Complete Draft of the Literature Review Section

Objective Summary: Ponzi Schemes in Relation to Cryptocurrency

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Objective Summary: Ponzi Schemes in relation to Cryptocurrency

Phan et al. (2019) researched the blockchain issue and what scams blockchain users endure when using such technology. The three authors are qualified to be in the study because they are members of Bryant University. The authors add their research to a prominent journal with several other commendable volumes. Since several individuals and companies globally are moving to a new cashless payment method of crypto, the researchers wanted to discover the fraudulent problems involved. The authors purposed to review the issue of cryptocurrency and how enterprises are adopting this new method of making payments. Phan et al. (2019) conducted this research in the year 2018 after having to collect Twitter data from November to December.

The research had no based geographical boundaries as the data in use came from various sources across the globe. Twitter can generate data from various locations worldwide as long as the authors use specific words that pertain to the research. The researchers used Twitter as a social media platform to gather data from tweets that mentioned the keywords of the study. The researchers used 7,901 tweets already in English, combining original tweets, retweets, and quoted ones or replies. The researchers wanted to contribute to the research surrounding blockchain technology and using bitcoin to make payments. The researchers were determining the kinds of scams that cryptocurrency users face when dealing with that means of payment. The researchers revealed tweets that had the words mentioned most times relating to the topic. The research showed that this payment technology is very secure, prompting users to look out for scams. The research revealed that fraud in this new payment method was rampant in first-world nations that deeply use it.

References

Phan, L., Li, S., & Mentzer, K. (2019). Blockchain technology and the current discussion on fraud. https://iacis.org/iis/2019/4_iis_2019_8-20.pdf