Research Article

DOI :10.26650/ISTJECON2022-1132199   IUP :10.26650/ISTJECON2022-1132199    Full Text (PDF)

Investigating Consumers’ Attitudes on Cryptocurrency Usage as an Online Shopping Payment Method in the City of Izmir

Mesut FenkliAyşe Nur ÇırakSerhat Soylu

Cryptocurrencies that are not affiliated with any certain institution or organization are currencies that cannot be physically held but can be converted into physical currency. The first cryptocurrency appeared in 2009, and since then, the intense interest in cryptocurrency around the world has led to the emergence of 10,266 different types of cryptocurrencies. Due to the intense interest in cryptocurrencies in recent years, this study, investigates consumers’ attitudes towards the use of cryptocurrencies as a payment method for online shopping based on the technology acceptance model (TAM). The study’s data were collected using the survey method applied to 212 participants in Izmir. According to the independent t-test and ANOVA applied to the obtained data, participants’ gender, educational status and occupational status were seen to not result in any were seen to not result in any significant difference regarding attitudes toward using cryptocurrencies, while their age and income status resulted in significant differences regarding their attitude. In addition, the hypotheses created for the research were tested by estimating the structural equation model (PLS-SEM), and the factors of convenience, trust, and benefit were determined to be positively related to attitude, while the factor of risk determined to be negatively related to attitude.

JEL Classification : E22 , E44 , E51
DOI :10.26650/ISTJECON2022-1132199   IUP :10.26650/ISTJECON2022-1132199    Full Text (PDF)

İzmir İlinde Tüketicilerin Online Alışverişlerinde Ödeme Yöntemi Olarak Kripto Para Kullanımına Yönelik Tutumu Üzerine Bir Araştırma

Mesut FenkliAyşe Nur ÇırakSerhat Soylu

Belli bir kuruma ve kuruluşa bağlı olmayan kripto paralar elle tutulamayan ancak fiziksel para birimlerine de dönüştürülebilen para birimleridir. İlk kripto para 2009 yılında ortaya çıkmış ve sonrasında dünya genelinde kripto paraya gösterilen yoğun ilgi 10.266 farklı çeşit kripto para biriminin çıkmasına neden olmuştur. Son dönemlerde kripto para birimlerine gösterilen yoğun ilgiden dolayı bu çalışmada Teknoloji Kabul Modeli (TAM) esas alınarak tüketicilerin online alışverişlerinde ödeme yöntemi olarak kripto para kullanımına yönelik tutumları araştırılmıştır. Çalışmanın verileri İzmir ilindeki 212 katılımcıya uygulanan anket metoduyla toplanmıştır. Elde edilen verilere uygulanan bağımsız testi ve Anova analizine göre katılımcılar arasında cinsiyetin, eğitim durumunun ve meslek durumlarının kripto para kullanmaya yönelik tutumları üzerinde anlamlı farklılığa neden olmadığı, katılımcıların yaş ve gelir durumlarının ise tutum üzerinde anlamlı farklılığa neden olduğunu görülmüştür. Ayrıca, araştırma için oluşturulan hipotezler yapısal eşitlik modeli (PLS-SEM) tahmin edilerek test edilmiş; kolaylık, güven, fayda faktörlerinin tutum üzerinde pozitif yönlü, risk faktörünün ise tutum üzerinde negatif yönlü ilişkisi tespit edilmiştir.

JEL Classification : E22 , E44 , E51


The concept of cryptocurrency entered the world for the first time in 2008 with an article by Satoshi Nakamoto: it maintained its importance in 2009 with Bitcoin as the first cryptocurrency in addition to Bitcoin, cryptocurrency types such as Ethereum, Ripple, and Litecoin are also used these days. Addressing the words crypto and cryptology would be useful when explaining the concept of cryptocurrency. Cryptology is narrowly defined as the science of encryption. Due to cryptology, all kinds of data (e.g., letters, numbers, symbol) are decrypted in a virtual environment and access to much data is provided. The blockchain mechanism creates the infrastructure system for cryptocurrencies. Blockchain has a transparent, decentralized, digital ledger data structure involving a peer-topeer payment system on the Internet.

Cryptocurrency has many advantages and disadvantages. Among the advantages of cryptocurrencies are the absence of inflation, unlimited transaction opportunities, low transaction costs, no specific center, ease of use and being seen as a profitable investment tool. Meanwhile, reasons such as being too volatile and being a high investment risk fall among some of its disadvantages. Cryptocurrencies are used by many sectors thanks to the Blockchain system. Sectors that use cryptocurrencies the most can be listed as travel, real estate, social media, education, and retail. The use of cryptocurrencies is becoming widespread in Türkiye as well as throughout the world. Cryptocurrency awareness started in 2017 in Türkiye. Cryptocurrency exchanges have been opened, and trading in these markets has accelerated. In fact, the Bitcoin ATM installed at Istanbul Atatürk Airport was one of the first in the world in this field. Due to the intense interest in cryptocurrency, this study investigates consumers’ attitudes towards cryptocurrency usage as a payment method in their online shopping based on the technology acceptance model (TAM).

TAM is not a model that explains the place that information systems will have in human life in the future. Instead, TAM aims to reveal individuals’ attitudes, usage, and behaviors toward information systems. This model uses as few external variables as possible to explain the factors affecting the behaviors of information system users through a theoretically validated model. TAM consists of six interrelated factors: relevance, perceived usefulness, perceived ease of use, attitude, behavioral intention, and transition to current use. TAM’s validity has been tested over many areas, such as e-mail, mobile phones, computers, databases, and online shopping. This study aims to measure the effect of consumers’ attitudes toward cryptocurrencies on cryptocurrency as a payment method for online shopping. For this purpose, the study applies the survey method, which is one of the most used methods in the social sciences and obtains data from primary sources. For the research, online questionnaire forms were sent to participants residing in İzmir between March 15, 2022, and May 5, 2022, via mobile phone and e-mail, with the data being collected through an online response system. All consumers residing in İzmir constitute the main population of the research. However, due to the difficulty of reaching the entire main population. The questionnaires were sent to as many people as possible, of whom 212 participants responded. The sample of the study consists of these 212 participants study, seeks answers for the five hypotheses: regarding convenience: risk, benefit, trust, and attitude.

The based study found no significant difference between the variables and genders with respect to consumers’ attitudes toward cryptocurrency usage as a payment method for online shopping, and the t-test and analysis of variance (ANOVA) results. The consumers’ educational and professional statuses were evaluated according to the participants’ ages and monthly income levels. In addition, the TAM based hypothesis tests were estimated through equation modeling with the results from the hypotheses showing the factors of convenience, benefit, and trust to positively affected the factor of attitude, while the factor risk negatively affected attitude in the predicted model. In addition, the factor of attitude emerged as an explanatory factor for the factor of intention. Due to the research topic being new, comparing the study with larger samples in the country and comparing the obtained results using models other than TAM, will be beneficial and contribute positively to the literature.

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Fenkli, M., Çırak, A.N., & Soylu, S. (2023). Investigating Consumers’ Attitudes on Cryptocurrency Usage as an Online Shopping Payment Method in the City of Izmir. Istanbul Journal of Economics, 73(1), 143-184.


Fenkli M, Çırak A N, Soylu S. Investigating Consumers’ Attitudes on Cryptocurrency Usage as an Online Shopping Payment Method in the City of Izmir. Istanbul Journal of Economics. 2023;73(1):143-184.


Fenkli, M.; Çırak, A.N.; Soylu, S. Investigating Consumers’ Attitudes on Cryptocurrency Usage as an Online Shopping Payment Method in the City of Izmir. Istanbul Journal of Economics, [Publisher Location], v. 73, n. 1, p. 143-184, 2023.

Chicago: Author-Date Style

Fenkli, Mesut, and Ayşe Nur Çırak and Serhat Soylu. 2023. “Investigating Consumers’ Attitudes on Cryptocurrency Usage as an Online Shopping Payment Method in the City of Izmir.” Istanbul Journal of Economics 73, no. 1: 143-184.

Chicago: Humanities Style

Fenkli, Mesut, and Ayşe Nur Çırak and Serhat Soylu. Investigating Consumers’ Attitudes on Cryptocurrency Usage as an Online Shopping Payment Method in the City of Izmir.” Istanbul Journal of Economics 73, no. 1 (Feb. 2024): 143-184.

Harvard: Australian Style

Fenkli, M & Çırak, AN & Soylu, S 2023, 'Investigating Consumers’ Attitudes on Cryptocurrency Usage as an Online Shopping Payment Method in the City of Izmir', Istanbul Journal of Economics, vol. 73, no. 1, pp. 143-184, viewed 21 Feb. 2024,

Harvard: Author-Date Style

Fenkli, M. and Çırak, A.N. and Soylu, S. (2023) ‘Investigating Consumers’ Attitudes on Cryptocurrency Usage as an Online Shopping Payment Method in the City of Izmir’, Istanbul Journal of Economics, 73(1), pp. 143-184. (21 Feb. 2024).


Fenkli, Mesut, and Ayşe Nur Çırak and Serhat Soylu. Investigating Consumers’ Attitudes on Cryptocurrency Usage as an Online Shopping Payment Method in the City of Izmir.” Istanbul Journal of Economics, vol. 73, no. 1, 2023, pp. 143-184. [Database Container],


Fenkli M, Çırak AN, Soylu S. Investigating Consumers’ Attitudes on Cryptocurrency Usage as an Online Shopping Payment Method in the City of Izmir. Istanbul Journal of Economics [Internet]. 21 Feb. 2024 [cited 21 Feb. 2024];73(1):143-184. Available from: doi: 10.26650/ISTJECON2022-1132199


Fenkli, Mesut - Çırak, AyşeNur - Soylu, Serhat. Investigating Consumers’ Attitudes on Cryptocurrency Usage as an Online Shopping Payment Method in the City of Izmir”. Istanbul Journal of Economics 73/1 (Feb. 2024): 143-184.


Published Online26.06.2023


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