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The development of ICT as a whole has brought about many achievements for human civilization, altering people’s lives, behaviors, and societal norms. It also gave rise to digital currency, or cryptocurrency. The study’s objective is to evaluate the potentials and risks of cryptocurrencies in Nigeria’s corporate climate. The approaches employed for analysis of the gathered data included descriptive analysis, independent t-test, and analysis of variance. According to the research, there is a “high correlation” between the advantages and simplicity of cryptocurrency transactions. Only a slight association was found between customer perceptions of the cryptocurrency transactions’ reliability and trustworthiness, as well as their actual experiences with the transactions and how simple they were to use. The average security and the advantages of the cryptocurrency transaction have a very slight negative association. The consumers’ age group and its impact on the desire for cryptocurrency transactions is a further relatively weak and unfavorable correlation. This study can assist providers in better understanding the opinions and preferences of their clients in order to enhance client perceptions during online buying processes.


Keywords: perception; Cryptocurrency transactions; Nigeria; customers; online transactions; benefits





1.1 Background of study

The rapid growth of ICT has benefited society much and changed people’s lives, attitudes, and social activities. The ability to access an enormous amount of knowledge has been one of the most significant breakthroughs in society’s resilience (Fathian et al., 2009). The IT industry broke down intellectual and practical barriers and offered traditional civilizations a suitable atmosphere for development, creativity, and dynamic enterprise. Information technology is necessary to optimize business operations for all long-term and new jobs and endeavors. To address this issue, a number of international projects (including electronic banking and electronic commerce) have been launched (Afsharpour et al., 2013). In the digital economy, online retail and finance, and electronic banking sectors, new technologies and the larger global network—in particular the Internet, internal and external networks—are now being utilised. All nations strive to achieve a high degree of e-commerce.


One of the best financial technology advancements is cryptocurrency, which has the power to alter international financial markets (Ali, Clarke &McCorry, 2015). Because of its decentralized devices and lack of control by banks and other governmental entities, this sort of financial technology innovation is not susceptible to price regulation. At the vanguard of economic advancement is cryptocurrency. It has generated a lot of interest recently and offers the financial sector both chances and threats (Brandvold et al., 2015). The buyer provides the seller their cryptocurrency, who then exchanges it for the real currency needed for the transaction (Brandvold et al., 2015).


A peer-to-peer money model known as cryptocurrency allows for online payments to be made without the involvement of outside organizations like currency associations (Nakamoto, 2008; Dwyer, 2015). The distributed ledger is the foundation of cryptocurrencies since it is particularly user-friendly and ensures the security, openness, and reliability of the tools (Nakamoto, 2008; Böhme et al., 2015; Dwyer, 2015).


Bitcoin has the following characteristics: It has no borders, which means that no government can regulate it; Its transactions are inexpensive since there is no middleman, As it uses the internet, it is faster, and as long as you have access to it, you may conduct business anywhere.


According to Baur, Bühler, Bick & Bonorden (2015) and Lewis and al. (2017), cryptocurrencies like Bitcoin are viewed as digital economic assets that employ cryptography to replace banking institutions or other parties that rely on 1/3. Since Bitcoin enables transmitting direct payments from a birthday celebration to others instead of through financial institutions, Nakamoto (2008) defined Bitcoin as a comprehensive peer-to-peer digital criticism model that is entirely built on understanding of blockchain technology.


Moore and Stephen (2016) draw attention to the intriguing advantage of cryptocurrencies over approved exchanges, which are very beneficial to any nation. Since most people transmit money across borders using cryptocurrencies rather than banks due to their low transaction costs, individuals and organizations may create independent middlemen businesses where consumers may exchange goods and services without going through a financial institution (Brandvold et al., 2015).


Moore and Stephen (2016) did research to determine whether or not cryptocurrencies should serve the same purpose as gold assistance, which is a well-known product around the world. They decided that because cryptocurrencies are recognized internationally and have a continuing worth, the central bank should keep them. Due to the current structure of most currency markets, cryptocurrency eliminates the necessity for a central bank (Jones, 2018).


Cryptocurrencies may lower the cost of international transfers, including remittances, because they use distributed ledger architecture that bypass intermediaries (Dwyer,2015). Reduced transaction fees may eventually contribute to increased economic access and economic growth. So, cryptocurrency is defined as a form of money that serves as a unit of account or a store of value. It is mostly utilized for payments that guarantee anonymity and do away with middlemen’s fees (Dwyer,2015).


Because of its unique characteristics and adaptability to economic functions, cryptocurrency is a special asset (Briere et al., 2015). History demonstrates that while Bitcoin is an extremely volatile currency, it offers investors a large return. In addition, Bitcoin risk is reduced because it is included in a variety of diverse portfolios. Investors are aware that the best way to benefit from an investment is to buy any commodities at a discount and then sell them at a premium. For individuals that owned Bitcoin in the beginning when it first came out, they may have made 1000–10,000% of their initial investment in profit (Bohme et al., 2015).


Even while the crypto currency has a horrible impact on the effectiveness of financial transactions, it could still be risky for the banking industry, customers, and investors in smaller countries that use cryptocurrencies (Hardy& Norgaard,2016). Similar to this, a high level of anonymity and decentralized cryptocurrency ecosystem lead to more problems, such as funding for illegal activities like drug cartels, missile procurement, and sabotage (Dowd, Hutchinson & Kerr, 2012).


There is still a lot of conjecture over its future, despite the fact that employing encrypted foreign currencies as a straightforward cash account was created to grant everyone the right to have verified Internet identities (Johnston, 2002). First, it lacks centralized management by any government or director, a serious problem that governments on all continents face (Baur, Hong and Lee, 2018). The majority of international locations are motivated to continuously warn their citizens about investment threat by records of frequent illegal transactions, terrorist financing activities (Johnson & Nedelisco, 2005), attention to the unintentional collapse of the entire system, and a clear definition of coins. Similar to that, it has enormous potential and offers investors tremendous rewards.


Prior to now, a lot of academics examined blockchain technology and offered scant documentation of Bitcoin operations within the technical blockchain (Antonopoulos, 2014). Yet as research advances, the bitcoin factor keeps getting better. In this context, the research contains confidential information about blockchain technology. In light of this, earlier study no longer examines and analyses the impact and significance of blockchain science. Hence, it is obvious that many sectors that have been ignored in research also require the concepts and principles of blockchain science. Blockchain science is a field that is no longer completely analyzed and researched in research, making it a place to look for the gap. Second, one of the many study gaps this examination deals with is that there isn’t enough data or ownership to confirm Bitcoin’s influence on the cryptocurrency FX market.

Notwithstanding the facts regarding the internet and privacy issues with Bitcoin, several researchers have studied the issues with digital privacy while using the functions, components, and effects of Bitcoin. Nonetheless, further research must be done to give a more thorough understanding of the dangers posed by the emergence of cryptocurrency trading in Nigeria’s existing economic environment.


1.2        Statement of the Problem


While India is often the first location that comes to mind when people nowadays think of a cash crisis, the situation is not just that bad. Nigeria recently had one, and more and more people are looking for mobile payments to help the nation with its cash shortage. Many in Nigeria had to wait days to withdraw their money from the banks because of the cash shortage, so some of them switched to mobile payments. Some people implemented these new measures because they believed that waiting in line for cash at the bank was absurd. Grocery establishments among others provide adjustments for these methods. A major factor in the increasing use of e-commerce items around the world, and in Nigeria in particular, is the rapid growth of information and the Internet.

Websites for e-commerce offer advantages that can help locals internationally in terms of admission. E-commerce also provides a wider choice of services and new manufacturing markets. E-commerce also has the potential to enhance and raise an organization’s degree of efficiency. If consumers’ needs are addressed and they finally stick to their shopping habits, e-commerce can be leveraged to boost performance in the hotel industry. One of the most effective strategies in use today is the e-commerce website. Almost 50% of the Gross Domestic Product in Nigeria’s economy is accounted for by the services sector (GDP). He noted that, compared to women, men are more likely to use mobile devices. More study is necessary, nevertheless, as few studies have shown that gender has little to no influence on the adoption and implementation of new technology (Van Slyke et al., 2010; Hsbollah and Idris, 2009). Age is another important factor in the study of consumers’ impressions of new literary technologies. In a study, it was found that aspects of innovation and acceptance of technology can be influenced by demographic parameters like age, education, gender, etc (Porter and Donthu, 2006; Munnukka, 2007).

The development of digital technologies has produced financial technology based on virtual currency that is controlled by a user community (Carrick, 2016). After realizing the value of cryptocurrencies, the world developed an interest in them and is now attempting to understand how they operate, the risks they pose, and the difficulties they provide. 2018 (Ng & Griffin). There are more than 9300 cryptocurrencies in existence worldwide, with some of the most well-known ones being Bitcoin, Ethereum, Ripple, Litecoin, and so forth, according to CoinMarketCap (2021). Some Nigerians are using cryptocurrencies for a range of activities, including trading and making online payments. Nonetheless, CBN (2019) determined that using, marketing, and trading cryptocurrencies in Nigeria is against the law. Despite this trading and usage, there hasn’t been much coverage on the benefits, drawbacks, and dangers of cryptocurrency adoption in Nigeria.


1.3        Research Objectives

Main Objective

To determine the impact of cryptocurrency on the international business community.

Specific Objectives

  1. To assess the roles of cryptocurrencies in buying and selling the De Choice Mall, Uyo.
  2. To evaluate the risks of adopting cryptocurrencies in retail transaction in Uyo
  3. To examine the challenges of using cryptocurrencies in

1.4        Research Questions

  1. What are the roles of cryptocurrencies in buying and selling the De Choice Mall, Uyo?
  2. What are the risks of adopting cryptocurrencies in retail transaction in Uyo?
  3. What are the challenges of using cryptocurrencies in Nigeria?

1.5 Hypothesis of study

H1: Ease of Use has a positive effect on the Customers’ perception.

H2: Customers’ perception has a positive effect on the Benefits Crypto currency transaction.

H3: Security of DPS has a positive effect on the Benefits Crypto currency transaction.

1.6        Significance of the Study

This study raises awareness about the use of cryptocurrencies in Nigeria. Understanding its functions, benefits, and difficulties involved illuminates. According to Dong He et al. (2016), bitcoin technologies will have the ability to increase financial inclusion by offering a safe and affordable payment option.

Many research on blockchain technology have been conducted in Nigeria, but few of them have focused on the acceptance of cryptocurrencies as legal cash. While Likavánová (2019) studied the blockchain as a tool to enhance economic development of Nigeria, Philemon (2020) examined the potentials and threats of cryptocurrencies in the financial system in Nigeria, with bitcoin being one of the applications of blockchain technology based on decentralized administration. Moreover, Luhanga (2020) evaluated the necessity of incorporating blockchain technology into Nigerian business schools because the academic attitude is the biggest barrier to the use of blockchain technology, including cryptocurrencies. Blockchain technology can be used in finance to exchange digital currencies like Bitcoin to promote free, fair, and transparent trading, according to Nkwabi (2021).


1.7        Scope of the Study

The study was conducted in the De Choice Mall in the state of Uyo, Akwa Ibom. The paper examines the classification of participants in the bitcoin financial system, evaluates the use of cryptocurrency in regular commercial transactions, and discusses countermeasures to the risks that cryptocurrencies pose to the established financial system.


1.8        Study limitations


The expected limitations around this study include;

Lack of reliability of the information

One of the possible limitations of this research is the reliability of information or data. Due to company policy and enterprise confidentiality constraints, reliable or real answers to interviews may be affected.


Negative responses by respondents

It was difficult to find senior bankers who were willing to be interviewed.


Limited knowledge of the researcher

Another limitation is that researchers were not well-trained for carrying out interviews, so this impacted the quality of the data collected.


1.9        Organization of the Study

Chapter; one explains the introduction, study background, problem statement, objectives, research questions, and study significance, and scope, study limitations and study organization. Chapter two; gives a literature review. Chapter three; designates the study’s methodology. Chapter four; analysis and discussion of the findings and findings’ summary, conclusion, and recommendations.



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