Evaluation of the Cryptocurrency Adoption Decision Using Hierarchical Decision Modeling (HDM)

Alzahrani, Saleh; Daim, Tuğrul U.

doi:10.23919/picmet.2019.8893897

Cited by 26 publications

(11 citation statements)

References 22 publications

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“…Finally, most researchers agree that perceived risk plays a key role in cryptocurrencies [19,20], as well as performance expectancy as a background for the intention of use [19,21,22] being essential to take them into account for a research model.…”

Section: Introductionmentioning

confidence: 99%

Cryptocurrencies as a Financial Tool: Acceptance Factors

2020

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Cryptocurrencies are a new form of digital asset that operate through blockchain technology and whose purpose is to be used as a means of exchange. Some, such as bitcoin, have become globally recognized in recent years, but the uncertainty surrounding cryptocurrencies raises questions about their intended use. This study has the task of investigating the different factors that affect the intention behind the use of cryptocurrencies by developing a new research model and using Partial Least Squares (PLS) to assess it. The results show that all the constructs proposed have significative influence, either directly or indirectly, on the intention behind the use of cryptocurrencies. The findings provide value and utility for companies’ and cryptocurrencies’ intermediaries to formulate their business strategies.

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Section: Introductionmentioning

confidence: 99%

Cryptocurrencies as a Financial Tool: Acceptance Factors

2020

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“…Other studies have found that the main factors influencing people's use of cryptocurrencies are a high level of privacy, their use as an alternative payment system, and the anonymity of blockchain technology that facilitates illegal activities [23,24,25]. In addition, Bohr and Bashir [16] used publicly available cryptocurrency traders' data and found that anonymity provided by cryptocurrencies, freedom to transact, and a lack of trust in the banking system were among the reasons for adopting cryptocurrencies.…”

Section: Cryptocurrency Adoption Motivatorsmentioning

confidence: 99%

“…Alzahrani and Daim [23] claimed that prior studies, mainly concerned with techno-centric aspects and addressing the multidimensional assessment of the adoption decision, are still limited. The authors then identified various technical, economic, social, and personal factors that influence the adoption decision, and developed a framework incorporating many such adoption motivators into four main perspectives: technical, economic, social, and personal, each including measurement criteria (Fig.…”

Section: Cryptocurrency Adoption Motivatorsmentioning

confidence: 99%

“…Source: [23] Economic factors include investment opportunities, transaction costs, banking system aspects, and acceptance as a payment method. The cryptocurrency market includes hthousands of altcoins, and may serve as an investment opportunity [26].…”

Section: Fig 1 Cryptocurrency Adoption Motivatorsmentioning

confidence: 99%

“…The model developed by Alzahrani and Daim [23] focuses on the societal aspects of adopting new technologies, such as peer pressure and the involvement of influential figures for social reasons. The subjective norms construct is intended to capture social influence, which is defined as the degree to which an individual perceives that important others believe he or she should adopt and use cryptocurrency.…”

Section: H2: Economic Factors Affect the Cryptocurrency Adoption Of S...mentioning

confidence: 99%

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Antecedents of the Adoption of Cryptocurrency Investment in an Emerging Market: The Role of Behavioural Bias

Sachitra,

Rajapaksha

2023

AJEBA

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Cryptocurrencies have become a popular discussion in the global economy as an increasing number of people adopt these despites their recent conception. As a result, governments worldwide are racing to incorporate assets into their legal frameworks. While Sri Lanka does not have a legal framework for such assets, there is a growing base for cryptocurrency investors in the country. This study analyzes the antecedents that drive Sri Lankan investors towards cryptocurrency investments and the influence of commonly known behavioral biases among these investors to examine the validity of behavioral finance theories in cryptocurrency markets. A structured questionnaire was distributed on social media platforms, which yielded 158 responses. Descriptive analysis was used to evaluate the demographic characteristics of the respondents, and PLS-SEM was used to examine the path model analysis of associations among the study variables. The findings suggest that the majority of respondents are males under 35 years of age with high educational qualifications, and that technical, economic, social, and personal factors are their main adoption motivators. The analysis of behavioral biases suggests that heuristic-driven and frame-dependent biases influence cryptocurrency adoption decisions. As a highly discussed topic in today’s world, there is a lack of studies focusing on the adoption motivators and behavioral biases of cryptocurrency investors. These findings provide valuable insights and enrich the existing knowledge in the domain of cryptocurrency, as this study is a pioneering endeavor focusing on behavioral biases in cryptocurrency markets.

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