Abstract
The study discusses the factors which play a significant role in technological adoption. Data were collected from 342 respondents with sufficient knowledge of investing in cryptocurrency to derive authentic and reliable results. We used statistical software SPSS and SmartPLS to conduct various data tests. SPSS was used to check the missing values and the normality of the data, and it was found that there was no abnormality in the data. Also, demographic analysis was done using SPSS to characterize the respondents with gender, income, occupation, and knowledge of cryptocurrency. Smart PLS software was used for further analysis involving the measurement model and the structural model. In the measurement model, we checked validity and reliability to ensure the items of every latent variable measure their corresponding latent variable when the data is valid; data were found reliable and valid for further analysis since the result of AVE was more than 0.5 in the structural model. We used path coefficients to analyze the data and test the hypotheses. None of the hypotheses were rejected, as each p-value was less than 0.05, indicating a significant impact on the model.
References
Ab Hamid, M. R., Sami, W., & Mohmad Sidek, M. H. (2017). Discriminant Validity Assessment: Use of Fornell & Larcker criterion versus HTMT Criterion. ICoAIMS.
Afzal, A., & Asif, A. (2019). Cryptocurrencies, Blockchain and Regulation: A Review. The Lahore Journal of Economics, 103–130.
Alalwan, A. A., Dwivedi, Y. K., Rana, N. P., & Algharabat, R. (2017). Examining factors influencing citizen adoption of e-government services: Validating the extended technology acceptance model. Journal of Enterprise Information Management, 30(3), 442-455.
Arias-Oliva, M., Pelegrín-Borondo, J., & Matías-Clavero, G. (2019). Variables Influencing Cryptocurrency Use: A Technology Acceptance Model in Spain. Frontiers in Psychology.
Baur, D. G., & Dimpfl, T. (2020). The volatility of Bitcoin and its role as a medium of exchange and a store of value. Empirical Economics.
Böhme, R., Christin, N., Edelman, B., & Moore, T. (2015). Bitcoin: Economics, technology, and governance. Journal of Economic Perspectives, 29(2), 213-238.
Cheah, E. T., & Fry, J. (2015). Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin. Economics Letters, 130, 32-36. https://doi.org/10.1016/j.econlet.2015.02.029
Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319-340.
Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The Journal of Finance, 25(2), 383-417. https://doi.org/10.1111/j.1540-6261.1970.tb00518.x
Farras, C., & Salmeron, A. M. (2018). From barter to cryptocurrency: a brief history of exchange. Spain: CaixaBank Research.
Francisco, K., & Swanson, D. (2018). The Supply Chain Has No Clothes: Technology Adoption of Blockchain for Supply Chain Transparency. MDPI.
Gil-Cordero, E., Cabrera-Sánchez, J. P., & Arrás-Cortés, M. J. (2020). Cryptocurrencies as a Financial Tool: Acceptance Factors. MDPI.
Guerrouj, L. (2020). The Power of Blockchain Technology and Its Revolutionary Uses in the Financial Sector. Retrieved from Sales Force: https://www.salesforce.com
Haddad, C., & Hornuf, L. (2020). Tokenomics: Dynamic adoption and valuation. Journal of Monetary Economics, 109, 45-62. doi: 10.1016/j.jmoneco.2019.11.002
Huang, Y., & Zhou, L. (2020). The effects of media attention on Bitcoin price volatility: Evidence from the United States. Journal of Risk Research, 23(4), 493-503. https://doi.org/10.1080/13669877.2018.1516045
Islam, M. R., Hossain, M., & Rahman, M. S. (2019). Determinants of cryptocurrency adoption: A systematic review. International Journal of Information Management, 49, 13-29. https://doi.org/10.1016/j.ijinfomgt.2019.05.012
Islam, M. R., Hossain, M., & Rahman, M. S. (2019). Exploring factors affecting the adoption of cryptocurrency in Bangladesh. Journal of Internet Commerce, 18(3), 295-313.
Islam, M. R., Hossain, M., & Rahman, M. S. (2019). Investigating factors influencing the adoption of cryptocurrency. Journal of Systems and Information Technology, 21(3), 272-298. doi: 10.1108/JSIT-04-2019-0053
Islam, M. S., Hossain, M. A., & Rahman, M. S. (2019). Factors influencing the adoption of cryptocurrency: A study from the user's perspective. Journal of Systems and Information Technology, 21(3), 256-276.
Islam, S., Hossain, M. A., & Rahman, M. A. (2019). An empirical analysis of factors influencing the adoption of cryptocurrency in Bangladesh. Journal of Internet Banking and Commerce, 24(1), 1-22.
Islam, S., Hossain, M., & Rahman, M. S. (2019). Understanding the factors affecting the adoption of cryptocurrency as a means of payment: A study of consumers in Bangladesh. Journal of Business Research, 98, 365-380.
Kim, J. W., & Kim, T. H. (2020). Exploring the determinants of cryptocurrency trading intentions: An empirical study of the Korean market. International Journal of Information Management, 52, 102078. doi: 10.1016/j.ijinfomgt.2020.102078
Kshetri, N. (2018). Blockchain's roles in meeting key supply chain management objectives. International Journal of Production Research, 56(1-2), 849-871.
Lewis, R., McPartland, J., & Ranjan, R. (2019). Blockchain And Financial Market Innovation. Global Commodities Applied Research Digest.
Liu, C., & Forte, D. (2018). The impact of social media on cryptocurrency adoption. Journal of Business Research, 88, 535-541.
Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Retrieved from Bitcoin: https://bitcoin.org/bitcoin.pdf
Ozturk, I., & Bora, B. (2021). Investigating the impact of cryptocurrency adoption on organizational performance and productivity. Journal of Business Research, 131, 411-422.
Pascu., T. (2020). Retrieved from Oveit: https://oveit.com/blog/2020/07/16/the-evolution-of-money-from-barter-to-digital-currencies/
Peterson, R. A., & Kim, Y. (2013). Research Report on the Relationship Between Coefficient Alpha and Composite Reliability. Journal of Applied Psychology, 195-198.
Rogers, P. (2018). The History of Money: From Barter to Bitcoin. Retrieved from Welford Management: https://www.welfordmanagement.com/the history-of-money-from-barter-to-bitcoin/
Sereshti, H., Madani, S., & Asadi, S. (2020). Cryptocurrency adoption: An empirical study of factors influencing cryptocurrency adoption. Telematics and Informatics, 48, 101366. https://doi.org/10.1016/j.tele.2019.101366
Setzke, D. S., Böhm, M., & Krcmar, H. (2019). Platform Openness: A Systematic Literature Review and Avenues for Future Research.
Urbach, N., & Ahlemann, F. (2010). Structural Equation Modeling in Information Systems Research Using Partial Least Squares. Jitta, 5-40.
Venkatesh, V., & Davis, F. D. (2000). A Theoretical Extension of the Technology Acceptance Model: Four Longitudinal Field Studies. Management Science, 186-204.
Venkatesh, V., Morris, M. G., Davis, G. B., & Davis, F. D. (2003). user acceptance of information technology: toward a unified view. MIS Quarterly, Vol. 27, 425-478.
Venkatesh, V., Thong, J. Y. L., & Xu, X. (2012). Consumer acceptance and use of information technology: Extending the unified theory of acceptance and use of technology. MIS Quarterly, 36(1), 157-178. https://doi.org/10.2307/41410412
Wang, J., Li, Y., Wang, Y., & Liang, X. (2019). Understanding blockchain technology adoption: An empirical study of factors affecting blockchain technology adoption in China. Technological Forecasting and Social Change, 146, 11-30.
Yeong, Y.-C., Kalid, K. S., & Sugathan, S. (2019). Cryptocurrency Acceptance: A Case of Malaysia. Blue Eyes Intelligence Engineering & Sciences Publication.
Yusuf, N. N. N., Karim, M. E., & Alzahrani, A. (2021). The influence of trust and attitude on the intention to adopt cryptocurrency in the business-to-consumer context. Journal of Electronic Commerce Research, 22(1), 1-25.
Zalessky, A., & Hasan, M. (2018). The Impact of Payment Context on the Use of Mobile Payment Systems.
Zheng, X., Xie, H., Dai, X., & Chen, X. (2018). An empirical study on factors influencing the adoption of blockchain technology in e-commerce: The case of Taobao. Journal of Engineering and Technology Management, 48, 88-98.
Zhu, Y., & Huang, Z. (2020). Trust and cryptocurrency: Examining the relationship between price volatility and social media sentiment. Journal of Risk Research, 23(4), 518-531. https://doi.org/10.1080/13669877.2018.1544457
This work is licensed under a Creative Commons Attribution 4.0 International License.