to
use and engage in cryptocurrencies if they can easily use them to
purchase goods and services.
To sum it all up, according to the study, acceptance of
cryptocurrencies as a form of payment is still relatively low, despite
_________________________________________________________________
74
_________________________________________________________________
rising knowledge of them. More merchant acceptance, consumer
education on the advantages and risks of cryptocurrency use, and
addressing security and volatility issues are all necessary to boost
adoption.
_________________________________________________________________
75
_________________________________________________________________
Chapter 3
METHODOLOGY
This chapter provides a detailed explanation of the research
methods to be used by the researchers in conducting the study,
which includes the research design, sample and sampling
technique, research instrument, data gathering procedure and
statistical treatment.
Research Design
A research design is a plan and structure of investigation to
obtain answers to research questions. It aims to examine and
determine the awareness of the students engaged in
business-related programs in selected schools in Quezon City
regarding cryptocurrencies. The researchers used a descriptive
design with a quantitative approach. In a descriptive research
design where the researcher uses an appropriate data-gathering
tool such as survey questionnaires.
_________________________________________________________________
76
_________________________________________________________________
Accordingly, the descriptive research design accurately and
systematically describes, observes, or validates aspects of groups
collected through quantifiable information, like the relationship
among variables, in their natural state (Siedlecki, 2020). Descriptive
research is the research design in which data is collected in a
qualitative manner and analyzed using quantitative procedures
(Nassaji, 2015). The scientific approach known as descriptive
research involves observing the sampled population in its natural
environment. The goal of a descriptive research approach is to
ascertain the "what" of a phenomenon. Additionally, it involves the
collection and analysis of data. This approach determines current
facts in a group under investigation that provides either qualitative
or quantitative or both descriptions of the group's general traits as
results.
In this study, the descriptive research was done through a
printed questionnaire survey. The focus of this research was to
determine the level of awareness and the acceptability of college
students engaged in business related programs towards
_________________________________________________________________
77
_________________________________________________________________
cryptocurrencies as a mode of payment. The researchers tried to
get deep data and information about the variables by giving
detailed data and information.
Sample and Sampling Technique
The researchers will be using a random sampling technique
in selecting students that are enrolled in Quezon City and who are
taking business-related courses. Statistical inferences are valid
when the samples are randomly taken (Yambot, 2021).
In research terms, it is a sampling technique in which each
sample has an equal probability of being chosen. According to
Thomas (2020), Random Sampling is a probability sampling
technique that involves a single random selection and little
population knowledge beforehand. Any research conducted on this
sample should have high internal and external validity because it
uses randomization and is less susceptible to biases in research
such as sample bias and selection bias.
_________________________________________________________________
78
_________________________________________________________________
The respondent of the study includes 100 college students
taking up business-related programs who are currently enrolled in
Quezon City. Random Sampling is used in this study wherein the
respondents have an equal chance to be selected to answer the
survey questions. The selected schools are the National College of
Business and Arts Cubao, Quezon City University, World Citi
Colleges, and Technological Institute of the Philippines. In this
study, the aforementioned schools are assigned 25% of the total
population.
Research Instrument
The researchers decided to use a survey questionnaire as a
research instrument in this study. According to the Teachers
College, Columbia University, survey research encompasses any
measurement procedures that involve asking questions of
respondents. The types of surveys can vary on the span of time
used to conduct the study. They can comprise cross-sectional
surveys and/or longitudinal surveys. Types of questions asked in
surveys include free answer and guided response type surveys.
_________________________________________________________________
79
_________________________________________________________________
With that being said, the researchers used Guided Response Type
Survey since the questions’ choices are in a multiple choice or a
multiple response question.
The survey questionnaire contains sixteen (16) questions to
be answered by the respondents. The researchers formulated the
questions that will help in answering this research’s statement of
the problem. The survey questionnaire is divided into 3 parts
namely: (1) Respondents’ profiles, and Survey questions and
statements that are divided into two categories, namely (2)
Awareness and (3) Acceptability, for the respondents to answer
close-ended and 5 scale questions for the researchers to measure
each respondents’ answers thoroughly. Upon answering, the
respondents of the research study will be asked to check the
space/s provided for each chosen option/s on each question. The
parts provided will help the researchers determine the answers
needed in this research.
_________________________________________________________________
80
_________________________________________________________________
The questionnaires were made according to the best
knowledge of the researchers as an accountancy major student.
The questionnaire constructed focuses to support the researchers’
answers to the problems stated in the previous chapter.
Data Gathering Procedure
The study will be conducted during the second semester of
the 2022-2023 school year, and data will be collected using survey
questionnaires distributed via face-to-face.
Before conducting the study, the researchers obtained a
permit from their research adviser and professors at NCBA Cubao.
The survey questionnaires will be distributed to one hundred (100)
student respondents from selected schools in Quezon City, and the
privacy and safety of the respondents will be ensured by keeping
their answers confidential as agreed upon by the researchers and
respondents.
_________________________________________________________________
81
_________________________________________________________________
The questionnaire will be divided into three main sections:
the research consent form, the profile of the respondents, and the
survey proper. The profile will contain brief demographic questions
such as sex, age, program, year level, and school, presented in the
form of a ranged checklist. The survey proper will include structured
questions with fixed answers in order to gather specific and
necessary information for the study.
Once all the data has been collected, it will be analyzed,
processed, and tabulated in accordance with the statistical
treatment performed. The researchers will organize and arrange
the data in a way that is appropriate for the analysis and
interpretation of the results.
Statistical Treatment
The researchers used the following statistical tools to present,
analyze, and interpret the data gathered from the respondents.
_________________________________________________________________
82
_________________________________________________________________
A. Descriptive Statistics: The researchers used computation
of measures such as mean, median, and frequency
distribution to describe the characteristics of the data. It
summarizes and describes the responses of the participants
regarding their awareness and acceptability of
cryptocurrency.
Figure 3.1 Mean Formula
Figure 3.2 Median Formula
Figure 3.2 Median Formula
_________________________________________________________________
83
_________________________________________________________________
B. Inferential Statistics: This involves the use of statistical
tests to make inferences about the population based on the
sample data.
Researchers used Chi-square test to determine if there is a
significant relationship between two categorical variables,
such as awareness of cryptocurrency and acceptability of
cryptocurrency.
Figure 3.3 Chi-square test Formula
C. Correlation Analysis: To examine the relationship between
the level of awareness of cryptocurrency and the level of
acceptability of cryptocurrency as a mode of payment,
researchers used Kendall’s Tau Correlation correlation
that gives equal weight to each pair of tied values.
_________________________________________________________________
84
_________________________________________________________________
Figure 3.4 Kendall’s Tau Correlation
_________________________________________________________________
85
_________________________________________________________________
Chapter 4
PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA
This chapter presents the analysis and interpretation of data
gathered through survey questionnaires as an instrument used in
this study. The data were collected and then processed in response
to the problems posed in chapter 1 of this study. There were one
hundred (100) students in a business related program who
participated in the survey conducted.
Descriptive Statistics of the Respondents Demographic Profile
Research Objective 1. What is the demographic profile of
the respondents in terms of age, sex, program, year level and
school.
Table 4.1. Demographic Profile of the Respondents in terms of Age
AGE FREQUENCY PERCENTAGE
17 years old and below 0 0%

18 – 23 years old 95 95%
24 – 29 years old 5 5%
30 years old and above 0 0%
Total 100 100%
_________________________________________________________________
86
_________________________________________________________________
Table 4.1 presents the frequency counts and percentage of the
respondent’s age. The variable age was treated as an ordinal
measure based on the structure of the instrument.
Based on the results, 95% of the student-respondents have
ages between 18 to 23 years old while only 5% of them belong to
the age group of 24 to 29 years old. It shows that the majority of the
student-respondents were suited to the right age of college
students and only minimal cases were supposed to be in the
professional age group.
Table 4.2. Demographic Profile of the Respondents in terms of
Sex
Sex FREQUENCY PERCENTAGE

Male 21 21%
Female 79 79%
Total 100 100%
respondent’s sex. The variable sex was treated as nominal
_________________________________________________________________
87
_________________________________________________________________
(categorical) scale. This makes frequency distribution and
percentage appropriate for presenting the descriptive data.
As observed from the matrix, the number of female
respondents is 58 more than the number of male respondents. This
result shows that out of the 100 randomly selected respondents,
most college students taking business related programs are
females and only few males are taking the said programs.
Program
PROGRAM FREQUENCY PERCENTAGE RANK
Bachelor of Science in
Accountancy 63 63% 1
Entrepreneurship 17 17% 2
BSBA Major in Financial
Management 6 6% 4
BSBA Major in Marketing
Management 9 9% 3
BSBA Major in Operations
Management 3 3% 5
_________________________________________________________________
88
_________________________________________________________________
Management Accounting 2 2% 6
Total 100 100%
respondent’s program or college course. Similar to sex, program or
college courses are treated as nominal variables which makes
frequency distribution and percentage appropriate as descriptive
statistical procedures.
As gleaned from the matrix, 63 out of 100 or 63%
student-respondents are currently taking up Bachelor of Science in
Accountancy. There is an evident large disparity when these
respondents are compared to other programs. Only 17 or 17% are
currently pursuing Bachelor of Science in Entrepreneurship while
the remaining programs reported in the table had less than 10%
among the 100 selected respondents.
_________________________________________________________________
89
_________________________________________________________________
Year Level
Year Level FREQUENCY PERCENTAGE Rank
First Year 13 13% 3

Second Year 2 2% 4
Third Year 14 14% 2
Fourth Year 71 71% 1
Total 100 100%
respondent’s year level. The variable year level is treated as an
ordinal variable since this can be ranked or ordered. This qualitative
variable is applicable for frequency distribution and percentage.
Based on the results, it can be noted that the majority of the
student-respondents or 71% are graduating students while there is
almost an equal number of respondents on first year and third year
level. Only a few second-year students were selected randomly.
This also shows that most of them had the possible discernment on
_________________________________________________________________
90
_________________________________________________________________
financial matters and budgeting and the use of digital procedures in
various transactions.
School
School Name FREQUENCY PERCENTAGE
National College of Business

and Arts 25 25%
Technological Institute of the
Philippines 25 25%
Quezon City University 25 25%
New Era University 25 25%
Total 100 100%
respondent’s school or university. School name is considered a
nominal variable which makes frequency distribution and
percentage applicable as a descriptive statistical method.
As evidently noticed, there is an equal number of
student-respondents in each randomly selected private universities
_________________________________________________________________
91
_________________________________________________________________
and colleges from Quezon City. This may be attributed to the type
of random sampling methods used by the researchers.
Research Objective 2. Identify the level of awareness of students
on cryptocurrency.
Point Range Verbal Interpretation

5 4.20 – 5.00 Expert Awareness
4 3.40 - 4.19 High Awareness
3 2.60 - 3.39 Moderate Awareness
2 1.80 - 2.59 Limited Awareness
1 1.00 - 1.79 No awareness
Table 4.6 Description of the Respondent’s Level of Awareness
in Cryptocurrency.
Indicators Weighted Median Verbal Rank

Mean Interpretation
1. I am familiar with 3.48 4 High 6
cryptocurrency. Awareness
2. I am aware of the basic 3.14 3 Moderate 10
principles of cryptocurrency. Awareness
3. I am aware of the
benefits and risks
_________________________________________________________________
92
_________________________________________________________________
associated with using 3.45 4 High 7

cryptocurrency. Awareness
4. I am aware that 3.55 4 High 4
cryptocurrency can Awareness
function as a means of
exchange.
5. I am familiar with 3.72 4 High 1
Bitcoin, Ethereum, Xrp Awareness
etc.
6. I am aware of 3.39 4 Moderate 8
blockchains and other Awareness
technology supporting
cryptocurrency (Binance,
Coins.ph, etc).
cryptocurrency may Awareness
impact social norms
around money and
finance.
cryptocurrency may Awareness
impact traditional
financial
institutions and practices.
cryptocurrency networks Awareness
are open and
decentralized.
10. I am aware about the 3.69 4 High 2
potential implications of a Awareness
_________________________________________________________________
93
_________________________________________________________________
widespread adoption of
cryptocurrency
Overall Weighted 3.49 4 High
Mean/Median Awareness
Table 4.6 presents the weighted mean, median, and corresponding
verbal interpretation of the respondent’s level of awareness in
cryptocurrency. Median was reported in this section since Likert
Scale variables are treated as ordinal variables (Aboy, 2023).
As revealed from the matrix, the top three indicators are “I
am familiar with Bitcoin, Ethereum, Xrp etc.” with a weighted mean
of 3.72 or High Awareness, I am aware about the potential
implications of a widespread adoption of cryptocurrency” with a
weighted mean of 3.69 or High Awareness, and “I am aware that
cryptocurrency may impact traditional financial institutions and
practices” with a weighted mean of 3.59 or High Awareness. The
descriptive results indicate that the student-respondents had a very
good understanding on the basic features of the cryptocurrency as
regards to its benefits in financial practices and investment
_________________________________________________________________
94
_________________________________________________________________
opportunities. The overall weighted mean of 3.49 indicates that
student-respondents are most likely to be well-acquainted about the
latest trend in financial technology and are probably inquisitive in
searching for new investment opportunities during this information
age.
According to Doblas (2019), in the thesis entitled
“Awareness And Attitude Towards Cryptocurrencies In Relation To
Adoption Among College Students In A Private Tertiary Institution In
Cagayan De Oro City, Philippines. The result of the study shows a
comparison to the study where the study drew the following result
with similarity to the result of the findings. The percentage of
customers who are extremely aware of cryptocurrencies' attitude
toward cryptocurrencies and level of awareness has a major impact
on their propensity to accept Cryptocurrency saves a lot to be
desired, bitcoin is perceived favorably as a possible means of
exchange. Based on the result of the study a lot of millennials
recognized Bitcoin and other cryptocurrencies as a sort of
contemporary cash.
_________________________________________________________________
95
_________________________________________________________________
Research Objective 3. Determine the degree of the level of
awareness towards cryptocurrency as a mode of payment.
Point Range Verbal Interpretation

5 4.20 – 5.00 Strongly Agree
4 3.40 – 4.19 Somewhat Agree
3 2.60 – 3.39 Neutral
2 1.80 – 2.59 Somewhat Disagree
1 1.00 – 1.79 Strongly Disagree
Table 4.7 Description of the Respondent’s Level of Acceptance
Towards Cryptocurrency as a Mode of Payment
Indicators Weighted Median Verbal Rank

Mean Interpretation
1. I believe that using 3.44 4 Somewhat 4
Cryptocurrency is Agree
convenient and
accessible.
2. I am comfortable 3.22 3 Somewhat 5
with the idea of using Agree
cryptocurrency
as a mode of payment.
3. I believe that 3.85 4 Somewhat 1

cryptocurrency can be Agree
put in merchants and
used for
_________________________________________________________________
96
_________________________________________________________________
payment transactions.
4. I accredit that 3.58 4 Somewhat 2
cryptocurrency is a Agree
secure
and a reliable form of
payment.
5. I recognize that 3.56 4 Somewhat 3
business transactions Agree
will transform due to
cryptocurrency used
as a mode of payment.
Overall Weighted 3.53 4 Somewhat

Mean/Median Agree
Table 4.7 presents the weighted mean, median, and corresponding
verbal interpretation of the respondent’s level of agreement towards
cryptocurrency as a mode of payment. Median was computed and
reported in this section since the responses were obtained using a
Likert Scale and these are treated as ordinal variables (Aboy,
2023).
Based on the results, the top three indicators are “I believe
that cryptocurrency can be put in merchants and used for payment
transactions” with a weighted mean of 3.85 or Somewhat Agree, “I
_________________________________________________________________
97
_________________________________________________________________
accredit that cryptocurrency is a secure and reliable form of
payment” with a weighted mean of 3.58 or Somewhat Agree, and “I
recognize that business transactions will transform due to
cryptocurrency used as mode of payment” with a weighted mean of
3.56 or Somewhat Agree. These results reveal that the
student-respondents highly accept the notion of trading system
procedures that cryptocurrency is capable of. Furthermore, they are
cognizant that this digital form of payment has advantages and
disadvantages as compared to the conventional forms of payment
like cash on hand or credit cards.
According to Eunice M. Chua and Ed Mark P. Rustico,
(2018), in the thesis entitled “Acceptability Of Investing In
Cryptocurrencies.” The results of this study have the comparison
with the study and it implies that mostly younger participants are
more likely to invest in cryptocurrencies despite that most
participants are not willing to invest. It perceives that participants
need research about cryptocurrency to be able to invest. It shows
_________________________________________________________________
98
_________________________________________________________________
that accepting cryptocurrencies is widely acceptable to younger
generations, specifically college students.
Table 4.8 Frequency Counts and Percentage of the
Respondent’s Acceptability of Cryptocurrency as Payment
Acceptability FREQUENCY PERCENTAGE

Yes 56 56%
No 44 44%
Total 100 100%
Table 4.8 presents the frequency of responses and percentage of
the respondents’ acceptability on the use of cryptocurrency as a
mode of payment.
As evidently reported, it can be observed that majority of the
student-respondents 56 or 56% responded yes to the question “Will
you accept cryptocurrency as a mode of payment here in the
Philippines?”. Even though the student-respondents have a high
level of agreement about the positive features of cryptocurrency,
_________________________________________________________________
99
_________________________________________________________________
they directly stated their non-acceptance of considering it as a
digital method of payment.
According to Dearing (2018), in his theory “The Theory of
Diffusion of Innovation” . Adoption or acceptance frequently
begins with recognizing a need for innovation or change, which
results in efforts to find answers. This procedure then progresses to
the determination of whether or not to accept such a solution, and
lastly to whether or not the solution will be implemented. Thus, the
idea suggests that before any intention or actual adoption can
occur, the anticipated users must be aware of the presence of an
invention or adoption. This study supports the findings that the
majority of respondents (56%) who were aware of cryptocurrency
expressed their willingness to use it as a means of payment, thus
reinforcing the idea that cryptocurrency is becoming increasingly
acceptable as a mode of payment.
_________________________________________________________________
100
_________________________________________________________________
Research Objective 4. Determine the significant relationship
between the level of awareness to the acceptability of
cryptocurrency as a mode of payment.
Appropriate Statistical Test: Kendall’s Tau Correlation
Justifications: Likert Scale Variables are measured in ordinal
scale. There are too many tied median values (ranks) in both
variables.
Kendall Tau correlation is often preferred over Spearman
correlation when dealing with ordinal data that contains many ties.
This is because Kendall Tau correlation gives equal weight to each
pair of tied values, while Spearman correlation assigns an average
rank to the tied values.
Null Hypothesis: There is no significant relationship between the
level of awareness of cryptocurrencies and acceptability as a mode
of payment.
_________________________________________________________________
101
_________________________________________________________________
Alternative Hypothesis: There is a significant relationship
between the level of awareness of cryptocurrencies and
acceptability as a mode of payment.
Scatter Diagram of the Level of Awareness and Level of
Acceptability
Figure 4.1 Scatter Diagram of the Level of Awareness and
Level of Acceptability
As noticed from the graph, there exists a monotonic relationship
between the respondents’ level of awareness on cryptocurrency
_________________________________________________________________
102
_________________________________________________________________
and the level of acceptability towards cryptocurrency as a mode of
payment.
SPSS Output:
Figure 4.2 Nonparametric Correlations
Table 4.9. Relationship Between the Level of Awareness on
Cryptocurrency and Level of Acceptability Towards
Cryptocurrency as a Mode of Payment
Variables 𝑟 p-value Interpretation Decision

Level of 0.379 0 Significant Reject Ho
Awareness*Level
of Acceptability
_________________________________________________________________
103
_________________________________________________________________
Table 4.9 reveals the extent of the relationship between level of
awareness on cryptocurrency and the level of acceptability towards
As gleaned from the table, the Kendall’s tau correlation
coefficient of 0.379 indicates that there is a weak positive
association between the respondent’s level of awareness on
cryptocurrency and their level of acceptability of cryptocurrency as
a mode of payment. Since the computed p-value is 0.000010, the
test is significant. Thus, the null hypothesis is rejected. It can be
inferred from the results that as the student-respondents’ degree of
awareness enhances, their level of acceptance towards
cryptocurrency improves significantly. However, it warrants further
investigation since there is a low correlation between the variables
under study. This may be attributed to other unexplored variables.
According to S.Vetrichelvi and Dr A R Shanmuga Priya,
(2022), in their thesis entitled “A Study on awareness and attitudes
towards Cryptocurrency among college students” The results of
_________________________________________________________________
104
_________________________________________________________________
this research study concludes that awareness level on
cryptocurrency is high but attitude towards adopting cryptocurrency
is low due to various factors like volatility, regulation and so on.
People’s perception on using cryptocurrency as an exchange
medium will change if properly regulated by the regulatory bodies
and also the common people have to be educated on the same.
This research’s result is also similar to the level of awareness of
students engaged in business related programs. The said students
are of high awareness regarding the background and basics, as
means of exchange, and possible implications of cryptocurrency,
and the acceptability as a direct yes or no answer as a mode of
payment is higher as well.
To test the relationship between the respondents’ level of
awareness on cryptocurrency and their acceptability towards
cryptocurrency as a mode of payment, Chi-Square Test is used
since acceptability responses were obtained from a Yes or No
question. Acceptability (Yes or No) is treated as nominal variable
and level of awareness is treated as ordinal variable. According to
_________________________________________________________________
105
_________________________________________________________________
McHugh (2013), when testing the relationship of nominal and
ordinal variables, Chi-Square Test is applicable.
SPSS Output:
Figure 4.3 Chi-square test
Table 4.10 Relationship Between the Level of Awareness on
Cryptocurrency and Acceptability Towards Cryptocurrency as
a Mode of Payment
Variables 𝝌𝟐 𝒗𝒂𝒍𝒖𝒆 p-value Interpretation Decision

Acceptability*Level 1.288 0.863 Not Significant Fail to
of Awareness Reject Ho
_________________________________________________________________
106
_________________________________________________________________
Table 6 reveals the extent of the relationship between level of
awareness on cryptocurrency and the acceptability towards
Pearson Chi-Square was interpreted since only 20% of the
expected frequency is less than 5 and violation is not observed.
Based on the results, there is no significant association between
the respondents’ level of awareness on cryptocurrency and the
acceptability towards cryptocurrency as a mode of payment. This is
based on the computed chi-square value of 1.288 which is less
than the tabular value of 7.815 at 5% level of significance and 3
degrees of freedom. This is in consonance with the computed
p-value of 0.863 which is greater than 0.05. Thus, the test is not
significant and the null hypothesis is not rejected.
Chapter 5
_________________________________________________________________
107
_________________________________________________________________
SUMMARY, CONCLUSION AND RECOMMENDATIONS
This chapter contains the research summary, conclusions
and recommendations based on the findings and gathered data in
relation to the study on Level of Awareness of Cryptocurrency in
Relation to Acceptability as Mode of Payment. The findings of the
study are written in the summary and other interferences would be
seen in the conclusion and recommendation of the researchers.
Generally, this chapter aims to cover-up the end result of the study.
Summary of the findings
The following are the primary notable findings summarized
from the results gathered data.
1. Demographic Profile
1.1. As to respondents’ age, 95% of the
student-respondents have ages between 18 to
23 years old while only 5% of them belong to
the age group of 24 to 29 years old
1.2. As to respondents’ sex, the number of female
respondents is 58 more than the number of
_________________________________________________________________
108
_________________________________________________________________
male respondents. This result shows that out of
the 100 randomly selected respondents, most
college students taking business related
programs are females and only few males are
taking the said programs.
1.3. As to respondents’ program, 63 out of 100 or
63% student-respondents are currently taking
up Bachelor of Science in Accountancy. There
is an evident large disparity when these
respondents are compared to other programs.
1.4. As to respondents’ year level, the majority of
the student-respondents or 71% are graduating
students while there is almost an equal number
of respondents on first year and third year
level.
1.5. As to respondent’ school, equal number of
student-respondents in each randomly
selected private universities and colleges from
Quezon City.
_________________________________________________________________
109
_________________________________________________________________
2. Level of awareness of students on
cryptocurrency.
2.1. In terms of the first statement, I am familiar
with cryptocurrency. The result shows that
respondents have High Awareness.
2.2. In terms of the statement, I am aware of the
basic principles of cryptocurrency.
Respondents' level of awareness is Moderate
where it ranks the lowest among the ten
statements.
benefits and risks associated with using
cryptocurrency. Respondents’ level of
awareness is High Awareness where it ranks
7th among the ten statements.
2.4. In terms of the statement, I am aware that
cryptocurrency can function as a means of
exchange. Respondents’ level of awareness is
_________________________________________________________________
110
_________________________________________________________________
High Awareness where it ranks 4th among the
ten statements.
2.5. In terms of the statement, I am familiar with
Bitcoin, Ethereum, Xrp etc. Respondents’ level
of awareness is High Awareness where it
ranks 1st among the ten statements.
2.6. In terms of the statement, I am aware of
blockchains and other technology supporting
cryptocurrency (Binance, Coins.ph, etc).
Respondents’ level of awareness is High
Awareness where it ranks 8th among the ten
statements.
cryptocurrency may impact social norms
around money and finance. Respondents’ level
of awareness is High Awareness where it ranks
5th among the ten statements.
cryptocurrency may impact traditional financial
_________________________________________________________________
111
_________________________________________________________________
institutions and practices. Respondents’ level
of awareness is High Awareness where it ranks
3rd among the ten statements.
2.9. In terms of this I am aware that cryptocurrency
networks are open and decentralized.
Respondents’ level of awareness is High
Awareness where it ranks 9th among the ten
statements.
potential implications of a widespread adoption
of cryptocurrency Respondents’ level of
awareness is High Awareness where it ranks
2nd among the ten statements.
3. Level of Acceptance Towards Cryptocurrency as a
Mode of Payment
3.1. In terms of the first statement, I believe that
using cryptocurrency is convenient and
accessible. The degree of the level of
awareness towards cryptocurrency as a mode
_________________________________________________________________
112
_________________________________________________________________
of payment is Somewhat Agree which falls in
4th rank.
3.2. With this statement, I am comfortable with the
idea of using cryptocurrency as a mode of
payment. The degree of the level of awareness
towards cryptocurrency as a mode of payment
is Somewhat Agree which ranks as the lowest
among the five statements.
3.3. In this statement, I believe that cryptocurrency
can be put in merchants and used for
payment transactions. The degree of the level
of awareness towards cryptocurrency as a
mode of payment is Somewhat Agree which
rank as the highest among the five
statements.
3.4. With this statement, I believe that
cryptocurrency is a secure and reliable form
of payment. The degree of the level of
awareness towards cryptocurrency as a
_________________________________________________________________
113
_________________________________________________________________
mode of payment is Somewhat Agree
which falls in 2nd rank.
3.5. In this statement, I recognize that business
transactions will transform due to
cryptocurrency used as mode of payment.
The degree of the level of awareness
towards cryptocurrency as a mode of
payment is Somewhat Agree which falls in
3rd rank.
4. Frequency Counts and Percentage of the
Respondent’s Acceptability of Cryptocurrency as
a Mode of Payment
Based on the result, the number of
respondents that answer yes to the question “Will you
accept cryptocurrency as a mode of payment here in
the Philippines?” is 56 or 56% while the remaining 44
or 44% responded no.
5. Relationship Between the Level of Awareness
_________________________________________________________________
114
_________________________________________________________________
on Cryptocurrency and Level of Acceptability
Towards Cryptocurrency as a Mode of Payment
In terms of the Statement if the problem
three and hypothesis, the null hypothesis is
rejected as shown in the statistical result. The
findings suggest that as the student respondents'
level of awareness increases, so does their level of
acceptance of cryptocurrencies. In terms of the
level of acceptability, most of the respondents
answered "somewhat agree" on the survey
questionnaire which resulted in the overall
"somewhat agree" answers. On the other hand, in
terms of acceptability as a dichotomous question, a
question that is answerable by yes or no the result
states that 56 of 100 respondents chose to accept
cryptocurrency as a mode of payment. With that
being said, 44 of 100 respondents chose to not
accept cryptocurrency as a mode of payment. By
looking at the results alone, it can be interpreted
_________________________________________________________________
115
_________________________________________________________________
that there is a relationship between the level of
awareness and acceptability as a mode of
payment. To actually support the acceptability of
the respondents, statistically speaking, the
researchers sectioned the acceptability in the Likert
scale and the dichotomous way. The acceptability
in terms of Likert scale displays that there is a
relationship between the level of awareness and
acceptability. The researchers used descriptive
statistical analysis and computed the data using
weighted mean and media to support the said
interpretation.
6. Relationship Between the Level of Awareness
on Cryptocurrency and Acceptability Towards
Cryptocurrency as a Mode of Payment Based on
the computed chi-square value of 1.288 which is
less than the tabular value of 7.815 at 5% level of
significance and 3 degrees of freedom. This is in
consonance with the computed p-value of 0.863
_________________________________________________________________
116
_________________________________________________________________
which is greater than 0.05. On the other hand,
statistically speaking, the dichotomous question in
terms of acceptability displays that there is no
acceptability of cryptocurrency as a mode of
payment. To support the interpretation, the
researchers used Pearson Chi-Square Test. The
p-value computed in Chi-Square Test is greater
than 0.05 which will give a result that there is no
acceptability of cryptocurrency as a mode of
payment. This simply means that a high level of
awareness does not significantly correlate with the
direct responses of acceptance which is the "Yes or
No" acceptability question and the level of
acceptability statistical report states otherwise.
Even though the student-respondents have a high
level of agreement about the positive features of
cryptocurrency, they directly stated their
_________________________________________________________________
117
_________________________________________________________________
non-acceptance of considering it as a digital
method of payment. This warrants further
investigation since there may be other unexplored
variables.
Conclusion
Based on the findings and interpretations presented in both
the previous chapter and the findings above, the following
conclusions were drawn:
1.1 Majority of the respondents who answered the
survey provided by the researchers were female
respondents rather than male respondents. Since the
respondents were all students in business-related programs,
this indicates that business related courses are more open in
accepting cryptocurrency as a mode of payment.
1.2 Ages around 18 to 23 years old are the ones who
have an awareness of cryptocurrency and are willing to
accept it as a mode of payment. This suggests that, since
_________________________________________________________________
118
_________________________________________________________________
this age group is generally considered to be more tech-savvy
and open to new technologies, including blockchain and
cryptocurrency, this may imply that crypto may expand/widen
because of modernization.
1.3 Majority of the students are currently taking
Bachelor of Science in Accounting, this indicates that
business-related programs are more open in cryptocurrency
since they heard or have knowledge based on discussion in
schools, seminars, etc.
1.4 Most of the survey participants are graduating
students, they possess a greater level of knowledge and
interest in cryptocurrency and are willing to use it as a mode
of payment. This indicates that more experienced and
knowledgeable students acknowledge the greater value of
cryptocurrency.
1.5 Schools around Quezon City are the respondents
in the study, since the researcher used random sampling to
select the respondents, it is efficient especially in statistical
_________________________________________________________________
119
_________________________________________________________________
treatment since it is practical if probability sampling/random
sampling will be used.
2. Level of awareness of students on cryptocurrency.
Based on the data gathered, out of 100 respondents
majority of them have a high awareness of cryptocurrency.
This indicates that the students are more likely well
acquainted with the latest trends in technology, specifically
cryptocurrency and are probably inquisitive in searching for
new investment opportunities during this information age.
3. Level of Acceptance Towards Cryptocurrency as a Mode
of Payment
According to the data, student-respondents
somewhat agree with the five statements regarding the
level of acceptance towards cryptocurrency as a mode
of payment. Respondents strongly support the concept
of trading system procedures that cryptocurrency is
capable of.
_________________________________________________________________
120
_________________________________________________________________
4. Frequency Counts and Percentage of the Respondent’s
Acceptability of Cryptocurrency as a Mode of Payment
The finding shows that respondents who are willing to
accept cryptocurrency are more likely than those who are
not, but there is only a small variance towards
non-acceptance. Researchers conclude that despite the
strong agreement on the positive aspects of cryptocurrency,
the student-respondents explicitly stated their opposition to
using it as a digital payment method.
5. Relationship Between the Level of Awareness on
The result shows that there is a relationship
between the level of awareness and the level of
acceptability towards cryptocurrency. It concludes that the
more students-respondents are aware of cryptocurrency
the more they are likely to accept it as a mode of payment
_________________________________________________________________
121
_________________________________________________________________
Cryptocurrency and Acceptability Towards
According to the data, the majority of the
respondents have a high level of awareness that
cryptocurrency does not significantly correlate with their
direct responses of acceptance of Yes or No. The
respondents' perceptions are all varied in terms of digital
mode of payment. In addition to the statement above, The
Likert Scale of 1 to 5 points, the tendency of respondents
is to have a wide range of options of what are their
perception about cryptocu’6’rrency as a mode of payment,
it is possible that they are playing safe since there are a
neutral and moderate responses. Unlike yes or no
questions, respondents are forced to answer their feelings
or perception. This is one of the reasons why there is no
relationship between awareness and acceptability of
cryptocurrency as a mode of payment based on the
_________________________________________________________________
122
_________________________________________________________________
Chi-Square test result.
Regardless, having an exposure or awareness,
accepting cryptocurrency as a mode of payment or not, as
long as someone chooses to enter the world of
cryptocurrency, it will always be associated with risk.
Since cryptocurrency is decentralized, you have full
control on the finances and transactions. When entering
the world of cryptocurrency, always keep in mind to
“DYOR”, do your own research, and “TYOR”, trade at your
own risk.
Recommendations
_________________________________________________________________
123
_________________________________________________________________
Considering the aforementioned findings as well as the
research that has been completed, the researchers subsequently
advised:
Based on the findings, it shows that females are more
business inclined than males. But it also reveals that males
express more awareness and willingness to accept
cryptocurrency than females. The researchers recommend
that females should expose themselves when it comes to
cryptocurrency for financial empowerment. Financial
empowerment has the potential to provide financial
independence and empower women to take control of their
finances. This is especially important in countries where
women face limited access to financial resources or are
excluded from traditional financial institutions.
2. Level of awareness of students on cryptocurrency.
_________________________________________________________________
124
_________________________________________________________________
According to the findings, student-respondents had a
very good understanding of the basic features of
cryptocurrency as regards its benefits in financial practices
and investment opportunities. The researcher recommends
developing advanced courses and conducting further
research, since the students currently have a decent
understanding of cryptocurrency's basic characteristics, it
may be beneficial to build more complex courses to further
increase their knowledge. Students who want to work in
finance or investments would particularly benefit from this.
3. Level of Acceptance Towards Cryptocurrency as a Mode
of Payment
The findings reveal that the student-respondents
highly accept the notion of trading system procedures
that cryptocurrency is capable of. Furthermore, they are
cognizant that this digital form of payment has
advantages and disadvantages as compared to
conventional forms of payment. In order for them to
_________________________________________________________________
125
_________________________________________________________________
have a strong acceptability of cryptocurrency, the
researchers recommend exploring even while the
majority of respondents are well knowledgeable about
cryptocurrencies, that does not necessarily indicate
they will accept them as a form of payment.
Researchers recommend utilizing any cryptocurrency
exchange like Binance, PDAX, Coins.ph, etc., for the
sake of deciding for themselves whether to use it as a
form of payment for any merchant who accepts it.
4. Frequency Counts and Percentage of the Respondent’s
Acceptability of Cryptocurrency as a Mode of Payment
As most of the survey respondents have expressed
their willingness to use cryptocurrency as a payment
method, the researchers recommend that the government
should consider reviewing cryptocurrency as a viable mode
of payment. Given the current trend toward technological
advancement and modernization, embracing cryptocurrency
_________________________________________________________________
126
_________________________________________________________________
could contribute significantly to the economic growth of the
country.
The researchers recommend the government and
the people to think thoroughly about considering this
possible implication. It states that when it comes to the
level of acceptance of cryptocurrency as a mode of
payment, it allows the respondents to fully respond in a
more perceptive way since the respondents have the
chance to rank their answers.
Cryptocurrency and Acceptability Towards
Since the acceptability states that there is no
_________________________________________________________________
127
_________________________________________________________________
acceptability of cryptocurrency as a mode of payment, the
researchers recommend people to consider using
cryptocurrency to know how it works since majority of the
respondents accepts it as a mode of payment here in the
Philippines. Government should do a thorough
investigation and study regarding this matter as this may
be considered as a possible big movement or change in
the country.
As the data have been gathered and analyzed, the
researchers recommend this to the following:
STUDENTS - encourage them to try exposing themselves in
the world of cryptocurrency since the results demonstrate that the
respondents have a high level of awareness. They can also use
this study as a reference if it is applicable. The acceptability of
considering it as a mode of payment needs to be further discussed,
perception wise. Students can express their acceptability directly
but it can be interpreted in a perceptive way which makes it more
_________________________________________________________________
128
_________________________________________________________________
complex to the point that it needs thorough discussion and
investigation. Exposing themselves in cryptocurrency should be the
main focus, since as technology modernizes, so as the digital
exchange.
BUSINESS OWNERS - business owners who want to
consider cryptocurrency as a mode of payment in the future should
understand that high awareness in cryptocurrency does not mean it
will be accepted by the people. According to the results, the attitude
towards acceptability is high however the acceptance is not
guaranteed. Researchers recommend the business owners to do
further study and have a calculated risk before implementing or
start using cryptocurrency as a mode of payment.
GOVERNMENT - The researchers recommend that the
government may want to consider developing a new policy about
cryptocurrency and as a mode of payment. With this study as a
reference, they can conduct research to gather important data and
information about the current state of cryptocurrency in the
_________________________________________________________________
129
_________________________________________________________________
Philippines and use this information to create or design effective
policies.
FUTURE RESEARCHERS - As one of the beneficiaries of
the study, the researcher recommends conducting a more logical
study where it will track the changes in the awareness and level of
acceptance in terms of cryptocurrencies as a mode of payment.
The study should also focus and consider factors that may
influence the level of awareness and acceptance of the future
respondents to cryptocurrencies as a mode of payment. Also the
future researcher can examine the significance of technology in the
acceptance of cryptocurrencies where it is one of the core
components of cryptocurrencies. Future studies may look into how
developments in blockchain technology affect the uptake and use
of cryptocurrencies.
Given that technology modernizes, people tend to expose
themselves in the digital world as well. These opportunities might
give them a chance to explore cryptocurrency. People can use this
_________________________________________________________________
130
_________________________________________________________________
research as a reference in giving themselves an idea of what
cryptocurrency can do. Having a high awareness of cryptocurrency
can possibly mean a high possibility of it spreading quickly across
the world. In terms of acceptability, it is better to have a further
investigation regarding this as it can expand when we ask the
respondents’ perceptions, followed by asking them directly. With
that being said, the researchers recommend this research to the
above mentioned people, as they are the ones who will greatly
benefit when it comes to these matters
_________________________________________________________________
131
_________________________________________________________________
BIBLIOGRAPHY
Chapter 1
Introduction:
● Sevilla, P., Paiso, C., & Katuk, N. (2022, September 19).

Prof. Henelito A. Sevilla, Jr.. Retrieved April 14, 2023, from
https://stratsea.com/optimism-tempered-with-reasonable-cau
tion-the-state-of-philippine-cryptocurrency-regulations/
● Neil. (2023, February 15). Young Filipinos warned versus
crypto scammers. BusinessWorld Online. Retrieved April 17,
2023, from
https://www.bworldonline.com/the-nation/2023/02/15/505110/
young-filipinos-warned-versus-crypto-scammers/
Conceptual Framework
● Cueva, D. (2022, October 13). How to make a conceptual

framework (with samples). TOPNOTCHER PH. Retrieved
April 14, 2023, from
https://topnotcher.ph/how-to-make-a-conceptual-framework/
Statement of the Problem
● PricewaterhouseCoopers. (n.d.). Cryptocurrency accounting

and Taxation. Retrieved April 14, 2023, from
https://www.pwc.com/ph/en/tax/tax-publications/taxwise-or-ot
herwise/2022/cryptocurrency-accounting-and-taxation.html
Chapter 2
LITERATURE
Local:
● Sunstar. (2022, May 26). Editorial: Filipinos' cryptocurrency

ownership. Retrieved April 14, 2023, from.
_________________________________________________________________
132
_________________________________________________________________
https://www.sunstar.com.ph/article/1930191/cebu/opinion/edi
torial-filipinos-cryptocurrency-ownership
● Person. (2021, March 23). Cryptocurrency to become
mainstream in the Philippines. Retrieved April 14, 2023, from
https://fintechmagazine.com/digital-payments/cryptocurrency
-become-mainstream-philippines
● Vera, B. (2019, December 13). Cryptocurrency awareness
high among Filipinos. Retrieved April 14, 2023, from
https://business.inquirer.net/285308/cryptocurrency-awarene
ss-high-among-filipinos
● Digital payment adoption during the COVID-19 pandemic in
the Philippines. (n.d.). Retrieved April 14, 2023, from
https://philjournalsci.dost.gov.ph/113-vol-151-no-3-june-2022
/1641-digital-payment-adoption-during-the-covid-19-pandemi
c-in-the-philippines
● A. A. Shehhi, M. Oudah, and Z. Aung, “Investigating factors
behind choosing a cryptocurrency,” in 2014 IEEE
International Conference on Industrial Engineering and
Engineering Management, 2014, pp. 1443–1447.
Foreign:
● Laird, James. (2007). Self-Perception Theory in Full.

10.1093/acprof:oso/9780195098891.003.0010.
● Dearing, James & Cox, Jeffrey. (2018). Diffusion Of
Innovations Theory, Principles, And Practice. Health Affairs.
37. 183-190. 10.1377/hlthaff.2017.1104.
● J. Brito and A. M. Castillo, Bitcoin: a primer for
policymakers. Mercatus Center, George Mason University,
2016.
● PDXScholar: The Institutional Repository of Portland State
University. (n.d.). Retrieved April 14, 2023, from
https://pdxscholar.library.pdx.edu/
● Bitcoin and cryptocurrency technologies. (n.d.). Retrieved
April 15, 2023, from http://bitcoinbook.cs.princeton.edu/
_________________________________________________________________
133
_________________________________________________________________
STUDY
Local:
● Francisco, R., Ubaldo, J.E., & Rodelas, N. (2022). The

perception of Filipinos on the advent of cryptocurrency and
non-fungible token (NFT) games. International Journal of
Computing Sciences Research
https://arxiv.org/ftp/arxiv/papers/2202/2202.07467.pdf
● Rentoy J. (2019). The Acceptability of Cryptocurrencies as
Mode of Payment among Millennial Certified Public
Accountants in the Philippines.
https://www.scitepress.org/Papers/2019/84328/84328.pdf
● Doblas, Mark. (2019). Awareness And Attitude Towards
Cryptocurrencies In Relation To Adoption Among College
Students In A Private Tertiary Institution In Cagayan De Oro
City, Philippines.
● (PDF) acceptability of investing in cryptocurrencies -
researchgate. (n.d.). Retrieved April 14, 2023, from
https://www.researchgate.net/publication/344727426_ACCE
PTABILITY_OF_INVESTING_IN_CRYPTOCURRENCIES
● J. England (2021). Cryptocurrency to become mainstream in
the Philippines
https://fintechmagazine.com/digital-payments/cryptocurrency
-become-mainstream-philippines
Foreign:
● Armour, P. (2021, November 16). What are the risks of

investing in cryptocurrency in 2023. Retrieved April 14, 2023,
from
https://thenationroar.com/risks-of-investing-in-cryptocurrency
/
● Www.diva-portal.org. (n.d.). Retrieved April 14, 2023, from
https://www.diva-portal.org/smash/get/diva2:1667103/FULLT
EXT01.pdf
● Rejeb, A., Rejeb, K., & Keogh, J. (n.d.). Cryptocurrencies in
modern finance: A literature review. Retrieved April 14, 2023,
_________________________________________________________________
134
_________________________________________________________________
from
https://journal.uinjkt.ac.id/index.php/etikonomi/article/view/16
911#:~:text=The%20results%20indicate%20that%20cryptoc
urrencies,financing%20solutions%2C%20and%20financial%
20inclusion.
● A study on awareness and attitudes towards crypto currency

among ... (n.d.). Retrieved April 14, 2023, from
https://www.sumc.lt/index.php/se/article/download/823/638
● Sagheer, N., Khan, K., Fahd, S., Mahmood, S., Rashid, T., &
Jamil, H. (2022, June 3). Factors affecting adaptability of
cryptocurrency: An Application of Technology Acceptance
Model. Retrieved April 14, 2023, from
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9204170
Chapter 3
Research Design:
● Understanding descriptive research designs and methods.

(n.d.). Retrieved April 14,2023,from
https://www.researchgate.net/publication/338300876_Under
standing_Descriptive_Research_Designs_and_Methods
● Apara Bhattacharya, P. (2021, October 18). A comparison of
descriptive research and experimental research. Retrieved
April 14, 2023, from
https://www.projectguru.in/a-comparison-of-descriptive-resea
rch-and-experimental-research/#:~:text=Descriptive%20rese
arch%20is%20the%20research,out%20in%20its%20natural
%20surrounding.
Sample and Sampling Technique
● Thomas, L. (2022, December 05). Simple random sampling:

Definition, steps & examples. Retrieved April 14, 2023, from
https://www.scribbr.com/methodology/simple-random-sampli
ng/
_________________________________________________________________
135
_________________________________________________________________
Research Instrument
● Research instrument examples - teachers college, Columbia

University. (n.d.). Retrieved April 14, 2023, from
https://www.tc.columbia.edu/media/administration/institutiona
l-review-board-/guide-amp-resources---documents/Published
_Study-Material-Examples.pdf
_________________________________________________________________
136
_________________________________________________________________
APPENDICES
APPENDIX A - SURVEY QUESTIONNAIRE
Good day, Students!
We, 4th year students from the National College of Business
and Arts - Cubao Campus are currently conducting a survey for our
Research study entitled “A Study on Level of Awareness of
Cryptocurrency in Relation to Acceptability as mode of
Payment Among Students in Business-Related Programs in
Selected Schools in Quezon City” a study that aims to assess
college students who were taking business courses in their
awareness about cryptocurrency and perception in adopting it as a
mode of payment. In this light, we would like to take at least 5-10
minutes of your time to answer this survey questionnaire.
Rest assured that all information gathered will be kept
confidential. All information will be used strictly for research
purposes only. Thank you for your kind consideration, God Bless!
_________________________________________________________________
137
_________________________________________________________________
Direction: Put a check inside a box and indicate your answer if
necessary.
Demographic Profile
Name (Optional): _________________________
Age:
17 years old and below
18 - 23 years old
24 - 29 years old
30 years old and above
Sex:
Male
Female
Program:
Bachelor of Science In Accountancy
BSBA Major in Marketing Management
BSBA Major in Financial Management
BS Management Accounting
Other (Please Specify): _______
_________________________________________________________________
138
_________________________________________________________________
School:
National College of Business and Arts
Quezon City University
New Era University
Technological Institute of the Philippines
Part 1: Awareness towards cryptocurrency
The following items describe the level of awareness of college
students in cryptocurrency. Put a check in the box that corresponds
to your answer.
SCALE DESCRIPTIVE RATING
The individual is very knowledgeable about the

5 Expert awareness
concept or idea and has a complete understanding.
The individual is familiar with the concept or idea,

4 High awareness
but may not know all the details.
Moderate The individual has some knowledge of the concept

3
awareness or idea, but may lack a full understanding.
The individual has heard of the concept or idea but

2 Limited awareness
does not have detailed knowledge.
_________________________________________________________________
139
_________________________________________________________________
The individual is completely unaware of the concept

1 No awareness
or idea in question.
CRITERIA 5 4 3 2 1
1. I am familiar with cryptocurrency
2. I am aware of the basic principles of

cryptocurrency.
3. I am aware of the benefits and risks

associated with using cryptocurrency.
4. I am aware that cryptocurrency can

function as a means of exchange.
5. I am familiar with Bitcoin, Ethereum, Xrp

etc.
6. I am aware of blockchains and other

technology supporting cryptocurrency
(Binance, Coins.ph, and etc).
7. I am aware that cryptocurrency may

impact social norms around money and
finance.
8. I am aware that cryptocurrency may

impact traditional financial institutions
and practices.
9. I am aware about the potential

implications of a widespread adoption of
cryptocurrency.
10. I am aware that cryptocurrency

networks are open and decentralized.
PART 2 : Acceptance of Cryptocurrency as a mode of payment
_________________________________________________________________
140
_________________________________________________________________
SCALE DESCRIPTIVE RATING
The person completely disagrees with the

5 Strongly
statement and does not believe it to be true or
Agree accurate.
The person agrees with the statement but may

4 Somewhat
not fully endorse it or believe it to be
Agree completely accurate.
3 The person has no opinion or is unsure

Neutral
about the statement.
The person disagrees with the statement but
2 Somewhat may see some validity in certain parts of it.
Disagree
The person completely disagrees with the

1 Strongly
statement and does not believe it to be true or
Disagree accurate.
2.1 Degree of Acceptance of Cryptocurrency as a mode of
payment
CRITERIA 5 4 3 2 1
1. I believe that using cryptocurrency is
convenient and accessible.
2. I am comfortable with the idea of using

3. I believe that cryptocurrency can be put in

merchants and used for payment
transactions.
4. I believe that cryptocurrency is a secure and

reliable form of payment.
_________________________________________________________________
141
_________________________________________________________________
5. I recognize that business transactions will

transform due to cryptocurrency used as
mode payment.
2.2 Acceptance of Cryptocurrency as a mode of payment
1. Will you accept cryptocurrency as a mode of payment here
in the Philippines?
Yes
No
If YES, what are the possible reason/s you considered?
(If your answer is NO, please skip this question)
Adopt to modernization/globalization
Personal preference
Social Influence
Convenience
Low transaction fee as well as real time transaction
Global Accessibility
Transparency
Traceability of Transactions
Others (please specify): _____
_________________________________________________________________
142
_________________________________________________________________
If NO, what are the possible reason/s you considered?
(If your answer is YES, please skip this question)
Potential Scams
Complicated to use
Not all the people are technology literate
Volatility (the rate at which the price of a stock
increases or decreases over a particular period)
Regulatory and Legal uncertainty
Threats of being hacked
Others (please specify): _____
_________________________________________________________________
143
_________________________________________________________________
PROFILE OF THE RESEARCHERS
JANUS KROMWEL B. DERIS

_____________________________________________________
Personal Information
Name Janus Kromwel B. Deris
Date of Birth December 3, 2000
Address 23 Mapangakit st. Brgy.
Pinyahan Quezon City
Mobile 09216468746
Email janusderis14@gmail.com
Education
College Education -National College of Business and Arts - Cubao
Senior High School -Asian College of Science and Technology
Junior High School -Flora A. Ylagan High School
Elementary- Pinyahan Elementary School
Skills & Background Knowledge
Technical skills
Microsoft Applications (Word, Excel and Powerpoint)
Computer Literate
Accounting Skills
Personal skills
Time Management Can finish a specific job in the right time
Can be presentable all the time
Communication Skills
DERIS, JANUS KROMWEL B.

Signature over printed name
_________________________________________________________________
144
_________________________________________________________________
STEVEN JAMES D. DIESTA

_____________________________________________________
Name Steven James D. Diesta
Date of Birth March 23, 2001
Address 48 A Lanzones Brgy Quirino 2-A Quezon City
Mobile 09309771683
Email diestasj@gmail.com
Education

Senior High School -Jose V. Palma
Elementary-Rawis Elementary School
Technical skills
Personal skills
Collaborative
Adaptable
DIESTA, STEVEN JAMES D.

_________________________________________________________________
145
_________________________________________________________________
ANDREA JESSA C. JOSEF

_____________________________________________________
Name Andrea Jessa C. Josef
Date of Birth November 1, 2000
Address 13 I Mabuhay Street Barangay
Central Quezon CIty
Mobile 09128710672
Email andrea01josef@gmail.com
Education

Elementary-Pinyahan Elementary School
Technical skills
Accounting Skills
Personal skills
Experience and abilities for team working
Sociable and proactive
Willing to learn new things
JOSEF, ANDREA JESSA C.

_________________________________________________________________
146
_________________________________________________________________
JENNY ROSE ANN E. TAMAYO

_____________________________________________________
Name Jenny Rose Ann E. Tamayo
Date of Birth August 31, 2001
Address 34 Q-4 V Luna Road
Extension, Brgy Malaya QC
Mobile 09296420358
Email jennyroseann285@gmail.com
Education
Elementary-Pinyahan Elementary School
Technical skills
Understanding of accounting standards
Proficient with MS Excel, Word, and Powerpoint
Personal skills
Good written and verbal communication skills
Highly organized and efficient
Hard working and Eager to learn
TAMAYO, JENNY ROSE ANN E.

_________________________________________________________________
147
_________________________________________________________________
JANELLE CHEREY MAE F. YADAO

_____________________________________________________
Name Janelle Cherey Mae F. Yadao
Date of Birth May 24, 2001
Address 54 Centro Sitio Mabilog Culiat
Quezon City
Mobile 09086580234
Email jcmyadao24@gmail.com
Education
Elementary- Mines Elementary School - Elementary

Technical skills
Computer Literate
Accounting Skills
Personal skills
Good communication Skills (Verbal and Non-verbal)
Computer Literate
Have good observation skills
Ability to work with teams
YADAO, JANELLE CHEREY MAE F.

_________________________________________________________________
148

Adrian - Borbe - CHAPTER 1 5 1

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Adrian - Borbe - CHAPTER 1 5 1

Uploaded by

Copyright:

Available Formats

NATIONAL COLLEGE OF BUSINESS AND ARTS

Cubao * Fairview * Taytay

PROBLEM AND ITS BACKGROUND

This chapter presents the introduction, background of the study,

conceptual framework, statement of the problem, significance of the

study, scope, and limitation, and definition of terms.

The Philippines has allowed cryptocurrencies to be used as

legal tender. Approximately less than 2% of all known transactions

in the Philippines are conducted using cryptocurrency but this does

not account for transactions conducted in the informal economy.

The easy conversion of cryptocurrency to fiat currency could easily

be done through the Automated Teller Machines (ATMs) of the

Union Bank of Philippines and other registered remittance and

According to data from the Bangko Sentral ng Pilipinas, the

Philippines is one of the fastest adopters of cryptocurrencies in the

world. According to research, the pandemic exacerbated this trend,

as Filipinos recognized the worth of the money as an investment

and source of income. The prevalence of crypto-friendly technology

in the country has also contributed to its acceptance, bringing the

Philippines on par with Vietnam and Nigeria.

In 2017, the value of cryptocurrency in the Philippines

skyrocketed from $1,000 to more than $19,000 in a few months.

Since then, BSP has developed a trustworthy infrastructure that

safeguards cryptocurrency users and promotes the acceptance of

bitcoin, which is still in its infancy. Recently, the Bangko Sentral ng

Pilipinas issued guidelines for virtual currencies (VCs). The BSP

Virtual Asset Service Providers. Specifically, these Guidelines

by a central bank, a specific commodity, or any territory. As a

conduit for delivering certain financial services, such as remittances

and payment transactions, virtual currencies must be registered

with the BSP and suitable risk mitigation and management

measures must be implemented. There are several cryptocurrency

exchanges in the Philippines registered with BSP, Binance,

Coins.ph, PDAX, and more.

Therefore, this research study sought to determine college

students who are engaged in business related programs’ level of

awareness concerning cryptocurrencies and how it might influence

them to accept cryptocurrency as a mode of payment. The study's

on the potential acceptance of cryptocurrency in developing

economies like the Philippines, based on the respondents’

Background of the Study

The research was conducted in Quezon City, where students

engaged in Business-related programs assess the level of

awareness and acceptability towards cryptocurrency as a mode of

Cryptocurrency is a digital or virtual currency that uses

cryptography (the art of writing and solving codes) to secure and

verify transactions and to control the creation of new units.

Cryptocurrencies operate independently of central banks and can

be transferred directly between individuals or entities without the

need for intermediaries such as banks.

Cryptocurrencies have been adopted by a growing number

of businesses and individuals worldwide as a means of payment

and investment. Some of the benefits of cryptocurrencies include

low transaction fees, faster settlement times, and greater privacy

volatility, security concerns, and the potential for illegal activities

such as money laundering and tax evasion.

The researchers took advantage of the current situation to

conduct a study to determine if the students know cryptocurrencies

accepting cryptocurrency as well since there are past events

showing cryptocurrency scams. Even the authorities warned the

Filipinos regarding cryptocurrency potential scammers. The

Philippine Immigration Bureau warned the public against

cryptocurrency scammers who lure young professionals into