Author: Francesca Petroli
Date: 24-04-2026

This work examines the cryptocurrency phenomenon, with a specific focus on Bitcoin, examining its current role and potential future development as a payment method.

The analysis highlights how Bitcoin represents a significant innovation in the financial system due to blockchain technology, decentralization, and the absence of intermediaries. At the same time, these features generate several critical issues, including high price volatility, perceived complexity, the responsibility of managing private keys, and the lack of a fully defined regulatory framework.

The empirical analysis was conducted using a mixed qualitative–quantitative approach. First, in-depth interviews were carried out to explore perceptions and attitudes toward cryptocurrencies. Subsequently, an online survey collected 218 valid responses.

The results show that, although awareness of Bitcoin is very high, its actual use remains limited and is mainly concentrated in investment and trading activities rather than everyday payments. The main barriers to adoption are price volatility, limited understanding of how Bitcoin works, perceived complexity, and low merchant acceptance.

Factor analysis and cluster analysis identified three user segments:

• Skeptical and distrustful, with low confidence and a preference for traditional payment methods;
• Balanced and cautious, open to innovation but sensitive to costs, security, and reliability;
• Satisfied and confident, more inclined to use digital payment solutions and with a generally positive attitude.

Discriminant analysis also shows that Bitcoin is clearly positioned apart from other payment methods, mainly due to lower perceived ease of use and security, confirming its current niche positioning.

Overall, the study suggests that the future growth of Bitcoin as a payment tool will depend on improved usability, stronger user trust, and greater education and awareness about how the technology works.