Abstract
This study investigated the role of trust(TR)in mediating the impact of electronic word of mouth (EW) and security(SE)on cryptocurrency purchase decisions(PD). A cross-sectional survey design was employed, and data were collected through 330 distributed questionnaires, of which 320 valid responses were retained after validation steps that included confirming prior cryptocurrency usage. The sample consisted of active cryptocurrency users in Indonesia, aiming to explore the relationships between EW, SE, attitudes(AT), perceived behavioral control(PB), TR, and PD. Structural equation modeling was used to analyze the data and test the hypothesized relationships. The findings highlighted that TRsignificantly mediated the effects of both EWand SEon PD, underscoring TRas a crucial factor in the cryptocurrency market. Additionally, the study revealed that PBplayed a significant role, particularly in mediating the relationship between SEand PD, suggesting that consumers' confidence in managing transactions greatly influences their purchasing behavior. The results contribute to the literature by validating an integrated model that combines key factors influencing cryptocurrency PDand extending the Theory of Planned Behavior by incorporating EWand SEas antecedents. The study provides practical implications for cryptocurrency platforms and marketers, emphasizing the need forrobust security measures, positive EWmanagement, and user-friendly interfaces to foster TRand enhance consumer engagement in the cryptocurrency market.
Published Version
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