Innovation in Compensation Payments What Does the Future Hold for Compensation in Cryptocurrency?
Main Article Content
Keywords
Compensation in cryptocurrency, stakeholders, hybrid methodology, ecosystem, diffusion of innovation
Abstract
The growing economic influence of cryptocurrency and the development of the associated infrastructure has brought about an interest in the new areas of its application. Payment of compensation in cryptocurrency is one such evolving application of cryptocurrency. Using a qualitative research design, we attempt to identify the factors and ecosystem constituents that play an important role in the diffusion, adoption and use of cryptocurrency as a compensation medium. A hybrid methodology involving both inductive and deductive methods of qualitative inquiry was used to develop the themes. The study identified nine main factors that influenced a participant’s decision to accept compensation in cryptocurrency. They are: (1) the prospects of high return; (2) ease of transaction; (3) faster international transactions; (4) price volatility of cryptocurrencies; (5) threat of hacking; (6) taxation policies of the country; (7) lack of recognition as legal tender; (8) influence of peer groups; and (9) influence of celebrities. The inductive part of the study enabled the mapping of the major stakeholders involved in the decision, namely, the government, the employer, the peer groups of the employee, celebrities and the cryptocurrency-issuing company.
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References
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Li, Y., Yang, G., Susilo, W., Yu, Y., Au, M. H., & Liu, D. (2019). Traceable monero: Anonymous cryptocurrency with enhanced accountability. IEEE Transactions on Dependable and Secure Computing, 18(2), 679–691. https://doi.org/10.1109/tdsc.2019.2910058
Maese, V. A., Avery, A. W., Naftalis, B. A., Wink, S. P., & Valdez, Y. D. (2016). Cryptocurrency: A primer. Banking Law Journal, 133, 468. https://heinonline.org/HOL/LandingPage?handle=hein.journals/blj133&div=64&id=&page=
Martin, W. M., Avdul, D., & Lopez, Y. (2023). Cryptocurrency compensation: Look before you leap. Compensation & Benefits Review, 55(2), 68–75. https://doi.org/10.1177/08863687221142131
Nakomoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. SSRN Electronic Journal, 21260. https://doi.org/10.2139/ssrn.3440802
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Nazifi, A., Murdy, S., Marder, B., Gäthke, J., & Shabani, B. (2021). A Bit (coin) of happiness after a failure: An empirical examination of the effectiveness of cryptocurrencies as an innovative recovery tool. Journal of Business Research, 124, 494–505. https://doi.org/10.1016/j.jbusres.2020.11.012
NITI Aayog. (2022). India’s booming gig and platform economy: Perspectives and recommendations on the future of work. Government of India. Retrieved 6 April 2023 from https://www.niti.gov.in/sites/default/files/2022-06/Policy_Brief_India%27s_Booming_Gig_and_Platform_Economy_27062022.pdf
Nseke, P. (2018). How crypto-currency can decrypt the global digital divide: Bitcoins a means for African emergence. International Journal of Innovation and Economic Development, 3(6), 61–70. https://doi.org/10.18775/ijied.1849-7551-7020.2015.36.2005
Pandya, B., & Rao, P. (2022). Viability of compensating employees in cryptocurrency – An exploratory study. Transnational Marketing Journal, 10(2), 277–293. https://doi.org/10.33182/tmj.v10i2.2066
Patton, M.Q. (2014). Qualitative Research & Evaluation Methods: Integrating Theory And Practice. Sage publications, USA.
Pope, C., Ziebland, S., & Mays, N. (2000). Qualitative research in healthcare: Analysing qualitative data. BMJ, 320(7227), 114–116. https://doi.org/10.33182/tmj.v10i2.2066
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Ritchie, J., & Spencer, L. (1994). Qualitative data analysis for applied policy research. In Bryman, A. & Burgess, R.G. (Eds.), Analyzing Qualitative Data, 173–194. https://doi.org/10.4324/9780203413081_chapter_9
Ritchie, J., Spencer, L., & O’Connor, W. (2003). Carrying out qualitative analysis. In Ritchie, J., & Spencer, L. (Eds.), Qualitative Research Practice: A Guide for Social Science Students and Researchers, 219–262. Sage Publications, UK.
Rogers, E. M., Singhal, A., & Quinlan, M. M. (2014). Diffusion of innovations. In Stacks, D.W. & Salwen, M.B. (Eds.), An Integrated Approach to Communication Theory and Research, 432–448. Routledge. https://doi.org/10.4324/9780203710753
Sandelowski, M. (1995). Sample size in qualitative research. Research in Nursing & Health, 18(2), 179–183. https://doi.org/10.1002/nur.4770180211
Sas, C., & Khairuddin, I. E. (2017). Design for trust: An exploration of the challenges and opportunities of Bitcoin users. In Proceedings of the 2017 CHI Conference on Human Factors in Computing Systems, 6499–6510. https://doi.org/10.1145/3025453.3025886
Schilling, L., & Uhlig, H. (2019). Some simple Bitcoin economics. Journal of Monetary Economics, 106, 16–26. https://doi.org/10.2139/ssrn.3155310
Selvam, S. G., & Collicutt, J. (2012). The ubiquity of the character strengths in African traditional religion: A thematic analysis. In Knoop, H. H., & Delle Fave, A. (Eds.), Well-being and Cultures: Perspectives from Positive Psychology, 83–102. Dordrecht: Springer Netherlands.
Sridharan, U., Mansour, F., Ray, L., & Huning, T. (2023). Effect of risk attitude on cryptocurrency adoption for compensation and spending. Journal of Financial Economic Policy, 15(4/5), 337–350. https://doi.org/10.1108/jfep-04-2023-0099
Ullah, S., Attah-Boakye, R., Adams, K., & Zaefarian, G. (2022). Assessing the influence of celebrity and government endorsements on bitcoin’s price volatility. Journal of Business Research, 145, 228–239. https://doi.org/10.1016/j.jbusres.2022.01.055
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly, 27(3), 425–478. https://doi.org/10.2307/30036540
White, R., Marinakis, Y., Islam, N., & Walsh, S. (2020). Is Bitcoin a currency, a technology-based product, or something else? Technological Forecasting and Social Change, 151, 119877. https://doi.org/10.1016/j.techfore.2019.119877
World Bank Group. (2023, August 1). Remittances to reach $630 billion in 2022 with record flows into Ukraine. World Bank. Retrieved 10 April 2024 from https://www.worldbank.org/en/news/press-release/2022/05/11/remittances-to-reach-630-billion-in-2022-with-record-flows-into-ukraine#:~:text=Remittances%20to%20Reach%20%24630%20billion%20in%202022%20with%20Record%20Flows%20into%20Ukraine,-Share%20more&text=WASHINGTON%2C%20May%2011%2C%202022%20%E2%80%94,year%20to%20reach%20%24630%20billion
Yermack, D. (2015). Is Bitcoin a real currency? An economic appraisal. In Handbook of Digital Currency, 31–43. Academic Press USA. https://doi.org/10.1016/B978-0-12-802117-0.00002-3
Zhang, J., & Zhang, C. (2022). Do cryptocurrency markets react to issuer sentiments? Evidence from Twitter. Research in International Business and Finance, 61, 101656. https://doi.org/10.1016/j.ribaf.2022.101656
Baek, C., & Elbeck, M. (2015). Bitcoins as an investment or speculative vehicle? A first look. Applied Economics Letters, 22(1), 30–34. https://doi.org/10.1080/13504851.2014.916379
Bhalla, A (2022, December 13). What is decentralization in blockchain? Blockchain Council. Retrieved 8 October 2023 from https://www.blockchain-council.org/blockchain/what-is-decentralization-in-blockchain/
Bolt, W., & Van Oordt, M. R. (2020). On the value of virtual currencies. Journal of Money, Credit and Banking, 52(4), 835–862. https://doi.org/10.1111/jmcb.12619
Boyatzis, R. E. (1998). Transforming Qualitative Information: Thematic Analysis and Code Development. Sage Publications, Thousand Oaks, USA.
Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101. https://doi.org/10.1191/1478088706qp063oa
Brown, V. L. (2018). Bit by bit: How companies should proceed before offering cryptocurrencies as executive compensation. UC Davis Business Law Journal, 19, 127. Retrieved 4 October, 2023 from https://blj.ucdavis.edu/archives/19/2/bit-bit-how-companies-should-proceed-offering-cryptocurrencies-executive-compensation
Bryant, A., & Charmaz, K. (Eds.). (2007). The SAGE Handbook of Grounded Theory. Sage Publications USA. https://doi.org/10.4135/9781848607941
Cambridge Dictionary. (n.d.). compensation. Cambridge.org. Retrieved 6 April 2024 from https://dictionary.cambridge.org/dictionary/english/compensation
Chainalysis (2021) Geography of Cryptocurrency Report. Chainalysis. Retrieved 7 October 2023, from https://go.chainalysis.com/2021-geography-of-crypto
Chainalysis. (2023, October 3). The 2023 Global Crypto Adoption Index: Central & Southern Asia are leading the way in grassroots crypto adoption. Chainalysis. Retrieved 7 October 2023 from https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/
Cheng, R. J. (2020). UTAUT implementation of cryptocurrency-based Islamic financing instrument. International Journal of Academic Research in Business and Social Sciences, 10(9), 873–884. https://doi.org/10.6007/ijarbss/v10-i9/7880
CoinMarketCap. (2023, October 3). Today’s Cryptocurrency Prices by Market Cap. CoinMarketCap. Retrieved 3 October 2023 from https://coinmarketcap.com/
Crabtree, B. F., & Miller, W. F. (1992). A template approach to text analysis: Developing and using codebooks. In B. F. Crabtree & W. L. Miller (Eds.), Doing Qualitative Research, 93–109. Sage Publications, USA.
Dean, G. (2021, April 6). Sacramento Kings players and staff will soon be able to get their salary paid in Bitcoin. Business Insider. Retrieved 10 April 2024 from https://www.businessinsider.in/sports/news/sacramento-kings-players-and-staff-will-soon-be-able-to-get-their-salary-paid-in-bitcoin-the-nba-teams-owner-reportedly-said/articleshow/81933509.cms
European Banking Authority. (2014). EBA opinion on ‘virtual currencies’ [PDF]. Retrieved 7 October 2023 from https://www.eba.europa.eu/sites/default/documents/files/documents/10180/657547/81409b94-4222-45d7-ba3b-7deb5863ab57/EBA-Op-2014-08%20Opinion%20on%20Virtual%20Currencies.pdf?retry=1
Fereday, J., & Muir-Cochrane, E. (2006). Demonstrating rigor using thematic analysis: A hybrid approach of inductive and deductive coding and theme development. International Journal of Qualitative Methods, 5(1), 80–92. https://doi.org/10.1177/160940690600500107
Gadamer, H. G., & Risser, J. (1979). Practical philosophy as a model of the human sciences. Research in Phenomenology, 9, 74–85. https://doi.org/10.1163/156916479X00057
Garett, R., Emish, M., & Young, S. D. (2023). Cryptocurrency as a new method for participant compensation in research. Health Policy and Technology, 12(2), 100746. https://doi.org/10.1016/j.hlpt.2023.100746
Gunawan, F. E., & Novendra, R. (2017). An analysis of Bitcoin acceptance in Indonesia. ComTech: Computer, Mathematics and Engineering Applications, 8(4), 241–247. https://doi.org/10.21512/comtech.v8i4.3885
Kale, A. (2022). Cryptocurrency as wages and salary. Indian Journal of Integrated Research in Law, 2 Part 1, 1. https://heinonline.org/HOL/LandingPage?handle=hein.journals/injloitd2&div=193&id=&page=
Kiernan, M. D., & Hill, M. (2018). Framework analysis: a whole paradigm approach. Qualitative Research Journal, 18(3), 248–261. https://doi.org/10.1108/qrj-d-17-00008
Lansky, J. (2018). Possible state approaches to cryptocurrencies. Journal of Systems Integration, 9(1), 19–31. Retrieved on 7 October, 2023 from https://www.researchgate.net/publication/322869220_Possible_State_Approaches_to_Cryptocurrencies/link/5a734edfaca2720bc0dbb7e6/download?_tp=eyJjb250ZXh0Ijp7ImZpcnN0UGFnZSI6InB1YmxpY2F0aW9uIiwicGFnZSI6InB1YmxpY2F0aW9uIn19
Laverty, S. M. (2003). Hermeneutic phenomenology and phenomenology: A comparison of historical and methodological considerations. International Journal of Qualitative Methods, 2(3), 21–35. https://doi.org/10.1177/160940690300200303
Li, Y., Yang, G., Susilo, W., Yu, Y., Au, M. H., & Liu, D. (2019). Traceable monero: Anonymous cryptocurrency with enhanced accountability. IEEE Transactions on Dependable and Secure Computing, 18(2), 679–691. https://doi.org/10.1109/tdsc.2019.2910058
Maese, V. A., Avery, A. W., Naftalis, B. A., Wink, S. P., & Valdez, Y. D. (2016). Cryptocurrency: A primer. Banking Law Journal, 133, 468. https://heinonline.org/HOL/LandingPage?handle=hein.journals/blj133&div=64&id=&page=
Martin, W. M., Avdul, D., & Lopez, Y. (2023). Cryptocurrency compensation: Look before you leap. Compensation & Benefits Review, 55(2), 68–75. https://doi.org/10.1177/08863687221142131
Nakomoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. SSRN Electronic Journal, 21260. https://doi.org/10.2139/ssrn.3440802
Narain, A., & Moretti, M. (2022). Regulating crypto. International Monetary Fund. Retrieved 5 December 2022 from https://www.imf.org/en/Publications/fandd/issues/2022/09/Regulating-crypto-Narain-Moretti
Nazifi, A., Murdy, S., Marder, B., Gäthke, J., & Shabani, B. (2021). A Bit (coin) of happiness after a failure: An empirical examination of the effectiveness of cryptocurrencies as an innovative recovery tool. Journal of Business Research, 124, 494–505. https://doi.org/10.1016/j.jbusres.2020.11.012
NITI Aayog. (2022). India’s booming gig and platform economy: Perspectives and recommendations on the future of work. Government of India. Retrieved 6 April 2023 from https://www.niti.gov.in/sites/default/files/2022-06/Policy_Brief_India%27s_Booming_Gig_and_Platform_Economy_27062022.pdf
Nseke, P. (2018). How crypto-currency can decrypt the global digital divide: Bitcoins a means for African emergence. International Journal of Innovation and Economic Development, 3(6), 61–70. https://doi.org/10.18775/ijied.1849-7551-7020.2015.36.2005
Pandya, B., & Rao, P. (2022). Viability of compensating employees in cryptocurrency – An exploratory study. Transnational Marketing Journal, 10(2), 277–293. https://doi.org/10.33182/tmj.v10i2.2066
Patton, M.Q. (2014). Qualitative Research & Evaluation Methods: Integrating Theory And Practice. Sage publications, USA.
Pope, C., Ziebland, S., & Mays, N. (2000). Qualitative research in healthcare: Analysing qualitative data. BMJ, 320(7227), 114–116. https://doi.org/10.33182/tmj.v10i2.2066
Rajvanshi, A. (2023, January 20). How India’s record-breaking population will shape the world. TIME. Retrieved 6 April 2023 from https://time.com/6248790/india-population-data-china/
Ritchie, J., & Spencer, L. (1994). Qualitative data analysis for applied policy research. In Bryman, A. & Burgess, R.G. (Eds.), Analyzing Qualitative Data, 173–194. https://doi.org/10.4324/9780203413081_chapter_9
Ritchie, J., Spencer, L., & O’Connor, W. (2003). Carrying out qualitative analysis. In Ritchie, J., & Spencer, L. (Eds.), Qualitative Research Practice: A Guide for Social Science Students and Researchers, 219–262. Sage Publications, UK.
Rogers, E. M., Singhal, A., & Quinlan, M. M. (2014). Diffusion of innovations. In Stacks, D.W. & Salwen, M.B. (Eds.), An Integrated Approach to Communication Theory and Research, 432–448. Routledge. https://doi.org/10.4324/9780203710753
Sandelowski, M. (1995). Sample size in qualitative research. Research in Nursing & Health, 18(2), 179–183. https://doi.org/10.1002/nur.4770180211
Sas, C., & Khairuddin, I. E. (2017). Design for trust: An exploration of the challenges and opportunities of Bitcoin users. In Proceedings of the 2017 CHI Conference on Human Factors in Computing Systems, 6499–6510. https://doi.org/10.1145/3025453.3025886
Schilling, L., & Uhlig, H. (2019). Some simple Bitcoin economics. Journal of Monetary Economics, 106, 16–26. https://doi.org/10.2139/ssrn.3155310
Selvam, S. G., & Collicutt, J. (2012). The ubiquity of the character strengths in African traditional religion: A thematic analysis. In Knoop, H. H., & Delle Fave, A. (Eds.), Well-being and Cultures: Perspectives from Positive Psychology, 83–102. Dordrecht: Springer Netherlands.
Sridharan, U., Mansour, F., Ray, L., & Huning, T. (2023). Effect of risk attitude on cryptocurrency adoption for compensation and spending. Journal of Financial Economic Policy, 15(4/5), 337–350. https://doi.org/10.1108/jfep-04-2023-0099
Ullah, S., Attah-Boakye, R., Adams, K., & Zaefarian, G. (2022). Assessing the influence of celebrity and government endorsements on bitcoin’s price volatility. Journal of Business Research, 145, 228–239. https://doi.org/10.1016/j.jbusres.2022.01.055
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). User acceptance of information technology: Toward a unified view. MIS Quarterly, 27(3), 425–478. https://doi.org/10.2307/30036540
White, R., Marinakis, Y., Islam, N., & Walsh, S. (2020). Is Bitcoin a currency, a technology-based product, or something else? Technological Forecasting and Social Change, 151, 119877. https://doi.org/10.1016/j.techfore.2019.119877
World Bank Group. (2023, August 1). Remittances to reach $630 billion in 2022 with record flows into Ukraine. World Bank. Retrieved 10 April 2024 from https://www.worldbank.org/en/news/press-release/2022/05/11/remittances-to-reach-630-billion-in-2022-with-record-flows-into-ukraine#:~:text=Remittances%20to%20Reach%20%24630%20billion%20in%202022%20with%20Record%20Flows%20into%20Ukraine,-Share%20more&text=WASHINGTON%2C%20May%2011%2C%202022%20%E2%80%94,year%20to%20reach%20%24630%20billion
Yermack, D. (2015). Is Bitcoin a real currency? An economic appraisal. In Handbook of Digital Currency, 31–43. Academic Press USA. https://doi.org/10.1016/B978-0-12-802117-0.00002-3
Zhang, J., & Zhang, C. (2022). Do cryptocurrency markets react to issuer sentiments? Evidence from Twitter. Research in International Business and Finance, 61, 101656. https://doi.org/10.1016/j.ribaf.2022.101656
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Published
Jun 29, 2024
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Ruksana, A., Mavoothu, D., Mathew, V., Nimmi, P. M., & Renjith, K. R. (2024). Innovation in Compensation Payments: What Does the Future Hold for Compensation in Cryptocurrency?. Journal of Telecommunications and the Digital Economy, 12(2), 57–75. https://doi.org/10.18080/jtde.v12n2.732
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Digital Economy & Society
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