This word cloud depicts the 50 most common words used during interviews with top executives at eight prominent companies using Bitcoin.
Miniature of word cloud
Critical Analysis- Word Cloud
It is not surprising that the word “Bitcoin” has the majority of frequency of mentions with 2.4% as it is a topic of conversation. The frequency of words and derivatives of “use” and “easy” are at an expected 1.1% and 0.5%, 2:1 ratio as the researched term “use is also included in the researched term “ease of use” so every time PEOU was mentioned “use” was further counted; therefore double the percentage.
The word “currency” is the most frequent word in the interview transcripts which is not in the text of the interview schedule questions. It is mentioned 46 times by 6 of the 8 companies thus showing the Bitcoin companies’ assurance of Bitcoin’s place in finance, not just a mere coupon but belief that it is a tradable store of value “something that is used as money… being accepted by many people” the Merriam-Webster Dictionary (2013) definition. As well as talking about the future of currency and the strength of the community which Bitcoin derives its value from the most mentions of “currency” came under the category of PU specifically regarding international remittance, speed/cost of transaction, investing, decentralisation and anonymity. These are the very things that Bitcoin has advantages in and thus expected areas of capitalisation and conversation.
For Hi-res version of word cloud click here: Figure 8 Word cloud
It was mentioned that trade agreements between people is where money derives its value from thus making the network of people a paramount ingredient of the Bitcoin conversation. It is appropriate that the word “people” shares a 0.7% frequency of mention in line with the word “currency”. In line with the frequency of mention the word “people” is also stated in conversations with six of the eight companies interviewed with additional words, “community”, “peers” and “network” being used by companies such as Bitbond and Yogiway and Pikapay who use all three. The concentration of this word was mentioned to describe the collective Bitcoin community in the categories of risk and factors outside the TAM but fall into Salo & Karjaluoto’s (2007) wider model such as in “third-party, experts and peers”. This word was also used when referring to the people outside the Bitcoin community and namely “people who occupy Wall Street” referring to the public movement and government discontent who share the views of monetary decentralisation, a substantial percentage globally according to the Edelman survey (2013) and literature review.
“Trust” is fifth highest on the frequency of mention as it is a key area of research hence specific questions were asked about it. Trust topics mentioned by interviewee that are in the TAM:
- Perceived usefulness
Trust topics mentioned by interviewee that can be categorised in Salo & Karjaluoto’s (2007) wider model:
- Web vendor trustworthiness, reputation
- Third-party, experts and peers
- The non-trust (in the government)
Trust was mentioned in topics that eluded both prior models:
- Cryptology and technology
This Cryptology and technology topic was a pertinent topic with six of the eight companies spontaneously talking about it without being prompted.
One of the six companies also voices the concern that the longevity of Bitcoin is uncertain and therefore a risk. This singular company, BEX, sites their experience in the flux of technological trends as a risk. However many other companies only used the word “technology” to talk about the advantages of Bitcoin. Monetas tells the researcher that this new technology has “enabled new capabilities”. Pikapay, BEX, FOREX and Crypto-finance have stated that the technology is a vast source of trust for their clients and the reasons behind this poses a rich source of future investigation.
The New Exchange 