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  1. 2018 Bitcoin Omnibus Survey
    awareness and usage
    Autor*in: Henry, Christopher S.; Huynh, Kim P.; Nicholls, Gradon; Nicholson, Mitchell W.
    Erschienen: [2019]
    Verlag:  Bank of Canada, [Ottawa, Ontario, Canada]

    The Bank of Canada commissioned the Bitcoin Omnibus Survey in 2016 to monitor trends in the adoption and use of Bitcoin and other cryptoassets (Henry, Huynh and Nicholls 2018, 2019). This report presents findings from the latest iteration of the... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 201
    Fernleihe:
    keine Fernleihe

     

    The Bank of Canada commissioned the Bitcoin Omnibus Survey in 2016 to monitor trends in the adoption and use of Bitcoin and other cryptoassets (Henry, Huynh and Nicholls 2018, 2019). This report presents findings from the latest iteration of the survey, which was conducted in 2018. We find that between 2016 and 2018 the share of Canadians who were aware of Bitcoin increased from 62 percent to 89 percent and those who owned Bitcoin increased from 3 percent to 5 percent. However, the share of past owners also increased, suggesting an influx of Bitcoin owners who subsequently divested after the steep rise of prices in 2017. The main reason for owning Bitcoin remains speculation, though this share decreased slightly since 2017. On the other hand, the share of Canadians who reported using Bitcoin for transactions a few times a month or more increased. Finally, we discuss how Bitcoin adopters differ from overall Canadians with respect to their financial literacy, preferences over payment methods, and cash holdings.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/227809
    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2019, 10 (November 2019)
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  2. Explaining the interplay between merchant acceptance and consumer adoption in two-sided markets for payment methods
    Autor*in: Huynh, Kim P.; Nicholls, Gradon; Shcherbakov, Oleksandr
    Erschienen: [2019]
    Verlag:  Bank of Canada, [Ottawa]

    The market for payment cards is inherently two sided. Consumers benefit from increased merchant acceptance of payment cards and vice versa. To quantify the interdependence of consumer and merchants or network externalities, we construct and estimate... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 219
    Fernleihe:
    keine Fernleihe

     

    The market for payment cards is inherently two sided. Consumers benefit from increased merchant acceptance of payment cards and vice versa. To quantify the interdependence of consumer and merchants or network externalities, we construct and estimate a structural two-sided model of a payment choice. We exploit a unique dataset consisting of the Bank of Canada's consumer methods-of-payment survey diaries and the Retailer Survey on the Cost of Payment Methods. We find that consumer adoption of payment cards is inelastic. When merchants face an increase in the usage cost of credit cards, they reduce their acceptance of credit cards in favor of debit cards, and there is a small increase in the share of cash-only businesses. If the usage cost of cash for both sides of the market increased by an order of magnitude, cash would still be used at the point of sale. We also show that under full adoption and acceptance of all payment instruments by both sides of the market, consumers and merchants would continue using cash for approximately one out of five transactions.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/210772
    Schriftenreihe: Staff working paper / Bank of Canada ; 2019, 32 (August 2019)
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  3. 2019 Cash Alternative Survey results
    Autor*in: Huynh, Kim P.; Nicholls, Gradon; Nicholson, Mitchell W.
    Erschienen: [2020]
    Verlag:  Bank of Canada, Ottawa, Ontario, Canada

    The role of cash in Canadians' lives has been evolving, as innovations in digital payments have become more widely adopted over the past decade. The emergence of privately issued digital currencies has motivated many central banks to conduct research... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 201
    Fernleihe:
    keine Fernleihe

     

    The role of cash in Canadians' lives has been evolving, as innovations in digital payments have become more widely adopted over the past decade. The emergence of privately issued digital currencies has motivated many central banks to conduct research into central bank digital currencies (CBDCs). We contribute to the Bank of Canada's research on CBDC by monitoring Canadians' use of cash and their adoption of digital payment methods. The Bank conducted the 2019 Cash Alternative Survey (CAS) in August and September 2019. The 2019 CAS asked respondents to report their cash holdings, adoption of cryptocurrencies, and views regarding the potential impact of cash disappearing from the Canadian economy. We find that Canadians' cash holdings remain stable, and cryptocurrency adoption remains limited and concentrated among few demographics. Looking ahead, we find few Canadians plan to stop using cash and a significant share report they would find the disappearance of cash problematic. We plan to conduct further iterations of the Cash Alternative Study to further analyze Canadians' cash use, including their withdrawal and spending behaviour.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/241084
    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2020, 8
    Umfang: 1 Online-Ressource (circa 12 Seiten), Illustrationen
  4. Bitcoin awareness, ownership and use
    2016-20
    Autor*in: Balutel, Daniela; Felt, Marie-Hélène; Nicholls, Gradon; Voia, Marcel-Christian
    Erschienen: [2022]
    Verlag:  Bank of Canada, Ottawa, Ontario, Canada

    Since 2016, the Bank of Canada has conducted annual surveys to monitor awareness, adoption and usage of Bitcoin and other cryptocurrencies (Henry et al. 2018, 2019a, 2019b). This report incorporates results from the 2019 Bitcoin Omnibus Survey and... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 201
    Fernleihe:
    keine Fernleihe

     

    Since 2016, the Bank of Canada has conducted annual surveys to monitor awareness, adoption and usage of Bitcoin and other cryptocurrencies (Henry et al. 2018, 2019a, 2019b). This report incorporates results from the 2019 Bitcoin Omnibus Survey and the November 2020 Cash Alternative Survey. We find that between 2018 and 2020, the level of Bitcoin awareness and ownership among Canadians remained stable: nearly 90% of the population were aware of Bitcoin, while only 5% owned it. We find that about half of Bitcoin owners stated they usually obtained their bitcoins through mobile or web exchanges, while one-fifth used mining. Bitcoin owners were susceptible to certain risks, as evidenced by the fact that about half of current and past owners stated they had been affected by events such as price crashes, losing access to funds, scams or data breaches. The most commonly cited reasons for owning Bitcoin were related to its use for investment or based on interest in the technology. Bitcoin owners displayed greater knowledge about the Bitcoin network than nonowners, yet they scored lower on questions testing financial literacy.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/266071
    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2022, 10
    Schlagworte: Bank notes; Digital currencies and fintech; Econometrics and statistical methods
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  5. Cash and COVID-19: the impact of the pandemic on the demand for and use of cash
    Autor*in: Chen, Heng; Engert, Walter; Huynh, Kim P.; Nicholls, Gradon; Nicholson, Mitchell; Zhu, Hui
    Erschienen: July 2020
    Verlag:  Bank of Canada, Ottawa, Ontario, Canada

    Consumer spending declined significantly during the recent COVID-19 pandemic. This negative shock likely reduced spending across all methods of payment (cash, debit, credit, etc.). As well, the mix of payment methods that consumers use could also be... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 201
    Fernleihe:
    keine Fernleihe

     

    Consumer spending declined significantly during the recent COVID-19 pandemic. This negative shock likely reduced spending across all methods of payment (cash, debit, credit, etc.). As well, the mix of payment methods that consumers use could also be affected. This paper is a first step in analyzing the effects of the pandemic on the demand for cash and on the methods of payment in Canada. We present insights drawn from the Bank Note Distribution System and from a recent survey conducted by the Bank of Canada in collaboration with our survey provider, Ipsos, and technical advice from Statistics Canada. We also plan to conduct follow-up surveys and analyses later in 2020 and in the first half of 2021. This work will help us assess whether any effects on demand for cash or the mix of payment methods used by consumers are transitory or persistent.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/227817
    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2020, 6
    Umfang: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  6. Cash and COVID-19: the effects of lifting containment measures on cash demand and use
    Autor*in: Chen, Heng; Engert, Walter; Huynh, Kim P.; Nicholls, Gradon; Zhu, Hui
    Erschienen: [2021]
    Verlag:  Bank of Canada, Ottawa, Ontario, Canada

    We conduct a follow-up to Chen et al. (2020) and study demand for and use of cash after the containment measures imposed at the beginning of the COVID-19 pandemic were relaxed during the summer of 2020. We find that bank notes in circulation... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 201
    Fernleihe:
    keine Fernleihe

     

    We conduct a follow-up to Chen et al. (2020) and study demand for and use of cash after the containment measures imposed at the beginning of the COVID-19 pandemic were relaxed during the summer of 2020. We find that bank notes in circulation continued to rise in July due to ongoing cash withdrawals and decreased cash deposits in the Bank Note Distribution System. The probability of consumers using cash for payments increased in July compared with April 2020. As well, consumer cash holdings, measured as the median value of cash on hand, returned to August 2019 levels.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/241095
    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2021, 3
    Schlagworte: Bank notes; Central bank research; Coronavirus disease (COVID-19); Digital currencies and fintech; Econometric and statistical methods
    Umfang: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  7. Equilibrium in two-sided markets for payments
    consumer awareness and the welfare cost of the interchange fee
    Autor*in: Huynh, Kim P.; Nicholls, Gradon; Shcherbakov, Oleksandr
    Erschienen: [2022]
    Verlag:  Bank of Canada, [Ottawa]

    The market for payments is an important two-sided one, where consumers benefit from increased merchant acceptance of payment cards and vice versa. The dependence between the decisions that are made on each side of the market results in various... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 219
    Fernleihe:
    keine Fernleihe

     

    The market for payments is an important two-sided one, where consumers benefit from increased merchant acceptance of payment cards and vice versa. The dependence between the decisions that are made on each side of the market results in various network externalities that are often discussed but rarely quantified. We construct and estimate a structural two-stage model of equilibrium in a market for payments in order to quantify the network externalities and identify the main determinants of consumer and merchant decisions. The estimation results suggest significant heterogeneity in consumer adoption costs and benefits. We discuss the critical characteristics that determine which payment instrument is used at the point of sale. Our counterfactual simulation measures the degree of excessive intermediation by credit card providers.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/261268
    Auflage/Ausgabe: Last updated: March 22, 2022
    Schriftenreihe: Staff working paper / Bank of Canada ; 2022, 15
    Schlagworte: Bank notes; Digital currencies and fintech; Econometric and statistical methods; Financial services
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen
  8. Cash and COVID-19: the impact of the second wave in Canada
    Autor*in: Chen, Heng; Engert, Walter; Felt, Marie-Hélène; Huynh, Kim P.; Nicholls, Gradon; O'Habib, Daneal; Zhu, Hui
    Erschienen: [2021]
    Verlag:  Bank of Canada, Ottawa, Ontario, Canada

    We use consumer surveys conducted in April, July and November 2020 to study how the COVID-19 pandemic affected the demand for cash and the use of various methods of payment. Continuing from Chen et al. (2020, 2021), we use data from the Bank Note... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 201
    Fernleihe:
    keine Fernleihe

     

    We use consumer surveys conducted in April, July and November 2020 to study how the COVID-19 pandemic affected the demand for cash and the use of various methods of payment. Continuing from Chen et al. (2020, 2021), we use data from the Bank Note Distribution System (BNDS) to track how the amount of cash in circulation changed throughout 2020. The November 2020 survey included a three-day payment diary. We compare this diary with similar diaries from 2009, 2013 and 2017 to study long-term trends in cash use and payment methods.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/251025
    Schriftenreihe: Staff discussion paper / Bank of Canada ; 2021, 12
    Schlagworte: Bank notes; Central bank research; Coronavirus disease (COVID-19); Digital currencies and fintech; Econometric and statistical methods
    Umfang: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  9. Bitcoin awareness and usage in Canada
    Autor*in: Henry, Christopher S.; Huynh, Kim P.; Nicholls, Gradon
    Erschienen: December 2017
    Verlag:  Bank of Canada, [Ottawa]

    There has been tremendous discussion of Bitcoin, digital currencies and FinTech. However, there is limited empirical evidence of Bitcoin’s adoption and usage. We propose a methodology to collect a nationally representative sample using the Bitcoin... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 219 (2017,56)
    Fernleihe:
    keine Fernleihe

     

    There has been tremendous discussion of Bitcoin, digital currencies and FinTech. However, there is limited empirical evidence of Bitcoin’s adoption and usage. We propose a methodology to collect a nationally representative sample using the Bitcoin Omnibus Survey (BTCOS) to track the ubiquity and usage of Bitcoin in Canada. We find that about 64 percent of Canadians have heard of Bitcoin, but only 2.9 percent own it. We also find that awareness of Bitcoin is strongly associated with men and those with college or university education: additionally, Bitcoin awareness is more concentrated among unemployed individuals. On the other hand, Bitcoin ownership is associated with younger age groups and a high-school education. Furthermore, we construct a test of Bitcoin characteristics to gauge the level of knowledge held by respondents who were aware of Bitcoin, including actual owners. We find that knowledge is positively correlated with Bitcoin adoption. We attempt to reconcile the difference in awareness and ownership by decomposing the transactional and store-of-value motives for holding Bitcoin. Finally, we conclude with some suggestions to improve future surveys on digital currency, in particular, to achieve precise estimates from the hard-to-reach population of digital currency users.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/197833
    Schriftenreihe: Staff working paper / Bank of Canada ; 2017, 56
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen