ABSTRACT
The phenomenon of cryptocurrencies still requires systematic and in-depth scientific research, because the literature lacks a concentrate and systematic analysis on issue of private, decentralized digital money (cryptocurrencies) in relation to the future of traditional money, as well as the stability of the financial system. Moreover, the is lack of research based on the opinions of participants of the financial system, which includes users – current and potential – as subjects relevant to the future of the financial system, based on the historically well-known principle of universal acceptance and trust in traditional monetary system. In particular, comparative and international research has received limited attention. In response to the identified research gap, this article refers to the results of research on the perception of cryptocurrencies by young financial market participants. We try to answer to the following research questions: 1) are there international differences in perceptions and attitudes toward the traditional monetary system and cryptocurrencies? 2) are cryptocurrencies constructed on the basis of blockchain a valid alternative to current fiat money? 3) do cryptocurrencies have characteristics that make them successors to fiat money? Our work is based on the research material collected during surveys conducted before the outbreak of the COVID-19 pandemic – in December 2019 and January 2020 – in Germany and Poland. The survey was conducted among 281 respondents – 143 from Germany and 128 from Poland. They were students of economics and finance majors of studies. The survey was conducted in the form of an auditorium questionnaire. The paper questionnaire used in the survey consisted of 26 questions related to virtual money and 5 questions of socio-demographic characteristics. In addition, the article used statistical methods – correlation and variance analysis – to characterize the distributions of responses and the relationships between questions. Our findings lead to the conclusion that there are significant differences in perception, the traditional monetary system, and cryptocurrencies due to a variety of factors, which include the level of development of the economy, the innovation of financial markets, historical warranty and being their derivative the so-called collective consciousness (mentality). The obtained research results can be a starting point for further in-depth analysis of the studied phenomenon at the international level, not only in the sphere of economics and finance, but also behavioral finance, sociology and psychology. © 2022 Narodowy Bank Polski. All rights reserved.