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Thursday, February 5, 2015

My un-scientific good gews for Bitcoin

Much seems to be going wrong for Bitcoin... Not all is lost.

The thing is that awareness does not equal adoption.I asked my students (today) how familiar they were with a number of mobile payment apps and some crypto-currencies. The list included Google Wallet, Bitcoin, Lemon Wallet, Ripple and Litecoin. Highlights below. N=25 sample of senior International Business Students.

Bitcoin seems to be on the minds of young people. A respectable 52%  (13 students) reported being familiar or somewhat familiar with the currency. The figure was very similar to Apple pay where 56% (14 students) reported familiarity.

Regarding adoption/usage, Only one student reported having used Bitcoin, and in his words, it was "to try it out"... The surprise came from the usage of Apple pay... (I was expecting a slam-dunk) Despite name brand,,fanfare, trust, halo, etc.. only two students report usage... (the Starbucks app seems to be what does the trick for Apple)

Takeaways?  The way I see it:
a)It is still time for Bitcoin or other crypto-currencies to get in the game! or
b) It is time for New England students to get more tech-savvy.
you choose