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Ⅶ Appendix

The researchers, in order to disintegrate any misunder- 1. Purpose and participants of the Survey
standings between the two terms, define speculation as ‘all This research paper focuses on the overall speculation and
financial items with unnaturally high value and fluctuations familiarity of the terms ‘Bitcoin and Crypto-currency of the
in a relatively short period.’ masses,’ and how the public sector divides the definition of

Crypto-currency and Bitcoin, either as a speculation asset
or a novel, ubiquitous, and low-fee currency. A survey will
Ⅲ. Literature Review be conducted on two age groups to gauge the public’s initial
recognition with the term ‘Bitcoin’, and how the public per-
Bitcoin is one of the numerous, newly emerged alternative ceives Crypto-currency. Questionnaires will include the def-
currencies, and also the first crypto-currency to present itself inition of the economic terms ‘speculation’ and ‘financial
to the public. Bitcoin specializes on an anonymous, decen- bubble effect’, and whether the public approves of the po-
tralized, and highly ubiquitous commercial society where all tential usage of Bitcoin.
transactions can be led on low fees worldwide at any time
desired. Bitcoin is created by universal, individual marketers 2. Analysis
operating a one-man mathematical formula through their
Analysis is done based on two different viewpoints; whether
own software, creating a ‘node block’ and adding the newly
Bitcoin is indeed a novel way to enhance financial transac-
created node to the bitcoin list - hence the usage of the term
tions and therefore proves to be an effective currency; and
‘mining’ referring to achieving Bitcoin. One of the most con-
whether Bitcoin is yet another economic fad, vulnerable to
spicuous aspects of Bitcoin is that the overall production is
external factors with high risks and a limited usage field. This
limited - there will be no further mining process after a limited
paper will mainly focus on the speculative aspects of Bitcoin
portion of time, thus minimizing the overall effect of exces-
currency and the major fluctuations it brings to the market.
sive Bitcoin on finance.

There has been more than a couple of alternative currencies Ⅴ. Results & Discussions
introduced to the market, including Litecoin, Dogecoin, and
Bitcoin, the latter attracting the most customers worldwide
1. Survey Results
and boasting one of the biggest trading platforms (conven-
The survey was conducted to total 100 adults including fac-
tional bank applications not included) to this day. Prices and
ulty members of Incheon Foreign Language High school
economic transactions are increasing at an exponential rate
and parents of students attending Incheon Foreign Lan-
as more and more customers are attracted to the decen-
guage High school. 72% of the surveyees answered they
tralized method, yet some are still vigilant and point out the
have heard or known concretely about what bitcoin is. More-
fragile protection of Bitcoin and how unreliable Bitcoin cur-
over, 81% of participants have answered they are familiar
rency is.
with the concept of economic speculation. As a result, 60
out of 100 participants know exactly both the concept of eco-
Jamal and Refk (2014) goes on to assert that Bitcoin is noth-
nomic bubble and what bitcoin is. Accordingly, as their re-
ing more than a ‘speculative bubble’ bound to burst from the
sponses to question 3, 4, 5 and 6 can be rational enough,
sheer weight of itself, listing five major reasons for doing so
we decided to reflect on only 60 participants’ answers in this
- volatility, instability, insubstantiality, vulnerability, and heavy
paper.
reliance on customers. Despite being a highly attractive and
low-fee currency, it is speculated that Bitcoin will be a highly
unreliable and unstable currency to be presented in the fu-
ture.
Q #3. Is Bitcoin likely to turn to an economic bubble or
remain as an alternative currecny?

Ⅳ. Research Methods

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