Beyond the Hype: Unveiling the Realities of Crypto Trading Journeys
Purpose: Cryptocurrency has emerged as a new digital phenomenon and has remained a hot topic over the last few years. Its perplexing and unprecedented features motivate us to explore the live experiences of crypto day traders in Pakistan. This study provides insights into the crypto market's M...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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CSRC Publishing
2023-12-01
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| Series: | Journal of Accounting and Finance in Emerging Economies |
| Subjects: | |
| Online Access: | https://publishing.globalcsrc.org/ojs/index.php/jafee/article/view/2849 |
| _version_ | 1797260848935206912 |
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| author | Muhammad Sohail Saleh Nawaz Khan Wajid Alim Abdul Ghaffar |
| author_facet | Muhammad Sohail Saleh Nawaz Khan Wajid Alim Abdul Ghaffar |
| author_sort | Muhammad Sohail |
| collection | DOAJ |
| description |
Purpose: Cryptocurrency has emerged as a new digital phenomenon and has remained a hot topic over the last few years. Its perplexing and unprecedented features motivate us to explore the live experiences of crypto day traders in Pakistan. This study provides insights into the crypto market's Motivation, Risk, and Obstacles from traders' perspectives.
Methodology: This study has adopted a phenomenological research design. Data was collected through semi-structured interviews with seven crypto traders. NVivo 20 software was used to analyze the data.
Findings: The study identified three main themes: Motivation, Risk, and Obstacles. The incentives for trading crypto were primarily financial, with a potential for profit being the primary driving factor. The Risks associated with crypto trading were predominantly related to security, price volatility, and liquidity. Finally, the study revealed that lack of awareness, social stigma, and regulatory environment are the main hurdles to developing the crypto market in Pakistan.
Practical Implications: The practical implications of this study include providing potential investors with a better understanding of crypto trading strategies for maximizing profits and reducing risks. It also helps policymakers and regulators develop policies related to crypto trading.
Social Implication: Cryptocurrency is not a legal tender, and its prices are highly volatile. Investors can face scam brokers, fake exchanges, and cyber theft in this market. Investors should be well aware of all these things before investing.
Originality/Value: This study fulfils an identified need to explore the experiences of crypto traders and provides insights into the Motivations, risks, and obstacles they face during trading.
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| first_indexed | 2024-04-24T23:31:51Z |
| format | Article |
| id | doaj.art-d3b4975c20dc4b408d0f393b8a98374d |
| institution | Directory Open Access Journal |
| issn | 2519-0318 2518-8488 |
| language | English |
| last_indexed | 2024-04-24T23:31:51Z |
| publishDate | 2023-12-01 |
| publisher | CSRC Publishing |
| record_format | Article |
| series | Journal of Accounting and Finance in Emerging Economies |
| spelling | doaj.art-d3b4975c20dc4b408d0f393b8a98374d2024-03-15T14:41:38ZengCSRC PublishingJournal of Accounting and Finance in Emerging Economies2519-03182518-84882023-12-019410.26710/jafee.v9i4.2849Beyond the Hype: Unveiling the Realities of Crypto Trading JourneysMuhammad Sohail0Saleh Nawaz Khan1Wajid Alim2Abdul Ghaffar3The University of Lahore, PakistanThe University of Lahore, PakistanThe University of Lahore, PakistanThe University of Lahore, Pakistan Purpose: Cryptocurrency has emerged as a new digital phenomenon and has remained a hot topic over the last few years. Its perplexing and unprecedented features motivate us to explore the live experiences of crypto day traders in Pakistan. This study provides insights into the crypto market's Motivation, Risk, and Obstacles from traders' perspectives. Methodology: This study has adopted a phenomenological research design. Data was collected through semi-structured interviews with seven crypto traders. NVivo 20 software was used to analyze the data. Findings: The study identified three main themes: Motivation, Risk, and Obstacles. The incentives for trading crypto were primarily financial, with a potential for profit being the primary driving factor. The Risks associated with crypto trading were predominantly related to security, price volatility, and liquidity. Finally, the study revealed that lack of awareness, social stigma, and regulatory environment are the main hurdles to developing the crypto market in Pakistan. Practical Implications: The practical implications of this study include providing potential investors with a better understanding of crypto trading strategies for maximizing profits and reducing risks. It also helps policymakers and regulators develop policies related to crypto trading. Social Implication: Cryptocurrency is not a legal tender, and its prices are highly volatile. Investors can face scam brokers, fake exchanges, and cyber theft in this market. Investors should be well aware of all these things before investing. Originality/Value: This study fulfils an identified need to explore the experiences of crypto traders and provides insights into the Motivations, risks, and obstacles they face during trading. https://publishing.globalcsrc.org/ojs/index.php/jafee/article/view/2849Hermeneutic phenomenologyCryptocurrency,BlockchainVolatilityCrypto Mining |
| spellingShingle | Muhammad Sohail Saleh Nawaz Khan Wajid Alim Abdul Ghaffar Beyond the Hype: Unveiling the Realities of Crypto Trading Journeys Journal of Accounting and Finance in Emerging Economies Hermeneutic phenomenology Cryptocurrency, Blockchain Volatility Crypto Mining |
| title | Beyond the Hype: Unveiling the Realities of Crypto Trading Journeys |
| title_full | Beyond the Hype: Unveiling the Realities of Crypto Trading Journeys |
| title_fullStr | Beyond the Hype: Unveiling the Realities of Crypto Trading Journeys |
| title_full_unstemmed | Beyond the Hype: Unveiling the Realities of Crypto Trading Journeys |
| title_short | Beyond the Hype: Unveiling the Realities of Crypto Trading Journeys |
| title_sort | beyond the hype unveiling the realities of crypto trading journeys |
| topic | Hermeneutic phenomenology Cryptocurrency, Blockchain Volatility Crypto Mining |
| url | https://publishing.globalcsrc.org/ojs/index.php/jafee/article/view/2849 |
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