Functions of Currency before and after COVID-19: Is Bitcoin Sustainable for Tourism?

Abstract

The specific purposes of this study are (1) to analyze whether there is a difference in the recognition of tourists in the functions of currency according to the type of currency spent by tourists before and after COVID-19; (2) to identify why tourists employ Bitcoin among the functions of currency; and (3) to identify tourists’ intentions to continue to using Bitcoin according to the degree of recognition of the function of virtual currency in Korea. Both quantitative and qualitative methods, including a one-way analysis of variance, a paired t-test, a simple regression analysis, and an in-depth interview, were employed. One of the conclusions implies that tourists in a tourism destination still prefer paying with cash rather than paying with card or virtual currency. Moreover, the study discovered that tourists count more on virtual currency and prepare for a future with virtual currency when a factor that has an unstable impact on social economy, such as COVID-19, happens. As to the functions of Bitcoin, tourists appeared to place a great importance on its storage, value, satisfaction, convenience, and investment. Additionally, the study showed that tourists intend to continue using Bitcoin due to the same satisfaction, convenience, and investment attributed to Bitcoin. More discussion and implications were provided.

A study on the legal risk assessment of virtual currency transactions based on statistical analysis

“…It plays an irreplaceable role in promoting the development of the network economy and financial innovation and manifests market activism [5]. Many problems have arisen due to the emergence of virtual currencies [6][7]. Along with the further development of modern finance and international cooperation, virtual currencies may be used by unscrupulous elements in the fields of taxation, financing, and financial security and implement criminal activities, making fraud, tax evasion, illegal financing, and other related illegal and criminal acts emerge continuously, causing damage to the property of virtual currency owners and eventually disrupting the stability of the financial market [8][9].…”

The Use of Virtual Reality in Tourism Destinations as a Tool to Develop Tourist Behavior Perspective

“…The effects of the COVID-19 pandemic have had a lasting influence on tourism and will shape the travel and booking behavior for generations [1][2][3]. Undoubtedly, the desire to travel is uninterrupted, but financial and health fears and worries have made some people confused [2][3][4]. Some authors warn of drastic psychological damage, which will be manifested by precautionary thinking and a reluctance to buy a package tour [3,4].…”

“…Undoubtedly, the desire to travel is uninterrupted, but financial and health fears and worries have made some people confused [2][3][4]. Some authors warn of drastic psychological damage, which will be manifested by precautionary thinking and a reluctance to buy a package tour [3,4]. However, every crisis can produce some positive outcomes, as difficulties stimulate new, innovative ideas.…”