Behavior or culture? Investigating the use of cryptocurrencies for electronic commerce across the USA and China

Abstract

Purpose This paper claims to identify the behavioral and cultural features that push to use, or not, cryptocurrencies for electronic commerce. Indeed, despite the use of cryptocurrencies for electronic commerce spreading worldwide at a fast and growing pace, there are supporters and detractors among their users. The analysis of what distinguish these two groups of users is fundamental for understanding their different intention to use cryptocurrencies for electronic commerce. Design/methodology/approach A survey has been administered to 2,532 cryptocurrencies’ users across the USA and China, collecting data on their behavioral predispositions and cultural features. Results were then analyzed through structured equation modeling. Findings Results showed that while attitude, subjective norms, perceived behavioral control and herding behavior have a positive impact on the intention to use cryptocurrencies for electronic commerce, financial literacy has no influence. Cultural dimensions amplified or reduced the discovered relationships and caused different effects: positive for the USA and negative for China when considering illegal attitude and perceived risk. Originality/value Theory of planned behavior, financial behavior and cultural factors can, all together, represent a useful framework for envisioning the behavior of users in adopting cryptocurrencies for electronic commerce purposes through a test of all its elements. To the best of the authors’ knowledge, this is the first study considering behavior and cultural variables on the intention to use cryptocurrencies for electronic commerce as well as being the largest carried out, in terms of sample, on the cryptocurrency topic.

Cryptocurrencies as a means of payment in online shopping

“…According to TPB, behavioral intentions depend primarily on an individual's attitudes toward behavior and subjective norms, defined as the person's beliefs regarding the opinions of important others, such as family members and friends (Ajzen, 1991;Martini et al, 2023). Previously, it was shown that attitudes influence consumers' financial behavior (Sondari and Sudarsono, 2015;Cuccinelli et al, 2016) and cryptocurrency adoption (Cristofaro et al, 2022). Moreover, favorable attitudes mediate the impact of social media usage on behavioral intentions to adopt a cryptocurrency (Anser et al, 2020).…”

“…Societal factors are listed among the common barriers to cryptocurrency adoption (Kowalski et al, 2022). Subjective norms may influence consumers' intentions to use cryptocurrencies (Cristofaro et al, 2022;Jariyapan et al, 2022). According to Sham et al (2023), social influence positively predicts cryptocurrency adoption.…”

“…When consumers fear getting behind others, their FOMO may shape their purchasing behavior; for example, FOMO mediates the relationship between product scarcity and impulse buying (Zhang et al, 2022). While attitudes influence cryptocurrency adoption (Cristofaro et al, 2022), emotional states affect consumer behavior. Accordingly, FOMO influences people's intentions to use new technology (Gartner et al, 2022).…”

Bitcoin Cryptocurrency and Electronic Commerce in Saudi Arabia

“…The research highlighted the need to tailor strategies to market differences in cryptocurrency adoption. Also, it suggested future research directions, including investigating the influence of family, friends, and media, as well as exploring contextual variables such as policies and regulations (Cristofaro et al, 2023).…”

“…A study by Cristofaro et al (2023) aimed to understand the factors influencing the adoption and use of cryptocurrencies for electronic commerce in the USA and China. The study analyzed the behavioral and cultural features that distinguish users who support and detract from using cryptocurrencies in electronic commerce.…”