Blockchain: Concepts, Issues, and Applications

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DOI :10.26650/B/T8SSc4.2024.041.003   IUP :10.26650/B/T8SSc4.2024.041.003    Full Text (PDF)

Consumer Insights on Cryptocurrencies: Determining the Main Motivations, Advantages and Risk Factors of Using Cryptocurrency

Merve Kır, Süphan Nasır

Consumer insights related with cryptocurrencies will help to contribute expansion of cryptocurrency market. Thus, within the scope of this study, factors that facilitate the adoption of cryptocurrencies, main motivations of buying cryptocurrencies, perceived advantages and risks associated with cryptocurrencies, trust towards cryptocurrencies, perceived ease of use and usefulness of cryptocurrencies, and also intention to use cryptocurrencies were examined. An online survey was conducted with 831 participants and 322 of them are non-users and 499 of the participants are users. The results indicates differences in knowledge level and expectations related with cryptocurrencies between users and non-users. However, findings of the study shows that users and non-users strongly agree that making legal regulations, providing education about purchase, storage, and use of cryptocurrencies, establishment of price stability, and procurement of cryptocurrencies through banks facilitate widespread adoption of cryptocurrencies. As the result of the factor analysis, reasons of purchasing cryptocurrencies grouped under two main motivations that are “investing and transactioning tool” and “making money in a short time”. Users purchase cryptocurrencies much more as an “investing and transactioning tool” and they do not want to miss opportunities related to cryptocurrencies; so with this motivation they are purchasing cryptocurrencies to gain experience. Easy to use and access, high encryption, fast and low cost transactions and limited supply are among advantages that users consider important. Moreover, perceived risks of cryptocurrencies are explained by two factors; “financial and technical risks’” and “decentralized/ unregularized structure risks”. Since users have experience in purchasing and using cryptocurrencies, they do not perceive cryptocurrencies as so much risky. On the other hand, users’ confidence level towards the honesty of cryptocurrencies’ systems and their related services is moderate.


Keywords: Blockchain, Cryptocurrency, Bitcoin, Digital Currency, Perceived Trust, Perceived Risk

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