Cryptocurrency Acceptance Model to Analyze Consumers’ Usage Intention: Evidence From Pakistan

Abstract

Blockchain and cryptocurrencies are transformative fintech breakthroughs that infiltrate the financial sector; however, they have many drawbacks and limits. Consumers have shown an insufficient level of acceptance of these innovations. This paper elucidates the main reasons for the effective growth of a cryptocurrency from user behavior. The objective is to determine what factors influence consumers’ intentions to engage in blockchain-based cryptocurrency dealings. Considering the complexity of emerging technologies, this paper applied an integration model which assumes various external elements such as financial literacy, performance expectancy, facilitating conditions, effort expectancy, awareness, trust, design, and social influence. Smart PLS3 has been used. The most critical determinant of a cryptocurrency’s growth is “design.” On the other hand, “design” affects effort expectancy positively, and social influence affects trust. Awareness, performance expectancy, financial literacy, and effort expectancy significantly affect intentions to use cryptocurrency. It’s worth mentioning that it is the first research to examine Pakistani customers’ perceptions of Bitcoin and their ability to partake. As a result, it is intended to serve as a base for potential research in this area.