Cryptocurrencies as a Disruption? Empirical Findings on User Adoption and Future Potential of Bitcoin and Co

Abstract

In this paper, we examine cryptocurrencies as a potentially disruptive sort of payment method. Due to its relative importance, we focus in particular on Bitcoin. Through an inductive, exploratory interview approach with 13 individuals in three distinct groups, the determinants usability, usefulness, and subjective norm that could make Bitcoin a game-changer are explored. The results reveal that most stakeholders consider perceived ease of use still rather low, with perceived usefulness varying according to the user group. The notion of Bitcoin as having much future potential as a payment method is confirmed across all interviewees. Interestingly, the underlying concept of a blockchain is also seen as a potential revolutionary way to create a more just society based on open platforms and open data. However, the reasons of why Bitcoin is actually a disruption to existing solutions varies widely.

Predicting determinants of the intention to use digital currency in the UAE: An empirical study

“…This finding contradicts those of Shahzad et al (2018), who reported that AW is a direct significant determinant of citizens' intention to use Bitcoin in China. In addition, the research findings reported the significance of social influence for ITU, comparable with a study by Baur et al (2015).…”

“…Correspondingly and related to Bitcoin, Baur et al (2015) employed an exploratory interview method, with 13 participants in three different groups. Their analysis revealed that usability, usefulness, and subjective norms are determinants of acceptance.…”

“…In terms of social influence (SI), individuals so far unfamiliar with the digital currency would attempt to try it on the recommendation of a family member/friend. A study by Baur et al (2015) on Bitcoin adoption argued for the importance of social influence, and how word-of-mouth enhanced and triggered the adoption of digital currency (Bitcoin) as a fiat currency. This is in line with studies (Almuraqab, 2017;Jasimuddin, Mishra, & Almuraqab, 2017) that have demonstrated the significance of social influence on adoption of technology, so it is hypothesized that H6.…”

Exploring Perceptions of Bitcoin Adoption: The South African Virtual Community Perspective

“…According to Lee (2009), the adoption of new technology is influenced by many factors including the perceived benefits, perceived risks, and ease of use. Baur, Bühler, Bick, and Bonorden (2015) found that most stakeholders perceived Bitcoin's ease of use as relatively low. Literature reviewed identified anonymity, security, costs, speculative opportunities and transaction irreversibility as the perceived benefits of adopting Bitcoin (Beer & Weber, 2015;Dupont & Squicciarini, 2015;Gao, Clark, & Lindqvist, 2016;Gentilal, Martins, & Sousa, 2017;Glaser, Zimmermann, Haferkorn, Weber, & Siering, 2014;Hur, Jeon, & Yoo, 2015;Ly, 2013).…”

Acceptance of Sharīʿah‐compliant precious metal‐backed cryptocurrency as an alternative currency: An empirical validation of adoption of innovation theory

“…Third, it is a peer‐to‐peer transaction that facilitates direct transactions between parties. Finally, it uses cryptography technology that ensures a high degree of security (Baur et al, , p. 67; Spenkelink, , p. 8).…”