Variables Influencing Cryptocurrency Use: A Technology Acceptance Model in Spain

Abstract

The first commercial transaction with the first cryptocurrency in 2010 marked the start of a revolution in transactions. Blockchain and cryptocurrencies will dramatically transform how we do transactions, just as the Internet revolutionized how we communicate. Currently, more than 2,000 cryptocurrencies are quoted on the market, and many more are being launched in initial coin offerings for use as an exchange method in a specific business ecosystem or as rights to assets or liabilities. As an emerging fintech, cryptocurrencies open up many opportunities, but they also pose significant challenges and limitations. This paper analyzes the key factors for the successful development of a cryptocurrency from a consumer-behavior perspective. Using a technology acceptance theoretical framework, we test a model able to explain almost 85% of the intention to use cryptocurrencies. Surprisingly, risk was not a significant factor. This could be because most of the respondents considered operating with cryptocurrencies to be risky; the lack of variability in their responses to the questions about perceived risk would explain this lack of explanatory power. However, willingness to manage cryptocurrency risk could be a precondition for adoption. The performance expectancy for a given cryptocurrency was the most important factor for its success. The research was conducted in Spain with college-educated adults with basic knowledge of the Internet.

Archeological Tourist Destination Image Formation: Influence of Information Sources on the Cognitive, Affective and Unique Image

“…If Q2 is greater than zero, the model has predictive relevance; if it is less than or equal to zero, it does not. But this is a rule-of-thumb that does not take into account the sampling distribution of Q2 (Shmueli et al, 2016; Arias-Oliva et al, 2019). As shown in Table 11, the R2 values were greater than 0.1 for all the variables except the cognitive image and the unique image.…”

Fuzzy Set Qualitative Comparative Analysis of Factors Influencing the Use of Cryptocurrencies in Spanish Households

“…This research has been made with the same sample of adults from Spain as Arias-Oliva et al [7]. Literature on the application of TAMs on this topic is not so widespread and, due to the reasons above, all very recent.…”

“…Literature on the application of TAMs on this topic is not so widespread and, due to the reasons above, all very recent. Let us point out apart from [7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22]. Despite all reviewed literature is based in the use of TAMs, the final configuration of hypothesis to test and the use/user of cryptos under consideration have different nuances.…”

Exploring Crypto-Currency Ownership in the Context of Technology Acceptance Model and Technology Adopter Categories: Coin-Optimistics, Observers and Coin-Sceptics

“…Results obtained from decision tree revealed that performance expectancy and facilitating conditions are the most influential factors in terms of cryptocurrency ownership in general. Arias-Oliva et. al., (2019) suggest that "the product and service design for a new cryptocurrency (or the innovation efforts for current ones) should focus on performance as the most critical adoption factor."…”