Cryptocurrency adoption: current stage, opportunities, and open challenges

Al-Amri, Redhwan; Zakaria, Nur Haryani; Habbal, Adib; Hassan, Suhaidi

doi:10.19101/ijacr.pid43

Cited by 90 publications

(65 citation statements)

References 14 publications

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“…Also, the researcher extended the UTAUT2 model by including both personal innovativeness and trust in the proposed model [ 39 , 40 ]. These additional predictors are deemed essential in the context of Malaysia, especially the inclusion of trust in the proposed model primarily in the context of cryptocurrency riddled with the concerns of insecurity, risk and anonymity [ 5 , 6 ] reflects its sheer need and importance. However, the researchers in this study have not used the construct, i.e.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Mazambani and Mutambara [ 3 ] referred to cryptocurrency as a digital currency that relies on advanced encryption techniques to perform a range of financial transactions. Cryptocurrency operations are based on blockchain with a goal to provide security, transparency and anonymity [ 4 , 5 ]. Furthermore, the use of cryptocurrency like bitcoins, enables users to move out of the scope of conventional retail payment methods owing to two key reasons: anonymity and non-dependence on central entities such as financial institutions [ 6 ].…”

Section: Introductionmentioning

confidence: 99%

“…Wealth of academic studies have averred that the extensive use of cryptocurrency can democratise and alter economies, particularly economies of developing nations [ 16 ]. As online traders have started accepting cryptocurrency as the medium of exchange, such as AliExpress, Microsoft and many more, its usage in consumers is still very scarce [ 5 ]. Therefore, an in-depth understanding of factors which can stimulate the adoption of cryptocurrency is pivotal.…”

Section: Introductionmentioning

confidence: 99%

“…However, without knowing the intention to adopt, all these investments from businesses could be useless [ 3 ]. In the context of Malaysia, even though the Malaysian government has started to regulate cryptocurrency officially [ 19 ], the consumer adoption of this novel technology remains low and needs further investigation [ 5 ].…”

Section: Introductionmentioning

confidence: 99%

“…Therefore, owing to the scarcity of knowledge regarding cryptocurrency adoption, several researchers have asked for further investigation [ 3 , 5 ]. In Malaysia, apart from Al-Amri et al [ 5 ], a study which conducted a systematic literature review on cryptocurrency and highlighted the need to conduct more empirical studies and explore more about cryptocurrency; studies focusing on the individual intention to adopt cryptocurrency in Malaysia are almost non-exist. Moreover, most of the extant literature worldwide also neglects end-user adoption factors, i.e.…”

Section: Introductionmentioning

confidence: 99%

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The adoption of cryptocurrency as a disruptive force: Deep learning-based dual stage structural equation modelling and artificial neural network analysis

et al. 2021

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In recent years, the growth of cryptocurrency has undergone an enormous increase in cryptocurrency markets all around the world. Sadly, only insignificant heed has been paid to the unveiling of determinants of cryptocurrency adoption globally, particularly in emerging markets like Malaysia. The purpose of the study is to examine whether the application of deep learning-based dual-stage Partial Least Square-Structural Equation Modelling (PLS-SEM) & Artificial Neural Network (ANN) analysis enable better in-depth research results as compared to single-step PLS-SEM approach and to excavate factors which can predict behavioural intention to adopt cryptocurrency. The Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) model were extended with the inclusion of trust and personnel innovativeness. The model was further validated by introducing a new path model compared to the original UTAUT2 model and the moderating role of personal innovativeness between performance expectancy and price value, with a sample of 314 respondents. Contrary to previous technology adoption studies that used PLS-SEM & ANN as single-stage analysis, this study further enhanced the analysis by applying a deep learning-based dual-stage PLS-SEM and ANN method. The application of deep learning-based dual-stage PLS-SEM & ANN analysis is a novel methodological approach, detecting both linear and non-linear associations among constructs. At the same time, it is regarded as a superior statistical approach as compared to traditional hybrid shallow SEM & ANN single-stage analysis. Also, sensitivity analysis provides normalised importance using multi-layer perceptron with the feed-forward-back-propagation algorithm. Furthermore, the deep learning-based dual-stage PLS-SEM & ANN revealed that trust proved to be the strongest predictor in driving user intention. The introduction of this new methodology and the theoretical contribution opens the vistas of the extant body of knowledge in technology-adoption related literature. This study also provides theoretical, practical and methodological contributions.

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Section: Literature Reviewmentioning

confidence: 99%