EXPLORING AWARENESS AND PERCEPTION OF CRYPTO

CURRENCY AND BLOCKCHAIN TECHNOLOGY IN

TELANGANA

A Project Report Submitted to Chaitanya Bharathi Institute of Technology

in partial fulfilment for the award of

MASTER OF BUSINESS ADMINISTARTION

By
MALLAM ASHISH
160122672102
Batch 2022-2024

Under the guidance of

DR.K. BHAGYA LAKSHMI
Assistant Professor
CBIT-SMS

CBIT- School of Management Studies

Chaitanya Bharathi Institute of Technology

Gandipet, Hyderabad – 500075,

OSMANIA UNIVERSITY – 500007

i
 DECLARATION

This is to certify that the project titled “Exploring Awareness and

Perception of Crypto currency and Blockchain Technology in
Telangana” is a Bonafide work completed by MALLAM ASHISH, Roll
Number:160122672102, in partial fulfillment of the requirements of the
MBA Program and submitted to CBIT, Hyderabad. I declare that this
project is a result of my own efforts and has not been copied from any
source. This work has not been submitted earlier at any other institute or
university for the award of any degree.

MALLAM ASHISH

Place: Hyderabad Roll No: 160122672102

Date: Batch: 2022-2024

CBIT, Hyderabad

ii
 CERTIFICATE

This is to certify that Student name bearing Roll no 160122672098, a student of

Chaitanya Bharathi Institute of Technology, Hyderabad, 2021-2023 batch, has
undergone the project work on “Exploring Awareness and Perception of Crypto
currency and Blockchain Technology in Telangana”, had fulfilled all the
requirements concerning the project work.

It was completed under the guidance of Guide name, Designation, SMS, CBIT and is
certified to be the student’s bonafide work.

Dr. K. Bhagya Lakshmi Dr. S. Saraswathi

Project Guide Head

Associate Professor CBIT-SMS

CBIT-SMS Hyderabad-75

iii
 ABSTRACT

The global surge in the adoption of cryptocurrencies and blockchain technology has
brought about transformative changes across finance, technology, and governance
sectors. Telangana, a leading hub of technological innovation in India, reflects this global
trend and stands at the forefront of exploring the opportunities and challenges presented
by these emerging technologies. This study aims to investigate the awareness and
perception of cryptocurrency and blockchain technology among various stakeholders in
Telangana, including technology firms, financial institutions, government bodies, and the
general public. By assessing the impact of cryptocurrencies on traditional financial
systems, this research explores their potential to democratize access to financial services
and disrupt the dominance of centralized institutions. Additionally, the study delves into
the diverse applications of blockchain technology beyond finance, such as in supply chain
management, healthcare, and governance, highlighting its transformative potential.

The methodology includes a comprehensive literature review, analysis of global and local
case studies, and data collection through surveys and interviews with key stakeholders in
Telangana. This mixed-method approach aims to provide a holistic understanding of the
current level of awareness, perceived benefits, and challenges associated with the
adoption of these technologies in the region. The research findings are expected to reveal
the extent of cryptocurrency and blockchain adoption, identify barriers to
implementation, and uncover the potential for these technologies to drive economic and
technological advancements in Telangana.

Keywords: Cryptocurrency, Blockchain Technology, Awareness, Perception, Telangana,

Financial Systems, Decentralization, Technological Innovation, Financial Inclusion,
Governance.

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 ACKNOWLEDGEMENT

My deepest thanks to Dr. K. BHAGYA LAKSHMI, Associate Professor,

School of Management Studies, and my project guide for rendering his
valuable suggestions and persistent inspiration during the course of the
study.

I express my thanks to Dr. S. Saraswathi, Head of the Department, School

of Management studies, Chaitanya Bharathi Institute of Technology for her
continuous cooperation and valuable guidance in the completion of my
work.

I thank Prof. C. V. NARASIMHULU, Principal, Chaitanya Bharathi

Institute of Technology for being the source of encouragement.

I would like to thank all my faculty of School of Management Studies,

Chaitanya Bharathi Institute of Technology, for their continuous support
and encouragement in completing my project work.

I owe my sincere thanks to all the respondents for their valuable

suggestionsand feedback.

I would also like to thank my parents, family members and friends for their
encouragement and support from the inception of the project till
completion.

MALLAM ASHISH

Place: Hyderabad Roll No: 160122672102

Date: Batch: 2022-2024

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 TABLE OF CONTENTS

Chapter No. Content Page No

List of Tables vii-viii
List of Figures ix-x
I Introduction 1-26
II Review of Literature 27-35
III Research Methodology 36-44
• Research Problem 36
• Objectives of the Study 37
• Need for the Study 38

• Scope of the Study 39

• Sources of Data 40

• Sample Size 40
40
• Tools for Analysis
41
• Limitations of the Study

IV Profile 42-44
• Industry Profile
V Data Analysis and Inferences 45-89
VI Findings, Conclusions and 90-94
Recommendations
Bibliography
Appendices

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 List of Tables
TABLE. TABLE TITLE Page. No.
NO.

5.1 Age of Respondents 45

5.2 Gender of Respondents 46

5.3 Education Level of Respondents 47

5.4 Occupation of Respondents 49

5.5 Annual Income of Respondents 50

5.6 Familiarity of Respondents with crypto currency 51

5.7 The initial source of information about cryptocurrency 52

of Respondents
5.8 Investment in cryptocurrency by Respondents 53
5.9 Respondents rating of understanding of blockchain 56
technology
5.10 Experience using block chain technology for purposes 57
other than cryptocurrency
5.11 Perspective on how cryptocurrency could impact the 60
traditional financial system
5.12 Attended any government or private sessions on 61
cryptocurrency and blockchain
5.13 Influence of government policies and regulations in 62
decision to invest in cryptocurrency
5.14 Perception of security and privacy aspects of 65
cryptocurrency transactions
5.15 Belief in the transformative potential of 67
cryptocurrency and blockchain technology on the
traditional financial system
5.16 Level of awareness about blockchain technology 68
among respondent’s social circle
5.17 Factors determining the effectiveness of educational 70
institutions in educating students about cryptocurrency
and blockchain technology
5.18 Education information about cryptocurrency and 71
blockchain
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5.19 Perception of cryptocurrency and blockchain 72
technology differs in urban and rural areas
5.20 Chi-Square table of age and level of awareness 74

5.21 Chi-Square result 74

5.22 Chi-Square table of gender and awareness level 76

5.23 Chi-Square result 76

5.24 Chi-Square table of education level and awareness 78

level
5.25 Chi-Square result 78

5.26 Chi-Square table of respondents district and awareness 80

level
5.27 Chi-Square result 81

5.28 Chi-Square table of annual income and awareness 82

level
5.29 Chi-Square result 82

5.30 Table of model summary 84

5.31 Anova table 85

5.32 Regression table of coefficient 85

viii
 List of Figures

Fig no: Figure Title Page no.

1.1 How blockchain works 6
1.2 History of blockchain 7
1.3 Types of cryptocurrencies 8
1.4 Bitcoin 9
1.5 Ethereum 10
1.6 Tether 10
1.7 Doge coin 11
1.8 USD coin 11
1.9 Crypto market 24
5.1 Age of the respondents 45
5.2 Gender of the respondents 46
5.3 Education of the respondents 47

5.4 District of respondents 48

5.5 Occupation of respondents 49
5.6 Annual income of respondents 50

5.7 Familiar of respondents with 51

cryptocurrency
5.8 The initial source of information about 52
cryptocurrency of respondents

5.9 Investment in cryptocurrency by 53

respondents

5.10 The cryptocurrency respondents are aware 54

of
5.11 Factors considered when decide to invest 55
in cryptocurrency

5.12 Respondents rating of understanding of 56

blockchain technology

5.13 Experience of using blockchain technology 57

for purposes other than cryptocurrency
5.14 Perception of main advantage of using 58
cryptocurrency and blockchain
ix
5.15 Main concerns associated with 60
cryptocurrency
5.16 Perspective on how cryptocurrency could 61
impact the traditional financial system
5.17 Attended any government or private 62
sessions on cryptocurrency and blockchain
5.18 Influence of government policies and 63
regulations in decision to invest in
cryptocurrency
5.19 Main benefits of promoting cryptocurrency 64
and blockchain technology
5.20 Perception of the security and privacy 65
aspects of cryptocurrency transactions.
5.21 Foreseeing challenges in promoting 66
cryptocurrency and blockchain technology
5.22 Belief in transformative potential of 67
cryptocurrency and blockchain technology
5.23 Level of awareness about blockchain 69
technology among respondents social
circle
5.24 Factors determining the effectiveness of 70
educational institutions in educating
students about cryptocurrency and
blockchain technology
5.25 Education and information about 71
cryptocurrency and blockchain
5.26 Perception of cryptocurrency and 73
blockchain technology in urban and rural
areas

5.27 Multi logistic regression 87

x
1. INTRODUCTION

In recent years, the global surge in the adoption of cryptocurrencies and blockchain
technology has significantly transformed various sectors, including finance, technology,
and governance. Cryptocurrencies, digital or virtual currencies secured by cryptography,
have transitioned from niche concepts to mainstream financial instruments. Their
decentralized nature promises to democratize financial systems by providing access to
financial services to the unbanked and underbanked, offering lower transaction fees,
faster transfer times, and enhanced security compared to traditional banking systems.
Blockchain technology, the distributed ledger technology that underpins
cryptocurrencies, has emerged as a disruptive force across multiple industries. Its
decentralized, immutable ledger ensures transparency and security, making it a reliable
method for recording and verifying transactions. Beyond finance, blockchain applications
extend to supply chain management, healthcare, and governance, providing real-time
tracking, secure patient record sharing, and transparent voting systems.

Cryptocurrency is a digital or virtual medium of exchange designed for secure financial

transactions across various virtual and real contexts. It represents intangible assets that
hold value and can be used electronically or virtually in applications such as online social
networks, online gaming, virtual worlds, and peer-to-peer networks. Referred to as
crypto-currency or simply crypto, this form of currency is fundamentally digital,
leveraging cryptography to ensure the security and integrity of transactions. Unlike
traditional fiat currencies, cryptocurrencies operate without a central regulatory authority,
such as a government or bank. Instead, they utilize a decentralized network to manage
and record transactions, as well as to create new units. This decentralization is a
cornerstone of cryptocurrency technology, eliminating the need for intermediaries and
allowing direct peer-to-peer transactions. Anyone, anywhere in the world, can send and
receive cryptocurrency payments, which are recorded as digital entries in an online ledger
known as a blockchain.

The concept of cryptocurrency hinges on cryptographic techniques to verify and secure

transactions. When a transaction is initiated, it is broadcast to the cryptocurrency network,
where it is validated by network nodes through cryptography and recorded in a public

1
ledger. This process ensures the transaction's authenticity and prevents fraud. The digital
nature of cryptocurrencies means they exist only as records in an online database, rather
than as physical coins or notes carried and exchanged in the real world. These records are
stored in digital wallets, which users can access to manage their cryptocurrency holdings.

Cryptocurrencies have gained significant attention and adoption due to their potential to
revolutionize tr`aditional financial systems. By enabling decentralized, peer-to-peer
transactions, they offer the promise of lower transaction fees, faster transfer times, and
enhanced security compared to conventional banking systems. Furthermore, their
decentralized nature provides financial access to the unbanked and underbanked
populations, democratizing financial services on a global scale.

The rise of cryptocurrencies has also introduced new opportunities and challenges. While
they offer innovative solutions for secure and efficient transactions, they also pose
regulatory, security, and volatility challenges that need to be addressed. As the technology
and its applications continue to evolve, cryptocurrencies are poised to play an increasingly
significant role in the future of finance and beyond.

Telangana, a state in southern India, has rapidly positioned itself as a leading hub of
technological innovation. With Hyderabad, its capital, hosting a thriving tech industry,
Telangana has embraced digital transformation across various sectors. The state
government's proactive approach to adopting new technologies to drive economic growth
and improve public services makes Telangana an ideal setting to explore the awareness
and perception of cryptocurrency and blockchain technology. This study aims to
investigate the level of awareness and perception of these technologies among
stakeholders in Telangana, including technology firms, financial institutions, government
bodies, and the general public. It will assess the impact of cryptocurrencies on traditional
financial systems, explore diverse blockchain applications, evaluate regional adoption
rates, and identify implementation challenges. Through a mixed-method approach
involving literature reviews, case studies, surveys, and interviews, this research seeks to
provide comprehensive insights and strategic recommendations to position Telangana as
a leader in cryptocurrency and blockchain innovation, driving significant advancements
in financial inclusivity, technological progress, and governance.

2
There is no doubt that the era of information and communication technology has brought
many golden opportunities in various fields. The financial and commercial sector is one
of the areas that will benefit from these technologies and online connectivity. The concept
of a virtual world has been stimulated by the growing number of online users, leading to
a new commercial phenomenon. As a result, new forms of trade, trading, and currencies
emerged. Cryptocurrency is an attractive financial instrument that has evolved in recent
years. Cryptocurrency is any form of electronic money, virtual or real, that can be used
for various financial transactions. The paper explores aspects of consumer awareness of
cryptocurrency in India. The lack of central authority behind it, the lack of legal
regulation, and the hacking of some exchanges, called the means of illegal money
laundering, raises questions about the perceived trust and risk of cryptocurrencies.

Therefore, risk factors that are perceived to affect the buying and selling of
cryptocurrencies on online platforms have been interpreted as a matter of consumer
behavior and it has been decided to conduct an investigation. Online trust factors, on the
other hand, are factors for online entrepreneurship, electronic services, and electronic
communications success, and the increased perceived risk also encourages people to
avoid manipulation. Trust is one of the most important issues in online shopping in this
context. Cryptocurrencies and processing stock markets carry trust issues and risks. This
situation can affect consumer behavior in the developing crypto market. Therefore, a
comprehensive model that defines trust and perceived risk enables consumers to use
cryptocurrencies.

3
1.1 Cryptocurrency

A cryptocurrency is a digital or virtual currency protected by cryptography which makes

counterfeiting or double spending almost impossible. Most cryptocurrencies are
decentralized, blockchain-based networks - a public database operated by a dispersed
computing network. One distinguishing characteristic of cryptocurrencies is that they are
usually not distributed by any central agency, rendering them potentially resistant to
intervention or abuse by the government.

The term “crypto currency” derives from the encryption methods used to protect the
network. Cryptocurrencies attract scrutiny for a variety of reasons including their use for
illicit activity, exchange rate fluctuations, and network flows that underlie them. They
were also praised for their portability, accountability, and divisibility. Cryptocurrencies
are almost always intended to be free of government influence and regulation, but this
core feature of the technology has come under fire as they have become more common.
The currencies modelled after bitcoin are called altcoins collectively and have often
attempted to present themselves as modified or improved versions of bitcoin.

The first cryptocurrency based on blockchain was Bitcoin, which remains the most
popular and valuable. Bitcoin was introduced in 2009 by a person or collective known as
“Satoshi Nakamoto.” As of November 2019, more than 18 million bitcoins were in
circulation with a cumulative market cap of about $146 billion. Bitcoin is one of the first
digital currencies to use peer-to-peer technology to enable online transfers. Some of
Bitcoin’s success spawned competing cryptocurrencies, known as “altcoins,” including
Litecoin, Peercoin, and Namecoin as well as Ethereum, Cardano, and EOS. Today the
aggregate value of all existing cryptocurrencies is around $214 billion — Bitcoin
currently accounts for more than 68 per cent of the total value.

4
1.2 Blockchain

Bitcoin and other cryptocurrencies are commonly associated with blockchain

technology. It is a distributed database of transaction records that is validated and
maintained by a network of computers all over the world. Instead of a single central
authority, such as a bank, the records are controlled by a vast community, and no single
person has power over them, nor can anybody travel back in time and edit or erase a
transaction history. Due to blockchain's built-in distributed nature of structure and
confirmed guarantees by peers, information cannot be changed like it can in a traditional
centralised database. In other words, unlike a traditional centralised database that is stored
on a single server, blockchain is distributed among software users. Blockchain allows
anyone on the network to view everyone else's entries, making it impossible for a single
central entity to gain control of the network.

When someone performs a transaction, it is sent to the network, where computer

algorithms determine the transaction's authenticity. Once the transaction has been
verified, it is linked to the previous transaction, forming a chain of transactions. The
blockchain is the name given to this chain. Blockchain technology is based on a
decentralised network, which means it is a peer-to-peer network. Blockchain is a
revolutionary concept that has successfully brought transparency to users and has become
a game-changer in many industries. Blockchain promotes entrepreneurship by reducing
corruption and tearing down bureaucratic barriers, thereby establishing common mass
ownership. This peer-to-peer technology has created new opportunities and a personal
foundation for economic empowerment. It is too early to predict what lies ahead, but the
future of blockchain appears bright, and it is safe to say that blockchain technology is
here to stay.

5
 Figure 1.1 How Blockchain works

1.3 HISTORY OF CRYPTO CURRENCY

The concept of cryptocurrency was initially coined in the late 1980s to create money that
could be transferred anonymously (without mentioning the name and details of sender
and receiver) and without centralized institutions (i.e. Banks). David Chaum, an
American cryptographer, started the Digicash network, an anonymous cryptographic
electronic money, in 1995. An early cryptography-based online payment needed software
to withdraw money from a bank and specific encryption keys to send money. Following
it, Nick Szabo invented Bit Gold in the late 1990s, which is frequently referred to as a
direct forerunner of Bitcoin. The process started in the year 2008. Satoshi Nakamoto was
the individual who published the paper. He defined the process of bitcoin blockchain after
buying the BTC for himself. Satoshi Nakamoto created the first cryptocurrency, Bitcoin,
in 2009. Bitcoin was not regulated by any government or institution, and there was no
third party engaged; it was open source and based on peer-to-peer transactions.
Blockchain was used to create this cryptocurrency.

Many attempts to generate digital money were made in the 19th century, all of which
failed. After observing all of the failures, Satoshi set out to create a decentralised digital
money system. An example is network-based peer-to-peer file sharing. Bitcoin
revolutionized the digital coin market by decentralising it and liberating it from
hierarchical power structures. Individuals and businesses instead use a peer-to-peer
network to transact with the coin.. Beginning in 2011, it drew a lot of attention, and a slew
6
of altcoins — a catch-all term for all cryptocurrencies created after Bitcoin – started
appearing Litecoin was launched in the fall of 2011 and enjoyed significant success before
being overtaken by Ripple. It had the biggest cryptocurrency market cap after Bitcoin
until it was overtaken by Ripple in 2014. Litecoin changed Bitcoin's protocol to increase
transaction speed in the hopes of making it more suitable for day-to-day transactions.

Ripple, which debuted in 2013, provided a completely different paradigm than Bitcoin
and now has a market capitalization of around $255 million, another noteworthy
cryptocurrency in the evolutionary chain uses a groundbreaking technological
development to protect and sustain its coinage. Peercoin has a hybrid network security
method that combines the proof-of-work (PoW) technology used by Bitcoin and Litecoin
with its own mechanism, proof-of-stake (PoS).

Figure 1.2 History of Blockchain

7
1.4 CRYPTOCURRENCY MINING

A decentralized (also known as peer-to-peer) network of computers is used to mine most

cryptocurrencies. Mining, on the other hand, does more than just generate more bitcoin
or Ethereum; it's also the mechanism that keeps the network up to date and secure by
constantly checking the public blockchain record and adding new transactions.

Anyone with a computer and an internet connection can technically become a miner.
However, before you get too excited, keep in mind that mining isn't always profitable.
You may wind up spending more on mining than you earn in bitcoin, depending on which
cryptocurrency you're mining, how fast your computer is, and the cost of electricity in
your area. As a result, the majority of crypto mining is now done by specialized
organizations or large groups of individuals who all donate their processing power.

1.5 TYPES OF CRYPTOCURRENCIES

Figure 1.3 Types of Crypto Currency

8
BITCOIN

Bitcoin- The world’s first widely adopted cryptocurrency. With bitcoin, people can
securely and directly send each other digital money on the internet. Every transaction
involving Bitcoin is tracked on the blockchain, which is similar to a bank’s ledger, or log
of customers’ funds going in and out of the bank. In simple terms, it’s a record of every
transaction ever made using bitcoin. Unlike a bank’s ledger, the Bitcoin blockchain is
distributed across the entire network. No company, country, or third party is in control of
it; and anyone can become part of that network.

There will only ever be 21 million bitcoin. This is digital money that cannot be inflated
or manipulated in any way. It isn’t necessary to buy an entire bitcoin: you can buy just a
fraction of one if that’s all you want or need.

Satoshi is the smallest unit of bitcoin currency recorded on blockchain. It is a one hundred
millionth part of a single bitcoin (0.00000001 BTC). The unit has been named in
collective homage to the original creator of the Bitcoin, Satoshi Nakamoto.

Figure 1.4 Bitcoin

ALT COIN

The term altcoin refers to all cryptocurrencies other than bitcoin (and for some people,
Ethereum. There are tens of thousands of altcoins on the market. Altcoins come in several
types based on what they were designed for. The future value of altcoins is impossible to
predict, but if the blockchain they were designed for continues to be used and developed,
the altcoins will continue to exist.

9
ETHEREUM

Ethereum is a decentralized, open-source blockchain with smart contract functionality.

Ether (ETH or Ξ) is the native cryptocurrency of the platform. Among cryptocurrencies,
Ether is second only to Bitcoin in market capitalization.

Figure 1.5 Ethereum

TETHER

Tether (often called by its symbol USDT) is a stablecoin cryptocurrency that is hosted on
the Ethereum and Bitcoin blockchains, among others. Its tokens are issued by the Hong
Kong company Tether Limited, which in turn is controlled by the owners of Bitfinex.
Tether is called a stablecoin because it was originally designed to always be worth
US$1.00, maintaining $1.00 in reserves for each tether issued.

This Photo by Unknown Author

Figure 1.6 Tether

DOGECOIN

Dogecoin Ð is a cryptocurrency created by software engineers Billy Markus and Jackson

Palmer, who decided to create a payment system as a "joke", making fun of the wild
speculation in cryptocurrencies at the time. It is considered both the first "meme coin",
and, more specifically, the first "dog coin". Despite its satirical nature, some consider it a
legitimate investment prospect. Dogecoin features the face of the Shiba Inu dog from the

10
"doge" meme as its logo and namesake. It was introduced on December 6, 2013, and
quickly developed its own online community, reaching a market capitalization of over
$85 billion[a] on May 5, 2021.

Figure 1.7 Doge Coin

USD COIN

USD Coin (USDC) is a digital stablecoin that is pegged to the United States dollar. USD
Coin is managed by a consortium called Centre, which was founded by Circle and
includes members from the cryptocurrency exchange Coinbase and Bitcoin mining
company Bitmain, an investor in Circle. USDC is issued by a private entity and should
not be confused with a central bank digital currency (CBDC).

Figure 1.8 USD Coin

HEDERA

Hedera (HBAR) is the most widely used, long-lasting, enterprise-grade public network
for the decentralised economy, enabling individuals and businesses to build powerful
decentralised applications (DApps). It is intended to be a more equitable and efficient
system that eliminates some of the limitations that older blockchain-based platforms have,
such as slow performance and instability. Hedera Hashgraph, unlike most other

11
cryptocurrency platforms, is not built on top of a traditional blockchain. Instead, it
introduces a brand-new type of distributed ledger technology known as a Hashgraph. This
technology can outperform many blockchain-based alternatives in key areas such as
speed, cost, and scalability. The average transaction fee for Hedera transactions is $
0.0001 and usually completes within 5 seconds. Overall, Hedera Hashgraph claims to be
able to handle over 10,000 transactions (TPS) per second compared to the most popular
Proof-of-Work (PoW) -based blockchain, which can only handle 5-20.

POLYGON:

Polygon (formerly Matic Network) is the first well-structured, easy-to-use Ethereum

scaling and infrastructure development platform. A basic component of the framework,
the Polygon SDK is a modular and versatile framework that can be used to build a variety
of applications. Polygons basically turn Ethereum into a fully functional multi-chain
system (also known as the blockchain internet). Polygon uses a customized version of the
Plasma framework based on the Proof of Stake checkpoints on Ethereum's main chain.
Polygon's sidechain can handle up to 65,536 transactions per block with this state-of-the-
art technology. Polygon's sidechain is built to enable a wide range of decentralized finance
(DeFi) protocols available in the Ethereum ecosystem.

SOLANA:

Solana (SOL) protocol is designed to make the construction of decentralised apps

(DApps) easier. It intends to increase scalability by combining a proof-of-history (PoH)
consensus with the blockchain's underlying proof-of-stake (PoS) consensus. Small-time
traders and institutional traders alike are interested in Solana because of its revolutionary
hybrid consensus mechanism. The Solana Foundation is working hard to make
decentralised finance more accessible on a bigger scale. Solana is well-known in the
cryptocurrency world due to the blockchain's extraordinarily fast processing speeds.
Solana's hybrid protocol enables substantially faster transaction and smart contract
execution validation. With lightning-quick processes, you'll be up and running in no time.

12
The Basic Attention Token:

(BAT) is the token that powers a new blockchain-based digital advertising platform
designed to fairly reward users for their attention while also providing advertisers with a
better return on ad spend. This experience is delivered via the Brave Browser, where users
can watch privacy-preserving advertisements while earning BAT rewards. Advertisers,
on the other hand, can deliver targeted ads to maximise engagement and reduce losses
due to ad fraud and abuse. The Basic Attention Token is the reward unit in this advertising
ecosystem, and it is exchanged among advertisers, publishers, and users. Advertisers pay
for their campaigns with BAT tokens. A small portion of this budget is distributed to
advertisers, while the remaining 70% is distributed to users. — whereas intermediaries,
which typically drive up advertising costs, are removed from the equation to improve
cost-efficiency.

1.6 SWOT ANALYSIS

Bitcoin strengths: cryptocurrency can’t be tracked or stolen.

Bitcoin uses blockchain (a peer-to-peer) network between the sender and the receiver.
Only these two parties are involved. It’s unlike any other method of transferring currency
— which involves a third party, like a bank. A middleman is prohibited from Bitcoin
transactions. And since that pesky third party doesn’t exist, it makes Bitcoin a tax-free
currency. The government doesn’t control or regulate Bitcoin. For most Bitcoin users, this
is an insane positive because it’s not folly to economic turmoil. Bitcoin’s worth is agreed
upon by the sender and the receiver. Not an institution. Even if the economy crashes,

The real strength is the secrecy.

Every person in the Blockchain network has a private wallet address. Trading Bitcoin is
fully anonymous. It’s 100 percent untraceable. Unless you decide to make your wallet
address — but most users don’t. Because the anonymity makes your financial data fully
hidden. A unique PIN number assigned to each Bitcoin masks the identity of the seller.
Once the Bitcoin is sold, the PIN changes anew. At this point, only the buyer knows the
PIN. It’s irreversible, unless the current owner decides to change the ownership back.
Although this means nothing can be done once the Bitcoin is sent, it also means you can’t

13
steal this currency. You can steal your physical wallet. You can steal credit card info and
hijack your online bank account. But you can’t steal Bitcoin. It’s because of this increased
security that pushes people towards cryptocurrency.

Bitcoin weaknesses: crippling slow transactions and accessibility loss.

Bitcoin transactions aren’t as fast as they were a few years ago. This is one of the
downsides of Blockchain: the more people use it, the more Blockchain limits your
transactions speeds. Basically, the blocks get bigger the more it’s in use. Making the
whole process clunky and slow. Until this problem is resolved, it’s unlikely Bitcoin
currency will usurp conventional credit card usage. The system isn’t the only issue. Don’t
forget about the Bitcoin wallet password problem. Since the transactions are encrypted,
recovering a lost password isn’t possible. You’d be surprised how often people forget their
password and lose access to their Bitcoins. In fact, one man bought a few Bitcoin years
ago when it was dirt cheap. Now it’d be worth millions… if only he could find his
password to his wallet.

Bitcoin opportunities: Safety from compromising data breaches:

As a society, we’re moving away from physical money in favor of cashless currencies.
In fact, big names like Amazon are already accepting Bitcoin as payment for their goods.
If companies the size of Amazon are recognizing Bitcoins’ viability, it’s safe to assume
others will follow. And what about the growing hostility between the public and the
banking institutions? People are looking for safe, secure, and practical means to avoid
using banks. Data breaches, involving customer data, is consistently occurring with
brands like Facebook and Wells Fargo.

How long until the breaches steal credit card info? No one wants to find out. And others
are moving towards Bitcoin. Even with the hang-ups, it’s safe. Anonymous. And doesn’t
involve third parties. And the opportunities don’t stop there. The blockchain is a
phenomenal technology with much promise. The blocks may be able to keep data like
criminal records, birth certificates, and public records private. It may pave the way for
impenetrable encryption. That’s something the masses are leaning towards for data
protection.

14
Bitcoin threats: the anonymity against governments and banks.

Anonymity is a benefit. An opportunity. But it’s also a problem. In the wrong hands,
anonymous buying is dangerous. Knowing the transaction is untraceable will attract the
attention of criminals. Because let’s be honest: the more people accept Bitcoin, the more
it’ll likely be used for more nefarious reasons. It’ll also be a problem for the government
or law enforcement, after all. If more criminals adopt Bitcoin into their illegal purchases,
law enforcement will face a challenge in finding and prosecuting these criminals.

As such, we may see more policies and laws regarding cryptocurrency. Although it may
be difficult to enforce thanks to the anonymity, the government will still try. People fear
the consequences of these bills. New tech policies miss the mark. Not enough government
officials understand the implications of using Blockchain and cryptocurrency. Instead of
learning, they’re more likely to slap on a bill and hope for the best.

Bitcoin isn’t the only cryptocurrency on the market. After its rise in popularity,
alternatives like Ethereum and Peercoin hit the markets. If the value of these alternative
skyrockets, Bitcoin may be in trouble. To be honest, the overall value of cryptocurrency
and lack of reliability is a threat to Bitcoin and its competitors. And just because
cryptocurrency appears infallible now, doesn’t mean it will in the future. As more
information about it surfaces, the holes will reveal themselves. People, such as criminals,
will take advantage of the issues ASAP.

1.7 BENIFITS OF CRYPTOCURRENCY

Job opportunities – With many startups re-entering the market, competition for top
talent in blockchain technology and cryptocurrencies may increase. From blockchain
developers to programmers, production engineers and project managers, there will be
many suitors for top talent in the field of blockchain. Industry consultants, advertisers,
content developers and group administrators among others will now have a major role to
play in the national embrace of cryptocurrencies that will now be sought by many startups.
The RBI will now be encouraged to help control the world of opportunities that
cryptocurrencies generate. The stance made clear by the Supreme Court should that the
RBI rethink its restrictive approach to cryptography and then come up with more balanced
and well-thought-out rules to protect the public interest and that of other ecosystem
15
stakeholders. The RBI can take a leaf out of its global peers, as many central banks have
launched their cryptocurrencies in other countries. Nonetheless, the expectation here is
that the latest measures will press for more acceptance and tighter enforcement.

Immunity from theft – At present, the financial system, and the resultant economy, is
not immune to robberies or fraud. As we know the planet is becoming more vulnerable to
complex leaks and hacks. With several ransomware attacks, data leaks from top-notch
banks and credit card companies, news headlines have been abuzz in the last few years.
India was going digital at the time, the base of which was built on Aadhaar authentication,
Jan Dhan accounts etc. However, the same does give rise to flaws in technology, with
criminals planning to break the authentication mechanism of Aadhaar or Jan-Dhan
accounts. In making cryptocurrencies all verified transactions must be deposited in a
public ledger. To ensure the legitimacy of record keeping, all identities of the coin owners
are encrypted. You own it because the currency is decentralized. It has no power over
either the government or bank.

Accessibility – Blockchain is the reason why crypto-currency is worth something. Ease

of use is the reason why there is a high demand for crypto-currency. All you need is a
mobile screen, an internet connection, and you easily make payments and money transfers
to your accounts. There are more than two billion people with access to the Internet who
cannot use conventional forms of trade. These people are clued-in to the crypto-currency
market.

Global economies – Crypto-currency presents Indians with a golden opportunity to be

on par with the global economy, particularly the present burgeoning millennial
generation. A cryptocurrencies-led economy is a decentralised economy. There is plenty
of time and money to secure third-party approvals, and all the time and energy spent in
negotiations will no longer be needed when buying, for example, a house etc. Considering
some of the trailblazing and epoch-making trends of the past, including the emergence of
the internet, the technological economy, the creation of Silicon Valley etc., India has just
sought to balance the pace of global innovations.

1.8 CRITICISM OF CRYPTOCURRENCY

The semi-anonymous aspect of cryptocurrency transfers makes them ideal for a variety
of illegal practices, such as money laundering and tax evasion. Crypto-currency
supporters, though, also strongly respect their anonymity, citing privacy advantages such

16
as protection for whistleblowers or dissidents living under oppressive regimes. Some
cryptocurrencies are more intimate. The cryptocurrency form is not exempt from any
financial and security issues. I reviewed many studies and cryptocurrency networks and
even explored several markets for selling cryptocurrency to investigate the difficulties
and problems that occur in this interactive phenomena.

Money laundering – Money laundering is one danger that is highly likely to increase
with the usage of VC especially with platforms that allow users to exchange virtual
currency with real money. In realistic situations, the police detained a group of 14 people
in Korea in 2008 for stealing $38 million from virtual currency transactions. The group
translated the $38 million that gold farming produces from Korea into a paper firm in
China as purchasing payments.

Black market – Perhaps one of the biggest drawbacks and security issues affecting
blockchain is its potential to promote criminal activity. There are several anonymous
trades on the grey and black markets denominated in Bitcoin and other cryptocurrencies.
For example, Bitcoin was used by the notorious “dark web” platform Silk Road,
promoting illegal drug sales and other criminal acts before being shut down in 2014.
Cryptocurrencies are now highly common money-laundering devices. They unlawfully
acquired money by funnelling through a “safe” conduit that conceals the origins. For
examples, when a gamer wants to leave a game, he/she may want to sell the virtual
currency that he/she owns by selling it in the game forums. The way payments are
collected is dangerous because many fraudulent users can not complete the payment, or
challenge after payment. They will then get their money back plus the virtual currency.

Tax evasion – Since national governments do not oversee cryptocurrencies,

cryptocurrencies typically remain outside of their direct jurisdiction, attracting tax
evaders naturally. In Bitcoin and other coins, several small companies pay workers. They
do so to reduce payroll tax responsibility and to help avoid income tax obligation for their
workers. Even they embrace tokens from online traders to attempt to escape selling and
income tax responsibility.

No refunds – The notion of such an arbitrator violates the decentralizing spirit at the heart
of the new theory of cryptocurrencies. What this means is that if you’re robbed in a
crypto-currency deal you don’t have someone to turn to. Although cryptocurrency miners
play a role in cryptocurrency transactions as quasi-intermediaries, they are not responsible
for arbitrating conflicts between the transacting parties. An example is to pay upfront for
17
an item that you never get. Large payment providers such as MasterCard, Visa and PayPal
also move in to help solve conflicts between buyers and sellers. Their method of paying
for, or refunding, is intended to avoid vendor fraud. Although some newer
cryptocurrencies seek to resolve the surrounding chargebacks or refunds problem, the
solutions remain incomplete and still unproven.

Data loss – Considering a virtually uncrackable source code, impenetrable authentication

protocols (keys) and sufficient security protections (which Mt. Gox lacked), keeping
money in the cloud or a physical data storage unit is better than in a backpack or back
pocket. Also, those who store their data in a single cloud provider will risk failure if the
server is physically compromised or removed from the internet. The early advocates of
crypto-currency believed that, if properly protected, digital alternate currencies agreed to
help a definitive step away from traditional cash, which they find to be unreliable and
potentially dangerous. All this means cryptocurrency consumers are taking reasonable
and appropriate measures to avoid data loss. For example, if their computer is lost or
robbed, the consumers who store their private keys on single physical storage devices will
incur a permanent financial loss. High price and not exchangeable – The most popular
cryptocurrencies, those with the highest dollar market capitalisation, have dedicated
online exchanges allowing direct exchange for fiat currency. The remaining
cryptocurrencies have no dedicated online exchanges. Many cryptocurrencies have few
extraordinary units and are concentrated in the hands of a handful of individuals (often
currency developers and close associates). For fiat currencies, they are therefore not
explicitly exchangeable. Instead, before the fiat currency conversion, consumers could
turn them into more widely used cryptocurrencies, including Bitcoin ,valuation and
simple manipulation. This suppresses competition for some less-used cryptocurrencies,
and thus the valuation of others.

1.9 LAWS RELATED TO CRYPTOCURRENCY:

Guidance should be taken from other jurisdictions that have already had extensive
discussions and workshops on this subject while evaluating the legal approach on
cryptocurrency. The U.S. The Uniform Law Commission has drafted legislation on the
issue, the ‘Uniform Regulation of Virtual Currency Businesses Act’ (‘ULC Model Law’),
after reviewing the opinions of policymakers, members of the public, non-profit groups
and leading leaders of the industry. Crypto-assets are a common phenomenon rather than
a regional authority, thus, making global precedents easy to apply to the Indian context.

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The Prevention of Money Laundering Act (PMLA) is the definitive Indian law on
KYC/AML(Know your Customer/ Application lifecycle management). Crypto-asset
undertakings may be brought under the PMLA as any entity that is a ‘bank company,
financial institution, intermediary or a person carrying on a designated business or
profession.’ In any event, the RBI has the power to prescribe enhanced or simplified
measures under the Prevention of Money Laundering (Maintenance of Records) Rules to
verify the identity of the client. Consideration of the type of customer, corporate
arrangement, complexity and importance of the transactions concerning the potential risk
of money laundering and terrorist funding.

The RBI will adopt a risk-based strategy and mitigate money laundering issues while
preventing a full ban on funding these businesses. This will require accountable and
reputable businesses to work in a controlled manner. The RBI Circular might not be
appropriate for that approach. A new regulatory system will require responsibilities for
crypto-asset companies, such as financial adequacy, audits and monitoring. A proposed
licensing system will help to better safeguard customer safety.

Payment and Settlement System Act, 2007 – PSS Act Sections 10, 18, and 38 grant the
RBI the authority to create rules, directives, and guidance. That is, for example, the
control the RBI uses to enforce the Master Directive on Prepaid Payment Instruments. By
this legislation, cryptocurrency trading sites can also be put under a licensing regime
under the PSS Act. The guidelines released by the Department of Banking Regulation
(DBR), RBI, on Know Your Customer (KYC)/Anti-Money Laundering
(AML)/Combating Terrorism Financing (CFT) shall extend mutatis mutandis to all
agencies that issue PPIs and their employees. This solution will require suitable
exemptions in the RBI Circular, as RBI-regulated organizations are currently totally
barred from dealing with, or encouraging, virtual currency trading under the circular.

Non-Banking Finance Companies (NBFC) – It puts crypto-asset market operation into

a well-established regulatory framework, which requires licenses, financial adequacy,
KYC / AML laws, audits, reports and other consumer-focused criteria. The business of
an NBFC is defined in Section 45-I of the RBI Act. An NBFC is defined as a variety of
categories of ‘financial institutions’ excluding undertakings of mainly buying or
distributing products or delivering services and businesses collecting deposits as their
main business. This provision grants the RBI the authority to designate any class of
19
entities as NFBCs, with the prior approval of the Central Government. The RBI and the
Central Government can, therefore, consider NBFCs to be notifying entities carrying on
‘crypto-asset business activities’.

Consumer Protection Act, 2019 – Under Section 30A of the Consumer Protection Act,
the National Consumer Disputes Redressal Commission has the authority to make
regulations “to provide for all matters for which coverage is required or expedient to give
effect to the provisions of this Act.” The Consumer Protection Act 2019 protects
consumers from ‘unfair trade practices,’ ‘deficiencies’ in facilities and ‘defects’ in goods.
The word ‘unfair marketing practices’ requires a false or misleading advertisement.

Hence, the National Commission is open to developing laws (e.g., establishing a

regulatory regime) taking into account the crypto-asset industry’s specific consumer
security issues. We suggest this path should also be considered. As a result, customers
have redress under the Consumer Protection Act, 2019 where every crypto-asset company
renders misrepresentations to customers or offers defective services.

Foreign Exchange Management Act,1999 – FEMA notes that ‘international currency’

is any currency other than Indian currency. The currency of India is limited to any
currency expressed in Indian rupees. Consequently, if any crypto-asset can be used to
“build a financial risk,” it will amount to “international currency.” The RBI may control
the drawing of these FEMA crypto-assets such that only ‘registered persons’ can trade in
foreign currency. This would have the benefit of having an increasingly wellestablished
regulatory framework for those concerned with these forms of crypto-assets since they
will be subject to all the protections that apply to approved persons. Since certain crypto-
assets are called ‘goods’ under FEMA, the regulatory consequences under FEMA (e.g.,
export compliance) will flow accordingly. However, the RBI did not explain the
classification of crypto-assets under FEMA, which confused the issue. The RBI can
determine to amend the rules and guidelines on the sale and import of products to clarify
their operation concerning crypto-assets.

Information Technology Act, 2000 – Any providers of virtual currencies get information
and details about their customers. Platforms that allow credit card transactions in virtual
currency must also recognize these laws when processing information about credit cards.
These data must be maintained and stored with strict levels of confidentiality and security.
Otherwise, the Virtual Currency provider can violate data protection and security laws.
The Information Technology Act reads with the Rules on Information Technology, 2011
20
requires that all those responsible for using data follow strict rules. Such laws require the
fact and intent for which the information is gathered, the creation and dissemination of
privacy policy and the safeguarding of data. It establishes relatively strict cybersecurity
standards for every organizational entity managing confidential personal data, and the
Central Government that, if it seems appropriate, recommend clear additional steps for
crypto-asset business activities. A new Data Privacy Bill is set to be adopted, and when
enacted, the same safety requirements will also be recommended under this Law.

Credit Information Companies Regulation Act – There is some suggestion that due to
its tremendous growth, the Credit Information Companies Regulation (CICRA) Act,
which became law in India in 2005, is likely to be extended to cryptocurrencies. Since
cryptocurrency networks are ubiquitous for many activities such as processing,
distributing, redeeming, trading, and exchanging cryptocurrency values, the
specifications of the CICRA Act may be implemented. According to this Act, Indian
individuals’ credit details must be obtained in compliance with such legislation as set out
in this Act. In the case of illegal data theft, organizations which collect financial
information may be held liable. Offshore financial transfers are very common in today’s
cyberspace, so taking into account the vast amount of persons involved with them, these
activities are useful for the security of the individual’s concerned personal data.

Prize chits and Chits Fund Act – Both the Prize Chits Act and the Chit Funds Act,1982
refer to the idea of ‘monies’/’money’ and ‘cash’ in the terms ‘prize chit,’ ‘chit’ and ‘capital
exchange scheme’ in their meanings. Since crypto-assets are not technically ‘money’
under Indian law, these meanings must be revised to include the word ‘valuable item’ (as
used in Section 2(c) of the Prize Chits Act, so that, among other valuable items, the aims
of these Acts can be applied to the crypto-asset schemes.

Taxation laws – In the virtual currency business taxation legislation ranges from country
to country. Many countries place taxes on income produced by virtual currency
transactions and some others have only proposed taxation legislation. In India, where RBI
notifies any such law, any trade therein would be subject to the Foreign Exchange
Management (FEMA) Act, 1999. Crypto-asset-related transaction taxes would fall
generally into two headings: Goods and Services Tax (GST), and Income Tax. The Crypto
like bitcoins is called a capital asset if bought for profit. Any income resulting from a
bitcoin trade shall be treated as a capital gain.

21
1.10 IMPACT ON ECONOMY

The impact is of cryptocurrencies on the Indian economy is clearly depicted as the prices
of cryptocurrency market are now falling down. Indian government has made it clear with
their stand of not providing a legal status for cryptocurrency in India. The reason for this
kind of a decision from government hails from first, the challenge of monitoring the
decentralized transactions in cryptocurrencies are difficult to trace which could be
advantageous for the hackers, criminals and also for terrorist activities. The second reason
being cryptocurrency market could be a leading competitor for the banking service
industry.Cryptocurrency like Bitcoin has become popular in India like other nations as
the volume of Indian rupee being traded in cryptocurrency have been at the highest post
demonetisation. Researches shows that the volume generated by the rupee dominated
cryptocurrency is the third largest volume traded after American dollar and yen.

The demonetization policy of 2016 may have encouraged the implementation of

cryptocurrencies amongst a substantial share of the population but realities rapidly began
to come out that have subdued the growth of the market in the country. In spite of its
enormous population, India only contributes two percent of the whole global
cryptocurrency market capitalization. Cryptocurrencies in Indian context portrays few
Present and future of Cryptocurrency in India .Presently there is no regulation in India for
cryptocurrencies. The absence of a regulation certain bitcoin exchanges such as Unocoin,
Zebpay, etc have initiated their operation in trading or cryptocurrencies with Know Your
Customer (KYC) norms. The Reserve Bank of India initially was against the trading of
cryptocurrencies in India, however in the year 2014 RBI showed its interest in block chain
technology used by cryptocurrency to reduce the physical paper currency circulation. In
2015, a financial stability report was published by RBI to identify the importance of
private blockchain. In 2016, ICICI bank with Emirates NBD (in terms of assets, one of
the largest banking groups in the Middle East) has executed transactions and remittance
using block chain technology.

Then in 2017, a white paper has been issued by Institute for Development and Research
in Banking Technology (IDRBT) of RBI and also a pilot test was taken. The Union
finance minister in his Union Budget 2018 speech said, “The government does not
consider cryptocurrencies legal tender or coin and will take all measures to eliminate use
of these crypto-assets in financing illegitimate activities or as part of the payment
22
system.” However, the government has recognized blockchain and said that a “distributed
ledger system or the blockchain technology allows organization of any chain of records
or transactions, without the need of intermediaries. The government will explore use of
blockchain technology proactively for ushering in digital economy.” Though government
is taking a cautious approach on cryptocurrencies, it is bullish on the use of blockchain.
Crytocurrency industry believes that blockchain and crytptocurrencies have to go hand in
hand. But unless and until a decentralised system is formed, it is as good as keeping track.
If only block chain technology is to be accommodated that just builds up a centralised
system which gives authority to a person or a body to rectify and modify it. Experts and
observers in the country hope and predict that the government will regulate
cryptocurrencies in India in different stages. These favourable and positive signs give
hopes to the industry of cryptocurrency.

Meanwhile private companies dealing in cryptocurrencies have set up an association

called, the Digital Assets and Blockchain foundation which has been engaged in
educating the public on the advantageous and investment avenues in cryptocurrency by
conducting security checks, identification documents issued by the government,
Permanent Account Numbers (PAN) orAadhaar IDs. As the arrival of internet,
cryptocurrency also has a tremendous growth potential. With the help of both these factors
of internet and blockchain technology, in future there are probabilities of virtual banks in
India. Hence to prove it on a positive note the Reserve Bank of India has taken initiatives
to launch its own cryptocurrency named as ‘ Lakshmi’.

23
 Figure 1.9 Crypto Market

1.11 FUTURE IN CRYPTOCURRENCY:

The use of Bitcoin and Ethereum could help strengthen India’s monetary policy and
bridge the gap areas that exist in the current fintech landscape. Crypto’s distributed ledger
technology permits faster, direct transactions by the users and also helps keep track of
every digital transaction, which is far more advanced and effective than existing protocols
such as SWIFT. Secondly, Bitcoin can be used as an asset that sovereigns use to
complement their national digital currencies. It also reduces the burden on regulators by
allowing them to write programs that certify that financial actors are in complete
compliance with the regulators. We can avoid instances such as mortgage fraud and other
fraudulent activities. In other words, the evolution of Bitcoin and cryptocurrencies holds
economic importance similar to the internet in the 90s. The second unique crypto called
Ethereum, which enabled smart contracts, gave birth to an entire sector called
decentralized finance (DeFi).

DeFi is to build a multi-faceted financial system that boosts the functionality and helps
improve the legacy or the traditional financial system. DeFi alone has created disruptions
24
in the fintech space and, in the future, DeFi neo banks will play a pivotal role to
successfully bridge the gap between fintech and DeFi to attract new customers. Therefore,
Blockchainbased accounting holds the potential to empower regulators to monitor their
activities and conduct risk management seamlessly. We are all aware of the devastating
impact that COVID-19 has had on the Indian economy and the global market at large.
Despite this, crypto has been generating jobs across a variety of functions in India and
abroad. As of today, over 300 start-ups have generated tens of thousands of jobs and
hundred-millions of dollars in revenue and taxes. The ongoing development will
inevitably lead to tech talent being engaged in India. Indian youth seeks challenging
opportunities to work on projects which are internationally competitive and also help
support improving our tech infrastructure.

In March 2022, two major events occurred which have boosted crypto adoption in India
– i.e. the Supreme Court’s historic verdict and the pandemic. WazirX completely caters
to the Indian market and has seen tremendous growth since then. Several Indians have
lost jobs, and this has led them to invest in cryptocurrency to earn a side income by
becoming traders, technical analysts, or crypto influencers. Globally, many institutional
investors, including hedge funds in the US along with the giants like Square and PayPal,
are entering into crypto and are in a buying mode. This has also given a push to Bitcoin
adoption.

CRYPTO CURRENCY EXTRACTION:

Cryptocurrency mining is the process by which new cryptocurrency coins or tokens are
created and transactions are verified and added to a blockchain ledger. This process relies
on solving complex mathematical problems using computational power, a mechanism
known as Proof of Work (PoW), which is most commonly associated with Bitcoin. Miners
use specialized hardware, such as ASICs (Application-Specific Integrated Circuits) and
GPUs (Graphics Processing Units), to perform these computations. Due to the increasing
difficulty of mining, individuals often join mining pools to combine their computational
power and increase their chances of solving a block, with rewards distributed among
participants based on their contributed power.

Mining is energy-intensive, raising environmental concerns. This has prompted efforts to

develop more energy-efficient methods and to use renewable energy sources. An

25
alternative consensus mechanism, Proof of Stake (PoS), requires validators to hold and
lock up a certain amount of cryptocurrency as collateral to propose and validate new
blocks, offering a less energy-intensive option. Ethereum, for instance, is transitioning
from PoW to PoS.

The profitability of mining depends on various factors, including the cryptocurrency's

price, electricity costs, mining hardware efficiency, and network difficulty. Miners often
establish operations in locations with low electricity costs and favorable climates to
reduce cooling expenses. While some countries provide a conducive environment for
mining, others have imposed restrictions or bans due to concerns about energy
consumption and other regulatory issues. Despite these challenges, cryptocurrency
mining remains crucial for maintaining blockchain ecosystems, securing networks, and
enabling the issuance of new coins.

26
• Su, Z. (2024). Investigated the intersection of cryptocurrency and quantitative trading,

noting the rapid development of blockchain technology since the inception of digital

currencies in 2008. The study highlights how investors leverage digital currencies

combined with quantitative strategies for profit. It defines digital currency, traces its

evolution, and contrasts it with traditional currency to outline its pros and cons.

Additionally, the research examines the practical application of digital currency in

quantitative trading, supported by backtesting results. The study offers insights into

existing issues and suggests improvements to enhance the future development of digital

currencies, ultimately guiding future quantitative strategy designs.

• Mayur Rao, Rohit Raval, Rachit Jain (2023) “a research paper on study of effect of

cryptocurrency on Indian economy". Cryptocurrency is an innovative concept of virtual

and decentralized currency which has become the new investment option like gold in

India. Since there is a lack of a regulatory framework or law about cryptocurrency

transactions and trading in India, the buying and selling of Bitcoin,, Ethereum, and

other cryptocurrencies are restricted by the government.

• Dr. Mubarak, Hosmani Manjunath (2021), “A STUDY ON CRYPTOCURRENCY IN

INDIA" This paper depicts about cryptocurrency present legality as well as future

government moves impact on these currencies. The paper also analyses investment

risks in both Bitcoin and Gold countries have responded in terms of regulations &

legislation towards crypto currencies to develop a clear picture of its impact on various

laws in India in order to regulate it”.

27
• Mallick & Mallick (2021), determined the relation between the official “Indian

Currencies foreign exchange rates or ICX (GBP, USD, YEN, EURO, etc.)” and

cryptocurrencies like “Binance Coin”, “Litecoin”, Ethereum and Bitcoin with daily

analysis during December 17, 2019, to June 17, 2021.

• Saad Alaklabi and Kyeong Kang (2021) ‘Perception towards Cryptocurrency

Adoption: A case of Saudi Arabian Citizens’. This study aims to investigate the

usability of digital money among the citizens of Saudi Arabia. Various factors that are

related to user behaviour and have an impact on user intent towards cryptocurrencies

based on a combined approach are analysed. The basis from which the authors started

is The Theory of Reasoned Action (TRA), together with four other constructions:

perceived risk (consisting of privacy risk, financial risk, and security risk), perception

of enjoyment, perceived usefulness, and personal innovation. The method used to

collect the data is a questionnaire. The results showed that variables such as subjective

norms, security risk, perception of utility, and enjoyment influence the adoption and

use of cryptocurrencies. These variables include the perception of pleasure as well as

the perception of utility.

• Muhammad Athar Nadeem1, Zhiying Liu, Abdul Hameed Pitafi, Amna Younis, and Yi

Xu1 (2021) Investigating the Adoption Factors of Cryptocurrencies—A Case of

Bitcoin: Empirical Evidence from China. Crypto currency has caught an attention of

policymakers and practitioners with the potential cross border usage as well. Study

investigates the factors for adoption of cryptocurrency

28
• Artemij Voskobojnikov, Borke Obada-Obieh, Yue Huang, and Konstantin Beznosov

(2020) ‘Surviving the Crypto jungle: Perception and Management of Risk Among

North American Cryptocurrency (Non)Users’. This paper presents findings from an

interview study of cryptocurrency users and non-users. We specifically focus on their

perceptions and management of cryptocurrency risks as well as their reasons for or

against involvement with cryptocurrencies,

• Alexey Mikhaylov (2020) ‘Cryptocurrency Market Analysis from the Open Innovation

Perspective’. The paper focuses on the analysis of the cryptocurrency open innovation

market to predict sustainable growth in the future. The nature of cryptocurrencies

‘development leads to the rapid increase in their popularity and spread of trading at this

new market. The high volatility of these assets is encouraging to understand and predict

their price in ever changing market environment. The paper proposed the pool

complexity approach to choose optimal technology using social activity on the internet,

trading parameters, technical indicators and other cryptocurrency data. According to

the results of the analysis, the most effective and promising cryptocurrency is EOS

cryptocurrency, which has the lowest complexity and commission level among the

analysed digital currencies and allows you to implement third-party applications in the

system.

• Ms. Neetu Jora and Dr Naveen Nandal (2020) ‘Investors Attitude towards

Cryptocurrency-based on Gender’. The purpose of this study was to analyse and

understand the attitude of gender towards cryptocurrency. This paper will be beneficial

to the upcoming or existing companies of cryptocurrency to estimate their future

viability based on gender. The research was also aimed to the detection of gender

29
 differences within the areas of awareness, investing, mining and paying with the

cryptocurrencies. The research aimed to analyse the data collected and conclude the

overall attitude of male/ female towards cryptocurrency. The findings confirmed the

existence of gender differences in attitude towards cryptocurrencies, as the male

respondents were more willing to use the cryptocurrencies in most of the case.

• Abdullah Ayedh , Abdelghani Echchabi , Mohamed Battour , Mohammed Omar (2020)

‘Malaysian ‘Muslim investors’ behaviour towards the blockchain-based Bitcoin

cryptocurrency market’. This study aims to examine the factors that could increase the

investment in the Bitcoin market among Malaysian Muslim communities. The study

used a survey questionnaire to collect data for a sample of 200 Muslim respondents in

Malaysia. Subsequently, the collected data was analysed using structural equation

modelling, as well as basic descriptive statistics and one sample test.

• David W. Perkins, (2020) ‘Cryptocurrency: The Economics of Money and Selected

Policy Issues’. historically money either had intrinsic value or derived value, since the

invention of first cryptocurrency bitcoin in 2008 it has proliferated and it has the

potential to act an alternative form of money. this digital money is much efficient and

secure and how it will affect the polices form by federal reserve and central banks.

• Saeed Alzahrani, Tugrul U. daim (2019) ‘Analysis of the cryptocurrency adoption

decision’ the aim of the study is to fill the gap in current literature by discussing hidden

factors of cryptocurrency. In addition, the factor driving the business to adopt

cryptocurrency as payment method, low-cost transaction.

30
• Al-hussaini, Adamu Abubakar Ibrahim, Mohamad Fauzan Noordin, and H Mohd

Mohadis. (2019) ‘Users Perception of Cryptocurrency System Application from the

Islamic Views’. In this this current paper seeks to examine the user’s perception of

cryptocurrency system application from the Islamic views. The paper utilized

qualitative research approach by conducting interviews in order to determine the user

perceptions of the system. The interview data gathered were analysed. The findings

indicate that there is lack of Islamic law on the basic criteria for the use of

cryptocurrency as either a legal or illegal machinery transaction tool. Hence, Islamic

digital currency model is necessary for applying Islamic law to the use of

cryptocurrency.

• Mark P. Doblas (2019) ‘Awareness and Attitude Towards Cryptocurrencies In Relation

To Adoption Among College Students In A Private Tertiary Institution In Cagayan De

Oro City, Philippines’. The study utilized a descriptive research design utilizing a

researcher made questionnaire as research instrument. Logistics regression was used to

identify the knowledge and attitude on cryptocurrency relates to adoption.

• ALO, Samson Ayomikun (2019) ‘Perception of Cryptocurrency Traders on Traditional

Transactional Cost and Risk Associated with Cryptocurrency Trading In Nigeria’. The

main thrusts of the study included, examining: the perception of cryptocurrency in

Nigeria through the demographic characteristics of cryptocurrencies users; and identify

the risk and opportunities in cryptocurrency market in Nigeria. The mono method,

(Qualitative) approach as used by (Mayo, 2018) was adopted, while questionnaires

were administered to operators of cryptocurrency in Lagos and SPSS Statistical

package was used in running the analysis. The participants in the study were divided

31
 on whether cryptocurrency attract higher transaction costs than traditional banking

cost. Further, opportunities were found to be in the areas of data management and

insurance while risks were identified in the areas of data loss and cybercrime/online

frauds. This research therefore recommends that Nigeria government should regard

cryptocurrency as a means of exchange, and its acceptance will aid the required

regulation needed to guide against the use of it for crime and related matters. Also, with

positive government intervention, and enabling environment to explore opportunities

offered by the cryptocurrency market will be created.

• Mr.J.P.Jaideep, Mr. K.Rao Prashanth Jyoty (2019), in their research paper “A STUDY

ON CRYPTOCURRENCY IN INDIA – BOON OR BANE” (2019) attempted to study

that is focused on assessing the role and impact of Bitcoin. As India is in the technical

era, techno-Indians speak, invest, and possess Bitcoin. This paper is an outcome of an

exploratory research on the role of Bitcoin and its future in the Indian economy. The

study answers the question “Is Bitcoin boon or bane in India”

• Swati Shukla and Akshya.A (2019) ‘A Study on the Awareness and Perception of

Cryptocurrency in Bangalore’. The main aim of the paper is to know the awareness and

perception level of cryptocurrency in Bangalore as it is a cosmopolitan city, the study

has been carried out.

• Shikha Agarwal and Rakhi Arora (2019) ‘Hype around Bitcoin: Awareness and

Prospective in India’. The research was conducted to find out the awareness, perception

and understanding about the functioning of bitcoin among individuals. This paper is all

32
 about awareness of bitcoin amongst Individuals and prospective if allowed by the

Government of India.

• Jani, S. (2018) A recent review of literature on Cryptocurrency (2018) found that crypto

Currencies would likely to be the next future platform for trading and will have a

positive impact on e-commerce and e-business. The study was conducted through a

pilot survey as well as secondary data was used including from web-based sources and

various research article. The aim of the study was to investigate user’s confidence and

expectations while dealing with cryptocurrency, Various issues and challenges were

studied by in-depth analysis of 21 different countries. The author has reported his

findings by simplifying the states into three categories as Friendly, Hostile, and Neutral,

and it was found that most of the advanced developed nation of the world like the

United States, Russia, Japan, Canada nature was tilted toward the positive side. China

and Brazil stand their gains toward orthodoxy and some nation such as Thailand,

Britain remains neutral. The majority of the respondent from the survey uses

cryptocurrencies for social gaming and loyalty points.

• Mukund Gupta, Dr. Teena Bagga (2017), in their research paper “STUDY OF

CONSUMER AWARENESS ON CRYPTOCURRENCY IN INDIA” attempted to

study about the awareness of consumers about cryptocurrencies in India and also

various factors that influence the adoption of cryptocurrencies. The research shows that

majority of the respondents are aware of cryptocurrencies but had no experience of

using it.

33
• Chittawadagi, M., (2017) highlighting the limitation of previous studies measure's that

have been taken by the Indian government on legalization of virtual currencies in India.

Though bitcoins and other cryptocurrencies don’t have any legal acceptance in India

and RBI is continuously warning the citizens regarding the use of cryptocurrencies on

their own. The study was conducted with the help ofsecondary data, and it was stated

the market capitalization of bitcoins ($96.7) have surpassed Goldman Sachs ($92.9

billion) and Morgan Stanley ($89.1 Billion). It was also found that people were looking

for an alternative after demonetization wiped out approximately 86% of Indian

currency of Rs500 and Rs1,000. As a result, bitcoins reached an all-time high at the

time. After considering various issues and challenges the study concluded with the

quote of various scholars that bitcoins as a virtual currency can help the Indian

economy. If regulated by government control.

• Dr. Vijeta Banwari (2017) Cryptocurrency-Scope in India. This paper talks about

strengths, weaknesses, Opportunities and Threats of Cryptocurrency and its scope in

India. Cryptocurrencies are considered to be profitable investment in long run. Because

of its various advantages: Easy availability, No involvement of any mediator, Fast

payments, Low transaction fees and Information privacy.

• Deep Vyas (2017) ‘Awareness About Cryptocurrency in India’. This research is

conducted to find what people know and what they think about the cryptocurrencies,

this survey includes one's view about payment methods, about their preferred mode of

investment, and their views and opinions about cryptocurrencies.

34
• Miss Natnicha Tangwattanarat (2017) ‘A Study of The Perception of Thai

Cryptocurrency Investors Towards Digital Currency Market’. Because of the

popularity of cryptocurrency and blockchain in social media, in financial industry,

manufacturing industry, legal and regulators and also in general publicity, people have

been starting to invest in cryptocurrency as the financial asset with anticipating the

substantial returns. This study has been decided to be the independent study which is

related to technology aspect focusing on Thailand market. This study is a contemporary

topic in applied marketing.

35
 3.1 RESEARCH PROBLEM:

Problem Statement

The problem this research seeks to address is the potential gap in awareness and
understanding of cryptocurrencies and blockchain technology among residents of
Telangana, particularly how this awareness (or lack thereof) influences their attitudes and
adoption decisions. Specifically, the research aims to explore whether low awareness
levels correlate with reluctance to adopt these technologies, and conversely, if higher
awareness leads to more positive attitudes and greater adoption rates. Additionally, it
seeks to identify key factors that either facilitate or hinder the adoption of these
technologies in the region.

This research seeks to address the gap in understanding of how cryptocurrencies and
blockchain technology are perceived and adopted in Telangana, India. Specifically, it
investigates the current level of awareness among residents, their attitudes and
perceptions, and the factors influencing their decision to adopt or reject these
technologies. The study aims to determine whether low awareness correlates with
reluctance to adopt, and if higher awareness leads to more positive attitudes and greater
adoption rates. Additionally, it explores demographic and socio-economic variables that
may impact these outcomes. By examining these aspects, the research aims to provide
insights that can inform policy and strategic initiatives to enhance the integration of
financial technologies in Telangana. The key hypotheses include assessing if residents
have low awareness, if a significant portion of Hyderabad residents have a positive
attitude, and if awareness levels significantly influence adoption decisions.

36
 3.2 OBJECTIVES OF THE STUDY

1. To assess the level of awareness among residents Of Telangana regarding

cryptocurrencies and blockchain technology.

2. To study the attitudes and perceptions of residents and public towards

cryptocurrencies and blockchain technology.

3. To identify the factors influencing the adoption or rejection of cryptocurrencies

and blockchain technology within Telangana.

HYPOTHESIS

H01: The residents in Telangana have a low level of awareness regarding

cryptocurrencies and blockchain technology.

H02: A significant portion of Hyderabad residents have a positive attitude towards

cryptocurrencies and blockchain technology.

H03: Awareness level significantly influences the adoption of cryptocurrencies

and blockchain technology among Telangana residents.

37
 3.3 NEED FOR THE STUDY

1. Telangana is becoming a major tech hub. Understanding cryptocurrency and

blockchain awareness helps support this growth.

2. The study's insights can help policymakers create effective regulations and
policies for digital finance technologies.

3. Businesses can use the findings to make informed decisions, improve marketing
strategies, and develop relevant services.

4. Schools and universities can use the data to design programs that fill knowledge
gaps in cryptocurrency and blockchain technology.

5. Analyzing age and gender influences will highlight specific groups needing more
education about these technologies.

6. Enhanced understanding and adoption of these technologies can drive economic

growth, attract investments, and create jobs.

7. Identifying gaps in public knowledge will help design better awareness campaigns
about the benefits and risks of cryptocurrency and blockchain.

38
 3.4 SCOPE OF THE STUDY

1. Assess current awareness and perceptions of cryptocurrency and blockchain

technology among individuals in Telangana.

2. Investigate sources of information, government regulations, and educational

institutions' roles in shaping understanding.

3. Evaluate the perceived benefits such as financial inclusion, economic growth,

transparency, and security.

4. Examine the impact of awareness and perception on individuals' investment

decisions and public sentiment.

5. Identify how increased awareness can foster innovation and adoption in various
sectors.

39
 3.5 SOURCES OF DATA:

Data are the raw materials in which marketing research works. The task of data collection
begins after research problem has been defined and research design chalked out. Data
collected are classified into primary data and secondary data.

Primary Data

• Questionnaires were used for collecting primary data.

Secondary data

Secondary is collected through various research papers, websites, newspapers, books,

social media.

Sampling Technique

• Sampling technique used in this study is ‘Convenience sampling’

The selected sample size is 113. Sample size • The sample size taken for this study is 113.

3.6 TOOLS FOR ANALYSIS:

The following tools were used for analysis.

• Chi Square Test

• Regression Analysis.
• Multi Logistic regression.

40
 3.7 LIMITATIONS FOR THE STUDY

1. Sampling Bias: The study may not represent the broader population if it includes
mostly cryptocurrency enthusiasts, skewing results.

2. Geographic and Demographic Limits: Focusing on a specific region or

demographic may miss diverse perceptions, limiting the results' applicability.

3. Rapid Change: Fast-evolving cryptocurrency technology and regulations can

quickly outdate the findings, needing constant updates.

4. Self-Reported Data: Biases in self-reported data, like overstating knowledge, can

affect reliability.

5. Complexity: Misunderstandings of complex cryptocurrency concepts can lead to

inconsistent responses and poor data quality.

41
Industry Profile

Cryptocurrency and blockchain technology have emerged as pivotal innovations within

the broader financial technology (fintech) industry, reshaping how financial transactions
are conducted and managed. Cryptocurrency, a form of digital money, leverages
cryptography and blockchain technology to ensure secure and transparent transactions.
Blockchain, the foundational technology behind cryptocurrencies, is a decentralized
ledger that records all transactions across a network of computers, providing unmatched
security, transparency, and immutability. Together, these technologies are driving
significant transformations in the fintech landscape.

To make the concept of virtual currencies more comprehensible, Eric Rosenzweig, CEO
of the IMVU game firm, likened them to airline miles. He described these digital
currencies as "symbolic currencies that you may collect and then transfer into something
you care about." This analogy helps illustrate how virtual currencies function as a medium
of exchange within digital ecosystems.

For users, cryptocurrencies and blockchain technology facilitate trading and completing
financial transactions more efficiently. They streamline processes such as earning,
spending, exchanging, and accumulating money, making financial interactions both
simpler and quicker. Virtual currencies can be used to purchase digital goods within the
same environment or to trade money across different platforms. They are also applicable
for buying both digital and physical items, enhancing their versatility and utility.

Impact on the Fintech Industry

In the fintech sector, the integration of blockchain technology enhances these transactions
by providing a secure and transparent framework where every transaction is recorded in
a public ledger. This transparency reduces the risk of fraud and ensures the integrity of
transactions. The decentralized nature of blockchain means that no single entity has
control over the entire network, which significantly increases security and trust among
users.

42
The use of cryptocurrencies and blockchain technology offers significant opportunities
for fintech companies and operators to monetize their applications, thereby increasing
their profitability. Various implementations of cryptocurrencies can be observed across
multiple platforms, including social networks, social games, loyalty programs, and peer-
to-peer networks. Each of these applications harnesses the unique advantages of
blockchain and cryptocurrencies to facilitate various types of transactions and
interactions.

Types of Cryptocurrency Platforms in Fintech

Cryptocurrency platforms within the fintech industry can be broadly categorized into two
types: centralized and decentralized.

• Centralized Cryptocurrency Platforms: These operate with a centralized

repository, akin to a central bank, where an administrator oversees and controls
the transfer of cryptocurrency values between users or from one location to
another. The central authority maintains complete control over the system,
ensuring a structured and controlled environment for transactions. This model is
often seen in exchanges and certain digital wallets, where user trust is placed in
the central authority to manage the assets securely.
• Decentralized Cryptocurrency Platforms: Unlike their centralized counterparts,
decentralized platforms rely on blockchain technology, where a distributed
network of nodes collectively manages and validates transactions. This
decentralized nature ensures greater transparency, security, and resistance to
censorship or interference, as no single entity has overarching control.
Decentralized platforms are fundamental to the fintech industry's vision of
creating a more open and accessible financial ecosystem, where trust is
established through cryptographic proof rather than centralized authority.

• Research Implications and Future Directions: This research project will explore
the multifaceted impacts of cryptocurrency and blockchain technology on the
fintech industry, focusing on several key areas:
• Efficiency and Cost-Reduction: Analyzing how blockchain technology can reduce
transaction costs and increase operational efficiency for financial institutions.
43
 • Security and Trust: Investigating the role of blockchain in enhancing security
measures and building trust among users in the fintech ecosystem.
• Innovation and New Business Models: Exploring how cryptocurrencies and
blockchain enable the creation of new business models, such as decentralized
finance (DeFi) and tokenized assets.
• Regulatory Challenges: Examining the regulatory landscape and its implications
for the adoption and growth of cryptocurrency and blockchain technology within
the fintech sector.
• Consumer Adoption: Understanding the factors that influence consumer adoption
of cryptocurrency and blockchain-based solutions, including awareness, ease of
use, and perceived benefits.

In summary, the industry profile of cryptocurrency, blockchain technology, and fintech

reveals a dynamic and rapidly evolving landscape. The integration of these technologies
promises to enhance the efficiency, security, and transparency of financial transactions,
driving innovation and growth in the fintech sector. This research aims to provide
comprehensive insights into the transformative potential of these technologies and their
implications for the future of finance.

44
5. DATA ANALYSIS AND INTERPRETATION

Table No:5.1 Age of respondents

Age Respondents Percentage

Under 18 1 0.9

18-25 81 71.7

26-35 19 16.8

36-45 10 8.8

Above 2 1.8

Figure:5.1 Age of the respondents

The data shows that a significant majority of respondents (71.7%) are aged 18-25,
indicating a youthful demographic predominantly interested in or aware of
cryptocurrency and blockchain technology. The 26-35 age group accounts for 16.8%,
while older age groups (36-45 and above) have minimal representation at 8.8% and 2.7%,
respectively. This suggests that the study's findings are heavily influenced by younger
individuals, potentially limiting the generalizability to older populations.

45
2. Gender

Table:5.2: Gender of respondents

Gender Respondents Percentage

Female 52 46

Male 61 54

Figure 5.2: Gender of Respondents

The gender distribution of the 113 respondents shows a slight male majority, with 54%
male and 46% female participants. This relatively balanced gender representation
suggests that both genders are fairly equally engaged in the topic of cryptocurrency and
blockchain technology. However, the slight male predominance could indicate a
marginally higher interest or awareness among males in this area. Overall, the data
reflects a diverse and inclusive sample, providing a broad perspective on the awareness
and perception of these technologies across genders.

46
3.Education Level:

Table:5.3: Education level of respondents

Particulars Respondents Percentage

High school or below 3 2.7
Associate degree 3 2.7
Bachelor’s degree 35 31
Master’s degree 66 58.4
Doctoral Degree or above 6 5.3

Figure 5.3: Education of respondents

The data showcases a predominantly highly educated respondent pool, with 58.4%
holding Master’s degrees, followed by 31% with Bachelor’s degrees. A smaller yet
notable 5.3% possess Doctoral degrees or higher. Those with high school education or
below, as well as associate degrees, represent a combined 5.4%. This distribution
underscores a well-educated cohort, likely indicative of a specialized or professional
audience.

47
4.District of respondents

Figure 5.4: District of respondents

The figure reveals a significant urban bias in survey responses, with Hyderabad
dominating the respondent count at over 30 participants, far surpassing any other district.
Secondary representations are seen in districts such as Medchal, Rangareddy, Adilabad,
and Nandyal, each contributing approximately 5-10 respondents. In contrast, many
districts, including Sircilla, Mancherial, Karimnagar, and Nalgonda, have sparse
representation, typically ranging from 1 to 3 respondents. Outliers like Gadwal, Howrah,
and Karimnagar show minimal participation, indicating a potential gap in survey reach or
interest from these regions. The heavy skew towards Hyderabad suggests an urban bias,
which could affect the generalizability of the findings if rural perspectives are
underrepresented. To address this, future data collection should aim to increase
participation from less represented districts through targeted outreach and localized
engagement strategies. This would enhance the robustness and validity of the research by
ensuring a more balanced and comprehensive representation of the broader population.

48
5.Occupation of respondents

Table 5.4: Occupation of respondents

Occupation Respondents Percentage

Student 66 58.4
Employed 41 36.3
Unemployed 5 4.4
Retired 1 0.9

Figure 5.5: Occupation of respondents

The pie chart illustrates the occupational distribution of 113 respondents. A majority,
58.4%, are students, indicating a significant representation from the academic
community. Employed individuals constitute 36.3% of the respondents, reflecting a
substantial portion of the workforce. A smaller segment, 4.4%, is unemployed, suggesting
relatively low joblessness among the participants. Only 0.9% are retired, indicating
minimal representation from the retired population.

49
6.Annual Income of respondents

Table 5.5: Annual Income of respondents

Income Respondents Percentage

Below 2 Lakhs 59 52.2
2.5-5 lakhs 21 18.6
5-10 lakhs 26 23
Above 10 lakhs 7 6.2

Figure 5.6: Annual Income of respondents

The pie chart depicts the annual income distribution of 113 respondents. Over half of the
respondents, 52.2%, earn below 2 lakhs annually, highlighting a significant low-income
segment. The second-largest group, representing 23%, earns between 5 to 10 lakhs,
indicating a moderate-income bracket. Approximately 18.6% of the respondents have an
annual income ranging from 2.5 to 5 lakhs. A small proportion, 6.2%, earns above 10
lakhs, showcasing a minor high-income demographic.

50
7.Familiar with cryptocurrency

Table 5.6: Familiar of respondents with cryptocurrency.

Familiarity Respondents Percentage

Not familiar at all 10 8.8
Less familiar 21 18.6
Neutral 34 30.1
Somewhat familiar 35 31
Very familiar 13 11.5

Figure 5.7: Familiar of respondents with cryptocurrency.

The bar chart provides an insight into the familiarity with cryptocurrency among 113
respondents. A significant portion, 31%, rated their familiarity as 4, demonstrating a high
level of awareness. Close behind, 30.1% rated their familiarity as 3, indicating a moderate
understanding. About 18.6% of respondents rated their familiarity as 2, suggesting some
awareness but limited knowledge. Only 8.8% rated their familiarity as 1, reflecting
minimal exposure to cryptocurrency. On the higher end, 11.5% of respondents rated their
familiarity as 5, showing they consider themselves highly knowledgeable about
cryptocurrencies. Overall, the data indicates a varied level of familiarity, with a notable
skew towards moderate to high awareness.

51
8. The initial source of information about cryptocurrency.

Table 5.7: The initial source of information about cryptocurrency of respondents.

Figure 5.8: The initial source of information about cryptocurrency of respondents

The table details how 111 respondents first learned about cryptocurrency, highlighting
various channels and their combinations. The most common primary sources include
friends and family (9.9%), social networks (9%), and internet forums/websites (7.2%).
News and media were cited by 6.3% of respondents. Many respondents reported learning
from multiple sources, with the combination of sources labeled 2 and 3 being the most
frequent (10.8%). Other notable combinations include sources 1, 2 (6.3%), and sources
2, 4 (6.3%).

Less common combinations and the "other" category were chosen by smaller fractions
of respondents. Cumulatively, 86.5% of respondents learned about cryptocurrency
through these top sources and their combinations, underscoring the diverse ways
information about cryptocurrency is disseminated and often reinforced through multiple
channels.

52
9. Investment in cryptocurrency

Table 5.8: Investment in Crypto currency by respondents.

Particulars Percentage
Yes 38.9
No 61.1

Figure 5.9: Investment in Crypto currency by respondents

The data indicates the investment behaviour in cryptocurrency among respondents. A

significant majority, 61.1%, have never invested in cryptocurrency, suggesting a
prevailing cautious or uninformed stance towards this investment vehicle. Conversely,
38.9% of respondents have invested in cryptocurrency, reflecting a considerable interest
and participation in the digital currency market. This distribution highlights a substantial
gap between those who are willing to engage financially with cryptocurrencies and those
who remain hesitant, potentially due to factors such as risk aversion, lack of knowledge,
or scepticism about the market's stability and potential.

53
10. The cryptocurrencies respondents are aware of.

Figure 5.10: The cryptocurrencies Respondents are aware of.

The data illustrates the awareness of different cryptocurrencies among 111 respondents,
with each frequency representing combinations of cryptocurrencies they are familiar
with. Bitcoin emerges as the most recognized cryptocurrency, known to 22.5% of
respondents. Combinations involving Bitcoin and other cryptocurrencies are also
common; for instance, 17.1% are aware of Bitcoin and at least one other cryptocurrency
(coded as 1, 2), and smaller percentages are aware of additional combinations such as 1,
2, 3 (3.6%) and 1, 2, 3, 5 (3.6%).

Specific cryptocurrencies like Ethereum and Bitcoin Cash are individually noted by a
smaller segment (0.9% each), reflecting less widespread individual recognition compared
to Bitcoin. Other cryptocurrencies, possibly encompassing a range of lesser-known digital
currencies, account for 4.5% of the awareness. A notable 12.6% of respondents recognize
Bitcoin and one other distinct cryptocurrency coded as 1, 5, suggesting a secondary but
significant level of awareness.

Cumulatively, the data reveals that a majority of respondents (approximately 89.2%) are
familiar with Bitcoin and various other cryptocurrencies in different combinations,
indicating a broad but varied awareness landscape. The remaining 10.8% of respondents
display a narrower recognition, often limited to specific combinations or lesser-known
cryptocurrencies. This distribution underscores Bitcoin's dominance in cryptocurrency
awareness while highlighting the diverse familiarity with other digital currencies among
the population.

54
11. The factors considered when deciding to invest in cryptocurrency.

Figure 5.11: The factors considered when deciding to invest in cryptocurrency.

The factors considered when deciding to invest in cryptocurrency vary among

respondents. The most commonly cited factor, with 55% of respondents mentioning it, is
the potential for high returns. This indicates that many investors are primarily motivated
by the profit potential of cryptocurrencies.

Following this, the volatility of the market is mentioned by 78.4% of respondents,

highlighting the awareness of the risk associated with investing in cryptocurrencies due
to their highly fluctuating nature. Reputation of the cryptocurrency is mentioned by 1.8%
of respondents, indicating that a small percentage of investors prioritize the reputation of
the cryptocurrency they are investing in, possibly considering factors such as its stability,
trustworthiness, or adoption rate.

Technological advancements are considered by 1.8% of respondents, suggesting that a

minority of investors may prioritize the technological innovations or developments
associated with a particular cryptocurrency when making investment decisions. Other
factors not explicitly listed in the provided options are mentioned by 8.1% of respondents,
indicating that there may be additional considerations influencing investment decisions
in cryptocurrency beyond those captured in the survey.

Overall, while potential for high returns is the primary driver for many investors, factors
such as market volatility, reputation, and technological advancements also play a role in
decision-making. Additionally, there may be other factors unique to individual investors
that influence their investment choices in the cryptocurrency space.

55
12.Respondents rating of understanding of blockchain technology.

Table 5.9: Respondents rating of understanding of blockchain technology.

Particulars Percentage Respondents

Poor 10.6% 12
Okay 17.7% 20
Neutral 38.9% 44
Good 23.9% 27
Excellent 8.8% 10

Figure 5.12: Respondents rating of understanding of blockchain technology.

The understanding of blockchain technology among respondents varies, with a majority

falling within the "okay" to "good" range. Specifically, 18% of respondents rated their
understanding as "okay," 24.3% as "good," and 9% as "excellent." This indicates that a
significant portion of respondents have a solid grasp of blockchain technology, which is
encouraging given its increasing importance in various industries.

However, it's worth noting that a notable proportion of respondents, 10.8%, rated their
understanding as "poor." This suggests that there is a segment of the population surveyed
that may benefit from further education or training on blockchain technology to enhance
their understanding.

Additionally, the largest proportion of respondents, 37.8%, rated their understanding as

"neutral." This could imply that they have some basic knowledge of blockchain but may
not feel confident in their understanding or expertise.

56
Overall, while there is a substantial portion of respondents with a good or excellent
understanding of blockchain technology, there is also room for improvement in educating
those who rated their understanding as okay, poor, or neutral. This could be beneficial for
ensuring broader comprehension and adoption of blockchain technology across various
sectors.

13. Experience using blockchain technology for purposes other than cryptocurrency.

Table 5.10: Experience using blockchain technology for purposes other than
cryptocurrency.

Particular Respondents Percentage

Yes 43 38.1%
No 70 61.9%

Figure 5.13: Experience using blockchain technology for purposes other than
cryptocurrency.

The survey results indicate that a significant portion of respondents, 38.1%, have used
blockchain technology for purposes other than cryptocurrency. This suggests that
blockchain technology is increasingly being adopted for a variety of applications beyond
its original use case of powering cryptocurrencies like Bitcoin and Ethereum.

57
The fact that nearly two-fifths of respondents have utilized blockchain for non-
cryptocurrency purposes highlights the versatility and potential of this technology across
different industries and sectors. These applications could include but are not limited to
supply chain management, healthcare recordkeeping, identity verification, smart
contracts, and decentralized finance (DeFi).

However, it's noteworthy that a majority of respondents, 61.9%, have not used blockchain
for purposes other than cryptocurrency. This indicates that while there is growing
adoption, there is still a significant portion of the population that may not yet be fully
engaged with or aware of the diverse range of applications that blockchain technology
offers.

Overall, the data suggests a growing interest and utilization of blockchain technology
beyond cryptocurrency, but there is also potential for further education and adoption to
realize the full scope of its benefits in various domains.

14. Perception of the main advantage of using cryptocurrency and blockchain.

Figure 5.14: Perception of the main advantage of using cryptocurrency and blockchain.

The main advantages perceived by respondents in using cryptocurrency and blockchain

technology vary, reflecting the diverse benefits associated with these innovations.

58
Decentralization is identified as a significant advantage by 4.5% of respondents. This
highlights the appeal of removing centralized control and intermediaries from
transactions and processes, which is a core principle of blockchain technology.

Security is cited by 7.2% of respondents as a key advantage. This underscores the robust
security mechanisms inherent in blockchain systems, such as cryptographic encryption
and decentralized consensus mechanisms, which help protect against fraud and
unauthorized access.

Anonymity is mentioned by 2.7% of respondents, indicating the appeal of pseudonymous

transactions that do not require personal identification information. This feature can
enhance privacy and confidentiality for users.

Low transaction fees are highlighted by a small percentage of respondents, suggesting

that the cost-effectiveness of blockchain transactions compared to traditional financial
systems is recognized as an advantage.

Accessibility is identified by 2.7% of respondents, indicating the perception that

blockchain technology can provide greater financial inclusion and access to financial
services, especially in underserved regions or populations.

Other advantages mentioned by respondents, accounting for 8.1% of responses, may

include factors such as transparency, immutability of records, faster transaction
processing, and potential for innovation across various industries.

Overall, the data illustrates a range of perceived advantages associated with

cryptocurrency and blockchain technology, including decentralization, security,
anonymity, low transaction fees, and accessibility. These factors contribute to the growing
adoption and interest in blockchain-based solutions across diverse sectors.

59
15. Main concerns or perceived risks associated with cryptocurrency.

Figure 5.15: Main concerns or perceived risks associated with cryptocurrency.

The data presents a comprehensive overview of the main concerns or risks associated
with cryptocurrency. Notably, volatility emerges as a primary concern, with 18.9% of
respondents expressing apprehensions about the unpredictable nature of cryptocurrency
markets. Security vulnerabilities, cited by 44.1% of respondents, underscore the
susceptibility of cryptocurrency platforms to cyber threats, raising concerns about the
safety of digital assets. Additionally, regulatory uncertainties (68.5%), the potential for
illegal activities (86.5%), and a lack of understanding (95.5%) are identified as significant
challenges, highlighting the multifaceted risks inherent in the cryptocurrency ecosystem.
Addressing these concerns is crucial for fostering trust, stability, and broader adoption of
cryptocurrencies in mainstream finance.

16.Perspective on how cryptocurrency could impact the traditional financial system.

Table 5.11: Perspective on how cryptocurrency could impact the traditional financial
system.

Particulars Respondents Percentage

Positive impact 56 49.6%
Negative impact 13 11.5%
No significant impact 13 11.5%
Unsure 31 27.4%

60
 Figure 5.16: Main concerns or perceived risks associated with cryptocurrency.

The data reveals diverse perspectives on the potential impact of cryptocurrency on the
traditional financial system. Nearly half of respondents, 49.6%, envision a positive
impact, highlighting optimism about cryptocurrency's capacity to introduce efficiencies,
promote financial inclusion, and enhance innovation within the financial landscape.
Conversely, 11.5% foresee a negative impact, citing concerns such as regulatory
challenges and market destabilization.

An equal proportion, 11.5%, perceive no significant impact, indicating a neutral stance.

Meanwhile, 27.4% express uncertainty, underscoring the complexity and evolving nature
of this relationship. These insights emphasize the importance of continued research and
regulatory clarity to navigate the implications of cryptocurrency on traditional finance
effectively.

17. Attendance any government or private sessions on cryptocurrency and

blockchain?

Table 5.12: Attendance any government or private sessions on cryptocurrency and

blockchain.

Particulars Respondents Percentage

Yes 40 35.4%
No 73 64.6%

61
 Figure 5.17: Attendance any government or private sessions on cryptocurrency and
blockchain.

The data indicates that a significant majority, 64.6% of respondents, have not attended
any educational or informational sessions about cryptocurrency and blockchain
technology organized by either government or private entities. This suggests a potential
gap in public awareness and education regarding these technologies. Conversely, 35.4%
of respondents have participated in such sessions, indicating some level of interest or
proactive engagement with learning opportunities related to cryptocurrency and
blockchain. These findings underscore the importance of expanding educational
initiatives to enhance understanding and promote informed decision-making in the
rapidly evolving cryptocurrency and blockchain landscape.

18. Influence of Government policies and regulations in decision to invest in

cryptocurrency.

Table 5.13: Influence of Government policies and regulations in decision to invest in

cryptocurrency.

Particulars Respondents Percentage

Not likely at all 18 15.9%
Slightly 21 18.6%
Moderately 36 31.9%
Significantly 32 28.3%
Extremely 6 5.3%

62
 Figure 5.18: Influence of Government policies and regulations in decision to invest in
cryptocurrency.

The data illustrates the varying degrees to which government policies and regulations
influence individuals' decisions to invest in cryptocurrency. A notable proportion, 28.3%
of respondents, indicate that government policies and regulations have a significant
impact on their investment decisions, suggesting that regulatory clarity and stability are
crucial factors in shaping investor sentiment and behavior in the cryptocurrency market.
Additionally, 31.9% of respondents express a moderate level of influence, highlighting
the significance of regulatory frameworks in shaping investment strategies to a
considerable extent. Meanwhile, 15.9% report that government policies have little to no
influence on their investment decisions, indicating a lesser impact. However, it's worth

noting that a combined 23.9% of respondents indicate a slight to extreme influence,

underlining the relevance of regulatory considerations in cryptocurrency investment
decisions for a substantial portion of investors. These findings underscore the importance
of transparent and well-defined regulatory frameworks in fostering trust and confidence

in the cryptocurrency market.

63
19.Main benefits of promoting cryptocurrency and blockchain technology
awareness.

Figure 5.19: Main benefits of promoting cryptocurrency and blockchain technology

awareness

The data summarizes responses from 113 participants, highlighting their views on the
primary advantages of these technologies. The most cited benefit is Growth in
Investments, with 81.4% of respondents indicating this as a key advantage, suggesting a
strong belief that increased awareness will attract substantial capital inflows into the
cryptocurrency and blockchain sectors. Economic Growth follows, with 59.3% of
participants viewing these technologies as catalysts for broader economic development
through increased financial activities and innovations. Financial Inclusion is highlighted
by 44.2% of respondents, reflecting the potential for these technologies to integrate
underbanked or unbanked populations into the financial system. Additionally, 35.4% of
participants see Job Creation as a significant benefit, anticipating new employment
opportunities emerging from these industries. The Other category, selected by 10.6%,
likely encompasses a range of additional benefits such as enhanced security, transparency,
and innovation. Overall, the data reveals a predominant optimism about the financial and
economic potential of cryptocurrency and blockchain technologies, while also
recognizing their broader socio-economic impacts. This underscores the importance of
targeted awareness and educational campaigns to effectively harness these perceived
benefits.

64
20. Perception of the security and privacy aspects of cryptocurrency transactions.

Table 5.14: Perception of the security and privacy aspects of cryptocurrency transactions.

Particular Respondents Percentage

Very secure and private 36 31.9%
Somewhere secure and 53 46.9%
private
Not very secure and private 19 16.8%
Not secure and private at 5 4.4%
all

Figure 5.20: Perception of the security and privacy aspects of cryptocurrency

transactions.

The data provides insights into respondents' perceptions of the security and privacy
aspects of cryptocurrency transactions. A significant portion, 46.9%, view these
transactions as somewhat secure and private, indicating cautious optimism about the
current security measures. Additionally, 31.9% of respondents consider cryptocurrency
transactions to be very secure and private, showing that nearly one-third have high
confidence in the existing protocols. On the other hand, 16.8% of respondents believe
these transactions are not very secure and private, reflecting concerns about potential
vulnerabilities.

A smaller group, 4.4%, feels that cryptocurrency transactions are not secure and private
at all, highlighting significant apprehensions among a minority. Overall, the data reveals
65
a predominantly positive perception of cryptocurrency transaction security and privacy,
with 78.8% expressing confidence to some degree. However, the presence of 21.2% with
reservations suggests a need for continuous improvements and reassurances in the
security and privacy features of cryptocurrency systems to address these concerns fully.

21. What challenges do you foresee in promoting cryptocurrency and blockchain

technology awareness?

Figure 5.21. Foreseeing challenges in promoting cryptocurrency and blockchain

technology awareness.

The data summarizes responses from 113 participants, highlighting several key obstacles.
The most significant challenge identified is the Lack of Education and Understanding,
cited by 69.9% of respondents, indicating a widespread concern that insufficient
knowledge hampers promotion efforts. Closely related, Ignorance and Lack of Trust was
mentioned by 49.6% of participants, reflecting skepticism and distrust towards these
technologies. Regulatory Uncertainties, identified by 48.7% of respondents, suggest that
ambiguous or evolving legal frameworks pose a substantial barrier to adoption.

Technological Barriers were noted by 39.8% of respondents, indicating that infrastructure

limitations and technical complexity are significant hurdles. Cultural Resistance,

66
mentioned by 30.1% of respondents, points to the difficulty in overcoming traditional
beliefs and practices that may be resistant to change. Additionally, the Other category,
noted by 8% of respondents, likely encompasses a range of additional concerns such as
privacy issues or environmental impact. Overall, the data underscores the need for
comprehensive educational initiatives, trust-building measures, clear regulatory
guidelines, and strategies to address technical and cultural challenges to effectively
promote cryptocurrency and blockchain technology awareness.

22: Belief in the transformative potential of cryptocurrency and blockchain

technology on the traditional financial system.

Table 5.15: Belief in the transformative potential of cryptocurrency and blockchain

technology on the traditional financial system.

Particulars Respondents Percentage

Yes 62 54.9%
No 11 9.7%
Maybe 40 35.4%

Figure 5.22. Belief in the transformative potential of cryptocurrency and blockchain

technology on the traditional financial system.

67
The data provides insights into respondents' beliefs regarding the potential of
cryptocurrency and blockchain technology to transform the traditional financial system.
A significant majority, 54.9%, believe in the transformative potential of these
technologies, indicating strong confidence among more than half of the participants. In
contrast, 9.7% of respondents do not share this belief, reflecting skepticism or concerns
about the efficacy and implementation of cryptocurrency and blockchain in the traditional
financial sector.

Additionally, 35.4% of respondents are uncertain, indicating that while many recognize
the potential, there are considerable reservations or a need for more information and
evidence before making a definitive judgment. Overall, the data reveals a predominantly
positive outlook on the potential of cryptocurrency and blockchain technology to
transform the financial system, but it also highlights the need for further education,
evidence, and regulatory clarity to address the concerns and uncertainties expressed by a
significant portion of respondents.

23. Level of awareness about blockchain technology among people in respondents

social circle

Table 5.16: Level of awareness about blockchain technology among people in

respondents social circle

Particulars Respondents Percentage

High 19 16.8%
Moderate 49 43.4%
Low 37 32.7%
Not sure 8 7.1%

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 Figure 5.23. Level of awareness about blockchain technology among people in
respondent’s social circle.

The data provides insights into the level of awareness about blockchain technology
among people in respondents' social circles. A majority, 43.4%, perceive the awareness
level as moderate, suggesting a fair amount of understanding and familiarity, but also
indicating room for improvement. A significant portion, 32.7%, reports low awareness,
highlighting that nearly one-third of respondents' social circles have limited knowledge
of blockchain technology, emphasizing the need for increased educational efforts.

Meanwhile, 16.8% of respondents observe a high level of awareness, indicating a smaller

group with a strong grasp of the technology. Additionally, 7.1% are unsure about the
awareness level in their social circles, reflecting variability in knowledge among different
individuals. Overall, the data shows a predominant moderate awareness of blockchain
technology, with significant gaps that present opportunities for educational initiatives to
enhance understanding and comprehension.

69
24. Factors determining the effectiveness of educational institutions in educating
students about cryptocurrency and blockchain technology

Table 5.17: Factors determining the effectiveness of educational institutions in educating

students about cryptocurrency and blockchain technology.

Particulars Respondents Percentage

Curriculum design 22 19.5%
Qualification od educators 32 28.3%
Availability of resources 30 26.5%
Engagement with industry 22 19.5%
professionals
Others 7 6.2%

Figure 5.24: Factors determining the effectiveness of educational institutions in

educating students about cryptocurrency and blockchain technology.

The data provides valuable insights into the determinants of effectiveness for educational
institutions in teaching students about cryptocurrency and blockchain technology.
Respondents identified several key factors critical to the success of such educational
endeavors. Foremost among these is the qualification of educators, cited by 28.3% of
respondents, underlining the importance of knowledgeable and experienced instructors in
delivering comprehensive instruction. Additionally, the availability of resources,

70
highlighted by 26.5% of respondents, emerged as a significant factor, emphasizing the
necessity of access to relevant materials and tools for effective learning. Curriculum
design also garnered attention, with 19.5% of respondents emphasizing the need for well-
structured and up-to-date educational programs tailored to cover the breadth and depth of
cryptocurrency and blockchain concepts. Similarly, engagement with industry
professionals, noted by another 19.5% of respondents, is seen as crucial for providing
real-world insights and applications. Furthermore, a small percentage of respondents
(6.2%) mentioned other factors not explicitly listed, suggesting additional considerations
in ensuring educational effectiveness. Together, these findings underscore the
multifaceted nature of effective education in this field, highlighting the importance of
addressing various factors comprehensively to better prepare students for the
complexities and opportunities presented by cryptocurrency and blockchain technology.

25. Education and information about cryptocurrency and blockchain

Table 5.18: Education and information about cryptocurrency and blockchain

Particulars Respondents Percentage

Yes 45 39.8%
No 46 40.7%
Not sure 22 19.5%

Figure 5.25: Education and information about cryptocurrency and blockchain

The data reveals a nuanced perspective on the availability of education and information
about cryptocurrency and blockchain technology. Nearly an equal number of respondents,
40.7% and 39.8% respectively, express contrasting views: one group believes there is

71
insufficient education and information, while the other perceives it to be adequate. This
dichotomy suggests a significant divide in perceptions within the surveyed population.

Additionally, a notable 19.5% of respondents express uncertainty, indicating a lack of

consensus or clarity on the matter. This uncertainty may stem from varying levels of
exposure, access to resources, or differing interpretations of the quality and breadth of
available information. Overall, the data underscores the complexity of the issue and
highlights the need for further evaluation and potentially enhanced efforts to address gaps
in education and information dissemination about cryptocurrency and blockchain
technology.

26. Perception of cryptocurrency and blockchain technology differs between urban

and rural areas

Table 5.19: Perception of cryptocurrency and blockchain technology differs between

urban and rural areas.

Particulars Respondents Percentage

Urban areas are more 71 64%
accepting
Rural areas are more 13 11.7%
accepting
No significance difference 7 6.3%
Unsure 20 18%

72
 Figure 5.26: Perception of cryptocurrency and blockchain technology differs between
urban and rural areas.

The data offers insights into the perceived differences in acceptance of cryptocurrency
and blockchain technology between urban and rural areas. The majority of respondents,
comprising 64%, believe that urban areas are more accepting of these technologies. This
perception likely stems from urban centers typically being hubs of technological
innovation and adoption, with greater access to digital infrastructure and a higher
concentration of tech-savvy individuals. Conversely, only 11.7% of respondents think that
rural areas are more accepting, possibly indicating a perception of slower adoption rates
or limited access to technology in these regions. Interestingly, a notable proportion of
respondents, 18%, express uncertainty, suggesting a lack of consensus or perhaps a
recognition of the complexity of factors influencing technology adoption across different
geographical areas.

Additionally, 6.3% of respondents perceive no significant difference between urban and

rural areas in terms of acceptance, indicating a belief in more uniform acceptance levels
regardless of location. Overall, the data highlights differing perceptions regarding the
acceptance of cryptocurrency and blockchain technology between urban and rural areas,
with urban areas generally perceived as more receptive, although uncertainty and nuanced
viewpoints also exist.

73
HYPOTHESIS TEST 1 - CHI-SQUARE TEST

H01: The majority of residents in Telangana have a low level of awareness regarding
cryptocurrencies and blockchain technology.

H01a: There is a significant relationship between age and the level of awareness of
cryptocurrency and blockchain technology among residents in Telangana.

Age
Under
18 18-25 26-35 36-45 Above Total
How familiar are not familiar at all 0 8 1 1 0 10
you with
not familiar 0 17 2 1 1 21
cryptocurrency?
neutral 0 25 5 2 0 32
familiar 1 20 9 5 0 35
very familiar 0 9 2 1 1 13
Total 1 79 19 10 2 111
Table 5.20: Chi square table of Age and level of awareness

Chi-Square Tests

Asymptotic
Significance (2-
Value Df sided)

Pearson Chi-Square 13.055a 16 .669

Likelihood Ratio 13.118 16 .664

Linear-by-Linear Association 1.542 1 .214

N of Valid Cases 111

a. 18 cells (72.0%) have expected count less than 5. The minimum expected
count is .09.

Table 5.21: Chi square Result

Interpretation: from the above table it is observed that -Under 18: Very few responses;
only one individual is familiar with cryptocurrency.

18-25: This age group has the highest number of respondents (79). The majority are either
neutral (25) or familiar (20) with cryptocurrency. whereas 26-35: Most respondents are

74
familiar (9) or neutral (5). 36-45: Similar distribution with a significant number being
familiar (5) or neutral (2).- Above 45: Very few responses; a mix of familiarity levels.
Overall, younger age groups (especially 18-25) show higher familiarity with
cryptocurrencies.

Chi-Square Test Results: The Chi-Square test results help determine if there is a
significant association between age groups and their familiarity with cryptocurrency.

Chi-Square Significance (p-value): The p-value for the Pearson Chi-Square test is 0.669.
This is much greater than the typical alpha level of 0.05, indicating that there is no
statistically significant association between age groups and familiarity with
cryptocurrency.

The Chi-Square test results suggest that there is no significant association between age
and the level of familiarity with cryptocurrency among residents of Telangana.

75
H01b: There is a significant relationship between gender and the level of awareness of
cryptocurrency and blockchain technology among residents in Telangana.

Gender
female Male Total
How familiar are you not familiar at all 1 9 10
with cryptocurrency? not familiar 13 8 21
neutral 13 19 32
familiar 21 14 35
very familiar 4 9 13
Total 52 59 111
Table 5.22: Chi square table of gender and awareness level

Chi-Square Tests

Asymptotic
Significance (2-
Value Df sided)

Pearson Chi-Square 11.643a 4 .020

Likelihood Ratio 12.636 4 .013

Linear-by-Linear Association .591 1 .442

N of Valid Cases 111

a. 1 cells (10.0%) have expected count less than 5. The minimum

expected count is 4.68.

Table 5.23: Chi square result

Analysis of Gender and Cryptocurrency Familiarity Data:

A higher proportion of males (9 out of 59) are not familiar at all compared to females (1
out of 52).

More females (21 out of 52) are familiar with cryptocurrency compared to males (14 out
of 59).
76
Chi-Square Test Results:

Pearson Chi-Square Value: 11.643

Degrees of Freedom (df): 4

Asymptotic Significance (p-value): 0.020

The Pearson Chi-Square test results reveal a p-value of 0.020, which is less than the
typical significance level of 0.05. This indicates a statistically significant association
between gender and familiarity with cryptocurrency.

There is a significant relationship between gender and familiarity with cryptocurrency

among the respondents.

The data suggests that males and females differ in their levels of familiarity, with males
showing higher extremes (both not familiar at all and very familiar) and females being
more consistently familiar or neutral.

Given the significant p-value, we reject the null hypothesis (H01) that states "The
majority of residents in Telangana have a low level of awareness regarding
cryptocurrencies and blockchain technology." Instead, we conclude that familiarity varies
significantly between genders, indicating varied levels of awareness rather than uniformly
low awareness.

77
H01c: There is a significant relationship between education and the level of awareness of
cryptocurrency and blockchain technology among residents in Telangana.
Education Level

High Doctoral
school or Associate Bachelor's Master's degree or
below degree degree degree above Total

How familiar are not 0 0 6 4 0 10

you with familiar at
cryptocurrency? all

not 2 1 3 14 1 21
familiar

neutral 0 0 11 21 0 32

familiar 1 2 11 18 3 35

very 0 0 3 8 2 13
familiar

Total 3 3 34 65 6 111

Table 5.24: Chi square table of education level and awareness level.

Chi-Square Tests

Asymptotic
Significance (2-
Value df sided)

Pearson Chi-Square 19.890a 16 .225

Likelihood Ratio 22.356 16 .132

Linear-by-Linear Association 1.986 1 .159

N of Valid Cases 111

a. 17 cells (68.0%) have expected count less than 5. The minimum expected
count is .27.

Table 5.25: Chi square result

78
Chi-Square Test Results:

Pearson Chi-Square Value: 19.890

Degrees of Freedom (df): 16

Asymptotic Significance (p-value): 0.225

The Pearson Chi-Square test results in a p-value of 0.225, which is greater than the typical
significance level of 0.05. This indicates that there is no statistically significant
association between education level and familiarity with cryptocurrency.

There is no significant relationship between education level and familiarity with

cryptocurrency among the respondents.

The distribution of familiarity levels appears similar across different education levels, as
indicated by the non-significant p-value.

Given the non-significant p-value, we fail to reject the null hypothesis (H01) that states,

79
H01d: There is a significant relationship between district and the level of awareness of
cryptocurrency and blockchain technology among residents in Telangana.

Your District

Ran sang yadag

ga a ir
Hyderab redd warang medch machiry nizamb redd adhilab bhong Tot
ad y al el ala ad y ad ir al

How not 3 3 0 0 0 3 1 0 0 10
familiar are famili
you with ar at
cryptocurren all
cy?
not 9 8 0 2 0 1 1 0 0 21
famili
ar

neutra 11 7 3 5 2 2 1 1 0 32
l

famili 12 4 5 3 6 3 0 0 2 35
ar

very 3 3 1 0 2 2 1 0 1 13
famili
ar

Total 38 25 9 10 10 11 4 1 3 111

Table 5.26: Chi square table of respondent’s district and awareness level.

80
Chi-Square Tests

Asymptotic
Significance (2-
Value df sided)

Pearson Chi-Square 34.664a 32 .342

Likelihood Ratio 41.339 32 .125

Linear-by-Linear Association 2.195 1 .138

N of Valid Cases 111

a. 40 cells (88.9%) have expected count less than 5. The minimum expected count is .09.

Table 5.27: Chi square result

Overall, familiarity with cryptocurrency varies across different districts, with Hyderabad
showing the highest familiarity.

Chi-Square Test Results:

Pearson Chi-Square Value: 34.664

Degrees of Freedom (df): 32

Asymptotic Significance (p-value): 0.342

The Pearson Chi-Square test results in a p-value of 0.342, which is greater than the typical
significance level of 0.05. This indicates that there is no statistically significant
association between district and familiarity with cryptocurrency.

There is no significant relationship between the district of residence and familiarity with
cryptocurrency among the respondents.

The distribution of familiarity levels appears similar across different districts, as indicated
by the non-significant p-value.

This suggests that familiarity with cryptocurrency does not significantly vary with the
district of residence, implying that the overall awareness might indeed be low or uniform
across different districts.

81
H01e: There is a significant relationship between Annual income and the level of
awareness of cryptocurrency and blockchain technology among residents in Telangana.

Annual Income
Below 2 2.5 – 5 5 – 10 Above 10
lakhs lakhs lakhs lakhs Total
How familiar are not familiar 6 1 3 0 10
you with at all
cryptocurrency?
not familiar 14 4 3 0 21
neutral 19 7 5 1 32
familiar 16 6 9 4 35
very familiar 3 3 5 2 13
Total 58 21 25 7 111
Table 5.28: Chi square table of Annual income and awareness level.

Chi-Square Tests
Asymptotic
Significance (2-
Value df sided)
Pearson Chi-Square 13.215a 12 .354
Likelihood Ratio 14.965 12 .243
Linear-by-Linear Association 7.898 1 .005
N of Valid Cases 111
a. 11 cells (55.0%) have expected count less than 5. The minimum
expected count is .63.
Table 5.29: Chi square result.

Chi-Square Tests: The Chi-Square tests provide insights into the relationship between
familiarity with cryptocurrency and income levels.

Pearson Chi-Square: This test statistic compares the observed frequencies with the
expected frequencies to determine if there's a significant association between the
variables. The p-value of .354 indicates that there isn't sufficient evidence to reject the
null hypothesis, suggesting no significant association between familiarity with
cryptocurrency and income levels.

82
In summary, while there's a significant linear association between familiarity with
cryptocurrency and income levels, the other Chi-Square tests suggest no significant
overall association. It's essential to interpret these results cautiously and consider the
context and limitations of the analysis, such as the sample size and expected counts.
Further investigation or analysis may be needed to draw more definitive conclusions.

83
 HYPOTHESIS TEST 2-REGRESSION ANALYSYS:

H03: Awareness level significantly influences the adoption of cryptocurrencies and

blockchain technology among Telangana residents.

Model Summary
Adjusted R Std. Error of the
Model R R Square Square Estimate
1 .093a .009 .000 1.146
a. Predictors: (Constant), Do you think there is enough education and
information available about cryptocurrency and blockchain
technology?
Table 5.30: Table of Model Summary

R: The correlation coefficient between the predictor variable ("Do you think there is
enough education and information available about cryptocurrency and blockchain
technology?") and the dependent variable ("How familiar are you with cryptocurrency?").
Here, R = 0.093, indicating a weak positive correlation between the two variables.

R Square: The coefficient of determination, which indicates the proportion of variance in

the dependent variable explained by the predictor variable(s). In this model, R Square =
0.009, suggesting that only 0.9% of the variance in cryptocurrency familiarity can be
explained by the perception of available education and information.

Adjusted R Square: Similar to R Square, but adjusted for the number of predictors in the
model. Here, it's 0.000, indicating that the model does not improve prediction beyond the
intercept-only model.

Std. Error of the Estimate: This is the standard error of the regression, representing the
average difference between the observed values of the dependent variable and the
predicted values from the model. In this case, it's 1.146, suggesting that the model's
predictions have an average error of 1.146 units.

84
ANOVAa

Model Sum of Squares df Mean Square F Sig.

1 Regression 1.260 1 1.260 .960 .329b
Residual 143.136 109 1.313
Total 144.396 110
a. Dependent Variable: How familiar are you with cryptocurrency?
b. Predictors: (Constant), Do you think there is enough education and information available
about cryptocurrency and blockchain tech0logy?
Table 5.31: Anova table

Coefficientsa

Unstandardized Standardized
Coefficients Coefficients
Model B Std. Error Beta T Sig.
1 (Constant) 3.293 .158 20.788 <.001
Do you think there is -.142 .145 -.093 -.980 .329
enough education and
information available
about cryptocurrency
and blockchain
tech0logy?
a. Dependent Variable: How familiar are you with cryptocurrency?
Table 5.32: Regression table of Coefficients.

ANOVA:The ANOVA table tests whether the regression model as a whole is statistically
significant in predicting the dependent variable.

Regression: The sum of squares due to regression is 1.260, with 1 degree of freedom. The
mean square is 1.260, resulting in an F-statistic of 0.960 with a p-value of 0.329. Since
the p-value is greater than the significance level (e.g., 0.05), we fail to reject the null
hypothesis that the regression model is not statistically significant.

Constant: The intercept of the regression equation. In this case, it's 3.293, indicating the
estimated cryptocurrency familiarity score when the predictor variable is zero.
85
Do you think there is enough education and information available about cryptocurrency
and blockchain technology? The coefficient is -0.142, suggesting that for every one-unit
increase in the perception of available education and information, the cryptocurrency
familiarity score decreases by 0.142 units. However, this coefficient is not statistically
significant (p = 0.329), indicating that this relationship may not be reliable or meaningful.

The regression analysis indicates that the perception of available education and
information about cryptocurrency and blockchain technology does not significantly
predict individuals' familiarity with cryptocurrency among Telangana residents. The
model's R-squared value is very low (0.009), indicating that the predictor variable
explains only a negligible amount of variance in cryptocurrency familiarity. Additionally,
the coefficient for the predictor variable is not statistically significant, further supporting
the conclusion that there is no meaningful relationship between the perception of
available education and information and cryptocurrency familiarity in this analysis.
Therefore, the hypothesis H03 is not supported by the findings of this regression analysis.

86
MULTI LOGISTIC REGRESSION – HYPOTHESIS 3

To study the attitudes and perceptions of Hyderabad residents towards cryptocurrencies

and blockchain technology.

H02: A significant portion of Hyderabad residents have a positive attitude towards

cryptocurrencies and blockchain technology.

Figure 5.27 Multi Logistic Regression

The logistic regression analysis provides insights into the factors influencing
cryptocurrency ownership or investment among Hyderabad residents. Here's a detailed
interpretation with the numerical values included:

87
1.Intercept: The intercept value of -1.678 (p = 0.423) is not significant, indicating the base
log-odds of not owning cryptocurrency when all predictors are zero.

2.Age: The coefficient for age is -0.046 (p = 0.905), with an odds ratio (Exp(B)) of 0.955.
This indicates that age is not a significant predictor of cryptocurrency ownership, with an
almost negligible effect size.

3.Gender: The coefficient for gender is -0.045 (p = 0.925), with an odds ratio of 0.956.
This shows that gender does not significantly affect the likelihood of owning
cryptocurrency.

4.Education Level: The coefficient for education level is 0.331 (p = 0.302), with an odds
ratio of 1.392. This suggests a non-significant relationship between education level and
cryptocurrency ownership.

5.Annual Income: The coefficient for annual income is -0.159 (p = 0.599), with an odds
ratio of 0.853. Annual income does not significantly predict cryptocurrency ownership.

6. Belief in Cryptocurrency's Potential: The coefficient is -0.033 (p = 0.933), with an odds

ratio of 0.968. This indicates no significant relationship between belief in
cryptocurrency's transformative potential and ownership.

7.Familiarity with Cryptocurrency

Familiarity score 1: Coefficient = 3.516 (p = 0.014), Exp(B) = 33.634.

Familiarity score 2: Coefficient = 2.701 (p = 0.017), Exp(B) = 14.892.

Familiarity score 3: Coefficient = 2.712 (p = 0.006), Exp(B) = 15.063.

Familiarity score 4: Coefficient = 1.330 (p = 0.143), Exp(B) = 3.782.

Familiarity score 5 is the reference category.

These results indicate that individuals with lower familiarity scores (1 to 3) are
significantly less likely to own or invest in cryptocurrency compared to those with the
highest familiarity (score 5). For instance, those with a familiarity score of 1 are
approximately 33.6 times less likely to own cryptocurrency.

8. Understanding of Blockchain Technology:

Understanding score 1: Coefficient = 0.417 (p = 0.734), Exp(B) = 1.518.

Understanding score 2: Coefficient = -0.283 (p = 0.799), Exp(B) = 0.753.

88
Understanding score 3: Coefficient = -0.617 (p = 0.503), Exp(B) = 0.540.

Understanding score 4: Coefficient = -0.912 (p = 0.334), Exp(B) = 0.402.

Understanding score 5 is the reference category.

These coefficients indicate that understanding of blockchain technology does not

significantly influence cryptocurrency ownership.

Overall, the analysis highlights that familiarity with cryptocurrency is a significant

predictor of ownership, with lower familiarity scores associated with a lower likelihood
of owning or investing in cryptocurrency. Other factors such as age, gender, education
level, annual income, belief in cryptocurrency's potential, and understanding of
blockchain technology do not significantly affect cryptocurrency ownership among
Hyderabad residents.

89
 FINDINGS

1. The data reveals that a youthful demographic (18-25 years) shows the highest
interest in cryptocurrency and blockchain technology at 71.7%, with minimal
engagement from older age groups. This suggests the study's findings are
predominantly reflective of younger individuals' perspectives.
2. The gender distribution among respondents is relatively balanced, with 54% male
and 46% female, indicating that both genders are fairly equally engaged in
cryptocurrency and blockchain technology. However, the slight male
predominance suggests a marginally higher interest or awareness among males.
3. The data reveals a highly educated respondent pool, with 58.4% holding Master's
degrees and 31% Bachelor's degrees, indicating a specialized or professional
audience. A notable 5.3% possess Doctoral degrees or higher, while those with
high school or associate degrees represent only 5.4%.
4. The data shows an urban bias, with over 30 respondents from Hyderabad and
minimal participation from other districts.
5. The survey's occupational distribution reveals that 58.4% of respondents are
students, and 36.3% are employed, indicating strong representation from both
academic and workforce sectors. Unemployed and retired individuals comprise
4.4% and 0.9%, respectively, reflecting low joblessness and minimal retired
representation among participants.
6. The annual income distribution shows that a significant 52.2% of respondents earn
below 2 lakhs, indicating a prominent low-income segment. In contrast, 23% earn
between 5 to 10 lakhs and only 6.2% exceed 10 lakhs, highlighting the limited
high-income demographic among participants.
7. The data indicates that a substantial majority of respondents exhibit moderate to
high familiarity with cryptocurrency, with 61.6% rating their familiarity as 3 or 4.
Additionally, 11.5% consider themselves highly knowledgeable, while only 8.8%
have minimal exposure, reflecting a generally well-informed cohort.
8. The data reveals that the primary sources of cryptocurrency knowledge among
respondents are friends and family (9.9%), social networks (9%), and internet
forums/websites (7.2%), with many also learning through a combination of
sources. Notably, 86.5% of respondents reported learning about cryptocurrency
through these top channels, highlighting the multifaceted nature of information
dissemination.
90
9. The data indicates that 61.1% of respondents have never invested in
cryptocurrency, reflecting prevalent caution or lack of information. Conversely,
38.9% have invested, showcasing significant interest and participation in the
digital currency market despite potential concerns about risk and market stability.
10. Bitcoin is widely recognized among respondents, with approximately 22.5%
awareness, indicating its prominence. Additionally, around 89.2% demonstrate
familiarity with Bitcoin and other cryptocurrencies, highlighting diverse
awareness.
11. Investors are primarily motivated by the potential for high returns, cited by 55%
of respondents, indicating profit-driven decisions. Market volatility is a key
concern for 78.4% of respondents, emphasizing risk awareness in cryptocurrency
investment decisions.
12. Approximately 38.1% of respondents have utilized blockchain for non-
cryptocurrency purposes, indicating growing adoption in diverse applications.
However, 61.9% have not engaged with blockchain beyond cryptocurrency,
suggesting room for increased awareness and education about its potential across
industries.
13. The survey reveals diverse perceived advantages of cryptocurrency and
blockchain, including decentralization, security, anonymity, and low transaction
fees, reflecting their multifaceted appeal. These factors contribute to the growing
adoption and interest in blockchain-based solutions across various industries,
underscoring their potential for transformative impact.
14. The data underscores key obstacles to cryptocurrency and blockchain adoption:
Lack of Education and Understanding (69.9%), Ignorance and Lack of Trust
(49.6%), Regulatory Uncertainties (48.7%), Technological Barriers (39.8%), and
Cultural Resistance (30.1%). Additionally, 8% of respondents mention other
concerns, highlighting diverse challenges.
15. The data reveals critical determinants for effective education on cryptocurrency
and blockchain: qualification of educators (28.3%) and availability of resources
(26.5%) are paramount, while curriculum design (19.5%) and industry
engagement (19.5%) are also significant.
16. The data shows a split opinion on the availability of education about
cryptocurrency and blockchain: 40.7% find it inadequate, while 39.8% consider

91
 it sufficient. Additionally, 19.5% express uncertainty, indicating varied
perceptions among respondents.
17. The majority of respondents (64%) perceive urban areas as more accepting of
cryptocurrency and blockchain, attributed to technological innovation hubs and
better digital infrastructure. Conversely, only 11.7% view rural areas as more
accepting, with 18% expressing uncertainty, indicating varied perceptions across
different geographical regions.
18. Weak positive correlation (0.093) between perception of education/info about
cryptocurrencies and familiarity.
19. Slight tendency for more informed individuals to be somewhat more familiar.
20. Only 0.9% of variance in cryptocurrency familiarity explained by perception of
education/info.
21. Perception of education/info does not significantly contribute to explaining
variability in familiarity.
22. Regression coefficient (-0.142) not statistically significant (p = 0.329).
23. Regression model not statistically significant in predicting cryptocurrency
familiarity (p = 0.329).
24. High residual variance suggests other factors beyond perception of education/info
influencing familiarity.
25. Baseline familiarity score (3.293) when perception of education/info is zero.
26. 43.24% high awareness, 27.93% low awareness, 28.83% neutral
27. The data highlights major concerns in cryptocurrency: 18.9% worry about market
volatility, 44.1% about security vulnerabilities, and 68.5% about regulatory
uncertainties. Additionally, 86.5% cite potential for illegal activities, while 95.5%
acknowledge a lack of understanding. Addressing these is crucial for fostering
trust and wider cryptocurrency adoption.
28. The survey unveils that 64.6% of respondents haven't participated in educational
sessions on cryptocurrency, indicating a notable awareness gap. Conversely,
35.4% have engaged in such sessions, showcasing some interest and proactive
learning in this domain.
29. The majority of respondents, 78.8%, express confidence in the security and
privacy of cryptocurrency transactions to varying degrees. However, 21.2%
harbor reservations, indicating the necessity for ongoing enhancements in security
protocols to alleviate concerns effectively.

92
 CONCLUSIONS

In summary, the comprehensive analysis of the survey data sheds light on the intricate
landscape of cryptocurrency and blockchain technology. With 71.7% of respondents aged
18-25 and 54% male and 46% female participants, it's evident that younger individuals
dominate the demographic, showcasing a youthful and balanced gender representation.
Moreover, with 58.4% holding Master's degrees and 31% Bachelor's degrees, the
respondent pool reflects a highly educated cohort, emphasizing specialized or
professional engagement.

Despite the youthfulness and educational background, significant challenges persist. For
instance, 61.1% of respondents have never invested in cryptocurrency, indicating
prevalent caution or a lack of information. Moreover, while 64.6% haven't attended
educational sessions on cryptocurrency, 35.4% have engaged in such sessions,
showcasing varying levels of awareness and proactive learning.

Critical obstacles to adoption include concerns such as market volatility (18.9%), security
vulnerabilities (44.1%), and regulatory uncertainties (68.5%). These apprehensions
hinder broader acceptance and trust in cryptocurrency and blockchain technology.
Conversely, 78.8% of respondents express confidence in the security and privacy of
cryptocurrency transactions to varying degrees, indicating underlying trust despite
prevailing concerns.

The data also highlights the need for targeted educational initiatives and resources. For
instance, 69.9% identify Lack of Education and Understanding as a major obstacle,
emphasizing the necessity for comprehensive educational programs. Additionally, 40.7%
find education about cryptocurrency and blockchain inadequate, while 39.8% consider it
sufficient, indicating a need for improvement.

Overall, while there's significant interest and engagement among the youth and a balanced
gender representation, challenges such as lack of education, security concerns, and
regulatory uncertainties persist. Addressing these challenges through targeted education,
enhanced security measures, and clear regulatory frameworks is essential to foster wider
adoption and understanding of cryptocurrency and blockchain technology.

93
 RECOMMENDATIONS

1. Develop and implement comprehensive educational programs to cover

fundamental concepts, risks, and benefits of cryptocurrencies and blockchain
technology across diverse knowledge levels.

2. Launch targeted awareness campaigns aimed at specific demographic groups

identified with lower awareness levels, addressing their unique concerns and
misconceptions.

3. Collaborate with educational institutions to integrate cryptocurrency and

blockchain topics into curricula at various educational levels, fostering a deeper
understanding from primary education to university studies.

4. Provide accessible online resources, such as courses and tutorials, to facilitate

self-paced learning and cater to individuals' convenience and accessibility.

5. Organize community workshops, seminars, and public events featuring industry

experts to facilitate open discussions and knowledge sharing among residents.

6. Advocate for government support and regulation that promotes responsible

cryptocurrency use while ensuring consumer protection and financial stability.

7. Integrate cryptocurrency topics into existing financial literacy programs,

emphasizing the importance of risk management and informed decision-making.

8. Form partnerships with industry stakeholders, including exchanges and financial

institutions, to leverage expertise and resources in promoting cryptocurrency
education and awareness.

9. Ensure inclusivity and accessibility by providing educational materials in multiple

languages and tailoring content to cultural preferences.

10. Establish robust monitoring and evaluation mechanisms to assess the impact and
effectiveness of education initiatives, gathering feedback for continuous
improvement.

94
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xiii
Name

Age
1. Under 18
2. 18-25
3. 26-35
4. 36-45
5. Above

Gender
1. Male
2. Female

Education Level
1. High school or below
2. Associate degree
3. Bachelor's degree
4. Master's degree
5. Doctoral degree or above

Your District

Occupation
1. Student
2. Employed
3. Unemployed
4. Retired

Annual Income
• Below 2 lakhs
• 2.5– 5 lakhs
• 5 – 10 lakhs
• Above 10 lakhs

xiv
How familiar are you with cryptocurrency?
Not Familiar at all
1
2
3
4
5
Very Familiar

How did you first learn about cryptocurrency?

1. News/media
2. Internet forums/websites
3. Friends/family
4. Social network
5. Other

Have you ever owned or invested in cryptocurrency?

1. Yes
2. No

Which cryptocurrencies are you aware of?

1. Bitcoin
2. Ethereum
3. Ripple (XRP)
4. Litecoin
5. Bitcoin Cash
6. Other

What factors do you consider when deciding to invest in cryptocurrency?

1. Potential for high returns
2. Volatility of the market
3. Reputation of the cryptocurrency
4. Technological advancements
5. Regulatory environment
6. Other

xv
Have you ever used blockchain technology for any purpose other than
cryptocurrency?
1. Yes
2. No

What do you perceive as the main advantages of using cryptocurrency and

Blockchain?
1. Decentralization
2. Security
3. Anonymity
4. Low transaction fees
5. Accessibility
6. Other

What are the main concerns or risks associated with cryptocurrency, in your
opinion?
1. Volatility
2. Security vulnerabilities
3. Lack of regulation
4. Potential for illegal activities
5. Lack of understanding
6. Other

How do you think cryptocurrency could impact the traditional financial system?
1. Positive impact
2. Negative impact
3. No significant impact
4. Unsure

Have you attended any educational or informational sessions about

cryptocurrency and blockchain technology organized by the government or any
private entities?
1. Yes
2. No

How do government policies and regulations affect your decision to invest in

cryptocurrency?
1. Not at all
2. Slightly
3. Moderately
4. Significantly
xvi
 5. Extremely

In your opinion, what are the main benefits of promoting cryptocurrency and
blockchain technology awareness?
1. Economic growth
2. Growth in Investments
3. Job creation
4. Financial inclusion
5. Other

How do you perceive the security and privacy aspects of cryptocurrency

transactions?
1. Very secure and private
2. Somewhat secure and private
3. Not very secure and private
4. Not secure and private at all

What challenges do you foresee in promoting cryptocurrency and blockchain

technology awareness?
1. Lack of education and understanding
2. Regulatory uncertainties
3. Cultural resistance
4. Technological barriers
5. Ignorance and Lack of Trust
6. Other

Do you believe that cryptocurrency and blockchain technology have the potential
to transform traditional financial system?
1. Yes
2. No
3. Maybe

How would you describe the level of awareness about blockchain technology
among people in your social circle?
1. High
2. Moderate
3. Low
4. Not sure
xvii
What factors determine the effectiveness of educational institutions in educating
students about cryptocurrency and blockchain technology?
1. Curriculum design
2. Qualifications of educators
3. Availability of resources
4. Engagement with industry professionals
5. Other
Do you think there is enough education and information available about
cryptocurrency and blockchain technology?
1. Yes
2. No
3. Not sure
How do you think the perception of cryptocurrency and blockchain technology
differs between urban and rural areas?
1. Urban areas are more accepting
2. Rural areas are more accepting
3. No significant difference
4. Unsure

In your opinion, what steps and measures should be taken to enhance awareness
and perception of cryptocurrency and blockchain technology?

xviii