Factors Affecting Adaptability of Cryptocurrency: An Application of Technology Acceptance Model

Abstract

Cryptocurrency has revolutionized the economic system of the world. It provides a new and innovative means of exchange that has speedily invaded the financial market trends and changed the traditional cash world. However, consumers have low acceptability for blockchain-based cryptocurrency due to increasing online scams and the absence of a regulatory framework. There is also a misconception about its usage on many platforms, which has created a clear gap in the literature to address this issue. Therefore, the current study intends to investigate the effect of technology awareness on the behavioral intention of crypto users through perceived factors (usefulness, ease of use, risk). It also empirically examines the moderating role of government support on these indirect paths. The underlying framework is investigated by surveying 333 respondents from the Z generation. Results revealed that perceived factors (usefulness, ease of use, risk) mediate the relationship between technology awareness and behavioral intention. Furthermore, government support strengthens the indirect relationship of technology awareness on behavioral intention through technology acceptance determinants, such that the effect of technology awareness on behavioral intention through perceived factors (usefulness, ease of use, risk) is more assertive when government support is high. The findings will provide a new dimension to different financial bodies implementing monetary policy and highlight the need to adopt innovative digital technologies in Pakistan.

The Direction of the Cryptocurrency: Current and Future Perspectives

“…Technology has led to changes in the way people make transactions and how they pay for goods and services. Digital payment has gained popularity with more than 6,752,388 million dollars being transacted in 2021 and is expected to grow by 12.24% in consecutive years [16]. Cryptocurrency has emerged as the current form of digital currency and has gained considerable support from a large population of people across the globe.…”

An overview of technology acceptance and adoption models in the aftermath of COVID-19

“…Although cryptocurrency has revolutionized the way, how economy works, there is still a lag in the acceptance of block chainbased cryptocurrency among the users. In literature (Sagheer et al, 2022), the impact of technology awareness on the behavioral intention of the crypto users through perceived factors (PEU, PU, and risk) was evaluated. The investigation identified that the perceived factors (such as PEU, PU, and risk) have a mediating role in the relationship between behavioral intention and technology awareness.…”

Impact of gamification on green consumption behavior integrating technological awareness, motivation, enjoyment and virtual CSR

“…However, the effectiveness of gamification in promoting green consumption behavior depends on several factors, including technological awareness. Technological awareness refers to an individual's knowledge and familiarity with technology and digital platforms 12 . It includes using technology, accessing digital information, and communicating effectively online.…”

“…Similarly, technological awareness motivates individuals' green consumption behavior 11 . Although different studies have used the concept of technological awareness in multiple aspects, such as the adoption of gamification technology 12 , consumer intention for using the technology 13 , and consumer reaction towards online shopping 14 , in this a past research was conducted in the context of Chinese students' green consumption behavior 15 which is considered another major contribution of the current study. However, the main purpose of the current study is to investigate the influence of gamification on green consumption behavior in Chinese students, along with multiple factors that help to promote sustainable practices in society.…”