Adoption Of Cryptocurrencies Research Articles

A complementary SEM and deep ANN approach to predict the adoption of cryptocurrencies from the perspective of cybersecurity

The present study investigated the role of six fundamental attributes of cybersecurity (i.e., authenticity, availability, confidentiality, integrity, possession/control, and utility) in predicting the adoption of cryptocurrencies. The study developed a prediction model and evaluated this model using a complementary approach by integrating structural equation modeling (SEM) and a deep artificial neural network (ANN) model. The sample of the study consisted of 450 cryptocurrency users aged between 18 and 38. The SEM results showed that availability, integrity, utility, and possession/control significantly predict attitudes, which in turn significantly predict continuous intention to use cryptocurrencies. The paths specified in the structural model accounted for 24% and 85% of the variance in attitude and continuous intention, respectively. Furthermore, the prediction model was tested by using a deep ANN multi-layer perceptron (MLP) algorithm. The algorithm predicted the attitude with a mean accuracy of 60.59% and 66.82% for training and testing, respectively. The result indicated that the deep ANN performed better than SEM in predicting attitude. The complementary approach enabled the discovery of both nonlinear and linear relationships between the variables and thereby contributed to accurately predicting adoption behavior.

Analysis of Motivation Factors in the Adoption of Cryptocurrency Among Micro, Small and Medium Enterprises (MSMEs) in Lusaka

Like many other developing nations, micro, small and medium enterprises (MSMEs) in Lusaka Zambia have not been spared by the fast pace of technology transfer. Adoption of cryptocurrency has been a huge challenge. The digital currency market is in its infancy, which contributes to its high degree of volatility and risk and poor understanding of its use by several sector players. By the end of the year 2020, a new bull run had begun, and the prices of a number of cryptocurrencies had reached all-time highs. In addition to the progressive acceptance and adoption of cryptocurrencies by individuals all over the world, some of the elements that are contributing to the rise of cryptocurrencies include global increase in the rate of inflation. This Survey analysed data from MSMEs domiciled in Lusaka to understand what would motivate them to adopt cryptocurrency. The major drivers were technological awareness, education, facilitating business environment, behavioural intent, social media, performance and effort expectancy.

Exploring Barriers and Resistance in the Adoption of Cryptocurrency among Micro, Small, and Medium Enterprises MSMEs in Lusaka

The aim of this article is to Explore Barriers and Resistance in the Adoption of Cryptocurrency among Micro, Small, and Medium Enterprises MSMEs in Zambia’s capital city, Lusaka. When considering the benefits of innovation, one of the trickiest questions to answer is how quickly people will adopt new technologies. This article delves into what motivates and what holds back potential business entities in the MSMEs sector from making a transition to blockchain-based cryptocurrencies like bitcoin. Our findings are narrowly focused on these impediments to adoption, which we identify as Lack of regulatory support, risk of revealing personal data system complexity, lack of regulatory authority, trust deficit, and value speculation.

IMPACT OF THE START OF THE CONVENTIONAL RUSSIAN-UKRAINIAN WAR ON THE VALUE OF THE MAJOR CRYPTOCURRENCIES IN 2022

Introduction. The cryptocurrency market is relatively young, however, its impact on the development of the economy is significant due to the significant capitalization of the cryptocurrency market. According to the Index proposed by chainalysis.com, Ukraine is one of the world leaders in the adoption of cryptocurrencies. The dynamics of the price behavior of the main cryptocurrencies is extremely important for the economy of many countries, and for Ukraine, as a leader in Europe in this segment, it is critically important. Therefore, studying the impact of conventional wars on the price dynamics of cryptocurrencies is necessary for the effective development of the global economy. In our article, we will consider the impact of the start of the conventional Russian-Ukrainian war on the value of the Ether cryptocurrency. The purpose of the article is to investigate the impact of the initial stage of the conventional Russian-Ukrainian war on the price dynamics of the Ether cryptocurrency. Results. The start of the conventional Russian-Ukrainian war, which began on February 24, 2022, had various effects on individual components of the financial market: the Russian stock market collapsed; the excessive emission of national currencies in Ukraine and Russia led to their devaluation and inflation, and the emission of currencies that function as world money and the increase in the cost of energy and food provoked significant imbalances in the foreign exchange market and accelerated global inflation, which negatively affected the development of the money market; the increase in demand for cryptocurrencies led to an active growth in the value of the Ether cryptocurrency and its prevalence. However, it should be noted that a month and a half after the start of the acute conventional Russian-Ukrainian military-political confrontation, the global economy adapted to the war, which, in turn, led to a decrease in their value. Conclusions. From the research, we can conclude that the price of cryptocurrencies actively reacts to the wars taking place on the planet. We found that the beginning of the conventional Russian-Ukrainian confrontation led to a sharp increase in the price of the Ether cryptocurrency at the beginning of the war, but after the global economy adapted to this crisis, the value of the cryptocurrency began to gradually decrease. However, it should be noted that due to the relatively short historical period of the existence of cryptocurrencies, the impact of the conventional war on the development of cryptocurrencies has not been sufficiently studied, and the study of this impact will require its reflection in new economic studies.

Cryptocurrency Adoption and Its Implications: A Literature Review

Cryptocurrencies have emerged as a disruptive technology with the potential to revolutionize the financial landscape. This research paper aims to explore the topic of cryptocurrency adoption and its implications from multiple perspectives. This research paper is based on secondary data collected by researchers from various sources and papers reviewed by the researcher. It was clear from the secondary data that the cryptocurrency landscape continues to mature and overcome the challenges it faces, and the potential for Bitcoin and other digital assets to transform the global financial system and revolutionize the way we conduct transactions, store value, and access financial services seems increasingly likely. A cryptocurrency-based ecosystem can provide opportunities for new market entrants and support startups by facilitating the process of fundraising. For instance, initial coin offerings enable entrepreneurs and investors to finance new projects without the recourse to intermediaries and endorsements of traditional investors and financial bodies. Cryptocurrency is a constant evolution driven by a diverse and passionate community of developers, entrepreneurs, investors, and users. The future of money is being reimagined, and cryptocurrencies such as Bitcoin are at the forefront of this exciting transformation.

Major Models and Theories of Cryptocurrency Technology Adoption: A Theoretical Review

A review of a selected theories that influence the adoption of technology will serve as the objective of this paper. In this work, we attempt to discover traits that might improve the possibility of acceptance and ongoing usage of technology such as cryptocurrency adoption. More specifically, we focused on Rogers' Innovation Diffusion Theory (IDT, Theory of Technology Acceptance (TAT), and Technology Acceptance Model. (TAM)/TAM2/TAM3, Theory of Reasoned Action (TRA), Unified Theory of Acceptance and Use of Technology (UTAUT), and Theory of Planned Behaviour (TPB). When researching the tendency of individuals to adopt certain technologies, researchers draw from a wide variety of conceptual frameworks and analytical approaches. In this review, social psychology and its applied notions have been utilised most frequently. As a primary theoretical foundation, the theories centre on people's intentions to engage in a specific behaviour (i.e., adopt and utilise ICT), which is the emphasis of the theories. Research on the adoption and usage of information and communication technologies has made extensive use of both the Theory of Reasoned Action (TRA) and the Theory of Planned Behaviour (TPB). They are two of the key intention-based theories, which means they give the core theoretical underpinnings for other adoption theories, such as the Technology Acceptance Model (TAM) and the Enhanced Technology Acceptance Model. Both the transpersonal relationship analysis and the transpersonal behaviour analysis begin with the fundamental premise that individuals deliberately choose whether or not they will engage in a certain behaviour. In this sense, the adoption and usage intentions are typically seen of as a primary outcome variable that is influenced by a variety of independent variables. This is because of the way that they are typically studied. In the following, we will discuss significant theories regarding the adoption of technology.

What Drives Cryptocurrency Adoption? Exploring the Role of Psychological Traits and Environmental Orientation

Cryptocurrency is gaining worldwide recognition. This research examines the psychological determining factors of consumers’ cryptocurrency adoption behavior based on the theory of planned behavior. 452 samples are collected from U.S consumers and the data are analyzed by PLS-SEM. The findings reveal that consumer innovativeness has positive influences on the attitude and perceived behavioral control for cryptocurrency and in turn affects the intention to use cryptocurrency. Subjective norm is a significant predictor of cryptocurrency intention and the LOHAS lifestyle moderates the influence of attitude on the intention. This research offers theoretical and practical implications for the cryptocurrency market.

Adoption and Implications of Central Bank Digital Currencies (CBDCs) and Cryptocurrencies

Central Bank Digital Currency (CBDC) represents a digitized form of central bank funds that aims to enhance financial services and revolutionize the economy. It is important to note that CBDCs differ from cryptocurrencies as they are centrally regulated by sovereign authorities. When compared to cryptocurrencies. CBDCs prioritize privacy by limiting transaction details disclosure. The value creation approaches also vary - CBDCs adhere more closely to traditional models while cryptocurrencies are considered disruptive innovations. CBDCs provide various benefits including social control mechanisms, innovation stimulation and reduced dependence on banks as intermediaries. However, it is improbable for cryptocurrencies to entirely replace traditional money systems. Instead, CBDCs serve as alternatives to both physical cash and digital currencies by offering a digital medium of exchange coupled with regulatory oversight and respect for user privacy considerations.

Banking in the Shadow of Bitcoin? The Institutional Adoption of Cryptocurrencies

Banking in the Shadow of Bitcoin? The Institutional Adoption of Cryptocurrencies

ОСНОВНІ ВИКЛИКИ ФУНКЦІОНУВАННЯ ІНДУСТРІЇ КРИПТОВАЛЮТ НА ФІНАНСОВОМУ РИНКУ

The article analyzes the rating of Ukraine according to the Global Cryptocurrency Adoption Index. It is noted that out of the TOP-20 countries in the rating, there are ten countries with below-average income, eight countries with above-average income and two countries with high income. This trend demonstrates the dominance of developing markets. The dynamics of the bitcoin and USD exchange rate are analyzed. Forecasting of the bitcoin exchange rate was carried out using the exponential smoothing method, because this method showed the smallest mean absolute error. The forecast results show the growth of the bitcoin rate. The interdependence between exchange rate of bitcoin cryptocurrency and pairs of the most influential world currencies, world prices for precious metals and securities rates on the largest stock exchanges is determined using correlation-regression analysis. The advantages of using cryptocurrencies have been identified, including high speed of transactions, reduction of the number of intermediaries and low fees. Also defined the threatening nature of the development of the crypto-industry for the economic potential of the state, taking into accountavailable withcurrent global challenges such as cyber-attacks and fraud and data theft. Real fraud schemes in the field of cryptocirculation are considered. The main challenges to the functioning of the cryptocurrency industry are analyzed, including volatility, uncertainty, risk of loss, insecurity of owners, lack of guarantees, large number of cryptocurrencies, technical risk, fraud and data theft. It is noted that without determining the clear legal status of cryptocurrencies in the country, it is impossible to resolve the legal, accounting and tax consequences of these transactions. It was determined that for the legal circulation of cryptocurrencies, the creation of a financial institution or a special state body, which should exercise control over the circulation of cryptocurrencies, must be ensured as a minimum; introduction of taxation for companies whose activities are related to the crypto industry; establishing the obligation of users to declare their income and profits from income regarding crypto-assets in the national currency, etc.

Lackluster Adoption of Cryptocurrencies as a Consumer Payment Method in the United States—Hypothesis: Is This Independent Technology in Need of a Brand, and What Kind?

Cryptocurrencies were supposed to replace traditional payment methods when they were invented over 13 years ago, but adoption by the general consumer is still lacking, at least in the United States. Instead, crypto is often used as a speculative investment, by illicit actors, or for use cases unrelated to everyday purchases. A literature review on general adoption barriers and interviews with experts has only unearthed factors like usability, performance, and political drivers, among other barriers. Brand as an adoption barrier is mostly missing from literature, at least for cryptocurrencies. This led to the formation of a hypothesis related to crypto’s lack of adoption as a payment method. A framework is being designed based on the technology adoption model to find out if “brand” has an impact on cryptocurrency adoption, which was paradoxically designed to be brandless and not needing any institutional trust. The intent is to focus on what “Bitcoin 2.0” might look like, and to also delve further and gauge perceptions about various types of brands getting involved in the next generation of cryptocurrencies, including traditional banks, governments, technology companies, and also some of the decentralized and hybrid consortia currently vying to get consumers to use stablecoins, nation-issued cryptocurrencies, and other forms of digital instruments. While other studies had focused on trust, early adopter usability, or performance of blockchain networks, this work intends to focus on the general consumer’s perceptions about digital money, and the types of brands and evolution of this instrument liable to increase uptake.

The role of interpersonal trust in cryptocurrency adoption

Despite the impressive adoption of cryptocurrencies since Bitcoin was introduced in 2008, little academic attention has been paid to the role of interpersonal trust in fostering this adoption. In this paper, we quantify the effect of interpersonal trust on the interest in and adoption of the three largest cryptocurrencies by market capitalization – Bitcoin, Ethereum and Litecoin using data from the 7th wave of the World Values Survey, Twitter, and Google Trends. Our results indicate a positive and statistically significant effect of trust on interest in and adoption of cryptocurrencies, confirming the importance of trust in the growth of financial markets.

Cryptocurrencies and traditional assets: Decoding the analogy from emerging economies with crypto usage

This paper investigates the relationship of cryptocurrencies with four traditional assets: equity, fiat currencies, crude oil, and gold in Nigeria, Vietnam, the Philippines, Turkey, and Peru. According to Statista’s 2020 Cryptocurrency Adoption Survey, these five countries showed high levels of crypto usage and ownership. Emerging economies attract the attention of portfolio managers due to the high returns associated with assets originating from these countries. The paper explores the possibility of creating a multi-asset portfolio, including cryptocurrencies. Vector Autoregression Granger causality and Johansen Cointegration tests are conducted to study the relationship between each traditional asset and cryptocurrencies. The study period is from October 2017 to June 2021. The composite Crypto Index was created using the top seven cryptocurrencies based on market capitalization. The Granger Causality test results reveal no causality between Nigeria’s chosen traditional assets and the cryptocurrency index. In the case of the Philippines, there is a unidirectional causality relationship from crypto returns to currency returns; and gold returns to crypto index returns. In Vietnam, stock index returns cause crypto returns; in Peru, gold returns cause crypto returns; and in Turkey, crypto returns cause currency returns. None of the countries has exhibited a bidirectional relationship between traditional assets and the crypto index. The robustness of the causality relations is checked using the Johansen Cointegration test. All the assets taken under study, country-wise, are cointegrated with one another. Hence, when building a multi-asset portfolio covering these five emerging nations, cryptocurrencies do not offer investors diversification, hedging, or haven benefits.

BLOCKCHAIN AND CRYPTOCURRENCY INNOVATION FOR A SUSTAINABLE FINANCIAL SYSTEM

FinTech ecosystem and business model development are extensively discussed in the literature. The adoption of innovative technologies and digital transformation has impacted the approach to carrying on the businesses and channels that offer financial highly reliable and instinctive services and products. This study primarily deals with the identification of data sets. Also, a systematic review protocol was created using the PRISMA method to describe the hypothesis and rational and planned techniques of the study. Blockchain technology has been employed in an assortment of sectors and used by several nations for improving ecological supportability. In fact, blockchain technology has been effective to increase green production, tracking and preserving environmental degradation and pollution-related data, and collecting and analyzing the low carbon or green data in real time for more timely decisions. There is a scarcity of literature on studying the impact of blockchain and cryptocurrency on adopting FinTech and its sustainability. Therefore, the aim of this study is to add to this body of literature an investigation on the impact of Blockchain and Cryptocurrency adoption on FinTech for the environment-friendly nature.

An Analysis of The Current State of Crypto currency Regulation and Its Impact on The Adoption of Crypto currencies in Different Region

An Analysis of The Current State of Crypto currency Regulation and Its Impact on The Adoption of Crypto currencies in Different Region

Financial Institutions Readiness Towards Cryptocurrency Adoption: A Case of Banks in Tanzania

This study assessed readiness of Tanzania’s financial institutions towards adoption of cryptocurrency. Specific objectives included assessing the attitudes of bank staff on cryptocurrency, determining current readiness level of Tanzania’s banks towards adoption of cryptocurrency and examining the relationship between staff attitude and adoption readiness. The study used a mixed-method research design. Purposive and simple random sampling strategies were deployed for selecting 195 participants from both public and private banks located in Dar es Salaam. Data were collected by using structured questionnaires and semi-structured interviews and analyzed through descriptive statistics and content analysis techniques. Findings of the study revealed that staff had negative and positive attitude on perceived usefulness and perceived ease of use of cryptocurrency, respectively. Moreover, overall cryptocurrency adoption readiness was found at low level and, a weak positive significant correlation was found between attitude and adoption readiness. It was concluded in this study that a bank sector is not ready to adopt cryptocurrency. From the findings it was recommended among others that Tanzania’s banks should start to provide trainings on cryptocurrency to staff and, policy and regulations should be formulated to support cryptocurrency usage in the country.

Cryptocurrencies and the promise of individual economic sovereignty in an age of digitalization: A critical appraisal

Cryptocurrencies have fuelled an ideological bifurcation between utopian imaginaries of borderless individual economic sovereignty and egalitarianism among libertarian sympathizers since Hayek and more recent dystopian admonitions against financial disruption and inequality by state actors. Providing a state-of-the-art sociological account of this debate, this article conducts the first empirical study on the links between cryptocurrency adoption, individual economic sovereignty and wealth inequality using a novel 2020 cross-societal database of the population-level adoption of the six largest cryptocurrencies. Analyses show that cryptocurrency adoption neither ameliorates nor worsens wealth inequality, but that the geographical expansion of cryptocurrencies is dependent on the very political economic conditions and state permissions that their libertarian enthusiasts spurn. This article concludes by invigorating a programmatic call and agenda for the empirical, sociological study of cryptocurrencies and the methodological designs required to sustain it.

Evolution of Digital Payment Systems and a Breakthrough

This analytical study examines the evolution of digital payment systems and the use by financial institutions and fintech companies in line with the changing user needs, along with the evolutionary developments in information technologies. It also makes a comparative analysis of digital payment platforms that are popularly used all over the world, e.g. PayPal, GooglePay, Wise. The introduction of the first ATM in 1967, the first contactless credit card payment in 1999, the introduction of blockchain in 2009, the emergence of GoogleWallet in 2011 and the introduction of Visa Click-to-pay in 2020 may be defined as the milestones of digital payment systems. Digital payment systems can be broadly classified as smart cards, online payments, mobile applications, blockchain transfers and biometric authentication. All payment systems in the world are generally shaped according to user needs. The exponential growth of e-commerce and the increasing influence of market regulators also contribute to shaping the future of payment systems. A decentralized monetary management is envisioned by the transition to a cashless economy, the emergence of new online financial institutions, and the adoption of blockchain and cryptocurrencies. It is concluded that the evolution of digital payment systems will expand convenience, refund, convergence, cross-border and time limitless transaction. With the increasing adoption of digital payment systems by all spenders, there is a clear transition towards a cashless economy. The current arguments in academic and professional platforms about the future of digital systems predict that by the 2050s, physical money will be completely out of circulation and these currencies will be replaced by virtual currencies that can easily be transferred over number of digital platforms.

Determinants of Cryptocurrency Adoption Behavior in Malaysia

Cryptocurrency has proven to be an enabling force for financial service transformation. It allows users to perform transactions via blockchain technology that bypasses the involvement of conventional financial intermediaries. In local context, the acceptance of cryptocurrency is rather low as compared with other developed countries. The requirement of large consumer market base is the main challenges for cryptocurrency’s adoption. Thus, the aim of this study is to determine the relationship between output quality, perceived accessibility, result demonstrability and perceived security and adoption behavior of cryptocurrency as an additional mode of internet/online transaction methods. The data was collected from a sample of 553 respondents from different age groups ranging from under 21 to over 60 years old. The PLS-SEM results demonstrated that there are significant positive relationships between output quality, result demonstrability and perceived security and the users’ adoption behavior to use cryptocurrency. The paper provides an insight for explaining the adoption behavior of cryptocurrency. The findings are insightful to develop effective financial management mechanisms and interventions, which is important to enhance the confidence and understanding level toward the adoption of cryptocurrencies among existing and potential users. Keywords: Cryptocurrency; output quality; perceived accessibility; result demonstrability; perceived security; adoption behavior ABSTRAK Kriptowang telah terbukti menjadi daya membolehkan transformasi perkhidmatan kewangan. Ia membolehkan pengguna melakukan transaksi melalui teknologi blok rantai yang memintas penglibatan pengantara kewangan konvensional. Dalam konteks tempatan, penerimaan kriptowang agak rendah berbanding dengan negara maju yang lain. Keperluan terhadap asas pasaran pengguna yang besar merupakan cabaran utama bagi penerimagunaan kriptowang. Tujuan kajian ini adalah untuk menentukan hubungan antara kualiti output, persepsi terhadap kebolehcapaian, keterlihatan hasil dan persepsi terhadap keselamatan dan tingkah laku penerimagunaan kriptowang sebagai kaedah tambahan bagi transaksi internet / dalam talian. Data telah dikumpulkan dari sampel yang terdiri daripada 553 orang responden dari pelbagai golongan umur dari umur 21 tahun ke bawah hingga umur 60 tahun ke atas. Hasil análisis PLS-SEM menunjukkan bahawa terdapat hubungan positif yang signifikan antara pemboleh ubah tak bersandar, iaitu, kualiti output, keterlihatan hasil dan persepsi terhadap keselamatan dengan pemboleh ubah bersandar (iaitu, tingkah laku penerimagunaan kriptowang). Kertas kajian ini memberikan pemahaman tentang tingkah laku penerimaan kriptowang. Hasil kajian ini adalah berguna untuk mengembangkan mekanisme dan intervensi pengurusan kewangan yang berkesan, yang mana adalah penting untuk meningkatkan tahap keyakinan dan pemahaman terhadap penerimagunaan kriptowang di kalangan pengguna yang sedia ada dan berpotensi. Kata kunci: Kriptowang; kualiti output; persepsi terhadap kebolehcapaian; keterlihatan hasil; persepsi terhadap keselamatan; tingkah laku penerimagunaan kriptowang

CRYPTOCURRENCY MARKET IN UKRAINE: CURRENT STATE AND DEVELOPMENT PROSPECTS IN THE CONTEXT OF INTERNATIONAL MONETARY AND CREDIT RELATIONS

Purpose. The aim of the article to work out the theoretical and practical aspects of the functioning and development prospects of the cryptocurrency market in Ukraine in the context of international monetary and credit relations.. Methodology of research. The theoretical and methodological basis of the research is the fundamental provisions of modern economic theory, scientific works of scientists. General scientific and special methods were used in the research process, in particular: dialectical, monographic and systemic analysis – to substantiate the essence of the cryptocurrency market; analysis and synthesis – for studying the object and subject of research; comparative analysis – to compare economic indicators in time and space; graphic – with a visual representation of the dynamics and structural changes of the cryptocurrency market; constructive and experimental – to form a decision with the help of analytical support; abstract and logical – during the formation of theoretical generalizations, assumptions, conclusions. Findings. The peculiarities of the development of the cryptocurrency market in Ukraine as a component of the financial market are considered. Ukraine's place in the Global Cryptocurrency Adoption Index has been studied and analysed. Originality. It has been proven that there is correlation dependence between the prices of Bitcoin and Ether cryptocurrency coins on the Ukrainian cryptocurrency market, and there is no multicollinearity between Ether and Litecoin coins. It was found that the correlation between cryptocurrency mining and their price is average. Prospective directions for the development of the cryptocurrency market in Ukraine are offered. Practical value. The main results of the conducted research will create favourable conditions for a better understanding of cryptocurrency as a new type of money, which will make it possible to use it more widely in the economic activities of economic entities and countries. Key words: financial market, cryptocurrency market, cryptocurrency, crypto coin, cryptocurrency coin, Bitcoin address, Bitcoin, Ether, Litecoin.