While various economic sectors and activities are anticipated to embrace and derive benefits from blockchain technology, the current significance of cryptocurrencies remains substantial. According to the World Bank, a non-fiat digital currency lacks inherent value, is not backed by underlying assets, and does not represent a liability for any organizations (Li & Kassem, 2021). Cryptocurrencies are digital monetary systems that leverage cryptography techniques and blockchain technology. The U.S. Federal Reserve has highlighted that the existing payment system is characterized by sluggishness, risk, inefficiency, inequity, competitiveness, and a national rather than international focus (Federal Reserve System, 2017). It is believed that cryptocurrencies have the potential to address these issues (Meng & Bhaumik, 2022).
The Unified Theory of Acceptance and Use of Technology (UTAUT) and its extension, UTAUT2, are based on Technology Acceptance Models (TAMs), which are also known as the Theory of Planned Behavior (TPB) and the Theory of Reasoned Action (TRA) (TAM and TAM2) (Tamilmani, Rana & Dwivedi, 2021). These models describe the intention to use a technology as being directly and positively influenced by performance expectations, social norms, and facilitating conditions (Meng & Bhaumik, 2022). Performance expectancy refers to the extent to which an individual believes that using a specific technology would enhance their performance. Effort expectancy relates to the perceived complexity of using a particular technology. Social influence pertains to an individual's perception of the extent to which others believe they should use a specific technology. Facilitating conditions refer to an individual's perception of their organizational and technical readiness to use a particular technology (Meng & Bhaumik, 2022). While numerous studies have explored how these factors impact the acceptance of fintech or financial technologies, there is no consensus on how they influence users' intentions to use them. Moreover, significant variations have been identified depending on the technology and target market.
The acceptance of financial innovations involving cryptocurrencies is primarily explained by performance expectancy. This finding aligns with previous studies that have identified this factor as crucial in determining the adoption of various financial technologies, such as biometric payment systems, electronic payment systems, internet banking, and mobile banking. Research on cryptocurrencies, including Bitcoin, has revealed that performance expectations significantly influence usage intentions, particularly in the context of electronic payments and Bitcoin acceptance in China. Perceived usefulness has been identified as the primary influencer of Bitcoin usage (Shang & Dabija, 2021; Singh & Srivastava, 2020; Walton & Johnston, 2018; Devkota, 2021; Sánchez-Torres et al., 2018; Singh & Srivastava, 2020). Facilitating conditions demonstrated the second-highest level of explanatory power. However, there is no consensus among experts regarding the impact of facilitating conditions on the adoption of financial innovations, as some studies have found evidence of its influence while others have not.
The first piece of advice when introduced to a new financial instrument or technology product addresses the risks associated with engaging in these markets. Customers and investors perceive financing or utilizing these new technical resources as highly perilous due to the state of the necessary technological advancements. Consequently, cryptocurrency transactions are viewed as carrying a very high level of risk. Therefore, future cryptocurrencies should prioritize addressing this issue as a prerequisite for pre-adoption. The first cryptocurrencies perceived as "risk-free" could gain a significant competitive edge over existing options. In the design of modern cryptocurrency products and services, the most crucial aspect of adoption should be highlighted, along with innovation initiatives for existing ones. Substantial marketing efforts are necessary to ensure that potential customers perceive Bitcoin as offering a high value proposition. The more value a cryptocurrency provides, the more frequently it will be utilized. Therefore, to navigate the Bitcoin market successfully, it is essential to focus on utility.
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Figure: Analysis of the Bitcoin blockchain: socio-economic factors behind the adoption (Parino et al.,2018)
