IDEAS home Printed from https://ideas.repec.org/p/boc/csug17/08.html
   My bibliography  Save this paper

Bitcoin awareness and usage in Canada

Author

Listed:
  • Gradon Nicholls

    (Bank of Canada)

Abstract

There has been a tremendous discussion of Bitcoin, digital currencies, and fintech. However, there is limited empirical evidence of its adoption and usage. We propose a methodology to collect a nationally representative sample via the Bitcoin Omnibus Survey (BTCOS) to track the ubiquity and usage of Bitcoin in Canada. We find that about 64 percent of Canadians have heard of Bitcoin, but only 4 percent own it. We find that awareness of Bitcoin was strongly associated with men and those with college or university education; additionally, Bitcoin awareness was also more concentrated among unemployed individuals. On the other hand, Bitcoin ownership was associated with younger age groups and a high school education. Furthermore, we construct a test of Bitcoin characteristics to gauge the level of perceived versus actual knowledge held by respondents. We find that knowledge is positively correlated with Bitcoin adoption. Based on the survey response and data, we offer suggestions to improve future digital currency surveys, in particular, to achieve precise estimates from the hard-to-reach population of digital currency users using social network analysis.

Suggested Citation

  • Gradon Nicholls, 2017. "Bitcoin awareness and usage in Canada," Canadian Stata Users' Group Meetings 2017 08, Stata Users Group.
  • Handle: RePEc:boc:csug17:08
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Schonlau, Matthias & Liebau, Elisabeth, 2012. "Respondent-driven sampling," Stata Journal, StataCorp LP, vol. 12(1), pages 1-24.
    2. Ben Fung & Kim Huynh & Gerald Stuber, 2015. "The Use of Cash in Canada," Bank of Canada Review, Bank of Canada, vol. 2015(Spring), pages 45-56.
    3. Wilko Bolt & Maarten van Oordt, 2016. "On the value of virtual currencies," DNB Working Papers 521, Netherlands Central Bank, Research Department.
    4. Matthew Chen & Anton Badev, 2014. "Bitcoin: Technical Background and Data Analysis," Finance and Economics Discussion Series 2014-104, Board of Governors of the Federal Reserve System (US), revised 07 Oct 2014.
    5. Neil Gandal & Hanna Halaburda, 2014. "Competition in the Cryptocurrency Market," Working Papers 14-17, NET Institute.
    6. Matthias Schonlau & Elisabeth Liebau, 2012. "Respondent-driven sampling," Stata Journal, StataCorp LP, vol. 12(1), pages 72-93, March.
    7. Athey, Susan & Parashkevov, Ivo & Sarukkai, Vishnu & Xia, Jing, 2016. "Bitcoin Pricing, Adoption, and Usage: Theory and Evidence," Research Papers 3469, Stanford University, Graduate School of Business.
    8. Carlos Arango & Angelika Welte, 2012. "The Bank of Canada’s 2009 Methods-of-Payment Survey: Methodology and Key Results," Discussion Papers 12-6, Bank of Canada.
    9. Ben Fung & Kim Huynh & Leonard Sabetti, 2012. "The Impact of Retail Payment Innovations on Cash Usage," Staff Working Papers 12-14, Bank of Canada.
    10. repec:bla:jorssa:v:180:y:2017:i:2:p:503-530 is not listed on IDEAS
    11. Geoffrey R. Dunbar & Chunling Fu, 2015. "Sheltered Income: Estimating Income Under-Reporting in Canada, 1998 and 2004," Staff Working Papers 15-22, Bank of Canada.
    12. Carlos Arango & Kim Huynh & Ben Fung & Gerald Stuber, 2012. "The Changing Landscape for Retail Payments in Canada and the Implications for the Demand for Cash," Bank of Canada Review, Bank of Canada, vol. 2012(Autumn), pages 31-40.
    13. Christopher Henry & Kim Huynh & Rallye Shen, 2015. "2013 Methods-of-Payment Survey Results," Discussion Papers 15-4, Bank of Canada.
    14. Anneke Kosse & Heng Chen & Marie-Hélène Felt & Valéry Dongmo Jiongo & Kerry Nield & Angelika Welte, 2017. "The Costs of Point-of-Sale Payments in Canada," Discussion Papers 17-4, Bank of Canada.
    15. Lusardi, Annamaria & Mitchell, Olivia S., 2011. "Financial literacy around the world: an overview," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(4), pages 497-508, October.
    16. Heng Chen & Marie-Hélène Felt & Kim P. Huynh, 2017. "Retail payment innovations and cash usage: accounting for attrition by using refreshment samples," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 180(2), pages 503-530, February.
    17. Ben Fung & Hanna Halaburda, 2014. "Understanding Platform-Based Digital Currencies," Bank of Canada Review, Bank of Canada, vol. 2014(Spring), pages 12-20.
    18. Schonlau, Matthias & Liebau, Elisabeth, 2012. "Respondent-Driven Sampling," EconStor Open Access Articles, ZBW - Leibniz Information Centre for Economics, pages 72-93.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Doris Ritzberger-Grünwald & Helmut Stix, 2018. "How Austrians bank and pay in an increasingly digitalized world – results from an OeNB survey," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3/18, pages 52-89.
    2. Walter Engert & Ben Fung & Scott Hendry, 2018. "Is a Cashless Society Problematic?," Discussion Papers 18-12, Bank of Canada.
    3. Walter Engert & Ben Fung, 2017. "Central Bank Digital Currency: Motivations and Implications," Discussion Papers 17-16, Bank of Canada.
    4. Christopher Henry & Kim Huynh & Gradon Nicholls, 2018. "Bitcoin Awareness and Usage in Canada: An Update," Staff Analytical Notes 2018-23, Bank of Canada.
    5. Helmut Stix, 2019. "Ownership and purchase intention of crypto-assets – survey results," Working Papers 226, Oesterreichische Nationalbank (Austrian Central Bank).
    6. Raphael Warren Jankeeparsad & Dev Tewari, 2018. "End-User Adoption of Bitcoin in South Africa," Journal of Economics and Behavioral Studies, AMH International, vol. 10(5), pages 230-243.
    7. Anil Savio Kavuri & Alistair Milne, 2019. "FinTech and the future of financial services: What are the research gaps?," CAMA Working Papers 2019-18, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

    More about this item

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:boc:csug17:08. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christopher F Baum). General contact details of provider: http://edirc.repec.org/data/stataea.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.