Bitcoin Adoption: Analysis of Factors for Missing Bitcoin Adoption in Germany using the example of Alumni at the Faculty of Economics at the University of Applied Sciences in Bremen

Abstract

In the following bachelor thesis, the missing Bitcoin adoption in Germany will be addressed. As a relatively low adoption of Bitcoin in Germany can be observed, the factors for missing adoption will be analyzed. The research question for the thesis is “What are the factors for missing Bitcoin adoption in Germany using the example of alumni at the Faculty of Economics at the University of Applied Sciences in Bremen?” and the formulated hypothesis is “Lack of knowledge is a major factor for missing Bitcoin adoption in Germany using the example of alumni at the Faculty of Economics at the University of Applied Sciences in Bremen.” Through applying the Diffusion of Innovations Theory by Rogers and the underlying frameworks on Bitcoin, the factors for missing Bitcoin adoption are examined. A focus on user’s adoption is set as individual decisions are eventually also a key factor in determining business decisions. In addition, a survey has been conducted by targeting alumni from the Faculty of Economics at the University of Applied Sciences Bremen in order to have a relatively highly-educated and well-earning group of participants. Consequently, the adoption rate among participants and the factors for an adoption or non-adoption are analyzed. The correlation between knowledge and ownership is then of special interest. The results show that lack of knowledge is a major factor for missing Bitcoin adoption in Germany, however, this is exacerbated by circumstances and external factors, which do not favor the reaching of the critical mass and the engagement in knowledge-seeking activities by users.