Trust Builder Bitcoin : Cryptocurrencies as Marketing Tools beyond Functionality in the Exemplary Application Sector Online Sex Shops

Sammanfattning: Up until now, Bitcoin as a marketing tool to leverage the brand image of an e-retailer has only been researched scarcely. This paper contributes to filling this gap by looking at Bitcoin’s suitability as primarily a cognition-based trust-building tool in the context of online sex shops. Online sex shops in which affective-based trust is taken as a use-case to exemplarily assess whether far associations customers have with Bitcoin can be transferred unto their brand image, assessing its effectiveness. Moreover, as Bitcoin is a payment method, this study feels the pulse in how far trust is established with the general public to assess chances of success when introducing it as an option to existing alternatives. Trust is considered important in the transaction and decision-making processes of a customer as much as it is in building and fostering brand image. Two expert interviews and one survey make up the data source for this research to gain a holistic view from the customer’s, the retailer’s and the industry expert’s perspective. Findings from the different sources were first in-case analyzed before cross-comparing them. The study highlighted the fact that Bitcoin as a marketing tool is highly case-sensitive, cognition-based, and risky in both - financial and marketing terms. It is best used as part of a long-term strategy and in cases in which the brand image of a brand is as similar to that of Bitcoin as possible. Additionally, Bitcoin disposes of many of the same qualities as other payment methods do and although trust in it is still limited, it is competitive in terms of factors like transaction speed and cost. There is no uniform bundle of associations and a positive or negative evaluation thereof to be connected to it, however, factors like gender, financial education, and trust in one’s own abilities are all found to influence trust and usage intention. The study finds potential for both – Bitcoin as a marketing tool and payment method.