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Crypto currencies: a new economy and the safety of a transition to them

Gkountoumas Filippos

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Year 2019
Type of Item Diploma Work
Bibliographic Citation Filippos Gkountoumas, "Crypto currencies: a new economy and the safety of a transition to them", Diploma Work, School of Electrical and Computer Engineering, Technical University of Crete, Chania, Greece, 2019
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The present paper consists of two parts, a theoretical overview and analysis, and an empirical one based on actual research results.For the first part, a secondary literature review study was undertaken to understand the technology of cryptocurrencies and the revolutionary innovation underlying this technology. ir initial appearance in the field of technology, the processes that govern their operation are presented and analyzed, as well as a reference to blockchain technology, the technology on which most cryptocurrencies are based.To complete and present the empirical part, a qualitative field survey was conducted using a closed-ended questionnaire. survey was conducted by sampling a subjective non-probability sample, in order to understand Greek citizens' awareness of cryptocurrencies and their willingness to convert to an alternative economy such as these. This questionnaire was attended by 256 participants. An experimental procedure was then carried out in the form of one of the most popular Ultimatum Game Experiments to observe how cryptocurrencies affect the behavior of participants in such experiments, and in a 1-to-1 comparison with corresponding experiments, to study participants' perceptions of cryptocurrencies. The observation was made on a sample of 148 participants who were offered virtual currency (points) as well as actual amounts of cryptocurrencies for the experiment.The results of our processes have shown that in Greece the concept of cryptocurrency is unknown to a significant part of the population, but also that Greek citizens are hesitant about a transition to an alternative economy such as cryptocurrencies. Contrary to the above conclusions, those familiar with the specified technology, have shown that they understand the concept of cryptocurrencies corresponding to conventional exchange rates. During the process of holding the Ultimatum Game it was observed that the players acted accordingly to the players of other processes in which cash was used as means of trading and different from the players with the means of trading points. These results imply that a cryptocurrency effect does exist in Ultimatum Game experiments.

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