Fintech: People Awareness and Perception of Cryptocurrency—A Study in Coimbatore City

Abstract

With an advancement in technology, decentralized form of currency has emerged which is being used in transactions for various purposes, known as Crypto currency. Cryptocurrency, an encrypted digital currency created for the purpose of peer-to-peer transaction. It uses cryptography and blockchain technology to secure and keep track of each and every transaction in the whole network. The cryptocurrency even after its existence has not attained an established image and actual currency status as people are skeptical about its worth. At this juncture, people awareness and perception towards cryptocurrency, technology and its platform is the need of the hour to determine its adoption in the near future. Thus, a research paper has proposed to know the people awareness and perception level of cryptocurrency in Coimbatore as it falls in Tier II city, the study has been carried out. To attain the objectives of the study, primary data has collected from a Sample of 160 respondents, chosen using proportionate random sampling method. Statistical Tools such as percentage analysis, chi-square test, t-test, ANOVA have applied to analyze the data. The study outcome reveals that people in general are aware of the Cryptocurrency and Block chain technology. Among the socio-economic profile factors, the factors namely, education qualification and occupation have robustly influenced crypto currency technology. Besides, age group of the respondents has significant difference with their perception on crypto currency. The study recommended that policies of the Indian Government and its regulatory authority should come forward and take steps to regulate the transactions of Crypto currency as an investment option for global economic empowerment.