A value-based approach to the adoption of cryptocurrencies

García-Monleón, Fernando; Erdmann, Anett; Arilla, Ramón

doi:10.1016/j.jik.2023.100342

Cited by 27 publications

(4 citation statements)

References 52 publications

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“…Despite the significance of cryptocurrencies and current advancements and interest in behavioral finance, the study of cryptocurrencies is still early. Second, as recommended by the latest study of (García-Monle on et al, 2023), more research is needed on CA in low-income regions; therefore, this paper on cryptocurrency is conducted in a developing nation setting. As a result, our research pursues to fill the gap in the existing knowledge by answering the following research questions: RQ1.…”

Section: Introductionmentioning

confidence: 99%

What do we know about cryptocurrency investment? An empirical study of its adoption among Indian retail investors

Kumar,

Rani

2024

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Purpose This study aims to examine the cryptocurrency adoption (CA) level among Indian retail investors who use cryptocurrency as an investment and mode of transaction. Design/methodology/approach Through self-administered survey questionnaires, data is collected from 397 retail investors of Haryana (India). This study adopted a quantitative method using partial least squares structural equation modeling (PLS-SEM). Findings This paper offered a robust model with a high explanatory value for CA in which four of the five proposed factors of diffusion of innovation theory (trialability, compatibility, complexity and observability) and one of the two proposed factors of consumer behavioral theory (perceived value) significantly influences CA. More specifically, the absence of regulatory support is a barrier to the broad adoption of cryptocurrencies, as its regulations are necessary to mitigate or minimize uncertain outcomes. Research limitations/implications This research primarily focuses on CA in India. Thus, it can be extended to cover diverse other countries for more precise results. Practical implications The results provide insights to the government to design the policies, better regulate and make investment strategies that can ultimately enhance CA. In addition, the study’s results also inform financial educators, policymakers, employers and academicians about the significance of several variables affecting CA in India. Social implications From a social standpoint, this study is an advance that directs central banks and governments to develop, regulate and manage digital currencies and implement a digital currency ecosystem. Moreover, the results assist in understanding investors’ perceptions and decision-making perspectives toward cryptocurrencies through the country’s digitalization. Originality/value This paper fills the study gap to assist policymakers and cryptocurrency experts in broadening their knowledge base and recognizing prioritized intentions. Additionally, this study provides a theoretical model with the latent variable for a present and pertinent matter.

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Section: Introductionmentioning

confidence: 99%

What do we know about cryptocurrency investment? An empirical study of its adoption among Indian retail investors

Kumar,

Rani

2024

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“…The constructs and FCM adapted from García-Monleón et al . [6] study are as follows (Table 12 and Figure 12):…”

Section: Fcm Creation From Each Of the Selected Studiesmentioning

confidence: 99%

“…Nevertheless, with the cryptocurrency market exceeding one trillion dollars in value, it demonstrates global interest in this technology and its potential for investment and income generation in the future. Although research on the reasons for their popularity and understanding the reasons for user adoption can significantly impact the future of this technology [2], limited studied have been conducted in this area [6]. Therefore, the need for qualitative and conceptual research for technologies at the beginning of adoption is essential [4], and it even seems that this is a higher priority for cryptocurrency technology compared to other emerging technologies.…”

Section: Introductionmentioning

confidence: 99%

Exploring Factors Influencing Cryptocurrency Adoption: A Comprehensive Modeling Based on Fuzzy Cognitive Maps Approach

Mohammadi,

Yadegari

2023

IJE

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Cryptocurrencies, with their decentralized nature, are gaining rapid international adoption as a means of payment or a valuable digital asset, independent of the economic policies of governments and without the need for a supervisory institutions such as banks. However, limited research has been conducted on the adoption of cryptocurrencies, most of which employ a general technology acceptance/ adoption model with a positivist approach. The main problem with previous studies is that they have been limited to the structure of general adoption models and only examined a few constructs due to the increasing complexity of the model. On the other hand, due to cryptocurrencies' unique nature and rapid developments, it is necessary to create new comprehensive models that include different dimensions. This paper aims to identify influential factors in the adoption of cryptocurrency technology, understand their interrelationships, and ultimately develop a comprehensive model. With a constructivist approach, this study uses the most important research of the past decade in the field of cryptocurrency adoption and creates a cognitive model of their constructs through a systematic approach. The focal point of our approach is constructivism, accompanied by considering the impact of constructs on each other using fuzzy cognitive maps, which has not been previously done in cryptocurrency adoption. The results of the proposed model indicate that perceived usefulness, attitude, financial value, and perceived ease of use are the most significant constructs that influence the creation of positive intention toward the use and adoption of cryptocurrencies.

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“…The world has witnessed numerous technological advancements in the last decade, like the Internet of Things, electronic commerce, and digital payment systems. These changes are reflected in the way individuals interact including how they exchange money [1,2]. As a result of the continuous change in the means of financial exchange from paper to virtual currency, cryptocurrency has emerged [3,4].…”

Section: Introductionmentioning

confidence: 99%

Cryptocurrency Adoption among Saudi Arabian Public University Students: Dual Structural Equation Modelling and Artificial Neural Network Approach

Alomari,

Abdullah

2023

Human Behavior and Emerging Technologies

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Cryptocurrency is receiving widespread acceptance in the international market. Unfortunately, little attention is focused on the full identification of the cryptocurrency adoption factors, especially when it comes to emerging nations like Saudi Arabia. The current investigation is aimed at investigating whether the use of dual structural equation modelling and artificial neural network (SEM-ANN) would permit a better comprehension of the determinants of cryptocurrency adoption than the single-step PLS-SEM technique and explore the predictors of cryptocurrency adoption. An extended unified theory of acceptance and use of technology (UTAUT) model was used. A sample of 344 responses from Saudi Arabian students at public universities was used to verify the model. Unlike the majority of existing studies that were based on a single-step PLS-SEM approach, this investigation employed a superior statistical approach, the dual SEM-ANN approach, considered a unique methodological approach that can recognise variables’ connections that are both linear and nonlinear and predict relationships with higher accuracy. Moreover, the dual SEM-ANN analysis revealed security as the most important factor influencing whether users would accept cryptocurrency, followed by effort expectancy and awareness. The application of the dual SEM-ANN technique and the extension of the UTAUT model with security and awareness constructs have enhanced the existing technology adoption literature. Additionally, methodological, theoretical, and practical contributions were offered by this study.

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A value-based approach to the adoption of cryptocurrencies

Cited by 27 publications

References 52 publications

What do we know about cryptocurrency investment? An empirical study of its adoption among Indian retail investors

What do we know about cryptocurrency investment? An empirical study of its adoption among Indian retail investors

Exploring Factors Influencing Cryptocurrency Adoption: A Comprehensive Modeling Based on Fuzzy Cognitive Maps Approach

Cryptocurrency Adoption among Saudi Arabian Public University Students: Dual Structural Equation Modelling and Artificial Neural Network Approach

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