1. Confirmation and Comparative analysis of Bitcoin
recognition in Korea and China
안녕하세요! 한국과 중국의 비트코인 감성 인식도 확인 및 비교 분석에 대해서 발표하게 된 인천대학교 발표자 정수환입니다.
발표 시작하겠습니다.
Suhwan Jung, Jaehyun Park
Dept. of Industrial & Management Engineering, Incheon National University (INU)

2. Research Background Reason for choosing Bitcoin
Technology that supports the 4th Industrial Revolution has a big impact on the enterprise (Schwab, k, 2017)
The world is moving to the 4th Industrial Revolution, and the Block chain technology is Becoming a Key Trend
‘Bitcoin’ , a type of virtual currency that uses block-chain technology as its core technology, is causing a huge wave
of worldwide demand
In the next 15 to 20 years, Bitcoin’s force will be more intense

3. Need For Research
Virtual currency has not been recognized as a formal currency due to ‘government regulations’, ‘incomplete technology’,
‘concerns about being abused’
Bitcoin’s influence is gradually declining. But, the potential as a future value can not be denied
Therefore, it is necessary to confirm Bitcoin recognition and to analyze country by country

4. Research Goal All Research Goal STEP
Confirmation and Comparative analysis of Bitcoin recognition in Korea and China
Refining emotional words and comparing the relationship by diagram
STEP
Survey to participants in Korea and China
Semantic network analysis of survey results
Confirmation of recognition for each country and comparative analysis by country

5. Research procedure (1/3)
Survey
Data Process
Network Analysis
Visualization and Comparison
1. Collecting related words through Survey
Provide photos related to the Bitcoin in the Survey Because of artificial derivation of the related words
Direct collection of words through survey (Consists of nouns, adjectives, and verbs)
The same survey was conducted under the same conditions in 2015 and 2018 for analysis according to introduction time
Korean people - Average 24.5 years old (±1.5) / 30 Chinese people - Average 29.6 years old (±7.0)
Korean people - Average 21.8 years old (±1.8) / 37 Chinese people - Average 21.9 years old (±2.7)
2. Data Process
Survey were adapted to the language of each country
Three Human Factor experts have translated into English for cross-country comparisons of collected survey
Convergence of similar words within the scope of minimizing information loss
Co – occurrence matrix composition for network analysis

6. Research procedure (2/3)
Survey
Data Process
Network Analysis
Visualization and Comparison
3. Network Analysis
Use of network analysis programs ( Ucinet6, Gephi )
Analysis by Degree centrality and Eigenvector centrality
Node size and edge thickness proportional to Eigenvector centrality
Top 20 Node Filtering by Degree centrality
< Additional filtering >
The node is not associated with another node
The value of Eigenvector centrality is so small that there are no connected nodes, but the Degree score is relatively large compared to other removed nodes and lives in the top 20 nodes

7. Research procedure (3/3)
Survey
Data Process
Network Analysis
Visualization and Comparison
4. Visualization and Comparison
Comparison of Perceptions of Korean and Chinese Recognitions for Bitcoin by 2015
Comparison of Perceptions of Korean and Chinese Recognitions for Bitcoin by 2018
Comparison of Perceptions of Korean people base on experience
Comparison of Perceptions of Korean, Chinese people base on gender

8. Collecting related words through survey (1/2)

9. Collecting related words through survey (2/2)
Basic awareness survey
Collecting language associated with
‘Bitcoin’
Inference of relevance through questions
of reason and opinion

10. Visualizing and Comparing final relationships(1/5)
2015 Semantic network data
2015 Korea
2015 China
In Korea, ‘Concern about safety’ and ‘Feelings about product usability’ are the upper nodes
and have a great impact
In China, ‘Value and feature as a currency’ has more influence than ‘Concern about safety’
Both Korea and China have a clear perception that ‘Bitcoin’ is the type of currency

11. Visualizing and Comparing final relationships(2/5)
2018 Semantic network data
2018 Korea
2018 China
As the size of the node becomes larger and the length of the edge becomes shorter and thicker,
the recognition of ‘Bitcoin’ becomes much clearer
In Korea, the buzzword such as ‘Let’s go’ and ‘Endure’ are extracted as upper nodes
In Korea, Increase ‘Concern about safety’ and Think Bitcoin as a ‘Stock’ and ‘Gambling’
In China, ‘Value and feature as a currency’ has more influence than ‘Concern about safety’

12. Visualizing and Comparing final relationships(3/5)
2018 Korea semantic network data based on experience
Koreans who have used Bitcoin
Koreans who have not used Bitcoin
Koreans who have used Bitcoin, People are influenced by buzzwords like ‘Let’s go, Endure’ and brands like ‘Dash, Ripple’
Koreans who have used Bitcoin, Experiential words such as ‘Effort, failure’ has been mentioned a lot
Koreans who have not used Bitcoin, The proportion of abstract words were higher than Experiential words
Koreans who have not used Bitcoin, ‘Concerned about Safety’ words were mentioned, and there were few influences from buzzwords

13. Visualizing and Comparing final relationships(4/5)
2018 Korea semantic network data based on gender
Men who have not used Bitcoin
Women who have not used Bitcoin
The overall composition of men and women is similar
Men are more influenced by buzzwords such as ‘Let’s go, Endure’
Women are more concerned about risk and safety

14. Visualizing and Comparing final relationships(5/5)
2018 China semantic network data based on gender
Men who have not used Bitcoin
Women who have not used Bitcoin
The overall composition of men and women is similar (Consist of word of technical features)
In the case of Women, the nodes of ‘Convenience, Security’ was mentioned unlike men
-> Women are more emotional than men and emphasizes ‘concerned about safety’

15. Result 2018 Semantic data Results based on experience
Compared to 2015, Awareness of ‘Bitcoin’ has increased significantly.
In case of Korea, ‘Concerned about Safety’ still have a lot of impact
-> Korea’s Companies should try to get rid of perceptions like ‘Gambling, Stock’ at first
In case of China, ‘Technical feature’ still have a lot of impact
-> China’s Companies, the main purpose is to improve the ‘technical feature’
Results based on experience
For those with experience, I have seen how much influence the brand and Buzzword has on them
-> Enterprise need to manufacture buzzwords and strengthen the brand side
For those with no experience, ‘Concerned about Safety’ still have a lot of impact
-> Enterprise should try to get rid of perceptions like ‘Gambling, Stock’
Difference in ‘bitcoin’ perception between Korean men and women
Men were more sensitive to the buzzwords and women were more concerned about safety.
Difference in ‘bitcoin’ perception between Chinese men and women
Women were more concerned about safety.

16. Research Significance and Expected Effect
Discussion
Research Significance and Expected Effect
Confirmation of recognition of ‘Bitcoin’ which is attracting attention as present and future value by country
It is aimed to use it as basic data of companies providing ‘Bitcoin’ services in present and future
It is aimed to be used as basic data for related research
Future Research
Future research is needed for other countries except Korea and China
Need comparative analysis for various age groups
Need to investigate and study recognition in various fields other than ‘Bitcoin’

17. Q&A

18. Thank you