Assessing cryptocurrency adoption: Development of a new acceptance model

This research examines the correlation between individuals' awareness of technology and their behavioural intention as users of cryptocurrency. It specifically focuses on the perceived factors that influence this relationship, including usefulness, ease of use, risk, compatibility, and social norms. Cryptocurrency has significantly revolutionised global economic systems by providing a dynamic and decentralised medium of exchange. Nonetheless, the widespread adoption of this technology is hindered by the prevalence of fraudulent activities on the internet, the absence of a comprehensive regulatory structure, and a multitude of misunderstandings that negatively impact its utilisation. Consequently, there exists a noticeable deficiency in academic study pertaining to this particular area. The primary objective of this study was to address the existing gap in knowledge by investigating the impact of cryptocurrency technology awareness on the behavioural intentions of individuals who may potentially adopt it. A survey-based methodology was utilised to gather a substantial sample size of 402 participants in order to examine the model we put forth. The study's findings indicate that perceived factors play a significant role in mediating the relationship between technology awareness and behavioural intention. It is worth mentioning that the impact of technology awareness on behavioural intention is primarily mediated by perceived factors such as usefulness, ease of use, and risk, and this mediation is found to be more pronounced. This finding indicates that individuals who hold a positive perception of cryptocurrency in terms of its benefits, ease of use, and risk acceptability are more likely to demonstrate a higher propensity to utilise it, assuming they possess a reasonable level of knowledge about the underlying technology. The significance of compatibility and social norms as perceived factors was also notable, highlighting the influence of the societal and infrastructural ecosystem on user behaviour. When individuals perceive cryptocurrency as compatible with their existing systems or endorsed by their social circles, they are more inclined to indicate an intention to utilise it. This study provides significant insights for financial institutions aiming to implement monetary policies in the emerging cryptocurrency era. This statement underscores the importance for these organisations to carefully contemplate the integration of digital innovations into their policies and strategies. Moreover, this emphasises the significance of augmenting awareness and comprehension of technological aspects and perceived determinants in order to facilitate wider adoption and incorporation of cryptocurrencies. The findings of this study serve as a catalyst for future investigations in this field, with potential emphasis on exploring the impact of individual characteristics on the perception and adoption of cryptocurrency. Additionally, it would be valuable to examine the dynamics of cryptocurrency in various geographical and socio-economic contexts. Furthermore, this research highlights the need for enhanced technology awareness and a comprehensive understanding of perceived factors to increase the acceptability and successful integration of cryptocurrencies into mainstream financial systems.