Bitcoin Cryptocurrency and Electronic Commerce in Saudi Arabia

Abstract

Bitcoin, a well-known cryptocurrency, has attracted much attention worldwide and is becoming more widely used. This study develops a hypothesis to investigate and test the impact of Bitcoin on E-Commerce use in Saudi Arabia using a survey research approach. Analyzing factors such as Bitcoin awareness and usage among Saudi Arabian consumers can increase online transactions, increase payment efficiency, a larger degree of financial inclusion, and a higher level of trust and security. The online-based survey was used to collect responses, and descriptive-analytical and standard results. Assessment criteria approaches were implemented to interpret the results. Responses were collected from individuals and employees of various companies working in different occupations in Saudi Arabia. In addition, statistical tools SPSS and SmartPLS were used to test the study’s hypotheses. The findings indicated a rapid growth in e-commerce transactions and some knowledge of Bitcoin. Also, it shows a positive correlation between digital currencies (Bitcoin) and e-commerce in Saudi Arabia. The study’s conclusions are expected to be valuable for those involved in Saudi Arabia’s e-commerce sector, helping them to decide how to adopt and use Bitcoin in their digital business strategy. The study also opens the way for future investigations into topics including Saudi Arabia’s regulations for Bitcoin, consumer attitudes toward Bitcoin, and the potential of blockchain technology for enhancing the nation's e-commerce processes.