Research Article


DOI :10.26650/ibr.2022.51.866397   IUP :10.26650/ibr.2022.51.866397    Full Text (PDF)

Bitcoin Mining in Turkey as an Example of Speculative Entrepreneurship

Ali Osman UymazAli Rıza Esmen

The main purpose of this study is to determine the dimensions of speculative entrepreneurship for Bitcoin Turkish miners and to determine the motivational factors to become entrepreneurs in this area. The study was designed as a qualitative study where data was collected from a sample of 13 Bitcoin miners. The collected data thus was analyzed and coded thorough thematic analysis. After determining each participant's profile, a narrative analysis was conducted to ensure the integrity of the research. Some of the key common characteristics thus determined were awareness, arbitrage, and high-profit expectations whereas the self-manipulation feature was determined as low. The key motivation for Participants for investing in Bitcoin was the absence of central management, the beginning of a new financial structure outside the existing system, the opportunity for absolute privacy, and the excessive interest of society, which would serve as a leverage for arbitrage, with high-profit expectation. Bitcoin miners have seen the opportunity of arbitrage with their increased level of awareness and knowledge. As speculative entrepreneurs Bitcoin miners were aware of the extreme nature of the risk investing in Bitcoin to gain highly desirable and expected profit for using the arbitrage opportunity in the existing system.


PDF View

References

Citations

Copy and paste a formatted citation or use one of the options to export in your chosen format


EXPORT



APA

Uymaz, A.O., & Esmen, A.R. (2019). Bitcoin Mining in Turkey as an Example of Speculative Entrepreneurship. Istanbul Business Research, 0(0), -. https://doi.org/10.26650/ibr.2022.51.866397


AMA

Uymaz A O, Esmen A R. Bitcoin Mining in Turkey as an Example of Speculative Entrepreneurship. Istanbul Business Research. 2019;0(0):-. https://doi.org/10.26650/ibr.2022.51.866397


ABNT

Uymaz, A.O.; Esmen, A.R. Bitcoin Mining in Turkey as an Example of Speculative Entrepreneurship. Istanbul Business Research, [Publisher Location], v. 0, n. 0, p. -, 2019.


Chicago: Author-Date Style

Uymaz, Ali Osman, and Ali Rıza Esmen. 2019. “Bitcoin Mining in Turkey as an Example of Speculative Entrepreneurship.” Istanbul Business Research 0, no. 0: -. https://doi.org/10.26650/ibr.2022.51.866397


Chicago: Humanities Style

Uymaz, Ali Osman, and Ali Rıza Esmen. Bitcoin Mining in Turkey as an Example of Speculative Entrepreneurship.” Istanbul Business Research 0, no. 0 (May. 2022): -. https://doi.org/10.26650/ibr.2022.51.866397


Harvard: Australian Style

Uymaz, AO & Esmen, AR 2019, 'Bitcoin Mining in Turkey as an Example of Speculative Entrepreneurship', Istanbul Business Research, vol. 0, no. 0, pp. -, viewed 24 May. 2022, https://doi.org/10.26650/ibr.2022.51.866397


Harvard: Author-Date Style

Uymaz, A.O. and Esmen, A.R. (2019) ‘Bitcoin Mining in Turkey as an Example of Speculative Entrepreneurship’, Istanbul Business Research, 0(0), pp. -. https://doi.org/10.26650/ibr.2022.51.866397 (24 May. 2022).


MLA

Uymaz, Ali Osman, and Ali Rıza Esmen. Bitcoin Mining in Turkey as an Example of Speculative Entrepreneurship.” Istanbul Business Research, vol. 0, no. 0, 2019, pp. -. [Database Container], https://doi.org/10.26650/ibr.2022.51.866397


Vancouver

Uymaz AO, Esmen AR. Bitcoin Mining in Turkey as an Example of Speculative Entrepreneurship. Istanbul Business Research [Internet]. 24 May. 2022 [cited 24 May. 2022];0(0):-. Available from: https://doi.org/10.26650/ibr.2022.51.866397 doi: 10.26650/ibr.2022.51.866397


ISNAD

Uymaz, AliOsman - Esmen, AliRıza. Bitcoin Mining in Turkey as an Example of Speculative Entrepreneurship”. Istanbul Business Research 0/0 (May. 2022): -. https://doi.org/10.26650/ibr.2022.51.866397



TIMELINE


Submitted22.01.2021
Accepted04.02.2022
Published Online22.03.2022

LICENCE


Attribution-NonCommercial (CC BY-NC)

This license lets others remix, tweak, and build upon your work non-commercially, and although their new works must also acknowledge you and be non-commercial, they don’t have to license their derivative works on the same terms.


SHARE




Istanbul University Press aims to contribute to the dissemination of ever growing scientific knowledge through publication of high quality scientific journals and books in accordance with the international publishing standards and ethics. Istanbul University Press follows an open access, non-commercial, scholarly publishing.