93
Cryptocurrency Regulatory Framework in Zimbabwe
6.3.3 Sample Size
The sample size is chosen using the following formula:
Sample Size =
´
+
´
-
-
z
p
e
z
p
e N
p
p
2
2
2
2
1
1
1
(
)
(
)
(6.1)
The sample size for cryptocurrency users in this study was estimated by adapting
a simplified formula for calculating sample size from Yount (2006), where N is the
population size, n is the sample size, and e = 0.05 level of precision at 95% confi
dence level. By applying this formula, the sample size was estimated as n = 384.
However, to determine the sample size for Bitcoin exchange managers, the BAZ
official, the RBZ official and academics in Zimbabwe, the scholar applied the 100%
basic rule as recommended by Yount (2006), who proposes a 100% lowest sample
size for populations smaller than 10 units. Therefore, the sample size contained two
Bitcoin exchange managers, one BAZ official, one RBZ official and two academics/
entrepreneurs, as depicted in Table 6.1.
6.3.4 Research Instruments
For the quantitative aspect, questionnaires were administered online (Cooper and
Schindler, 2014), coupled with interviews with Blockchain exchange managers, BAZ
officials, RBZ users and academics to cover the qualitative aspect (Sekeran, 2009).
To ensure validity, the researcher ensured that the survey addressed the themes
emphasized in the aims, and examined the data and finished references on the basis
of these themes (Gray, 2006). On the other hand, to ensure reliability, the researcher
adhered to recommended sample sizes as well as ensuring that the research was
completed within a reasonable period of time (Saunders et al., 2016). Ethical features
TABLE 6.1
Population and Sample Composition
Category
Target population
Sample size
Research tools
Cryptocurrency users
10,000
384
Questionnaires
Bitcoin exchange managers
2
2
Meetings
BAZ official
1
1
Meetings
RBZ official
1
1
Meetings
Bitcoin entrepreneur
1
1
Meetings
Academic/technologist
1
1
Meetings
Total
10,006
390
Source: Primary data.