Assessing and Proposing of Adoption Model of

Cryptocurrency Acceptance
Dr. Hamed Taherdoost
Department of Arts, Communications
and Social Sciences
University Canada West
Vancouver, Canada
Email – [email protected]
ORCID ID: 0000-0002-6503-6739

Kochar Sahibpreet Singh

Department of Management,
Marketing, and Entrepreneurship
University Canada West
Vancouver, Canada
Email – [email protected]
ORCID ID: 0009-0003-6414-0854

Abstract— The exponential expansion of digital currencies the disparity between the expansion of technology and the
has fundamentally transformed the worldwide economic terrain. adoption of cryptocurrency.
Nonetheless, a more comprehensive comprehension of the
determinants that impact the acceptance and implementation of This study assesses the acceptance model based on the
cryptocurrencies is still required. The present research evaluates existing technology adoption models and empirical research.
the acceptance models of cryptocurrencies by drawing upon The proposed model examines the critical factors that
established technology adoption models and empirical determine cryptocurrency acceptance and provides valuable
investigations. The model under consideration investigates the insights for policymakers, entrepreneurs, and investors in the
critical determinants of cryptocurrency acceptance and offers cryptocurrency market. (Casey & Vigna, 2018).
significant perspectives for policymakers, entrepreneurs, and
investors in cryptocurrency markets. II. LITERATURE REVIEW

Keywords— Technology Adoption Model, Diffusion of A. Historical Context of Cryptocurrency

Innovation Theory, Cryptocurrency, Blockchain, Cryptocurrency Cryptocurrency, or "virtual currency," is a decentralized
Acceptance. and secure means of exchanging value. The technology
employs cryptographic techniques to ensure the security and
I. INTRODUCTION verification of transactions and regulate the generation of
The utilization of blockchain technology has provided new units.
cryptocurrency as a disruptive and innovative technology in Wei Dai introduced the "proof-of-work" algorithm in his
the present economic landscape. As the foundation of 1998 paper entitled "B-Money.” When the financial crisis hit
cryptocurrencies strengthens and their popularity increases, in 2008, Satoshi Nakamoto published an article named
their adoption has become a topic of interest for both "Bitcoin: A Peer-to-Peer Electronic Cash System.” This
individuals and enterprises. Cryptocurrency adoption is study introduces Bitcoin, the first digital currency.
crucial for various reasons, such as its potential to transform
financial institutions, promote financial inclusivity, stimulate Bitcoin rapidly gained notoriety and recognition,
economic growth, and enhance privacy and security surpassing the value of gold by 2011. After Bitcoin emerged,
(Taherdoost H, 2023). additional cryptocurrencies such as Litecoin, Ripple, and
Ethereum were introduced (Zohar, 2015). The significant
Cryptocurrency adoption is crucial for various reasons, expansion of cryptocurrencies has garnered widespread
such as its potential to transform financial institutions, interest from governments, corporations, and individuals
enhance financial inclusivity, foster economic growth, and globally (Casey & Vigna, 2018).
bolster privacy and security measures (Taherdoost H, 2023).
Cryptocurrencies have undergone significant
By comprehensively comprehending the fundamental transformations since their initial introduction. Initially, their
drivers of cryptocurrency adoption, enterprises can make primary use was for online transactions and as a form of
judicious and well-informed determinations regarding speculative investment. As technological advancements
integrating cryptocurrencies into their business operations. progressed, more individuals discovered novel applications
Similarly, one can evaluate the advantages and drawbacks of for it. Smart contracts, which utilize blockchain technology
utilizing cryptocurrencies for diverse objectives, including to enable automated contract execution, have been
but not limited to e-commerce, decentralized transactions, or implemented on various coin platforms, including Ethereum.
enduring investments. There exists a pressing necessity for a
deeper comprehension of the determinants that impact the Cryptocurrencies have facilitated cross-border
acceptance and implementation of cryptocurrencies, given transactions, particularly in nations with unstable currencies
or restricted access to conventional banking facilities. In
Venezuela, hyperinflation has rendered the local currency perceived usefulness and adoption exhibits greater strength
virtually ineffective, prompting many individuals to adopt than the correlation between perceived ease of use and
Bitcoin to preserve their wealth and facilitate financial adoption.
transactions.
C. Role of Adoption Models in Crypto Implementation
Modifications have been implemented in the regulation The adoption models offer a conceptual framework for
of coins. Initially, numerous nations exhibited caution comprehending the determinants that impact an individual's
towards cryptocurrencies due to their perceived potential for inclination to embrace cryptocurrency. The utilization of
facilitating illicit activities such as money laundering and models facilitates the identification of factors that either
other forms of financial concealment. As technology has reduce or impede cryptocurrency adoption. The Technology
advanced and become ubiquitous, nations globally have Acceptance Model (TAM) suggests that the likelihood of an
implemented regulations regarding its usage. individual adopting a cryptocurrency is contingent upon their
B. Theories of Technology Adoption perception of its utility and ease of use. Thus, cryptocurrency
developers can prioritize enhancing their platforms' user
Numerous theoretical frameworks have been employed to
experience and showcasing the practicality of their digital
examine the adoption of technology, including the
currencies to foster widespread acceptance. The phenomenon
Technology Acceptance Model (TAM) (Davis, 1989), the
of social impact in cryptocurrency adoption pertains to the
Diffusion of Innovations (DoI) theory (Rogers, 2003), and
sway exerted by peers or opinion leaders over an individual's
the Unified Theory of Acceptance and Use of Technology
inclination toward embracing a particular cryptocurrency.
(UTAUT) (Venkatesh, Morris, Davis, & Davis, 2003). The
Facilitating conditions pertain to the accessibility of
models offer a theoretical structure for comprehending the
resources, such as digital wallets and cryptocurrency
variables that impact the assimilation of novel technologies,
exchanges, that aid in cryptocurrency adoption. Developers
encompassing perceived utility, simplicity, social sway, and
can employ the utilization of social influence through the
enabling circumstances.
establishment of partnerships with influencers to endorse
In a study by Kshetri and Voas (2018), the authors their cryptocurrency. Enhancement of facilitating conditions
analyzed the factors influencing cryptocurrency adoption can be achieved through the provision of user-friendly
using the TAM model. The research has revealed that wallets and exchanges.
cryptocurrency adoption is primarily influenced by three key
elements: perceived usefulness, perceived ease of use, and III. EMPLOYED CRYPTOCURRENCY ADOPTION MODEL
trust. The study additionally discovered that the technology Cryptocurrency adoption models are primarily centered
adoption could be improved by significant obstacles such as around the diffusion of innovation theory (Rogers, 1962)
regulatory apprehensions and security-related challenges. and, more recently, the technology acceptance model
Lin and Yang (2020) conducted a study to investigate the (TAM) (Davis, 1989). These theories have been adapted to
determinants of cryptocurrency adoption among college fit the unique nature of cryptocurrencies.
students in Taiwan. The researchers incorporated the A. Diffusion of Innovation (DOI):
Technology Acceptance Model (TAM) and augmented it
with the inclusion of the perceived risk factor. The research Rogers' 1962 model proposes that individuals can be
has identified that cryptocurrency adoption is influenced by classified according to their readiness to adopt innovation,
several crucial factors: perceived usefulness, ease of use, with categories including Innovators, Early Adopters, Early
trust, and risk. Majority, Late Majority, and Laggards.

Furthermore, Gupta et al. (2020) conducted a research Applying a framework to cryptocurrency presents
study wherein they formulated a model for adopting valuable insights into the complex factors that shape different
cryptocurrency, utilizing the Unified Theory of Acceptance groups' decision-making processes concerning
and Use of Technology (UTAUT) as the basis for their cryptocurrency acceptance or rejection. According to Polasik
approach. According to the model, the primary determinants et al. (2015), individuals who fall under innovators and early
of cryptocurrency adoption are performance expectancy, adopters may demonstrate a higher inclination toward
effort expectancy, social influence, and facilitating accepting the risks and uncertainties of cryptocurrencies.
conditions. The study found that the UTAUT model provides This may be attributed to their proclivity towards novel
a better understanding of the factors influencing technology or the potential for financial gain.
cryptocurrency adoption than the TAM model. B. Technology Acceptance Model (TAM):
The research conducted by Venkatesan et al. (2020) used Davis (1989) proposed the Technology Acceptance
the cryptocurrency adoption model to study the factors which Model (TAM), which has become a highly influential model
impact the adoption of cryptocurrencies in the Indian context. for comprehending the adoption of novel technologies.
The study's results suggest that three principal factors According to the Technology Acceptance Model (TAM), the
primarily influence the adoption of cryptocurrency: primary factors determining the adoption of novel
perceived utility, perceived ease of use, and trustworthiness. technology, such as cryptocurrency, are perceived usefulness
Furthermore, it was discovered that regulatory challenges and ease of use.
significantly prevented the implementation of the technology.
The concept of perceived usefulness pertains to an
Furthermore, Kocakulah and Ozkan (2021) conducted a individual's perception of how utilizing a specific system
study utilizing the cryptocurrency adoption model to would augment their work-related efficacy. According to
investigate the determinants of Bitcoin adoption in Turkey. Davis (1989), perceived ease of use relates to an individual's
The research revealed that cryptocurrency adoption is perception of the effortlessness of utilizing a specific system.
primarily influenced by perceived usefulness, ease of use,
In cryptocurrency, perceived usefulness pertains to the
trust, and regulatory concerns. The researchers have
advantages a user anticipates receiving from
additionally discovered that the correlation between
cryptocurrencies, such as expedited transfer durations or transparency of the cryptocurrency’s underlying technology
enhanced confidentiality (Schaupp & Festa, 2018). The (i.e., blockchain) and the perceived security of the
concept of perceived ease of use pertains to the level of ease cryptocurrency's transactions.
that a user experiences when engaging in activities such as
purchasing, vending, and safeguarding cryptocurrencies G. Economic Models
(Baur, Hong, & Lee, 2018). Economic models often focus on the role of market
factors in cryptocurrency adoption. Kristoufek (2013)
One study used TAM to investigate the factors that suggests that cryptocurrency adoption is influenced by a
influence the adoption of Bitcoin among university students combination of macroeconomic variables (such as inflation
in Malaysia. The results showed that usefulness and ease of rates and exchange rates), technology-related factors (like
use significantly influenced Bitcoin adoption. (Islam et al., mining difficulty), and speculative investments. Similarly,
2021) Cheah and Fry (2015) show that speculative bubbles can
C. Unified Theory of Acceptance and Use of Technology significantly impact the rate of cryptocurrency adoption.
(UTAUT): H. Regulatory Models
The Unified Theory of Acceptance and Use of Regulatory models emphasize the evaluation of rules’
Technology (UTAUT) is another model that explains user impact on adopting cryptocurrencies. Several academic
intentions to use an information system and usage behavior. studies have suggested that the regulatory framework can
The model suggests that four key elements significantly considerably influence the acceptance of
determine user acceptance of new technology: performance cryptocurrencies (Hileman & Rauchs, 2017; Yelowitz &
expectancy, effort expectancy, social influence, and Wilson, 2015). Countries with rich oil have robust regulatory
facilitating conditions (Venkatesh et al., 2003). mechanisms for cryptocurrencies and more excellent bitcoin
In the context of cryptocurrency, the UTAUT model can adoption rates. (Mohamad et al. ,2019)
help explain why some people choose to adopt I. Socio-Cultural Models
cryptocurrency while others do not. For instance,
performance expectancy could be related to the expected The socio-cultural models focus on the role of social and
financial return from investing in cryptocurrency, while cultural factors in cryptocurrency adoption. According to
effort expectancy could relate to the perceived difficulty of Tapscott and Tapscott (2016), the social impact of
buying and selling cryptocurrency. Social influence and blockchain is a determining factor for the adoption of
facilitating conditions could refer to the power of others in a cryptocurrencies. The authors argue that the transparent and
person's social network and the availability of infrastructure decentralized nature of blockchain technology and
to support cryptocurrency transactions (Saravade et al., cryptocurrencies can lead to greater financial inclusion and
2019). empowerment, which can drive adoption.
Moreover, Karlstrøm (2014) suggests that cultural factors
D. Diffusion of Innovation (DOI):
such as attitudes towards authority and the state can influence
The integration of cryptocurrencies has been assessed the adoption of cryptocurrencies. Individuals more distrustful
from the perspective of the Diffusion of Innovation (DOI) of the government or the banking sector may be more likely
system. A study was conducted using DOI to investigate the to adopt cryptocurrencies.
use of digital currency in small and medium-sized enterprises
(SMEs) in the United Kingdom. The study’s results indicate J. Network Effect Models
that the adoption of Bitcoin was considerably impacted by The network effect models suggest that the value of a
factors such as perceived usefulness, compatibility, and technology increases with the number of its users. This idea
social norms. (Fernandez-Crehuet et al. ,2020). is rooted in Metcalfe's law, which states that the value of a
network is proportional to the square of the number of its
E. Technology Readiness Index (TRI):
users (Metcalfe, 2013). The concept was implemented to
The Technology Readiness Index (TRI) has been increase the usage of technology in the 1900s.
employed to assess the acceptance of cryptocurrencies
among retail consumers. The application of the Technology In the context of cryptocurrency, the network effect
Readiness Index (TRI) is demonstrated in a study that suggests that as more people start using a particular
investigated the determinants of cryptocurrency adoption for cryptocurrency, the value and utility increase, attracting more
e-commerce purposes among consumers in Malaysia. The users and creating a positive feedback loop (Gandal et al.,
study's findings indicate that innovativeness and optimism 2018).
are significant statistical markers of adopting cryptocurrency K. Multi-Factor Models
as a payment method for online shopping. (Mohamad et
al. ,2019) Lastly, multi-factor models combine several factors from
different models to explain cryptocurrency adoption. For
F. Trust-Based Models instance, Shahzad et al. (2020) propose a model that
Trust plays a pivotal role in cryptocurrency adoption. combines aspects from economic, regulatory, and technology
Many researchers have proposed models focusing on trust as acceptance models. Similarly, Kariuki (2018) suggests a
a key driver in adopting cryptocurrencies. For instance, model that integrates elements from the diffusion of
Teigland et al. (2013) argue that trust in the traditional innovations, TAM, and sociocultural models.
banking system and the security of a specific cryptocurrency Each of these models provides a lens through which to
are two key elements that influence the likelihood of a person understand the adoption of cryptocurrencies. However, it is
adopting cryptocurrency. essential to note that the adoption of cryptocurrencies also
Similarly, a study by Glaser et al. (2014) suggests that the depends on factors such as regulatory environment, socio-
perceived trustworthiness of a cryptocurrency is associated economic conditions, and individual attitudes towards risk
with its adoption. Reliability is often related to the and technology. While each model provides a valuable
perspective on cryptocurrency adoption, a comprehensive
understanding of this complex phenomenon requires an
integrative approach considering multiple models’ factors.
IV. CRYPTOCURRENCY ACCEPTANCE FACTORS
Several scholarly investigations have analyzed the
determinants that impact the adoption of cryptocurrencies.
Several crucial elements have been identified in the
literature, such as perceived usefulness (Abou Senna et al.,
2020), perceived risk (Böhme et al., 2015), trust in
cryptocurrency (Glaser et al., 2014), and regulatory
environment (Hileman & Rauchs, 2017). The factors
mentioned above can be classified into three primary Risk
classifications: individual, technological, and environmental.
 Security
A. Individual Factors  Privacy
 Financial
The perception of benefits and risks associated with
cryptocurrency adoption constitutes individual factors. Fig. 1. Cryptocurrency Adoption that Effects Behavioral Change.
Research has indicated that cryptocurrency adoption is
significantly influenced by perceived usefulness, ease of
use, and perceived risk, as evidenced by studies conducted
by Abou Senna et al. (2020) and Böhme et al. (2015). 1. Usefulness: Emphasize the usefulness of
Kariuki and Lutz (2020) discovered that demographic cryptocurrency by promoting its ability to facilitate
variables, including age, gender, and educational attainment, faster and cheaper cross-border transactions, as well
influence the probability of adopting cryptocurrencies. as the potential to provide users greater financial
autonomy and privacy. Partnerships with merchants
B. Technological Factors and service providers that enable Bitcoin payments
The technological factors pertain to the inherent and build new use cases for cryptocurrencies may
characteristics of the cryptocurrency, including but not help accomplish this.
limited to security, privacy, and transaction speed (Zohar, 2. Ease of use: Design simple and practical tools that
2015). According to Glaser et al. (2014), empirical studies allow the purchase, storage, and utilization of
have demonstrated that their technical attributes can cryptocurrency in a user-friendly manner. One
significantly influence the adoption of cryptocurrencies. potential opportunity for cryptocurrency adoption is
According to Böhme et al. (2015), apprehensions regarding the development of mobile applications, enabling
security and privacy may impede the adoption of the buying and selling digital assets. Additionally,
cryptocurrencies. integrating cryptocurrency into established payment
systems may enhance user convenience and
C. Environmental Factors accessibility.
The term "environmental factors" pertains to the broader
3. Perceived risk: Address concerns about perceived
framework cryptocurrency accepts and integrates. This
risks associated with cryptocurrency by improving
encompasses the regulatory landscape, market security measures, providing insurance for crypto
infrastructure, and social impact outlined by Hileman and holdings, and offering stablecoins as a less volatile
Rauchs in 2017. According to Hileman and Rauchs (2017), alternative. This can help increase trust in
research has indicated that the regulatory framework can cryptocurrency and reduce fears about potential
substantially influence the acceptance of cryptocurrencies. losses.
Governments can encourage or impede the utilization of
cryptocurrencies through legal measures and regulations. Overall, this proposed model aims to create a positive
Schaupp and Festa (2018) suggest that a robust market cycle of behavioral change by increasing awareness of
infrastructure comprising cryptocurrency exchanges and cryptocurrency's benefits, promoting its usefulness and ease
of use, addressing perceived risks, improving compatibility
wallets can catalyze the widespread adoption of
with existing financial systems, and promoting positive
cryptocurrencies. social narratives around cryptocurrency. By doing so, we can
V. PURPOSED MODEL FOR CRYPTOCURRENCY ACCEPTANCE help drive cryptocurrency adoption and promote its
mainstream use.
Based on the literature review and the cryptocurrency
acceptance factors, an employed cryptocurrency adoption These factors are interrelated and significantly impact an
model can be developed as follows: individual's decision to adopt cryptocurrencies. In addition to
these six factors, facilitating conditions can be included as a
The model consists of six key factors that influence seventh factor in the model. Reducing conditions refer to the
cryptocurrency adoption: resources and support available to individuals for using
cryptocurrencies, such as access to cryptocurrency
exchanges, wallets, and other services.
TABLE I. PUROPSED MODEL
VI. FUTURE STUDY
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