Systematic review of usage patterns and acceptance of blockchain-based cryptocurrencies across diverse domains

Abstract

Blockchain-based cryptocurrencies have garnered significant attention from academic and industry. However, systematic studies on cryptocurrency usage patterns and adoption across contexts are limited. Identifying factors and developing predictive models for cryptocurrency adoption remains challenging. This article conducts a systematic review with qualitative and quantitative (mixed) syntheses on the adoption of blockchain-based cryptocurrencies, adhering to PRISMA guidelines. From 579 initial articles, 124 were selected and classified into review-based, exploratory-based, and empirical-based categories. Exploratory articles examined global awareness and ownership of cryptocurrencies. Empirical articles were categorized into general, payment method, investment tool, transfer medium, and other contexts. The review reveals higher awareness and ownership of cryptocurrencies among young, educated males with proficient computer skills in both developed and developing nations. The Technology Acceptance Model (TAM) and its variants are the most frequently used in the surveyed articles. Key factors like Perceived Ease of Use (PEoU), Perceived Usefulness (PU), and Perceived Trust were extensively studied. Studies on payment methods mainly focused on the customer perspective, with limited attention to the service provider perspective. As an investment tool, factors like social influence, PU, financial literacy, facilitating conditions, and perceived risk were significant. For cryptocurrencies as a transfer medium, security and risk perceptions, performance and effort expectancy, and social influence were crucial. In other contexts, trialability, transparency, and cost efficiency drove adoption, with trust and usability being vital for cryptocurrency wallet usage. Additionally, the article proposes an integrative model combining TAM with technical, economic, personal, and environmental factors. The findings from this systematic review will guide future research in developing more comprehensive models for predicting the adopting of cryptocurrencies across various contexts.