An Exploration into People’s Perception and Intention on using Cryptocurrencies

Abstract

The cryptocurrency market has been described as revolutionary due to the constant technological evolution and innovation that the blockchain technology provides. Leading many to believe that this could be the next step for the human race, just like how fiat currency replaced gold. Cryptocurrencies were originally created to be a form of savings or income for the unbanked, reduce costs and energy consumption, for a means of data transparency and to remove financial intermediaries. It is undeniable that the cryptocurrency market has created a divide of opinions, as some look to explore the market further while others reject the thought of adopting this innovative technology completely. This study focuses on the perception and intention to use cryptocurrencies. Diving into previous literature about the adoption of cryptocurrencies and new technologies. Highlighting key factors that can affect an individual’s perception and gaps in the literature that need to be explored further. A quantitative approach was used to gather data from 102 participants. The findings indicated that performance and effort expectancy as the most influential variables for cryptocurrency adoption, as people seek understanding as what benefits cryptocurrencies can provide for them when they feel incapable of using the innovative technology.

The Drivers of Economic Bubbles in Cryptocurrencies That Affect Its Long-Term Sustainability

“…All the participants involved in the study had one aspect in common: before they invested in cryptocurrencies, they researched and gathered information on the CC they were interested in. What differed among the participants, however, were the sources they utilized in gathering the information and how they did it (McMorrow & Esfahani, 2021). Thus, some respondents argued that they sourced information through trusted business websites, financial reports, and newsletters.…”

DeFi era: the behavioral intentions toward cryptocurrency in Lebanon

“…Users of cyrptocurrency have various objectives, where some are holding the coins as strategic long term digital assets, some are looking to speculate through short term transactions, and others use it for transferring money around the globe. Also, fast transaction speed, low transaction fees, privacy and security are one of the critical benefits behind adopting cryptocurrency (Gao, Clark, & Lindqvist, 2016); compatibility, awareness and facilitating conditions (Ayedh, Echchabi, Battour, & Omar, 2021); in addition to investment opportunities, businesses acceptance, financial and technological knowledge, performance and effort expectancy (Alzahrani & Daim, 2019;McMorrow & Esfahani, 2021).…”

Analyzing Portfolio Optimization in Cryptocurrency Markets: A Comparative Study of Short-Term Investment Strategies Using Hourly Data Approach

“…The genesis of cryptocurrencies traces back to Bitcoin's emergence in 2009, catalyzing a tumultuous evolution of the cryptocurrency market (ElBahrawy et al 2017). Originally conceived to cater to the unbanked, reduce costs and energy consumption, and eliminate financial intermediaries (McMorrow and Esfahani 2021), cryptocurrencies have morphed into a distinct species within the financial instrument ecosystem. Characterized by decentralization, volatility, and high risk-reward potential, cryptocurrencies have ascended in global financial significance, attracting investors seeking diversification and short-term gains (Mungo et al 2023).…”