Week 1 Progress Report
Project Report Title, Research Question and Research Objectives
This progress report helps keep track of what you have completed. Please complete the sections below by:
• Outlining the content and progress you have made in each area,
• Commenting on the status of your ethics approval process.
Your Student Name and ID: Shilpa Saluja
RISE OF BITCOIN AND ITS IMPACT ON DIGITAL CURRENCY
INVESTMENT: A STUDY ON THE UK RETAIL SECTOR
Research question and research objectives
Research question: The research questions are as follows:
What are the factors behind the rise of Bitcoin in the UK retail sector?
What is the impact of Bitcoin on digital currency investment in the UK retail sector?
What challenges emerged through the rise of Bitcoin?
What are a few strategies to mitigate the challenges that emerged through the rise of Bitcoin?
Research objectives: The objectives of the above research are
To understand the factors behind the rise of Bitcoin in the UK retail sector
To explore the impact of Bitcoin on digital currency investment in the UK retail sector
To analyse the challenges that emerged through the rise of bitcoin
To recommend a few strategies to mitigate the challenges that emerged through the rise of bitcoin
Outline the rationale of choosing your research question, research objectives and key academic sources, e.g.
academic journal articles, for literature review - Your project report should relate to a business area within the
internship host organisation. (minimum 250 words)
According to the study of Barlin (2017), bitcoins have only been accepted in a very small group of online
platforms which has made it unfeasible according to the digital currency. Due to the corruption of virus data
and wallet files, bitcoins have faced a loss and could not recover as required. Based on the study of Forbes
(2023), the value of Bitcoins has constantly oscillated due to variations of prices due to deficient
microeconomics and bankruptcies in the crypto world by accepting different digital sites. From the same
study it can be stated that since each bitcoin has a higher value for maintaining its importance, the Bitcoin
economy has fluctuated rapidly and unreliably. Due to not having a physical appearance and not having an
appropriate central authorisation by the governance Bitcoin has faced various issues.
References-
Fahmi, A. M., Samsudin, N. A., Mustapha, A., Razali, N., & Khalid, S. K. A. (2018).
Regression based Analysis for Bitcoin Price Prediction. International Journal of
Engineering & Technology, 7(4.38), 1070. https://doi.org/10.14419/ijet.v7i4.38.27642
Fang, F., Ventre, C., Basios, M., Kanthan, L., Martinez-Rego, D., Wu, F., & Li, L. (2022).
Cryptocurrency trading: a comprehensive survey. Financial Innovation, 8(1).
https://doi.org/10.1186/s40854-021-00321-6
Fauzi , M. A., Paiman, N., & Othman , Z. (2020). Bitcoin and Cryptocurrency: Challenges,
Opportunities and Future Works. The Journal of Asian Finance, Economics and
Business, 7(8), 695–704. https://doi.org/10.13106/jafeb.2020.vol7.no8.695
Plans for data collection, e.g. primary and/or secondary data, data collection methods etc. (Minimum 150 words)
Data for studying the impact of the rise of Bitcoin on digital currency investment in the UK retail sector has been
collected from various sources. One possible source has financial institutions such as banks and investment firms.
These institutions regularly collect and analyse data on digital currency investments, including Bitcoin, to monitor
market trends and make informed investment decisions. It may have data available on a daily, weekly or monthly
basis, depending on the internal reporting and analysis process (Fauzi et al., 2020). Additionally, cryptocurrency
exchanges, such as Coinbase or Binance, have been valuable sources of data. These platforms facilitate the buying and
selling of digital currencies, including Bitcoin, and often provide real-time or historical data on trading volumes, price
movements, and user activity. This data has been collected at a high frequency, potentially on an hourly or even
minute-by-minute basis (Fang et al., 2022). Regarding the period of data collection, it is advisable to gather
information spanning several years to capture the long-term impact of Bitcoin on digital currency investment in the
UK retail sector.
Ethics approval – please answer the questions below:
Have you registered to the online platform yet? (Yes)
Have you started your project on the ethics platform yet? (Yes)
Have you completed the ethics approval request? (Yes)
Any other ethics considerations you would like to mention: (NA)
