Accepting financial transactions using blockchain technology and cryptocurrency: A customer perspective approach

Blockchain, and cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, are innovative FinTech technologies that speedily invade the finance market and changing the power of the global economy. However, there was a low acceptance of these technologies among consumers. There is a clear gap in-between that has not yet been taken into consideration and has been misunderstood on many platforms. This paper intends to estimate the usability of blockchain technology by investigating behavioral elements that affect customers' intention towards blockchain-based cryptocurrency transactions. Given the complexity of the technology, this study proposes a new integration model: The Technology Acceptance Model (TAM) together with new external variables regarding blockchain adoption characteristics such as trust, regulatory support, social influence, design, and experience. Surveys were conducted among international users to identify the impacts of these variables on their intention. Our findings indicate two powerful constructs (regulatory support and experience) that encourage customer trust towards blockchain-based applications. People surveyed agreed on a great sense of security and can trust the Blockchain-based applications when they are regulated and insured by the local government. Also, at a certain level of experience, users feel confident to use blockchain-based applications, a high level of trust supports technology adoption. As such, governments and businesses can dedicate efforts to enhance customers' trust and ultimately promote better acceptance of blockchain technology and its applications.