Attitudes About Cryptocurrency Incentives for Research Participation

Abstract

It is essential to continually assess and find new ways to recruit and retain participants for research studies. Cryptocurrency is growing in popularity and may be a novel way to incentivize research participants. 100 participants, 50 of whom already had a cryptocurrency wallet and 50 of whom did not have a cryptocurrency wallet, were recruited through Facebook ads and completed a survey that asked about their experience with cryptocurrency and non-fungible tokens (NFTs) and potential interest in use of it for compensating research participants. The majority of respondents (79%) had some experience with cryptocurrency and 85% said they were comfortable trading cryptocurrency. Many participants had exchanged cryptocurrency within the past month (62%) and over their lifetime (70%). Respondents, however, were less familiar with NFTs, with only half having some experience with them. 18% of those without a cryptocurrency wallet and 42% of those with a cryptocurrency wallet chose to be compensated by cryptocurrency and NFT. Results suggest that, although cash and gift card incentives are preferred, there is an interest in cryptocurrency and NFTs. More studies will need to be done on a larger sample size and some of the challenges discussed (like cryptocurrency volatility) need to be addressed.