ARTICLE

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Cryptocurrency awareness, acceptance, and

adoption: the role of trust as a cornerstone
Muhammad Farrukh Shahzad 1, Shuo Xu1 ✉, Weng Marc Lim2,3,4, Muhammad Faisal Hasnain5 &
Shahneela Nusrat6
1234567890():,;

Cryptocurrencies—i.e., digital or virtual currencies secured by cryptography based on

blockchain technology, such as Bitcoin and Ethereum—have brought transformative changes
to the global economic landscape. These innovative transaction methods have rapidly made
their mark in the financial sector, reshaping the dynamics of the global economy. However,
there remains a notable hesitation in its widespread acceptance and adoption, largely due to
misconceptions and lack of proper guidance about its use. Such gaps in understanding create
an opportunity to address these concerns. Using the technology acceptance model (TAM),
this study develops a parsimonious model to explain the awareness, acceptance, and
adoption of cryptocurrency. The model was assessed using partial least squares structural
equation modeling (PLS-SEM) with a sample of 332 participants aged 18 to 40 years. The
findings suggest that cryptocurrency awareness plays a direct, positive, and significant role in
shaping cryptocurrency adoption and that this positive relationship is mediated by factors
that exemplify cryptocurrency acceptance, namely the ease of use and usefulness of cryp-
tocurrency. The results also reveal that trust is a significant factor that strengthens these
direct and mediating relationships. These insights emphasize the necessity of fostering an
informed understanding of cryptocurrencies to accelerate their broader adoption in the
financial ecosystem. By addressing the misconceptions and reinforcing factors like ease of
use, usefulness, and trust, policymakers and financial institutions can better position them-
selves to integrate and promote cryptocurrency in mainstream financial systems.

1 College of Economics and Management, Beijing University of Technology, Beijing, China. 2 Sunway Business School, Sunway University, Sunway, Selangor,

Malaysia. 3 School of Business, Law and Entrepreneurship, Swinburne University of Technology, Hawthorn, VIC, Australia. 4 Faculty of Business, Design and
Arts, Swinburne University of Technology, Kuching, Sarawak, Malaysia. 5 Department of Chemistry, University of Agriculture, Faisalabad 38000, Pakistan.
6 College of Environment and Life Science, Beijing University of Technology, 100124 Beijing, People’s Republic of China. ✉email: [email protected]

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C
Introduction
ryptocurrency has heralded a transformative shift in the insights into shaping future economic policies, strategies, and
global financial sector, offering a reimagined concept of infrastructures. Awareness speaks to the extent of knowledge and
money (Johar et al., 2021; Kakinaka and Umeno, 2022). understanding individuals have about cryptocurrency; acceptance
Underpinned by blockchain and cryptography, cryptocurrency gauges their openness to adopting it as a part of their financial
represents a novel class of digital or virtual currency. At its core, a behaviors; and adoption reflects the incorporation of crypto-
blockchain serves as a decentralized ledger, chronicling every currency into their monetary transactions. Moreover, the role of
transaction across a distributed network of computers, assuring trust as a moderator is especially crucial. Trust, or the lack
both transparency and permanence, whereas cryptography thereof, can significantly influence an individual’s decision-
ensures that transactions are safeguarded against tampering and making process concerning cryptocurrency. In an environment
that participants’ identities remain confidential (Kumar et al., where transactions are decentralized and often lack traditional
2023; Sahoo et al., 2022). Popular examples of cryptocurrencies oversight, trust can be the linchpin that determines whether an
include Bitcoin and Ethereum. Unlike traditional currencies like individual engages with or shies away from cryptocurrency. By
the dollar or euro issued by central banks, cryptocurrencies examining the moderating role of trust, we can better understand
function outside established financial systems. They are not tied the psychological factors that play a pivotal role in crypto-
to tangible assets like gold or governed by central financial currency’s broader acceptance and usage in society.
institutions. Instead, they are created through a computational Given the above, the goal of this study is to examine the
process called mining, which involves using computational power relationships between cryptocurrency awareness, acceptance, and
to solve complex mathematical problems, leading to the creation adoption, as well as the moderating role of trust in these rela-
and verification of new transactions on a cryptocurrency network. tionships. To do so, this study adopts the technology acceptance
While digital forms of money like Apple Pay or PayPal credits model (TAM) as a theoretical lens, wherein the technology in
exist in the digital or online realm, they operate within the con- point is cryptocurrency. Essentially, TAM assumes that the
fines of traditional banking systems and lack the decentralized acceptance of a technology could be understood by its ease of use
essence of blockchain (Jalan et al., 2023). On the other hand, and usefulness, which in turn shapes the adoption of that tech-
cryptocurrencies, thanks to their inherent decentralized, trans- nology (Davis, 1989). Extending this theory, this study introduces
parent, and immutable nature, stand distinct and have ignited (i) the concept of awareness, which is posited to exert a positive
profound discussions in modern financial and technological influence on consumers’ perception of the ease of use and use-
arenas. fulness of the technology on the basis that consumers are in a
As per recent estimates, the aggregate value of transactions in better position to form an opinion about a technology when they
digital payments is projected to reach US$9.46 trillion in 2023, are knowledgeable about that technology, and (ii) the notion of
with an expected annual increase of more than 11.8%, resulting in trust, which is proposed to strengthen the relationship between
a total projection of US$14.78 trillion by 2027 (Siska, 2023). As awareness, acceptance, and adoption on the basis that trust acts as
the internet’s ubiquity grew, so did the shift from conventional an enabler, mitigating potential fears and uncertainties associated
cash payments to online transaction methods, reshaping global with the adoption of new technologies, particularly in financial
monetary systems (Sukumaran et al., 2022). Digital advancements transactions where credibility and security and are paramount.
and technological accessibility have also spurred an uptick in This study contributes to both theory and practice in several
consumers engaging in online transactions via cryptocurrency significant ways. Theoretically, by adopting and extending TAM
(Kumar et al., 2021; Shin and Rice, 2022). For many, the allure of to the realm of cryptocurrency, we strive to not only affirm the
cryptocurrency lies in its borderless nature, simplicity, and speed theoretical generalizability of the theory but also illuminate how
(Galariotis and Karagiannis, 2020; Zafar et al., 2021). Indeed, awareness and trust play pivotal roles in the acceptance and
cryptocurrency has reshaped the global financial infrastructure, adoption of such innovative financial technologies, which
compelling institutions to innovate in the digital transaction answered the call by past scholars such as (Farrukh et al., 2023;
space (Khan et al., 2020). This momentum has spurred monetary Kumar et al., 2021). By integrating the concept of awareness into
systems to evolve, adapting and instituting policies that align with TAM, this study posits that a heightened level of understanding
technological progress (Hasan et al., 2022). can bolster consumers’ perceptions regarding the ease of use and
A comprehensive understanding of cryptocurrencies is crucial usefulness of cryptocurrencies. In doing so, this research will
in the current digital age (Uematsu and Tanaka, 2019). The enrich TAM by accounting for the influence of awareness in the
growing popularity of cryptocurrencies is evident, especially as adoption of emerging technologies. Furthermore, the introduc-
they herald transformative changes in global money markets tion of trust as a moderating variable elucidates how confidence
(Tandon et al., 2021). Yet, adoption is tempered by challenges. can amplify or mitigate the relationships between awareness,
While technology awareness can enhance acceptance, issues like acceptance, and adoption of cryptocurrency. This presents a
limited technological know-how and understanding of online nuanced understanding of the psychological facets that underpin
trading, legislative constraints, and security concerns act as the decision-making processes surrounding technology adoption
deterrents (Albayati et al., 2020; Li et al., 2023; Rejeb et al., 2023). in financial contexts. The use of TAM as a foundational theore-
Moreover, while studies suggest that cryptocurrencies could tical lens and the inclusion of new variables like awareness and
promote financial inclusivity for underrepresented demographics, trust into the model is in line with the recommendation of Lim
concerns remain about unequal wealth distribution among (2018) for contributions amounting to theoretical generalizability
cryptocurrency holders (Abdul-Rahim et al., 2022; Allen et al., and extension in relation to the theory. Practically, the findings of
2022). Recognizing the intricacies of cryptocurrency is crucial in this study can guide policymakers, financial institutions, and tech
today’s digital age, ensuring individuals stay abreast of techno- developers in recognizing the crucial factors that drive or inhibit
logical advances (Yayla et al., 2023). the mass adoption of cryptocurrency. By discerning the impor-
The present study argues that understanding cryptocurrency tance of awareness and trust, stakeholders can develop targeted
awareness, acceptance, and adoption is imperative in today’s educational campaigns and security measures, respectively, to
evolving digital financial landscape. As cryptocurrency positions bolster the public’s confidence and understanding of crypto-
itself at the forefront of financial innovation, comprehending the currencies. In essence, this research offers strategic insights to
factors that drive or deter its acceptance can offer valuable industries and governments, enabling them to tailor their

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initiatives in promoting a more inclusive, transparent, and potential hedge against inflation. This contrasts with traditional
trustworthy digital financial landscape. fiat currencies, which can be influenced by central bank policies
(Allen et al., 2022). With more individuals adopting crypto-
currency, there is potential for a shift in the demand for tradi-
Theoretical background: technology acceptance
tional banking services, subsequently influencing interest rates
model (TAM)
and banks’ profitability (Tandon et al., 2021). Put simply, cryp-
TAM is pivotal in predicting and explaining technology adoption
tocurrency represents a digital equivalent of cash that promises
behaviors. At its core, TAM posits two central constructs that
quicker, more reliable, and cost-effective transactions than its
determine one’s intention to accept and adopt a new technology:
government-issued counterparts (Entrialgo, 2017). Its popularity
perceived ease of use (PEOU) and perceived usefulness (PU)
has surged in recent years, as evidenced by its prominence in
(Davis, 1989). PEOU refers to the degree to which one believes
trading indices (Kher et al., 2021). Hence, this study zeroes in on
that using a particular technology would be free from effort
the individual intention to adopt cryptocurrency.
(Sagheer et al., 2022). Essentially, the simpler and more
Yet, the path to widespread adoption of cryptocurrency is not
straightforward a technology is perceived, the more likely it is to
without hurdles. Among the challenges, environmental concerns
be adopted. This is founded on the principle that individuals are
related to the energy-intensive mining processes of certain
naturally inclined to choose technologies that do not require
cryptocurrencies have sparked debates on their sustainability
significant effort or time (Siagian et al., 2022). Second, PU is
(Rejeb et al., 2023). With regulatory landscapes still maturing,
centered on one’s belief that utilizing a particular technology will
many investors approach this technology with caution due to
enhance their performance (Fagan et al., 2012). It captures the
potential risks (Shahzad et al., 2018). Common barriers include
value proposition of the technology: if people deem a technology
the nascent stage of cryptocurrency development, restricted
as beneficial and enhancing their productivity or efficiency, they
access to advanced technology, and marketplace challenges such
are more inclined to use it (Lu et al., 2022). Through PEOU and
as unstructured trading environments, undefined financial reg-
PU, one’s intention toward technology adoption is kindled
ulations, and heightened security risks (Aboalsamh et al., 2023).
(Davis, 1989).
Addressing these concerns, this study seeks to provide insights
TAM is a robust theoretical framework that aids consumers in
into the potential digital evolution awaiting individuals. The
making informed decisions regarding the embrace of technolo-
significance of cryptocurrencies as a potential mainstay in global
gical advancements (Lim, 2018). Our study underscores the
finance is undeniable (Granić and Marangunić, 2019).
relevance of TAM’s acceptance elements, specifically PEOU and
Leading financial markets, including the U.S., are actively
PU, in gauging consumers’ intention towards adopting crypto-
researching and considering integrating cryptocurrency into their
currency. Evidently, past scholars have consistently utilized TAM
financial ecosystems (Hasgül et al., 2023). The horizon seems
as a cornerstone theory in assessing individual behavior con-
promising, with evolving technological solutions aiming to
cerning the uptake of novel technologies (Kumar et al., 2021;
address current challenges and projections hinting at an even
Sagheer et al., 2022; Shahzad et al., 2018; Yuen et al., 2021).
more integrated role of cryptocurrencies in global finance.
In the ever-evolving landscape of cryptocurrency, there
Taking Pakistan as a case study, its largely cash-driven econ-
remains a noticeable dearth of scholarly attention on its utiliza-
omy juxtaposes with its youthful population and growing internet
tion as a medium of exchange (Khan et al., 2020). Addressing this
accessibility—factors ripe for digital payment adoption. In this
gap, our study endeavors to craft a theoretical framework, firmly
regard, cryptocurrency’s potential as a trusted financial instru-
anchored in TAM, to shed light on the determinants of crypto-
ment in developing countries like Pakistan is substantial. His-
currency adoption. It is imperative to acknowledge that intentions
torical data indicates a rising preference for virtual currencies
stand as potent precursors of actions, with these intentions being
over traditional payment methods in regions like this (Arpaci
invariably shaped by an individual’s attitudes and perceptions
et al., 2023). In an exemplary move, El Salvador passed the Bit-
toward a specific endeavor (Davis, 1989; Lim, 2018).
coin law in June 2021, granting it legal tender status alongside the
U.S. dollar. This step, intended to streamline daily transactions
Conceptual background: cryptocurrency and reduce remittance costs, has been met with diverse reactions
Cryptocurrency, fundamentally a digital or virtual form of cur- globally (Gaikwad and Mavale, 2021). Its long-term impact,
rency utilizing cryptography for security, made its debut in 2008 especially in the domain of remittances, remains under scrutiny
through a white paper published by an individual or group under (Howson and de Vries, 2022).
the pseudonym Satoshi Nakamoto; this innovation was later
introduced in 2009 (Tauni et al., 2015). These digital assets offer
decentralized control as opposed to centralized banking systems, Hypotheses development
promoting financial autonomy and inclusivity. Cryptocurrency awareness and adoption. Awareness plays a
As a testament to its transformative potential, recent research pivotal role in the acceptance and adoption of new technologies.
highlights its increasing influence in various sectors of life, from Tracing back to diffusion innovation theory, awareness is con-
remittances to cross-border trade (Parate et al., 2023). Given its sidered the initial phase, crucial for the success of subsequent
rising economic significance, numerous countries are gradually adoption stages (Lu et al., 2022). Building on this foundational
recognizing and shifting towards cryptocurrency. With its understanding, studies examining technology implementation
decentralized nature, individuals find appeal in the autonomy, have reaffirmed the positive association between awareness levels
privacy, and potential returns it promises, away from traditional and attitudes toward novel technologies (Arpaci et al., 2023).
banking systems (Bibi, 2023). An individual’s awareness encapsulates their comprehension of
Cryptocurrency can be broken down into two components: its advantages, potential drawbacks, and practical methods for its
‘crypto’ and ‘currency’. While ‘crypto’ refers to cryptography that utilization (Zou et al., 2023). Consequently, the depth of a
secures user information and transactions, ‘currency’ is simply a person’s awareness often sways their perceptions and, more
medium of exchange. Globally, cryptocurrency has initiated sig- critically, their readiness to adopt. A compelling parallel can be
nificant changes in the financial sector, especially in developing found in behavioral intention, a metric that gauges the likelihood
countries. Noteworthily, a distinct characteristic of certain cryp- of users engaging in a specific action. This metric plays a decisive
tocurrencies is their limited supply, which, for some, offers a role in both the determination to integrate cryptocurrency into

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one’s financial portfolio (Li, 2023). Historically, a robust The mediating role of cryptocurrency usefulness. Usefulness
behavioral intention has been a harbinger of successful reflects the consumers’ belief that embracing a novel technology
technology adoption, diminishing the risk of committing to will enhance their performance (Davis, 1989; Lim, 2018). Prior
unsuitable or inferior innovations (Mizanur and Sloan, 2017; research underscores that consumers are more likely to embrace
Siagian et al., 2022). cryptocurrency if they deem it beneficial (Kim et al., 2021).
Recent empirical evidence corroborates this relationship Historically, usefulness has been a cornerstone determinant of
between awareness and adoption. For instance, (Kakinaka and TAM, underscoring its centrality in assessing technological
Umeno, 2022) highlighted that heightened awareness invariably innovations (Fagan et al., 2012; Salas, 2020). Its role in infor-
bolstered positive intentions toward technology adoption. This mation systems, such as facilitating the ease of adoption of
intrinsic connection between cognitive awareness and behavioral cryptocurrency, is indeed substantial (Albayati et al., 2020).
outcomes serves as a cornerstone of our investigation. Intrigu- As digital platforms burgeon, consumers increasingly derive
ingly, the association between self-conceptualized technology their understanding of a technology’s usefulness from these
awareness and behavior is not merely anecdotal but is under- platforms. This sentiment aligns with our study’s emphasis:
pinned by empirical studies. For example, (Gupta and Arora, online platforms serve as a conduit through which people gauge
2020) underscored how nuanced technology awareness could the usefulness of cryptocurrency. The decision to engage with or
shape individuals’ propensity to assimilate cryptocurrency into refrain from technology often hinges on its utility (Theiri et al.,
their financial activities. 2022). Past research has ventured into examining the role of
Given the increasing emphasis on behavioral intention as a usefulness in influencing behavioral intentions, but the findings
reliable predictor of technology adoption (Nadeem et al., 2021) have been mixed, prompting further inquiry (Basuki et al., 2022).
our research delves into the interplay between technology For instance, consumers frequently endorse applications that are
awareness and the predisposition toward digital assets like skillful, user-friendly, and competent, as these qualities often
cryptocurrency. In light of the aforementioned discussion and correlate with the usefulness of the tool (Granić and Marangunić,
supporting evidence, we propose the following hypothesis: 2019). Yet, factors such as changing regulatory landscapes or
H1. Cryptocurrency awareness exerts a positive influence on environmental uncertainties can modulate consumers’ percep-
cryptocurrency adoption. tions of a technology’s usefulness (Stocklmayer and Gilbert,
2002). Some prior studies, interestingly, have highlighted that
consumers’ inclinations were swayed more by entertainment
The mediating role of cryptocurrency ease of use. Ease of use values than sheer usefulness, illuminating the multifaceted nature
stands as a pivotal factor in determining the adoption of new of consumer engagement (Abdul-Rahim et al., 2022).
technologies (Lim, 2018). The more intuitive and straightforward Literature has consistently underscored the symbiotic relation-
a technology appears, the higher the likelihood of its widespread ship between awareness of technology and its perceived
acceptance (Sagheer et al., 2022). As a technology’s usability usefulness in shaping behavioral intentions. Notably, Namahoot
becomes evident, individuals are more inclined to integrate it into and Rattanawiboonsom (2022) contended that consumers found
their routine. This notion is central to TAM, which has been electronic payments, including those using cryptocurrency,
widely acknowledged in the tech domain (Sudzina et al., 2023). useful. This assertion is buttressed by other studies that
The emphasis on ease of use stems from a need to create emphasize the direct impact of technological awareness on
technologies that are accessible, responsive, and adaptable. When behavioral intention through the prism of usefulness (Almajali
people find a technology to match these criteria, they are more et al., 2022; Sagheer et al., 2022). Noteworthily, a survey by Chen
inclined to adopt that technology. It is about meeting the needs of and Aklikokou (2020) illuminated the mediating role of
consumers without inundating them with unnecessary complex- usefulness in amplifying adoption behavior. Delving deeper into
ity (Nadeem et al., 2021). While over-simplification might this interplay Schaupp and Festa (2018) pondered the ease with
occasionally deter usage, efficient tools that streamline processes which newcomers could adopt cryptocurrency, positing that
generally receive consumers’ approval (Wibasuri, 2022). those acquainted with digital currencies are naturally more
Historical evidence suggests a strong association between receptive, given the usefulness they derive from it. This is further
ease of use and behavioral intentions toward the adoption of validated by research in China (Shahzad et al., 2018), which
novel technologies. For instance, Albayati et al. (2020) and determined that usefulness was a positive determinant for
Treiblmaier and Sillaber (2021) explored this connection, cryptocurrency adoption. In light of the aforementioned insights
though only Shahzad et al. (2018) provided particularly and findings, our hypothesis is articulated as:
insightful findings. Current research builds on this foundation, H3. Cryptocurrency usefulness significantly mediates the
investigating the belief that user-friendliness and efficiency in relationship between cryptocurrency awareness and adoption.
cryptocurrencies can enhance user experience and, conse-
quently, adoption rates. Furthermore, this study aligns with
past research (Siagian et al., 2022), emphasizing the connection The moderating role of cryptocurrency trust. Trust in the
between technology awareness and the intention to adopt the context of innovative technologies refers to a consumer’s comfort,
technology. It recognizes the vital role of ease of use as a bridge confidence, and assurance in its utilization (Quan et al., 2023). It
between these elements. is a cornerstone of acceptance and adoption, determining whether
To this end, numerous studies have already highlighted the individuals feel secure in embracing new innovations (Akther and
profound impact of ease of use on shaping intentions towards Nur, 2022). Over time, the evolution of social relationships has
new technological integrations (Biswas et al., 2021; Chen and underscored the importance of consistent trust when adopting
Aklikokou, 2020). With this context in mind, our research new technologies (Matemba and Li, 2018). Studies, such as those
specifically delves into how bolstering ease of use can pave the by Hasan et al. (2022), emphasized that heightened trust typically
way for broader cryptocurrency adoption. Based on the synthesis amplifies the adoption rate of technologies, especially those in
of the above discussions, we put forth: their nascent stages. By fostering trust in cryptocurrency, the
H2. Cryptocurrency ease of use significantly mediates the present study seeks to pave the way for its broader acceptance and
relationship between cryptocurrency awareness and adoption. adoption.

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Cryptocurrency
positively, with the ease of use and usefulness of cryptocurrency
Cryptocurrency
trust acceptance mediating this relationship, and the trust in cryptocurrency
strengthening these mediating relationships.
H2 (+)

H4b (+)
H4a (+) Cryptocurrency
ease of use
Methods
Instrumentation. The study utilized a survey-based approach to
gauge respondents’ awareness, acceptance, and adoption of
Cryptocurrency H1 (+) cryptocurrency. Drawing from existing literature, a questionnaire
\
awareness
Cryptocurrency
adoption was designed, ensuring that it is tailored to fit the scope and focus
of this investigation (Shahzad et al., 2022). The items in the
questionnaire were measured using a five-point Likert scale, with
the following constructs:
Cryptocurrency
usefulness Cryptocurrency awareness. This construct deals with an indivi-
H3 (+)
dual’s understanding of cryptocurrency. For this study, it was
operationalized with eight items adopted from Sagheer et al.
Fig. 1 Conceptual framework. The cryptocurrency awareness, acceptance, (2022).
and adoption model.
Cryptocurrency ease of use. Addressing an individual’s perception
regarding the simplicity of embracing cryptocurrency, six items
In digital commerce, where intangibility is a given, trust is from Chen and Aklikokou (2020) were used.
paramount. Such trust encourages users to engage safely,
reducing uncertainties and reservations (Shin and Rice, 2022). Cryptocurrency usefulness. Signifying an individual’s belief in how
Mutual trust between users and providers is essential. Trust the adoption of cryptocurrency can augment their efficiency, this
solidifies user-provider relationships and ensures sustained was gauged through six items, with references from Albayati et al.
confidence in new ventures (Sukumaran et al., 2022). Essentially, (2020).
trustworthy entities reduce risks, propelling individuals to explore
and adopt. Research has shown that those with a positive Cryptocurrency trust. Critical to the acceptance process, trust
inclination towards digital technologies display a stronger affinity helps potential adopters believe in the credibility and reliability of
for acceptance, contingent upon factors like trust and associated cryptocurrency. Trust was evaluated through five items based on
security measures (Völter et al., 2021). This is corroborated by the work of Shahzad et al. (2018).
Utz et al. (2022) who posited that trust fortifies individuals’
intention to use blockchain, a technology in which cryptocur- Cryptocurrency adoption. Representing an individual’s projected
rency operates upon. likelihood of adopting cryptocurrency, this was defined through
Moreover, trust safeguards consumers’ financial and personal five items, also taken from Shahzad et al. (2018).
information, symbolizing a heightened level of confidence in
cryptocurrency adoption (Tan and Saraniemi, 2022). A significant
observation from past research is that when user trust wanes, their Sampling. While the emerging acceptance of cryptocurrency can
risk aversion decreases, and they become more susceptible to be witnessed across various age groups, this study specifically
pitfalls (Sukumaran et al., 2022). A pivotal point raised by targeted individuals aged 18 to 40 years in Lahore, Pakistan. The
researchers, such as McCloskey (2006), is that trust plays a choice of this sampling area, with its blend of institutions and
determinative role in influencing a user’s perception of how easy vibrant economic activities, ensured the representation of various
and useful a technology is. Trust, therefore, emerges as a linchpin sub-groups including university students, government/private
that shapes user behavior, especially concerning ease of use and employees, and business owners (Shahzad et al., 2021).
usefulness of technology (Albayati et al., 2020; Deebak et al., 2022). The data collection process initiated with screening questions,
In the midst of the prevailing discourse on technology determining the familiarity with digital tools and internet use, as
adoption, trust emerges as a crucial determinant. The current these were pre-requisites of actual or potential adoption of
study delves into the moderating role of trust, examining its cryptocurrency. This phase ensured that only the relevant
influence on the relationship between cryptocurrency awareness, participants, who met the established criteria, were considered.
acceptance (ease of use, usefulness), and adoption. Our study A total of 551 questionnaires were distributed both physically
seeks to clarify the nuances of this relationship, thereby enriching and online to individuals who passed the screening criteria and
understanding and advancing the field. Specifically, trust in voluntarily consented to participate in the cryptocurrency survey.
cryptocurrency is rooted in blockchain-based consensus proto- After accounting for missing values, outliers, and other
cols, such as proof of stake. This foundational trust enhances discrepancies, 332 responses were deemed suitable for further
people’s confidence to adopt cryptocurrency, with TAM pre- analysis, yielding a usable response rate of 60.2%. This number
dictors serving as key indicators of this trust chain. In light of aligns with Roscoe et al. (1975), who recommend a sample size
these considerations, the following hypotheses are proposed: ranging between 30 and 500 for empirical investigations. Among
H4a. Cryptocurrency trust significantly moderates the relation- these respondents, 100% were familiar with digital tools, and 39%
ship between cryptocurrency awareness, ease of use, and reported spending over seven hours daily on the internet,
adoption. indicating a tech-savvy sample. Participants were assured of the
H4b. Cryptocurrency trust significantly moderates the rela- confidentiality of their responses to ensure candidness in their
tionship between cryptocurrency awareness, ease of use, and answers.
adoption.
The conceptual framework, which depicts the hypothesized Results
relationships, is presented in Fig. 1. Essentially, cryptocurrency Profile of participants. The sample for the study comprised a
awareness is expected to shape cryptocurrency adoption diverse group of participants spanning various demographics.

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Table 1 Profile of participants. constructs exceeded this threshold, signaling a high degree of
internal consistency. To supplement the insights gleaned from
Cronbach’s alpha and address its limitations, composite reliability
Demographics Frequency (n: 332) Percentage (100%)
was employed. This metric evaluates the internal consistency of
Gender the variables based on outer loading values (Martins et al., 2023).
Female 178 54% Akin to our findings for Cronbach’s alpha, the CR values for all
Male 154 46%
constructs, as depicted in Table 2, comfortably exceeded the 0.7
Age
18 to 30 years 235 71%
benchmark.
31 to 40 years 97 29% Convergent validity, which underscores the degree to which
Education items of a construct are positively correlated, was assessed using
Diploma 52 16% AVE. In line with the criteria proposed by Sarstedt et al. (2014),
Bachelor’s degree 150 45% AVE values above 0.5 denote satisfactory convergent validity. As
Master’s degree 115 35% evidenced in Table 2, all constructs not only met but often
Doctoral degree 8 2% exceeded this criterion, pointing to strong convergent validity.
Others (e.g., online 7 2% Discriminant validity measures the extent to which a construct
courses) is truly distinct from others in the model (Martins et al., 2023;
Occupation Shahzad, Xu, Khan, et al., 2023; Shahzad, Xu, Rehman, et al.,
Student 218 66% 2023). This distinctiveness ensures that the constructs do not
Government employee 25 8%
overlap, adding credence to the model’s unique explanations for
Private sector employee 44 13%
Business owner 45 13%
the observed phenomena (Martins et al., 2023). We employed the
Fornell-Larcker (1981) criterion for this purpose. Essentially, for
robust discriminant validity, the square root of the AVE for a
Table 1 presents a comprehensive profile of the participants based given construct should exceed its highest correlation with any
on gender, age, education, and occupation. other construct (Fornell and Larcker, 1981). Table 3 provides a
Among the 332 respondents, the gender distribution was fairly matrix depicting these values. The diagonal, representing the
balanced. Women represented a slight majority, accounting for square root of AVE values, is consistently larger than the off-
54% (n: 178) of the sample, while men constituted 46% (n: 154). diagonal values in their respective rows and columns, which are
The age distribution revealed that a significant majority of the the correlations between constructs.
participants were relatively young. Those in the age group of 18 to
30 years formed the largest chunk, representing 71% (n: 235) of
the total sample. Respondents aged between 31 to 40 years Structural model. The structural model’s examination offers
constituted 29% (n: 97). insights into the relationships between constructs and evaluates
Delving into educational qualifications, a significant portion of the hypothesized pathways (Farrukh et al., 2023). Using boot-
the participants held a bachelor’s degree, representing 45% (n: strapping in PLS-SEM, we deciphered the direct, mediating, and
150) of the sample. Those with a master’s degree formed 35% (n: moderating effects of the constructs concerning cryptocurrency
115) of the respondents. Participants with a diploma accounted adoption. Table 4 provides a summary of these findings.
for 16% (n: 52), and a very small fraction held a doctoral degree,
constituting 2% (n: 8) of the sample. Other educational Main effects. The hypothesis positing a relationship between
qualifications, which could include certifications from online cryptocurrency awareness and cryptocurrency adoption (H1)
courses, were held by 2% (n: 7) of the participants. displayed a β-value of 0.192, significant at the 0.05 level. This
In terms of the professional backgrounds of the participants, a means that as cryptocurrency awareness increases, there is a
predominant 66% (n: 218) were students, which aligns with the corresponding increase in the likelihood of cryptocurrency
age distribution. Business owners and private sector employees adoption. This supports the notion that more knowledgeable or
were equally represented at 13% each (n: 45 and n: 44, informed individuals about cryptocurrencies are more inclined to
respectively). Government employees made up a smaller portion adopt them. The fact that H1 is supported highlights the
of the sample at 8% (n: 25). importance of educating and raising awareness among potential
users to promote cryptocurrency adoption.
Other observations indicate that enhanced cryptocurrency
Measurement model. To establish the appropriateness and awareness bolsters the perception of its ease of use (β: 0.470,
accuracy of our measurement model, we employed the partial p < 0.01) and its overall usefulness (β: 0.288, p < 0.001), and that
least squares structural equation modeling (PLS-SEM) algorithm, the ease of use (β: 0.220, p < 0.01) and usefulness (β: 0.134,
a method extensively applied in related research. The assessment p < 0.05) of cryptocurrency are significant determinants of its
focused on three critical aspects: reliability, convergent validity, adoption. Noteworthily, a heightened trust in cryptocurrency
and discriminant validity, each of which contributes significantly significantly augments its ease of use (β: 0.224, p < 0.01) and
to the robustness of the model and its resultant interpretations usefulness (β: 0.220, p < 0.01). Additionally, the R2 values depict
(Farrukh et al., 2023). Table 2 delineates the main statistical the proportion of variance in the dependent variable predicted by
indices—i.e., Cronbach’s alpha (α), composite reliability (CR), the independent variable(s). The current model elucidates 51.5%
and average variance extracted (AVE)—associated with each of the variance in cryptocurrency ease of use, 14.8% in
construct of our measurement model. cryptocurrency usefulness, and 18.9% in cryptocurrency
For internal consistency, an evaluation criterion based on adoption.
Cronbach’s alpha was utilized. Introduced by Lee Cronbach in
1951, this metric determines how closely related a set of items are Mediation effects. The hypothesis suggesting that cryptocurrency
to each other within a construct (Sarstedt et al., 2014). A value awareness indirectly informs cryptocurrency adoption via its ease
closer to 1 indicates a higher consistency among the items, with of use (H2) is significant, with a β-value of 0.103 (p < 0.01). As
values above 0.7 being regarded as indicative of good internal such, H2 is supported. Similarly, the pathway from crypto-
reliability (Voorhees et al., 2016). As observed in Table 2, all currency awareness via its usefulness to its adoption (H3) is

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 Table 2 Measurement model.

Construct Item Factor Mean Standard α CR AVE Source

loadings deviation
Cryptocurrency I am aware of cryptocurrency. 0.853 3.834 1.051 0.942 0.952 0.712 (Sagheer et al.,
awareness I follow the news about cryptocurrency. 0.869 2022)
I follow the developments of 0.876
cryptocurrency.
I discuss cryptocurrency with people 0.881
around me.
I read about the issues of 0.865
cryptocurrency.
I understand cryptocurrency. 0.778
I know the transaction process of 0.838
cryptocurrency.
I know the implications of 0.785
cryptocurrency for the financial
industry.
Cryptocurrency ease I find downloading applications related 0.847 4.055 0.967 0.908 0.929 0.687 (Chen and
of use to cryptocurrency straightforward. Aklikokou, 2020)
I find learning about cryptocurrency 0.848
uncomplicated.
I find gaining proficiency in using 0.811
cryptocurrency manageable.
I find mastering the cryptocurrency 0.844
system easy.
I find the cryptocurrency system user- 0.864
friendly.
I find using cryptocurrency secure and 0.756
satisfying.
Cryptocurrency I find cryptocurrency to be a useful 0.786 3.926 0.894 0.925 0.941 0.727 (Albayati et al.,
usefulness investment. 2020)
I find that cryptocurrency is not bound 0.837
by time and location, which benefits me.

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I find that using cryptocurrency can 0.843
simplify my daily transactions.
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I find that cryptocurrency can elevate 0.858

the quality of my transactions.
I find that using cryptocurrency can 0.900
heighten transaction efficiency.
I find cryptocurrency to be a useful tool 0.886
for financial transactions.
Cryptocurrency trust I believe that cryptocurrency will act in 0.856 4.096 1.018 0.894 0.921 0.699 (Shahzad et al.,

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my best interest. 2018)
I believe that information related to 0.842
cryptocurrency is sincere.
I believe that cryptocurrency exchange 0.808
systems have robust security against
cyber-attacks.
0.811
ARTICLE

7
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corroborated with a significant β-value of 0.038 (p < 0.05). As a

(Shahzad et al.,
result, H3 is supported.
Noteworthily, mediating effects reveal the mechanism or
process through which an independent variable influences a
Source

dependent variable. The positive β-value of 0.103 for H2 indicates

2018)
that an increase in cryptocurrency awareness boosts the
perception of its ease of use, which subsequently amplifies the
rate of cryptocurrency adoption. This finding emphasizes the
importance of not only making potential users aware of
0.789
cryptocurrencies but also ensuring that they find the technology
AVE

easy to use. The easier a potential user perceives the use of

cryptocurrencies, the higher the likelihood they will adopt it—
especially when they are well-informed or aware. Similarly, the
positive β-value of 0.038 for H3 suggests that an enhanced
0.949

awareness of cryptocurrency leads to an increased perception of

CR

its usefulness, consequently fostering its adoption. This points

towards the value of positioning cryptocurrencies as not just a
novel technology, but as a tool that has tangible benefits and
applications in everyday life. An informed individual who
0.933

perceives cryptocurrencies as beneficial or useful is more likely

α

to embrace them.

Moderation effects. The hypothesis indicating that cryptocurrency

trust moderates the pathway between cryptocurrency awareness,
its ease of use, and subsequent adoption (H4a) is supported by a
significant β-value of 0.164 (p < 0.05). Trust also appears to play a
deviation
Standard

moderating role between cryptocurrency awareness and its per-

0.942

ceived usefulness, affecting its adoption (H4b). This is evidenced

by a significant β-value of 0.117 (p < 0.05), thus supporting H4b.
The positive β-values for the moderating effect of cryptocur-
rency trust on the relationships in H4a and H4b underscore the
enhancing role trust plays in these relationships. For H4a, with a
Mean

3.781

β-value of 0.164, this suggests that as trust in cryptocurrency

increases, the positive relationship between cryptocurrency
awareness and its ease of use in predicting cryptocurrency
adoption becomes even stronger. This can be interpreted as trust
amplifying the effect of awareness on adoption through ease of
loadings

use. It implies that when individuals have higher trust in

Factor

0.908

0.890
0.902
0.866
0.874
0.861

cryptocurrency, the awareness they have about it becomes more

effective in shaping their perceptions of its ease of use,
subsequently leading to higher adoption rates. Similarly, for
H4b, the positive β-value of 0.117 implies that increased trust in
cryptocurrency augments the relationship between cryptocur-
I want to use cryptocurrency regularly.

rency awareness and its usefulness in determining adoption. This

reliable and secure form of currency.

I want to use platforms that support

I want to use cryptocurrency for my
enhances cryptocurrency’s security.

Note(s): α = Cronbach’s alpha. CR composite reliability. AVE average variance extracted.

indicates that the beneficial effect of being aware of cryptocur-

I want to use services that accept
I believe that government backing

I believe that cryptocurrency is a

I want to use cryptocurrency for

rency on its usefulness becomes more pronounced when

individuals trust cryptocurrency. This elevated perception of
cryptocurrency payments.

usefulness, in turn, makes it more likely for them to adopt

cryptocurrency.
cryptocurrency.

Discussion
convenience.

In the digital age, with technological advancements creating

purchases.

ripples throughout every industry, the finance sector has also seen
significant shifts. Cryptocurrency, a nascent financial instrument,
Item

has brought about a paradigm shift in the way we perceive and

handle monetary transactions. These digital assets, from their
inception, have not only prompted discussions around techno-
logical intricacies but have also spurred debates in relation to
Table 2 (continued)

awareness, usability, and trust. Our study aims to add to this

discourse by illuminating cryptocurrency awareness, acceptance,
Cryptocurrency

and adoption.
Construct

adoption

On cryptocurrency awareness as the main predictor. The cur-

rent research confirms that a clear understanding or awareness of
cryptocurrency plays a pivotal role in its adoption. This aligns

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Table 3 Correlation matrix.

Construct 1 2 3 4 5
1. Cryptocurrency adoption 0.888
2. Cryptocurrency ease of use 0.378 0.829
3. Cryptocurrency usefulness 0.244 0.233 0.853
4. Cryptocurrency awareness 0.379 0.662 0.307 0.844
5. Cryptocurrency trust 0.335 0.557 0.264 0.539 0.836

Note(s): The diagonal and bold values represent the square root of AVE.

Table 4 Structural model.

Hypothesis and relationship β-value Mean Standard t-value p-value Outcome

deviation
Panel A. Main effects
H1. Cryptocurrency awareness → Cryptocurrency adoption 0.192 0.186 0.078 2.466 0.014 Supported
Cryptocurrency awareness → Cryptocurrency ease of use 0.470 0.468 0.058 8.070 0.000
Cryptocurrency awareness → Cryptocurrency usefulness 0.288 0.286 0.061 4.821 0.000
Cryptocurrency ease of use → Cryptocurrency adoption 0.220 0.224 0.069 3.210 0.001
Cryptocurrency usefulness → Cryptocurrency adoption 0.134 0.136 0.056 2.386 0.017
Cryptocurrency trust → Cryptocurrency ease of use 0.224 0.229 0.054 4.182 0.000
Cryptocurrency trust → Cryptocurrency usefulness 0.220 0.222 0.056 3.918 0.000
Panel B. Mediating effects
H2. Cryptocurrency awareness → Cryptocurrency ease of use → Cryptocurrency 0.103 0.105 0.036 2.870 0.004 Supported
adoption
H3. Cryptocurrency awareness → Cryptocurrency usefulness → Cryptocurrency 0.038 0.039 0.018 2.180 0.030 Supported
adoption
Panel C. Moderating effects
H4a. Cryptocurrency awareness × Cryptocurrency trust → Cryptocurrency ease 0.164 0.051 0.020 8.291 0.013 Supported
of use → Cryptocurrency adoption
H4b. Cryptocurrency awareness × Cryptocurrency trust → Cryptocurrency 0.117 0.039 0.018 6.579 0.030 Supported
usefulness → Cryptocurrency adoption
Panel D. R2
Cryptocurrency ease of use R2 = 0.515.
Cryptocurrency usefulness R2 = 0.148.
Cryptocurrency adoption R2 = 0.189.

with the intuitive idea that when people understand something, On cryptocurrency trust as a moderator. The discussion on
they are more likely to engage with it. This finding resonates with cryptocurrency adoption is incomplete without addressing cryp-
Gong et al. (2023) assertion that a person’s ability to recognize tocurrency trust. Trust emerges as a significant moderator,
and comprehend the efficacy of a technological innovation, in this bridging the gap between awareness and adoption. The research
case, cryptocurrency, is crucial for its acceptance in the market. aligns with Zafar et al. (2021) stance that trust can significantly
Essentially, the more informed an individual is about crypto- reduce the ambiguity and potential perceived risks associated
currency, the more likely they are to venture into its use without with adopting new technologies. In the world of digital transac-
apprehension. tions, where tangible cash does not exchange hands, crypto-
currency trust becomes a linchpin ensuring the smooth transition
On cryptocurrency, ease of use, and usefulness as mediators. from traditional to digital currencies.
The present study also illuminates the vital roles that crypto-
currency ease of use and usefulness play in the adoption process. Theoretical implications. The evolution of technology, especially
These factors essentially dictate the user’s experience and the in the realm of financial systems, necessitates a continuous
perceived tangible benefits of engaging with cryptocurrency. reassessment and refinement of existing theoretical and con-
On the one hand, cryptocurrency ease of use emphasizes the ceptual frameworks. Cryptocurrencies, with their transformative
importance of user-friendly experiences in technology adoption, a potential and inherent complexities, present an opportune con-
sentiment resonant with Chen and Aklikokou (2020) research. If text for examining the adaptability and relevance of established
potential users perceive a technology as complicated or theories. Against this backdrop, our exploration into the appli-
inaccessible, they are less likely to engage with it, even if they cation and extension of TAM for understanding cryptocurrency
are aware of its existence. adoption stands as a testimony to the model’s versatility and the
On the other hand, cryptocurrency’s usefulness underscores necessity for its evolution in line with contemporary technological
the tangible benefits users derive from the technology. This aligns challenges. Delving deeper into the findings, several pivotal the-
with Theiri et al. (2022) assertion that the perceived usefulness of oretical implications emerge, which are expounded upon below.
technological innovation can heavily impact one’s intent to
engage with it. For cryptocurrencies to become mainstream, Extending TAM to cryptocurrencies. Since its inception, TAM has
platforms need to clearly elucidate not just the ‘how-to’ but also served as a linchpin in understanding technology acceptance across
the ‘why’ of their technology. various domains (Lim, 2018). In expanding TAM’s purview to

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include cryptocurrencies, this study embarks on uncharted theo- becomes increasingly intertwined with daily life, understanding the
retical territory. The implications of this extension are manifold. determinants that shape the adoption of emerging financial tech-
Firstly, it attests to the dynamism and versatility of TAM as a nologies such as cryptocurrencies is of paramount importance.
model, proving its applicability even in contexts as nascent and
volatile as cryptocurrency. Secondly, it allows for a structured Nurturing cryptocurrency awareness. Our study emphasizes the
analysis of an area that, despite its growing relevance, remains centrality of awareness in the adoption process. For policymakers
under-theorized. By providing a structured lens, the extended and institutions keen on promoting cryptocurrencies, it becomes
TAM offers a blueprint for future researchers to further investigate imperative to first ensure that the general populace has a foun-
and understand the nuances of cryptocurrency adoption. dational understanding of what these digital currencies entail.
This does not just mean superficial knowledge but a deeper
Incorporation of awareness in TAM. Awareness, as highlighted by comprehension of how cryptocurrencies work, their benefits,
this study, is not merely an ancillary factor but a core determinant potential risks, and the broader implications for the financial
in the adoption process, especially for emergent technologies like landscape. Financial institutions, educational institutions, and
cryptocurrency. While traditional TAM constructs acknowledge governments can collaborate to create awareness campaigns, host
the importance of prior experience (Shahzad et al., 2018), the workshops, or develop educational modules tailored to different
explicit introduction of awareness propels it to the forefront of demographic groups. Such initiatives can demystify the concept
technology acceptance discussions. This enhancement suggests of cryptocurrencies and potentially accelerate their mainstream
that for newer technologies, a foundational level of knowledge or acceptance.
awareness might be a pre-requisite before users can even begin to
gauge the ease of use or usefulness. This research’s emphasis on Strengthening trust in cryptocurrency. The inherent nature of
awareness invites future theoretical explorations on how aware- cryptocurrency, with its foundation in cryptographic algorithms
ness is cultivated, its potential barriers, and its progressive and blockchain technology, already provides a level of security
influence on user acceptance as technologies evolve. and transparency that is unparalleled in many traditional finan-
cial systems. Blockchain’s decentralized and immutable ledger
Introduction of trust in TAM. Trust, particularly in financial ensures that transactions are transparent and resistant to tam-
domains, is a multifaceted construct that encompasses cognitive, pering. However, trust in cryptocurrency goes beyond the mere
emotional, and behavioral dimensions. By weaving trust into the technological facets.
fabric of TAM as a moderating entity, this study illuminates the To begin, while blockchain and cryptography form the core of
complexities between logic-driven usability concerns and emo- the technology, the platforms, wallets, exchanges, and interfaces
tionally charged trust issues. Recognizing trust as a moderator that users interact with are not infallible. These can be susceptible
showcases the intricate balance consumers must strike when to hacking, mismanagement, or fraudulent schemes, as has been
considering the adoption of financial technologies: while they evidenced by numerous high-profile cryptocurrency thefts and
may perceive cryptocurrencies as easy to use or useful, trust or exchange failures. To address these concerns, tech developers and
lack thereof can significantly skew these perceptions and con- financial institutions should continuously invest in enhancing the
sequent behaviors. This enriched understanding of trust’s mod- security of these peripheral platforms. This can include multi-
erating role invites deeper dives into the nuances of trust—how it factor authentication, cold storage solutions, and regular security
is established, maintained, and potentially restored—in the con- audits.
text of the technology adoption of cryptocurrency. Next, for many potential adopters, the complex technicalities of
blockchain and cryptography can be overwhelming. They might
Responding to scholarly calls. Academic discourse thrives on the not fully grasp the intricacies of how these technologies bolster
interconnectedness of scholarly pursuits. By heeding the calls of security, leading to hesitations in adoption. To mitigate this, there
Kumar et al. (2021) and others, this study stands as a testament to is a need for transparent communication that demystifies these
the collaborative nature of academic advancement. Addressing concepts for the average user. Educational initiatives that simplify
gaps identified by predecessors not only strengthens the study’s and explain the technological underpinnings can foster trust
relevance but also positions it as a responsive piece of scholarly among users who might be on the fence due to a lack of
work. It also sets the stage for potential reciprocal advancements, understanding.
as future researchers might build upon these findings, leading to Lastly, the regulatory landscape plays a pivotal role in shaping
an iterative and collaborative expansion of knowledge in the trust. In the absence of clear regulatory guidelines, the
domain, in this case, cryptocurrency. cryptocurrency market can become a wild west of sorts, with
potential risks for investors and users. Policymakers can help
Theoretical generalizability and extension. As Lim (2018) cultivate trust by introducing balanced regulations that protect
emphasized, the true strength of a theory lies not just in its users without stifling innovation. This could involve setting
foundational tenets but also in its adaptability to new contexts standards for cryptocurrency exchanges, mandating transparency
and challenges. By demonstrating TAM’s applicability in the in initial coin offerings (ICOs), or establishing a legal framework
cryptocurrency arena and further enhancing it with new con- for the resolution of disputes in the crypto domain.
structs, this study magnifies the theory’s robustness. This act of
both generalizing and extending underscores the importance of Tailoring education and outreach initiatives. The interplay
continually revisiting and refining theoretical models, ensuring between awareness, ease of use, and usefulness suggests that a
they remain relevant and reflective of evolving technological one-size-fits-all approach to cryptocurrency education might be
landscapes. suboptimal. Different demographic groups might have varied
levels of technological proficiency and financial literacy. Policy-
makers and institutions should consider these nuances when
Practical implications. The findings of this research, while deeply designing outreach programs. For instance, younger demo-
embedded in academic exploration, carry profound implications graphics might be more receptive to digital workshops or mobile
for real-world applications, especially for policymakers, financial apps that educate about cryptocurrencies, while older groups
institutions, and technology developers. As the digital world might benefit from traditional seminars or literature.

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Informed policy making. Our research equips policymakers with graduates, whose perspectives and lifestyles might differ con-
insights into the multifaceted factors that influence cryptocurrency siderably from those who are less educated. Their propensity to be
adoption. With a nuanced understanding of the role of awareness more liberal, technologically advanced, and quicker to engage with
and trust, governments can make informed decisions when crafting novel concepts might influence their receptiveness to crypto-
policies around cryptocurrency regulation. For example, by currencies. Future studies could benefit from exploring different
recognizing the importance of trust, policymakers might emphasize demographic variables and diverse population samples.
transparency and accountability in cryptocurrency transactions, Another constraint is the geographical scope of the study. The
mandating periodic audits or setting up regulatory bodies specifi- data were predominantly drawn from respondents in Lahore,
cally for monitoring cryptocurrency-related activities. Pakistan. Expanding this to other prominent cities like Faisala-
bad, Multan, Islamabad, and Karachi could present a more
comprehensive picture of cryptocurrency acceptance across dif-
Conclusion ferent urban contexts in the country. Moreover, an international
In a rapidly evolving digital landscape, the role of crypto- comparison of cryptocurrency adaptability, contrasting Pakistan
currencies has emerged as a significant paradigm shift in our with both developed and developing nations, might provide
understanding of finance and monetary transactions. This study, intriguing insights.
through its adoption and extension of TAM to the realm of Furthermore, while this research has prioritized awareness as a
cryptocurrency, has cast light upon the intricate dynamics central variable, there are other pertinent variables left uncharted.
underpinning the acceptance and adoption of such innovative Aspects such as government support, societal influences, and even
financial technologies. technological design could be examined within the framework of
The findings suggest that awareness is a foundational element TAM in subsequent studies.
in the acceptance process. A heightened level of understanding Moreover, it is important to note the specificity of the variables
substantially bolsters consumers’ perceptions regarding the ease explored. This research primarily centered on adoption-centric
of use and usefulness of cryptocurrencies. Noteworthily, the variables of cryptocurrencies. Expansive variables, such as the
established constructs of ease of use and usefulness in TAM long-term sustainability of cryptocurrencies and facets like Bit-
remain significant predictors for cryptocurrency adoption, coin mining, warrant examination in future research endeavors.
emphasizing the robustness of the model even in novel contexts. Last but not least, a procedural limitation arises from the
More importantly, trust acts as a pivotal moderating variable. methodology employed: data collection at a single point in time
While the inherent cryptographic nature and blockchain foun- using an adapted questionnaire. It would be invaluable for future
dations of cryptocurrency provide a baseline of trust, it is the researchers to embrace a longitudinal research approach, which
additional psychological facets of confidence and reliability that would lend robustness and ensure the consistency and validity of
influence adoption. findings over time.
Theoretically, our findings serve as a testament to the gen- In closing, this study underscores the transformative potential
eralizability and versatility of TAM, affirming its applicability of cryptocurrencies in reshaping our financial future. However,
even in complex, relatively nascent domains like cryptocurrency. for this potential to be fully realized, understanding and addres-
By integrating the pivotal variables of awareness and trust into the sing the intricacies of user awareness, acceptance, and adoption,
model, this research has not only enriched TAM but has also as delineated in this research, will be pivotal. We remain hopeful
provided a nuanced understanding of how individuals perceive, that our findings will serve as a cornerstone for both academic
trust, and ultimately decide to use or abstain from using cryp- and practical endeavors in the realm of cryptocurrency, propel-
tocurrencies. Our study underscores that while technological ling us towards a more inclusive, transparent, and trustworthy
advancements like cryptography and blockchain lay the digital financial landscape.
groundwork, the human factors of awareness and trust become
instrumental in the decision-making processes surrounding
technology adoption in financial contexts. Data availability
Practically, our findings carry profound implications for pol- The data used in this study can be made available by the corre-
icymakers, financial institutions, and tech developers. The sponding author(s) upon reasonable request.
recognition that awareness and trust are cardinal in driving
cryptocurrency adoption means stakeholders have a roadmap for Received: 20 May 2023; Accepted: 8 December 2023;
fostering a more inclusive and transparent digital financial eco-
system. Whether it is through comprehensive educational cam-
paigns, fortified security measures, or sensible regulation, the path
to bolstering public confidence and understanding in crypto-
currencies has been delineated.
As with all explorations, our study opens the doors to References
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