Alina Ley successfully completed her Master in Business Administration at the Rheinische Fachhochschule Köln with her Master thesis: “Success Factors of Crypto Currencies”. Alina was so kind as to provide us with her most important research results, which are listed in the following in a highly abbreviated form. The team of BTC-ECHO congratulates to the outstanding master thesis (note 1,0) and wishes further success.
Recommendations for action for Bitcoin formula companies
Problem: In 2009 the crypto currency Bitcoin formula revolutionized the existing payment options. There are now well over 500 different crypto currencies.
However, many companies are still sceptical about this topic. Accordingly, companies need to analyse the extent to which they need to take action and the opportunities and risks arising from the use of crypto currencies.
The objective of the Master Thesis is to work out and analyze the success factors of crypto currencies and on this basis to derive recommendations for action for companies.
Which success factors of crypto currencies can be identified and which possibilities for increasing efficiency with regard to processes, risks and costs result from this for companies?
How to proceed
The central research question and the questions derived from it are examined on the basis of an empirical survey (expert survey). The semi-standardised questionnaire contains 23 questions. The research results obtained are then verified in more detail and linked to existing theoretical knowledge.
The most important Bitcoin trader results
As success factors of Bitcoin trader crypto currencies costs, time, security, decentralization, anonymity, transparency and different application areas can be derived like this: http://www.onlinebetrug.de/bitcoin-trader-scam.
Crypto currencies are basically suitable for use in different industries and company areas. However, there are differences between acceptance and use in the individual industries. Sectors with a high degree of personal contact as well as public and state institutions are only suitable for successful implementation to a limited extent compared to the financial or insurance sector.
At present, the distribution and acceptance of digital currencies only amounts to a small circle of users. However, more and more companies are dealing with this topic, so that the importance of crypto currencies will continue to increase in the coming years. Companies that recognize the potential of crypto currencies early on have the opportunity to gain advantages over their competitors.
The use of digital currencies can create opportunities to increase efficiency. Faster and more cost-effective transactions make such an increase in efficiency possible. In addition, processes can be automated and administrative costs saved. This enables processes to be optimized and efficiency to be increased at the same time.
The following risks can be reduced by using crypto currencies: Payment default risks, exchange rate risks, 3rd party risks and, depending on the country, currency-specific risks.
Security can be increased by reducing fraud, manipulation and theft. Data security, data protection and protection against counterfeiting can be increased.
However, the technology is still in its infancy and therefore risks can arise. These include in particular the risks due to technical problems and legal certainty. Technical problems can be reduced by continuous improvements to the system. The legal perspective, on the other hand, is far more complex, as it is still unclear at this point how decentralized crypto currencies will be controlled by government institutions in the future and what effects this will have on companies.
In the first step, companies should check their existing business models for validity. The resulting decision provides the basis for the next steps in action.
The implementation of crypto currencies should be more strongly addressed and promoted in the digitization/innovation departments. However, it is rather a strategic core topic, which should also be prioritised as such. At the beginning, comprehensive strategies must be developed in order to be able to implement them afterwards.
Above all, companies should recognize the importance of blockchain technology for themselves. It is the innovative driver behind the crypto currencies and holds a high future potential. Through the use of e.g. Smart Contracts, the company can w