Skip to main content
SpringerLink
Log in

End-User Adoption of Cryptocurrency: A Literature Review

  • Conference paper
  • First Online:
HCI International 2022 - Late Breaking Papers. Design, User Experience and Interaction (HCII 2022)

Part of the book series: Lecture Notes in Computer Science ((LNCS,volume 13516))

Included in the following conference series:

  • 1392 Accesses

Abstract

The increasing presence of cryptocurrency has disrupted various areas such as financial, e-commerce, etc. This has attracted many scholars to investigate this technology, including its adoption. Yet, end-users adoption remains low despite numerous attempts to study the adoption. This paper conducts a systematic literature review of empirical studies on cryptocurrency adoption from individuals’ perspectives, aiming to identify research gaps that need to be addressed. A total of 50 articles were collected and reviewed. We illustrate that the majority of papers are quantitative, and the most widely utilized theories are TAM and UTAUT. Most of the reviewed studies investigate the adoption without context. Trust is the most critical factor impacting cryptocurrency adoption. Several gaps in the current literature have been identified and discussed. Consequently, future research agendas are suggested.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 39.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 54.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Notes

  1. 1.

    https://coinmarketcap.com/.

References

  1. Mazambani, L., Mutambara, E.: Predicting fintech innovation adoption in South Africa: the case of cryptocurrency. African J. Econ. Manag. Stud. (2019). https://doi.org/10.1108/AJEMS-04-2019-0152

  2. Blandin, A., et al.: 3rd global cryptoasset benchmarking study. SSRN Electron. J. (2020). https://doi.org/10.2139/ssrn.3700822

    Article  Google Scholar 

  3. Glaser, F., Zimmermann, K., Christian Weber, M.: Bitcoin-Asset or currency? Revealing users’ hidden intentions Management of Market Price Risks: Regulation and Coordination of Volatility Interruptions in Europe View project Social Media Management View project BITCOIN-ASSET OR CURRENCY? REVEALING USERS’ HIDDEN INTENTIONS (2014)

    Google Scholar 

  4. Hileman, G., Rauchs, M.: Global cryptocurrency benchmarking study. Cambridge Cent. Altern. Financ. (2017)

    Google Scholar 

  5. Wang, K.: Measuring Global Crypto Users A Study to Measure Market Size Using On-Chain Metrics (2021)

    Google Scholar 

  6. Auer, R., Tercero-Lucas, D.: Distrust or Speculation? The Socioeconomic Drivers of U.S. Cryptocurrency Investments (2021)

    Google Scholar 

  7. Al-Amri, R., Zakaria, N.H., Habbal, A., Hassan, S.: Cryptocurrency adoption: current stage, opportunities, and open challenges. Int. J. Adv. Comput. Res. 9, 293–307 (2019). https://doi.org/10.19101/ijacr.pid43

    Article  Google Scholar 

  8. Chu, J., Chan, S., Nadarajah, S., Osterrieder, J.: GARCH modelling of cryptocurrencies. J. Risk Financ. Manag. 10, 17 (2017). https://doi.org/10.3390/jrfm10040017

    Article  Google Scholar 

  9. Nakamoto, S.: Bitcoin: A Peer-to-Peer Electronic Cash System. (2008)

    Google Scholar 

  10. Yaga, D., Mell, P., Roby, N., Scarfone, K.: Blockchain technology overview. Natl. Inst. Stand. Technol., 1–68 (2018)

    Google Scholar 

  11. Schatsky, D., Muraskin, C.: Beyond bitcoin : blockchain is coming to disrupt your industry. Deloitte Univ. Press., 1–27 (2015)

    Google Scholar 

  12. Narayanan, A., Bonneau, J., Felten, E., Miller, A., Goldfeder, S., Clark, J.: Bitcoin and cryptocurrency technologies introduction to the book (2016)

    Google Scholar 

  13. Garriga, M., Dalla Palma, S., Arias, M., De Renzis, A., Pareschi, R., Andrew Tamburri, D.: Blockchain and cryptocurrencies: a classification and comparison of architecture drivers. Concurrency and Comput. Pract. Exp. 33, e5992 (2021). John Wiley and Sons Ltd

    Google Scholar 

  14. Webster, J., Watson, R.T.: Analyzing the Past to Prepare for the Future: Writing a Literature Review (2002)

    Google Scholar 

  15. Rogers, E.M.: Diffusion of Innovation. Free Press, New York (2003)

    Google Scholar 

  16. Kimmerl, J.: Understanding Users’ Perception on the Adoption of Stablecoins-Understanding Users’ Perception on the Adoption of Stablecoins - The Libra Case, 6–22 (2020)

    Google Scholar 

  17. Presthus, W., O’Malley, N.O.: Motivations and barriers for end-user adoption of bitcoin as digital currency. Procedia Comput. Sci. 121, 89–97 (2017). Elsevier B.V.

    Google Scholar 

  18. Spenkelink, H.: The adoption process of cryptocurrencies (2014). https://www.taylorfrancis.com/books/9781317766162/chapters/https://doi.org/10.4324/9781315801643-12

  19. Davis, F.D.: Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Q. Manag. Inf. Syst. 13, 319–339 (1989). https://doi.org/10.2307/249008

    Article  Google Scholar 

  20. Baur, A.W., Bühler, J., Bick, M., Bonorden, C.S.: Cryptocurrencies as a disruption? empirical findings on user adoption and future potential of bitcoin and co. In: Janssen, M., Mäntymäki, M., Hidders, J., Klievink, B., Lamersdorf, W., van Loenen, B., Zuiderwijk, A. (eds.) I3E 2015. LNCS, vol. 9373, pp. 63–80. Springer, Cham (2015). https://doi.org/10.1007/978-3-319-25013-7_6

    Chapter  Google Scholar 

  21. Cousins, K., Subramanian, H., Esmaeilzadeh, P.: A value-sensitive design perspective of cryptocurrencies: a research agenda. Commun. Assoc. Inf. Syst. 45, 27 (2019). https://doi.org/10.17705/1CAIS.04527

    Article  Google Scholar 

  22. Khairuddin, I.E., Sas, C., Clinch, S., Davies, N.: Exploring motivations among bitcoin users. In: Proceedings of the Conference on Human Factors in Computing Systems, pp. 2872–2878. Association for Computing Machinery (2016)

    Google Scholar 

  23. Abbasi, G.A., Tiew, L.Y., Tang, J., Goh, Y.N., Thurasamy, R.: The adoption of cryptocurrency as a disruptive force: deep learning-based dual stage structural equation modelling and artificial neural network analysis. PLoS ONE 16, e0247582 (2021). https://doi.org/10.1371/journal.pone.0247582

    Article  Google Scholar 

  24. Nadeem, M.A., Liu, Z., Pitafi, A.H., Younis, A., Xu, Y.: Investigating the repurchase intention of bitcoin: empirical evidence from China. Data Technol. Appl. 54, 625–642 (2020). https://doi.org/10.1108/DTA-10-2019-0182

    Article  Google Scholar 

  25. Nadim, M.: Understanding consumer adoption of cryptocurrencies (2017)

    Google Scholar 

  26. Tamphakdiphanit, J., Laokulrach, M.: Regulations and behavioral intention for use cryptocurrency in Thailand. J. Appl. Econ. Sci. 3, 523–531 (2020). https://doi.org/10.14505/jaes.v15.3(69).01

    Article  Google Scholar 

  27. Mendoza-Tello, J.C., Mora, H., Pujol-López, F.A., Lytras, M.D.: Social commerce as a driver to enhance trust and intention to use cryptocurrencies for electronic payments. IEEE Access 6, 50737–50751 (2018). https://doi.org/10.1109/ACCESS.2018.2869359

    Article  Google Scholar 

  28. Albayati, H., Kim, S.K., Rho, J.J.: Accepting financial transactions using blockchain technology and cryptocurrency: a customer perspective approach. Technol. Soc. 62, 101320 (2020). https://doi.org/10.1016/j.techsoc.2020.101320

    Article  Google Scholar 

  29. Gagarina, M., Nestik, T., Drobysheva, T.: Social and psychological predictors of youths’ attitudes to cryptocurrency. Behav. Sci. (Basel) 9, 118 (2019). https://doi.org/10.3390/bs9120118

  30. Abramova, S., Böhme, R.: Perceived Benefit and Risk as Multidimensional Determinants of Bitcoin Use: A Quantitative Exploratory Study (2016)

    Google Scholar 

  31. Almuraqab, N.A.: Predicting determinants of the intention to use digital currency in the UAE: an empirical study. Electron. J. Inf. Syst. Dev. Ctries. 86, e12125 (2020). https://doi.org/10.1002/isd2.12125

    Article  Google Scholar 

  32. Alqaryouti, O., Siyam, N., Alkashri, Z., Shaalan, K.: Cryptocurrency usage impact on perceived benefits and users’ behaviour. In: Themistocleous, M., Papadaki, M. (eds.) EMCIS 2019. LNBIP, vol. 381, pp. 123–136. Springer, Cham (2020). https://doi.org/10.1007/978-3-030-44322-1_10

    Chapter  Google Scholar 

  33. Ayedh, A., Echchabi, A., Battour, M., Omar, M.: Malaysian Muslim investors’ behaviour towards the blockchain-based bitcoin cryptocurrency market. J. Islam. Mark. 12, 690–704 (2020). https://doi.org/10.1108/JIMA-04-2019-0081

    Article  Google Scholar 

  34. Gil-Cordero, E., Cabrera-Sánchez, J.P., Arrás-Cortés, M.J.: Cryptocurrencies as a financial tool: acceptance factors. Mathematics 8, 1–16 (2020). https://doi.org/10.3390/math8111974

    Article  Google Scholar 

  35. Lee, W.-J.: Understanding consumer acceptance of fintech service : an extension of the TAM model to understand bitcoin. 20, 34–37 (2018). https://doi.org/10.9790/487X-2007023437

  36. Mendoza-Tello, J.C., Mora, H., Pujol-López, F.A., Lytras, M.D.: Disruptive innovation of cryptocurrencies in consumer acceptance and trust. IseB 17(2–4), 195–222 (2019). https://doi.org/10.1007/s10257-019-00415-w

    Article  Google Scholar 

  37. Murko, A., Vrhovec, S.L.R.: Bitcoin adoption: scams and anonymity may not matter but trust into bitcoin security does. In: ACM International Conference Proceeding Series. Association for Computing Machinery (2019)

    Google Scholar 

  38. Nadeem, M.A., Liu, Z., Pitafi, A.H., Younis, A., Xu, Y.: Investigating the adoption factors of cryptocurrencies—a case of bitcoin: empirical evidence from China. SAGE Open 11, 2158244021998704 (2021). https://doi.org/10.1177/2158244021998704

    Article  Google Scholar 

  39. Paschalie, L.E., Santoso, A.S.: Cryptocurrencies as investment instrument: a social commerce and subscription-based service perspective. J. Bus. Econ. Anal. 3, 106–132 (2020). https://doi.org/10.36924/sbe.2020.3202

    Article  Google Scholar 

  40. Rodenrijs, N., Wokke, J.: Will social media make or break the acceptance in new technology ? (2018). https://api.semanticscholar.org/CorpusID:49471950

  41. Shahzad, F., Xiu, G.Y., Wang, J., Shahbaz, M.: An empirical investigation on the adoption of cryptocurrencies among the people of mainland China. Technol. Soc. 55, 33–40 (2018). https://doi.org/10.1016/j.techsoc.2018.05.006

    Article  Google Scholar 

  42. Siquian, J.V.: Examining the Influence of Gender and Age on Acceptance Rates of Bitcoin (2020)

    Google Scholar 

  43. Sohaib, O., Hussain, W., Asif, M., Ahmad, M., Mazzara, M.: A PLS-SEM neural network approach for understanding cryptocurrency adoption. IEEE Access 8, 13138–13150 (2020). https://doi.org/10.1109/ACCESS.2019.2960083

    Article  Google Scholar 

  44. Arias-Oliva, M., Pelegrín-Borondo, J., Matías-Clavero, G.: Variables influencing cryptocurrency use: a technology acceptance model in Spain. Front. Psychol. 10, 1–13 (2019). https://doi.org/10.3389/fpsyg.2019.00475

    Article  Google Scholar 

  45. Gunawan, F.E., Novendra, R.: An analysis of bitcoin acceptance in Indonesia. ComTech Comput. Math. Eng. Appl. 8, 241–247 (2017). https://doi.org/10.21512/comtech.v8i4.3885

    Article  Google Scholar 

  46. Hutchison, M.: Acceptance of Electronic Monetary Exchanges, Specifically Bitcoin, by Information Security Professionals: A Quantitative Study Using the Unified Theory of Acceptance and Use of Technology (UTAUT) Model (2017)

    Google Scholar 

  47. Novendra, R., Gunawan, F.E.: Analysis of technology acceptance and customer trust in bitcoin in Indonesia using UTAUT framework. KSII Trans. Internet Inf. Syst., 1–18 (2017)

    Google Scholar 

  48. Putra, I.G.N.A.P., Darma, G.S.: Is bitcoin accepted in Indonesia? Int. J. Innov. Sci. Res. Technol. 4, 424–430 (2019)

    Google Scholar 

  49. Silinskyte, J.: Understanding Bitcoin adoption: Unified Theory of Acceptance and Use of Technology (UTAUT) application (2014)

    Google Scholar 

  50. Ter Ji-Xi, J., Salamzadeh, Y., Teoh, A.P.: Behavioral intention to use cryptocurrency in Malaysia: an empirical study. Bottom Line 34, 170–197 (2021). https://doi.org/10.1108/BL-08-2020-0053

    Article  Google Scholar 

  51. Anser, M.K., Zaigham, G.H.K., Imran Rasheed, M., Pitafi, A.H., Iqbal, J., Luqman, A.: Social media usage and individuals’ intentions toward adopting Bitcoin: The role of the theory of planned behavior and perceived risk. Int. J. Commun. Syst. 33, e4590 (2020). https://doi.org/10.1002/dac.4590

    Article  Google Scholar 

  52. Schaupp, L.C., Festa, M.: Cryptocurrency adoption and the road to regulation. In: ACM International Conference Proceeding Series. Association for Computing Machinery (2018)

    Google Scholar 

  53. Yoo, K., Bae, K., Park, E., Yang, T.: Understanding the diffusion and adoption of bitcoin transaction services: the integrated approach. Telemat. Inf. 53, 101302 (2020). https://doi.org/10.1016/j.tele.2019.101302

    Article  Google Scholar 

  54. Ajouz, M., Abdullah, A., Kassim, S.: Acceptance of Sharīʿah-compliant precious metal-backed cryptocurrency as an alternative currency: an empirical validation of adoption of innovation theory. Thunderbird Int. Bus. Rev. 62, 171–181 (2020). https://doi.org/10.1002/tie.22106

    Article  Google Scholar 

  55. Hoens, T.: The Adoption of Cryptocurrencies as Speculative Investment by Users from Netherlands (2019)

    Google Scholar 

  56. Huang, W.: The impact on people’s holding intention of bitcoin by their perceived risk and value. Econ. Res. Istraz. 32, 3570–3585 (2019). https://doi.org/10.1080/1331677X.2019.1667257

    Article  Google Scholar 

  57. Pakrou, M., Amir, K.: The Relationship between Perceived Value and the Intention of Using Bitcoin (2016)

    Google Scholar 

  58. Voskobojnikov, A., Wiese, O., Koushki, M.M.: The u in crypto stands for usable: an empirical study of user experience with mobile cryptocurrency wallets. In: Proceedings of the Conference on Human Factors Computing Systems (2021). https://doi.org/10.1145/3411764.3445407

  59. Alharbi, A., Sohaib, O.: Technology readiness and cryptocurrency adoption: PLS-SEM and deep learning neural network analysis. IEEE Access 9, 21388–21394 (2021). https://doi.org/10.1109/ACCESS.2021.3055785

    Article  Google Scholar 

  60. Alaklabi, S., Kang, K.: Perceptions towards cryptocurrency adoption: a case of Saudi Arabian citizens. IBIMA Bus. Rev. 2021, 1–17 (2021). https://doi.org/10.5171/2021.110411

    Article  Google Scholar 

  61. Abraham, J., Sutiksno, D.U., Kurniasih, N., Warokka, A.: Acceptance and penetration of bitcoin: the role of psychological distance and national culture. SAGE Open 9, 1–14 (2019). https://doi.org/10.1177/2158244019865813

    Article  Google Scholar 

  62. Walton, A., Johnston, K.: Exploring perceptions of bitcoin adoption: the south african virtual community perspective. Interdiscip. J. Inf. Knowl. Manag. 13, 165–182 (2018). https://doi.org/10.28945/4080

    Article  Google Scholar 

  63. Arias-Oliva, M., de Andrés-Sánchez, J., Pelegrín-Borondo, J.: Fuzzy set qualitative comparative analysis of factors influencing the use of cryptocurrencies in spanish households. Mathematics 9, 1–19 (2021). https://doi.org/10.3390/math9040324

    Article  Google Scholar 

  64. Göbert, M.: End-user Adaptation of Cryptocurrencies (2018)

    Google Scholar 

  65. Esmaeilzadeh, P., Cousins, K., Subramanian, H.: A utility theory model for individual adoption of bitcoin. In: Proceedings of the International Conference on Information Resources Management (CONF-IRM) (2020)

    Google Scholar 

  66. Voskobojnikov, A., Abramova, S., Beznosov, K., Böhme, R.: Non-Adoption of Crypto-Assets: Exploring the Role of Trust, Self-Efficacy, and Risk (2021)

    Google Scholar 

  67. Gefen, K.: Straub: trust and TAM in online shopping: an integrated model. MIS Q. 27, 51 (2003). https://doi.org/10.2307/30036519

    Article  Google Scholar 

  68. Venkatesh, V., Brown, S.A., Bala, H.: Bridging the Qualitative-Quantitative Divide: Guidelines for Conducting Mixed Methods Research in Information Systems Quarterly Bridging the Qualitative-Quantitative Divide: Guidelines for Conducting Mixed Methods Research in Information Systems1 (2013)

    Google Scholar 

  69. Hamari, J., Keronen, L.: Why do people buy virtual goods: a meta-analysis. Comput. Human Behav. 71, 59–69 (2017). https://doi.org/10.1016/j.chb.2017.01.042

    Article  Google Scholar 

  70. Sas, C., Khairuddin, I.E.: Exploring trust in bitcoin technology: a framework for HCI research. In: Proceedings of the OzCHI 2015 Conference on Being Human, pp. 338–342 (2015). https://doi.org/10.1145/2838739.2838821

  71. Möser, M., Böhme, R.: Trends, Tips, Tolls: A Longitudinal Study of Bitcoin Transaction Fees. Presented at the (2015)

    Google Scholar 

  72. Spiegelman, A., Keidat, I., Tennenholtz, M.: Game of coins. In: Proceedings of the International Conference on Distributed Computing Systems, 2021-July, pp. 954–964 (2021). https://doi.org/10.1109/ICDCS51616.2021.00095

  73. Tsabary, I., Eyal, I.: The Gap Game, 132–132 (2018). https://doi.org/10.1145/3211890.3211905

  74. Kavanagh, D., Miscione, G., Dylan-Ennis, P.: The bitcoin game: ethno-resonance as method. Organization 26, 517–536 (2019). https://doi.org/10.1177/1350508419828567

    Article  Google Scholar 

  75. Verduyn, M.C.-: Bitcoin and Beyond Cryptocurrencies, Blockchains, and Global Governance. Routledge (2018)

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. School of Computing, College of CDM, DePaul University, 243 S. Wabash Avenue, Chicago, IL, 60604, USA

    Saeed Abooleet & Xiaowen Fang

Authors
  1. Saeed Abooleet
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Xiaowen Fang
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Saeed Abooleet .

Editor information

Editors and Affiliations

  1. The Open University of Japan, Chiba, Japan

    Masaaki Kurosu

  2. Tokyo University of Science, Tokyo, Saitama, Japan

    Sakae Yamamoto

  3. Tokyo City University, Tokyo, Japan

    Hirohiko Mori

  4. Southern University of Science and Technology, Shenzhen, China

    Marcelo M. Soares

  5. World Usability Day and Bubble Mountain Consulting, Newton Center, MA, USA

    Elizabeth Rosenzweig

  6. Aaron Marcus and Associates, Berkeley, CA, USA

    Aaron Marcus

  7. Tsinghua University, Beijing, China

    Pei-Luen Patrick Rau

  8. Coventry University, Coventry, UK

    Don Harris

  9. Cranfield University, Cranfield, UK

    Wen-Chin Li

Rights and permissions

Reprints and permissions

Copyright information

© 2022 The Author(s), under exclusive license to Springer Nature Switzerland AG

About this paper

Check for updates. Verify currency and authenticity via CrossMark

Cite this paper

Abooleet, S., Fang, X. (2022). End-User Adoption of Cryptocurrency: A Literature Review. In: Kurosu, M., et al. HCI International 2022 - Late Breaking Papers. Design, User Experience and Interaction. HCII 2022. Lecture Notes in Computer Science, vol 13516. Springer, Cham. https://doi.org/10.1007/978-3-031-17615-9_23

Download citation

  • DOI: https://doi.org/10.1007/978-3-031-17615-9_23

  • Published:

  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-031-17614-2

  • Online ISBN: 978-3-031-17615-9

  • eBook Packages: Computer ScienceComputer Science (R0)

Publish with us

Policies and ethics

Search

Navigation