Gamified Learning About Cryptocurrency: A Survey of Investors’ Attitudes, Concerns, and Expectations towards Learning Cryptocurrency via Video Game-Based Approach

Abstract

This report was prepared as a final research report in response to the Mitacs Accelerate Program, in partnering with the Steam Exchange Inc.

Cryptocurrency has brought about transformative changes in business practices, leading to a growing prevalence of cryptocurrency trading platforms. However, comprehending the intricacies of cryptocurrency, including mining and trading, can be daunting due to their inherent complexity. Engaging in cryptocurrency trading carries various risks, encompassing technical, legal, and market-related factors, which necessitate investors' comprehensive understanding.

Gamification has been actively applied for educational purposes to make learning more engaging, motivating, and fun and consequently achieve better learning outcomes. To support cryptocurrency investors’ learning about cryptocurrency, thereby preparing them for successful crypto-trading, we developed a browser-based game that introduces cryptocurrency and related topics. Through an online survey, we assessed the effectiveness of this gamified learning approach, and we investigated investors’ attitudes, concerns, and needs for learning about cryptocurrency.

Overall, participants in the study recognized the potential benefits of game-based learning in improving their understanding of cryptocurrency. Their familiarity with game design elements in educational contexts indicated their acceptance of gamification strategies for learning. Participants, even those with cryptocurrency trading experience, exhibited moderate confidence in their cryptocurrency and blockchain knowledge, highlighting the need for educational interventions to bridge the knowledge gap.

Results indicate that the game-based cryptocurrency learning approach has great educational value. Participants highly rated the game's enjoyment and playfulness but emphasized the importance of creating a more immersive and engaging experience to enhance its educational impact. The findings of this research indicate that the current learning game, with necessary improvements, has the great potential to effectively educate learners while offering an enjoyable and motivating learning experience.

Based on the research, we identified essential requirements for improving the current learning game for the future. We produced guidelines to support Steam Exchange Inc. in further developing and enhancing this gamified learning approach beyond the project's completion. We also hope that the insights we gained from this research will inform the future design of gamified learning platforms that can meet users’ expectations and address their concerns.