Factors Affecting Intention Behind the Use of Cryptocurrency
DOI:
https://doi.org/10.55737/qjss.648276181Keywords:
Security, Perceive Ease of Use, Web Quality, EWOM, Performance Expectancy, Trust, Intention to Use CryptocurrencyAbstract
This study aims to examine the relationship between cryptocurrency by using factors (Security, Perceived Ease of Use, E-WOM, Web Quality and Performance Expectancy) with the Intention of using Cryptocurrency. This study examines the use of cryptocurrency as well as customers. In this study, a survey method was used to collect data from the respondents, which included businessmen and business students. For data analysis, the Structural Equation Model (SEM) was adopted using partial least squares via smart PLS4. This software is the most recent and relevant software to access data. The test was applied through PLS for the assessment of the measure model and for the assessment of the structural model. Assessment of the measure model shows positive results for reliability and validity, and the result of the structural model shows that the hypotheses generated for this study have been accepted.
References
Abbasi, G. A., Tiew, L. Y., Tang, J., Goh, Y. N., & Thurasamy, R. (2021). The adoption of cryptocurrency as a disruptive force: Deep learning-based dual stage structural equation modeling and artificial neural network analysis. PLoS ONE, 16(3 March 2021), 1–26. https://doi.org/10.1371/journal.pone.0247582
Afzal, A. (2019). Cryptocurrencies, Blockchain and Regulation: A Review. The Lahore Journal of Economics, 24(1), 103–130. https://doi.org/10.35536/lje.2019.v24.i1.a5
Aladwani, A. M., & Palvia, P. C. (2002). Developing and validating an instrument for measuring user-perceived web quality. 39, 467–476.
Almajali, D. A., Ed, R., Deh, M., & Dahalin, Z. M. (2022). Factors influencing the adoption of Cryptocurrency in Jordan : An application of the extended TRA model Factors influencing the adoption of Cryptocurrency in Jordan : An application of the extended TRA model. Cogent Social Sciences, 8(1), https://doi.org/10.1080/23311886.2022.2103901
Alomari, A. S. A., & Abdullah, N. L. (2023). Factors influencing the behavioral intention to use Cryptocurrency among Saudi Arabian public university students: Moderating role of financial literacy. Cogent Business and Management, 10(1), https://doi.org/10.1080/23311975.2023.2178092
Arias-Oliva, M., Pelegrín-Borondo, J., & Matías-Clavero, G. (2019). Variables influencing cryptocurrency use: A technology acceptance model in Spain. Frontiers in Psychology, 10(MAR), 1–13. https://doi.org/10.3389/fpsyg.2019.00475
Armesh, H., Salarzehi, H., Yaghoobi, N. M., Heydari, A., & Nikbin, D. (2010). The Effects of Security and Privacy Information on Trust & Trustworthiness and Loyalty in Online Marketing in Malaysia. International Journal of Marketing Studies, 2(2), https://doi.org/10.5539/ijms.v2n2p223
Ashfaq, K. (2023). What Drives Cryptocurrency Acceptance ? Evidence from Relationship of E-WOM between Trust and. VIII(I), 79–86. https://doi.org/10.31703/gssr.2023(VIII-I).07
Bala, A. (2022). Cryptocurrency and its scope in India. International Journal of Innovative Research in Technology, 8(8), 594–596.
Banerjee, M., Lee, J., & Choo, K. K. R. (2018). A blockchain future for internet of things security: a position paper. Digital Communications and Networks, 4(3), 149–160. https://doi.org/10.1016/j.dcan.2017.10.006
Bariviera, A. F., Basgall, M. J., Hasperué, W., & Naiouf, M. (2017). Some stylized facts of the Bitcoin market. Physica A: Statistical Mechanics and Its Applications, 484, 82–90. https://doi.org/10.1016/j.physa.2017.04.159
Bhardwaj, P. (2019). Types of sampling in research. Journal of the Practice of Cardiovascular Sciences, 5(3), 157. https://doi.org/10.4103/jpcs.jpcs_62_19
Bucko, J., Palová, D., & Vejačka, M. (2015). Security and Trust in Cryptocurrencies. Central European Conference in Finance and Economics, June 2017, 1–10. http://www.aeaweb.org/journal/jel_class_system.html
Büyüközkan, G., Ruan, D., & Feyzioǧlu, O. (2007). Evaluating e-Learning Web site quality in a fuzzy environment. International Journal of Intelligent Systems, 22(5), 567–586. https://doi.org/10.1002/int.20214
Çakir, A. E. (2015). The handbook of the psychology of communication technology, edited by S. Shyam Sundar, Chichester, John Wiley & Sons, 2015. Behaviour & Information Technology, 34(12), 1215–1220. https://doi.org/10.1080/0144929x.2015.1096099
Chen, X., Hasan, M., Issa, A., & Rahaman, A. (2022). Factors affecting cryptocurrency adoption in digital business transactions : The mediating role of customer satisfaction Technology in Society Factors affecting cryptocurrency adoption in digital business transactions : The mediating role of customer sati. Technology in Society, 70(July), 102059. https://doi.org/10.1016/j.techsoc.2022.102059
Chin, W. (1998). The partial least squares approach to structural equation modeling. In G. Marcoulides(Ed.). Modern Methods for Business Research, January, 295–358.
De Albuquerque, B. S., & De Castro Callado, M. (2015). Understanding bitcoins: Facts and questions. Revista Brasileira de Economia, 69(1), 3–16. https://doi.org/10.5935/0034-7140.20150001
DeVries, P. (2016). An Analysis of Cryptocurrency, Bitcoin, and the Future. International Journal of Business Management and Commerce, 1(2), 1–9.
Dr. j. Heuven, D. W. P. (2020). Understanding the Variables Influencing the Adoption of the Blockchain Technology .
Eyal, I., Gencer, A. E., Sirer, E. G., & van Renesse, R. (2015). Bitcoin-NG: A Scalable Blockchain Protocol.
Fang, F., Ventre, C., Basios, M., Kanthan, L., Martinez-Rego, D., Wu, F., & Li, L. (2022). Cryptocurrency trading: a comprehensive survey. Financial Innovation, 8(1). https://doi.org/10.1186/s40854-021-00321-6
Farell, R. (2015). ScholarlyCommons An Analysis of the Cryptocurrency Industry An Analysis of the Cryptocurrency Industry.
Farhana, K., & Muthaiyah, S. (2022). Behavioral Intention to Use Cryptocurrency as an Electronic Payment in Malaysia. Journal of System and Management Sciences, 12(4), 219–231. https://doi.org/10.33168/JSMS.2022.0414
Fauzi, M. A., Paiman, N., & Othman, Z. (2020). Bitcoin and cryptocurrency: Challenges, opportunities and future works. Journal of Asian Finance, Economics and Business, 7(8), 695–704. https://doi.org/10.13106/JAFEB.2020.VOL7.NO8.695
Fornell, C., & Larcker, D. F. (1981). Evaluating Structural Equation Models with Unobservable Variables and Measurement Error. Journal of Marketing Research, 18(1), 39. https://doi.org/10.2307/3151312
Garcia, D., Tessone, C. J., Mavrodiev, P., & Perony, N. (2014). The digital traces of bubbles: Feedback cycles between socio-economic signals in the Bitcoin economy. Journal of the Royal Society Interface, 11(99). https://doi.org/10.1098/rsif.2014.0623
Gil-Cordero, E., Cabrera-Sánchez, J. P., & Arrás-Cortés, M. J. (2020). Cryptocurrencies as a financial tool: Acceptance factors. Mathematics, 8(11), 1–16. https://doi.org/10.3390/math8111974
Hair, J. F., Ringle, C. M., Hult, G. T. M., & M, S. (2017). A Primer on Partial Least Squares Structural Equation Modeling (PLS-SEM). https://doi.org/10.1017/CBO9781107415324.004
He, W., Tian, X., Shen, J., & Li, Y. (2015). Understanding mobile banking applications’ security risks through blog mining and the workflow technology. 2015 International Conference on Information Systems: Exploring the Information Frontier, ICIS 2015, 1–10.
Henry, C. S., Huynh, K. P., & Nicholls, G. (2019). in Canada : An Update. The Journal of Investing, 28(3), 21–31.
Hong, S. C. (2018). History and evolution of the ophthalmoscope.
Huang, F., Teo, T., & Scherer, R. (2022). Investigating the antecedents of university students’ perceived ease of using the Internet for learning. Interactive Learning Environments, 30(6), 1060–1076. https://doi.org/10.1080/10494820.2019.1710540
Hulland, J. (1999). Use of Partial Least Squares (PLS) in Strategic Management Research: A Review of Four Recent studies. Strategic Management Journal, 20(2), 195–204. https://doi.org/10.1002/smj.233
Iqbal, A., Khan, N. A., Malik, A., & Faridi, M. R. (2022). E-WOM effect through social media and shopping websites on purchase intention of smartphones in India. Innovative Marketing, 18(2), 13–25. https://doi.org/10.21511/im.18(2).2022.02
Jalilvand, M. R., & Samiei, N. (2012). The impact of electronic word of mouth on a tourism destination choice: Testing the theory of planned behavior (TPB). Internet Research, 22(5), 591–612. https://doi.org/10.1108/10662241211271563
Jariyapan, P., Mattayaphutron, S., Gillani, S. N., & Shafique, O. (2022). Factors Influencing the Behavioural Intention to Use Cryptocurrency in Emerging Economies During the COVID-19 Pandemic: Based on Technology Acceptance Model 3, Perceived Risk, and Financial Literacy. Frontiers in Psychology, 12(February). https://doi.org/10.3389/fpsyg.2021.814087
Jung, K. J., Park, J. B., Phan, N. Q., Bo, C., & Gim, G. Y. (2019). An international comparative study on the intension to using crypto-currency. In Studies in Computational Intelligence (Vol. 788). Springer International Publishing. https://doi.org/10.1007/978-3-319-98370-7_9
Jusoh, A. (2019). Electronic word of mouth on social media websites : role of social capital theory , self-determination theory , and altruism Saqib Mahmood *, Muddasar Ghani Khwaja and. 9(2), 74–89.
Kayani, Z. K., Mehmood, R., Haq, A. ul, & ... (2021). Awareness and Adoption of Blockchain: Customer’S Intention To Use Bitcoin in Pakistan. Palarch’s Journal Of Archaeology Of Egypt/Egyptology, 18(8), 1–23. https://www.archives.palarch.nl/index.php/jae/article/view/9990
Khwaja, M. G., Mahmood, S., & Zaman, U. (2020). Examining the effects of ewom, trust inclination, and information adoption on purchase intentions in an accelerated digital marketing context. Information (Switzerland), 11(10), 1–12. https://doi.org/10.3390/info11100478
Klarin, A. (2020). The decade-long cryptocurrencies and the blockchain rollercoaster: Mapping the intellectual structure and charting future directions. Research in International Business and Finance, 51, 101067. https://doi.org/10.1016/j.ribaf.2019.101067
Kolb, R. W. (2018). Virtual Currencies. The SAGE Encyclopedia of Business Ethics and Society, June. https://doi.org/10.4135/9781483381503.n1235
Kouser, R., Niazi, G. S. K., & Bakari, H. (2018). How does website quality and trust towards website influence online purchase intention? Pakistan Journal of Commerce and Social Science, 12(3), 909–934.
Mahomed, N. (2017). Understanding consumer adoption of cryptocurrencies. Master Thesis, Gordon Insititute of Business Science, University of Pretoria., November, 139. https://repository.up.ac.za/handle/2263/64874
Mendes, E., & Mosley, N. (2006). Web engineering. Web Engineering, July 2019, 1–438. https://doi.org/10.1007/3-540-28218-1
Mofokeng, T. E. (2023). Antecedents of trust and customer loyalty in online shopping: The moderating effects of online shopping experience and e-shopping spending. Heliyon, 9(5), e16182. https://doi.org/10.1016/j.heliyon.2023.e16182
Nadeem, M. A., Liu, Z., Pitafi, A. H., Younis, A., & Xu, Y. (2021). Investigating the Adoption Factors of Cryptocurrencies—A Case of Bitcoin: Empirical Evidence From China. SAGE Open, 11(1), https://doi.org/10.1177/2158244021998704
Nasir, M. A., Wu, J., Yago, M., & Li, H. (2015). Influence of psychographics and risk perception on internet banking adoption: Current state of affairs in Britain. International Journal of Economics and Financial Issues, 5(2), 461–468.
Norisnita, M., & Indriati, F. (2022). Application of Theory of Planned Behavior (TPB) in Cryptocurrency Investment Prediction: A Literature Review. Journal of Economics and Business, 5(2), https://doi.org/10.31014/aior.1992.05.02.424
Nunnally, J. C., & Bernstein, I. (1994). This Week ’ s Citation Classic. Psychometric Theory, 1978. https://doi.org/10.1016/j.stemcr.2015.10.016
Qalati, S. A., Vela, E. G., Li, W., Dakhan, S. A., Hong Thuy, T. T., & Merani, S. H. (2021). Effects of perceived service quality, website quality, and reputation on purchase intention: The mediating and moderating roles of trust and perceived risk in online shopping. Cogent Business and Management, 8(1), https://doi.org/10.1080/23311975.2020.1869363
Qu, B., Wei, L., & Zhang, Y. (2022). Factors affecting consumer acceptance of electronic cash in China: an empirical study. Financial Innovation, 8(1), https://doi.org/10.1186/s40854-021-00312-7
Rahaman, M. A., Hassan, H. M. K., Al Asheq, A., & Islam, K. M. A. (2022). The interplay between eWOM information and purchase intention on social media: Through the lens of IAM and TAM theory. PLoS ONE, 17(9 September), 1–19. https://doi.org/10.1371/journal.pone.0272926
Rogers, M. (2010). Unpublished thesis Consumers ’ Attitudes , Perceived Risk , Trust and Internet Banking Adoption in Uganda. 1–71.
Ryan, G. (2018). Introduction to positivism, interpretivism and critical theory. Nurse Researcher, 25(4), 14–20. https://doi.org/10.7748/nr.2018.e1466
Sagheer, N., Khan, K. I., Fahd, S., Mahmood, S., Rashid, T., & Jamil, H. (2022). Factors Affecting Adaptability of Cryptocurrency: An Application of Technology Acceptance Model. Frontiers in Psychology, 13(June), 1–12. https://doi.org/10.3389/fpsyg.2022.903473
Saleem, U., yi, S., Bilal, M., Topor, D. I., & Căpuṣneanu, S. (2022). The impact of website quality on customer satisfaction and eWOM in online purchase intention: The moderating role of gender in risk-taking. Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.945707
Seo, E. J., Park, J. W., & Choi, Y. J. (2020). The effect of social media usage characteristics on e-WOM, trust, and brand equity: Focusing on users of airline social media. Sustainability (Switzerland), 12(4), 1–18. https://doi.org/10.3390/su12041691
Singh, S., & Singh, N. (2016). Blockchain: Future of financial and cyber security. Proceedings of the 2016 2nd International Conference on Contemporary Computing and Informatics, IC3I 2016, 463–467. https://doi.org/10.1109/IC3I.2016.7918009
Thesis, B., & Bachelor, D. (2021). Changing Cryptocurrency Perceptions: An Experimental Study. June.
Tu, C. C., Fang, K., & Lin, C. Y. (2012). Perceived ease of use, trust, and satisfaction as determinants of loyalty in e-auction marketplace. Journal of Computers, 7(3), 645–652. https://doi.org/10.4304/jcp.7.3.645-652
Weichbroth, P., Wereszko, K., Anacka, H., & Kowal, J. (2023). Security of Cryptocurrencies: A View on the State-of-the-Art Research and Current Developments. Sensors, 23(6), https://doi.org/10.3390/s23063155
Yousafzai, S. Y., Foxall, G. R., & Pallister, J. (2010). 02Bfe50D068E9D1D5B000000.Pdf. Journal of Applied Social Psychology, 1172–1202.
Zikmund, W. G., Carr, J. C., & Griffin, M. (2013). Business Research Methods. In South-Western, Cengage Learning. 58(3), https://doi.org/10.1111/j.1468-3156.1975.tb00170.x