Introduction to the paper with the justification of the Research Questions modelled
Introduction to the paper with the justification of the Research Questions modelled
The main research interest of the paper lies in the fact of impacts of cryptocurrency on the online business. Now coming to the definition of the cryptocurrency, it is a digital asset that is designed to work as a medium of exchange in which the individual coin ownership records get stored in a ledger form of the computerised database with the use of robust cryptocurrency. It mainly intends to secure the transaction records to control the creation of the additional coins and also to verify the transfer of the coin ownership (Hileman and Rauchs, 2017). The main issues applicable to the cryptocurrency is, like money, it does not have any existence in a physical form. It is also not issued by a central agency or authority. Rather it is primarily used as a decentralised control that is opposed to any centralised digital currency and also to the central banking procedures. Under the launch of the cryptocurrency, it was for the first time launched by Bitcoin, as open-source software in 2009. However, the paper that has been researched here primordially focuses on the negative impacts of the cryptocurrency, which creates negative impacts on the online business (Lee, 2019). Many researchers have acknowledged even it that some of the negative impacts of cryptocurrency are so intense. Then in many instances, it even surpasses the positive impacts of the cryptocurrency in the current world. Some types of cryptocurrency like Bitcoins are used for transaction over the Darknet, and the tumblers and the mixers get concealed for hiding or originating from the recipient's address. Now the issue is as most of Darknet gets run on the Tor network. Hence it doesn't remain easy to locate it. Hence due to this, some remain highly anonymous and try to avert the law enforcements (Liu and Tsyvinski, 2018).
Now coming to the advantages of cryptocurrency on online business, one issue is very important to cover here. Any organisation with online business services may have some sorts of difficulty in the purpose of assessment of international markets like the universal waiting time for the processing of the international transactions and also the high costs of exchange rates. Hence under such issues as cryptocurrency is not officially owned by any centralised institution and its service is provided 24*7, hence with the use of cryptocurrency, any organisation can upgrade their sales factors.
However, in addition to the pros, several cons are also associated with cryptocurrency. One of the major cons of cryptocurrency on the online business is, it can be very difficult to comprehend some issues of cryptocurrency. It is perhaps one of the most challenging obstacles for large scale adaptation of some of the cryptocurrency options. The issue of the decentralised financial system which gets stored in the blockchain might be difficult to handle if the operators of an online business are not that much tech-savvy (Ratana and Gupta, 2019). Hence under such circumstances, it may be difficult for the online business organisation to initiate success in which the negative or the cons come first.
In addition to this, another disadvantage of cryptocurrency that is prevalent is, there remains no kind of security factor in cryptocurrency in case of any loss. Now in this era with every new emerging technology, there remain many new probabilities of scams, stealing and even forgery. Those who are highly tech-savvy and know in detail about all the operational features of cryptocurrency can easily misuse the technology and creates an immense loss for the user. Hence any organisation needs to get acquainted with all the risk factors of cryptocurrency. For this purpose, it is important for the organisations using cryptocurrency, to induce tech-savvy employees in the organisation so that any risk factor can be avoided. Otherwise, lack of tech-savvy employees will not be able to understand all the risk factors involved in the use of cryptocurrencies. Hence due to this, the loss factor becomes more intense.
Justification of the Research questions adopted.
In the research questions taken, it can be said, one of the most significant question asked is the relationship between the cryptocurrency and the online business and the impact of cryptocurrency on online business. One of the major impact or more to say the positive impact of cryptocurrency on the online business as in cryptocurrency, there is no official regulatory authority and no transaction fee (Chuen, Guo and Wang, 2017). At the same time, it can be assessed 24*7. Due to all these factors, any online business organisation can use cryptocurrencies.
Another research question that has been asked here is the negative impacts of cryptocurrencies on the online business. The two major cons of cryptocurrency on the online business is, it isn't easy to comprehend all the technical attributes of cryptocurrency. Addition to this, another negative impact of cryptocurrency is, there is no security provided once any loss or risk factors take place. Apart from this, some other negative impacts of cryptocurrency on the online business are their remains some challenges during the times of market fluctuations. However, if the cryptocurrency can be profoundly and wisely used, then it can easily lower the negative factors of cryptocurrency on online organisations. However, the main fact if the online business organisations can understand the technicalities and usage models of cryptocurrency properly, then it can make the use of cryptocurrency properly and judiciously for the organisation.
Methodology section of the Research titled "Impacts of Cryptocurrency on Online business organisations."
Introduction to the methodology
The chapter of the research methodology is based on the discussion of the tools, techniques and the theories that are employed by the researcher for the enrichment of the paper. It also aims to discuss the desirables used in the research for execution the purposes of the research. The chapter of the methodology section is aimed to provide in details about the concepts, theories and the approaches and additionally the other parameters that are used by the researcher of the paper to conduct of the research. The paradigm of this research covers all the ranges including the outline, philosophy, the approach of the research, the design of the research, the methods of sampling, the strategies involved in the data collection and also the process and the procedures, the ethical consideration involved in the paper and finally the timeline of the research for the completion.
For any research, one of the prime requisites of the researcher is to employ the most apposite and appropriate research philosophy for the research. The Philosophy of the research helps the researcher to base the foundation stone of the research with the performed philosophy. The two types of research philosophies that are taken by any researcher any research are positivism philosophy and interpretative philosophy (Cazeaux, 2017). The positivism philosophy is primarily based on the policy of observation that further assists in the process of data collection and the analysis of the data with the use of a statistical method. In addition to this, in the case of the positivism philosophy, the data's that are collected are mostly from the existing literature and evidence. All these are done to develop a hypothetical conclusion. On the contrary, the interpretative philosophy is largely dependent on the process of data collection with the method of primary quantitative data collection that is surveys and primary qualitative data collection that interview. The philosophy is interpretive is used mainly in those cases where very less number of literature is available (Kennedy, 2017).
In this research, the researcher has used the positivism philosophy of data collection as the data’s that are extracted by the researcher are further presented in the form of a statically quantitative way.
In any research, the two types of research approaches that are generally employed by any researcher are deductive approach and inductive approach. The deductive approach is used by the researcher when a new logic and theory gets adopted by the researcher based on the erstwhile resources available from the previous researches and the collection of the sufficient data for supporting the theory (Alase, 2017). On the contrary, the inductive approach is used by a researcher, in which a bottom-up process in research is used. It is mainly involved in the generation of the testing of the theories and the ideas based on the literature evidence from any previous research.
In this research, the researcher has used the deductive approach, as the researcher has been involved in the generation of the new theories that are based on the reviewed literature and also on the primary quantitative data from the survey models (Van den Berg and Struwig, 2017).
The three types of research design that are most conspicuous among the researchers to use are explanatory, exploratory and descriptive designs. Now in any research, when the research aims and the objectives are not properly described, then the researcher opts for either the explanatory or the exploratory design (Schoonenboom and Johnson, 2017). On the contrary, when the objectives of the research are well presented then in such cases, the researcher uses for the descriptive design (Leavy, 2017). In this research, though the research aims of the objectives are not properly mentioned; however, the research questions are described which a B version of the research aim of the paper. Hence for this issue, the design of the descriptive design has been used in the paper (Rahi, 2017). The research is based on the provided research question, and hence for this, the descriptive design has been used based on the primary quantitative data collection.
Sampling Method and sampling Size
The sampling method allows the researcher to adopt a specific sample size for the data collection in the research. Generally, two types of sampling are employed by the research for the researches, and these include the probability sampling and no probability sampling. In this research, the researcher has adopted the simple random non-probability sampling technique as the method of data extraction. This sampling method allowed the researcher to maintain the time and financial resources conveniently. As the lack of time and financial resources was an important issue, this method was adopted by the researcher as it allowed the researcher to extract authentic and bulk of the data within a short span of time.
The sampling size that has been selected for the research is the business 50 operation managers of fifteen online retail organisations of Australia about the impact of cryptocurrency on their respective questions.
The research strategies help any researcher to complete any research with additional ingredients to complete it on time. The different types of strategies that are used in any research are case study strategy, experimental strategy, interviews and surveys. These types of research strategies enable any researcher to extract the data. The survey strategies help any researcher to collect a large amount of data at a single point of time. The interviews help any research to obtain qualitative data by observation of the facial expressions of the participants.
In this particular research, the researcher has used the model or strategy of the survey questionnaire strategy. It has helped the researcher to collect data on the form of primary quantitative data collection from the 50 operation managers of fifteen Australia based online retail business organisations.
The data collection strategies are very important as it helps any researcher to get responses from the target participants. If the data collection strategies are prominent and effective, then it becomes helpful for the participants to answer the questions. In the research, the survey questionnaire has been used. Hence for this purpose of options of the survey questions are placed on a Likert scale as the answering techniques and the options all are close-ended. The questionnaires have been provided to the participants on social media. It has allowed collecting a large amount of data at a comparative low time and low financial resources.
Data Analysis Method
Prominent method of data collection helps any researcher to draw useful conclusions and the recommendations that are based on the extracted data from the research. In the research, the data's have been collected by the implementation of the primary quantitative data collection strategies. Hence for this, all the survey questionnaires have been presented in the form of tables. Then the response frequencies of the questions have been converted into the response percentages which have been further presented in the form of graphs and charts. These data analysis procedure has been taken for the enrichment of the research.
Survey Questions with the options
The target audiences of the survey are 50 operation managers of 15 Retail online organisations in Australia.
- For how many years you have been associated with the online business organisation where you are currently serving?
o Less than one year
o More than one year
o More than three years
o More than five years
- How far do you agree with the fact that the implementation of cryptocurrency in your organisation can create success for your organisation?
- Highly Agree
- Strongly Disagree
- How far do you agree with the fact that even during times of market fluctuation, cryptocurrency can work for your organisation?
- Highly Agree
- Strongly Disagree
- Do you receive regular training sessions from your organisation to be tech-savvy for using cryptocurrency effectively?
- Very Regularly
- Very Rarely
- How far do you agree with the fact that mismanagement of Cryptocurrency can lead to organisational risk and even losses?
- Highly Agree
- Strongly Disagree
- What are the prominent negative factors of crypto current that can negatively impact online business according to you?
- Lack of tech operation skills
- Market fluctuation
- Cybersecurity threats
- For how many years your organisation has been using cryptocurrency as digital cashless transactions?
- Less than one year
- More than two years
- More than four years
- More than 6 years
- Not at all using right now
- What recommendations would be like to suggest for effective use of cryptocurrency for online business organisations?
- Regular training to the cryptocurrency operators
- Stable organisational password for averting risks
- Under regulated exchanges
- P2P Access by online business organisations organisations
Assured Outcome of the paper
If the researcher of the paper can execute all the planned ideals of paper effectively, it is expected that the paper will be able to discern new avenue ideas on the following issues. One of the major assured of the paper is it will able to identify in details about the reception of cryptocurrency among the online business organisations of Australia and its popularity in that country.
In addition to this, the paper will be able to highlight requisites that are imperative for any organisation to use the cryptocurrency effectively. Apart from this, the major areas of the negative impact of cryptocurrency on online business will be known along with the recommendations that can make cryptocurrency favourable for online business organisations.
To conclude the paper, the paper is aimed to know about the impacts of cryptocurrency and also to evaluate if the negative factors of cryptocurrency are more than the positive factors on the online business organisations. In this paper, an introduction has been provided to make the readers understand the role of cryptocurrency in online business. Additionally, the methodology of the research has been described in details. Lastly, an assured outcome has been provided to exhibit about the possible outcomes of the paper.
Hileman, G. and Rauchs, M., 2017. Global cryptocurrency benchmarking study. Cambridge Centre for Alternative Finance, 33, pp.33-113.
Liu, Y. and Tsyvinski, A., 2018. Risks and returns of cryptocurrency (No. w24877). National Bureau of Economic Research.
Chuen, D.L.K., Guo, L. and Wang, Y., 2017. Cryptocurrency: A new investment opportunity?. The Journal of Alternative Investments, 20(3), pp.16-40.
Lee, J.Y., 2019. A decentralised token economy: How blockchain and cryptocurrency can revolutionise business. Business Horizons, 62(6), pp.773-784.
Ratana, D.S. and Gupta, K., 2019, July. Can cryptocurrency help the business to be more competitive?. In Global Competitiveness: Business Transformation in the Digital Era: Proceedings of the First Economics and Business Competitiveness International Conference (EBCICON 2018), September 21-22, 2018, Bali, Indonesia (Vol. 6, p. 221). Routledge.
Cazeaux, C., 2017. Art, research, philosophy. Taylor & Francis.
Kennedy, A.M., 2017. Macro-social marketing research: Philosophy, methodology and methods. Journal of Macromarketing, 37(4), pp.347-355.
Please, A., 2017. The Interpretative Phenomenological Analysis (IPA): A Guide to a Good Qualitative Research Approach. International Journal of Education and Literacy Studies, 5(2), pp.9-19.
Van den Berg, A. and Struwig, M., 2017. Guidelines for Researchers Using an Adapted Consensual Qualitative Research Approach in Management Research. Electronic Journal of Business Research Methods, 15(2).
Schoonenboom, J. and Johnson, R.B., 2017. How to construct a mixed methods research design. KZfSS Kölner Zeitschrift für Soziologie und Sozialpsychologie, 69(2), pp.107-131.
Leavy, P., 2017. Research design: Quantitative, qualitative, mixed methods, arts-based, and community-based participatory research approaches. Guilford Publications.
Rahi, S., 2017. Research design and methods: A systematic review of research paradigms, sampling issues and instruments development. International Journal of Economics & Management Sciences, 6(2), pp.1-5.