Consumer-based modeling and ranking of the consumption factors of cryptocurrencies

Abstract

This study explores a mixed model for the factors promoting the use of cryptocurrencies. This research has conducted by theoretical saturation, exploratory factor analysis and the Fridman test. According to the findings, thirty-one factors affect cryptocurrency usage. The results revealed that the central banks in developing countries, commercial banks, financial institutions, financial and business managers, public policymakers, and even the general public can capitalize on these factors. This study also explored a model developed based on the EFA that confirmed the positive effect of three factors on the level of cryptocurrency usage, namely the technological skills, technological ambiguity, and technological advantages. For the first time, the present study models the consumption factors of cryptocurrencies and ranks them from the consumers’ perspective.