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The breakdown of net monthly household income for the sample was as follows: 6. As can be seen, income levels were quite high, which is reasonable given that the sample consisted of college-educated adults, who are more likely to earn higher salaries. This distribution is similar to that of the Spanish population as a whole.

Measurement model analysis. Principal component exploratory factor analysis with Varimax rotation was performed to check for the possible existence of dimensions in the scales. Reliability and convergent and discriminant validity analyses of the scales were then performed. The removal of items from the scales based on these analyses was decided at this stage. Explanatory model of the intention to use cryptocurrencies analysis of the structural model.

We analyzed the proposed explanatory model for the intention to use cryptocurrencies, calculating R 2 , Q 2 , path coefficients, and their estimated degree of significance. This analysis is also recommended when data do not follow a normal distribution or it is uncertain that they do.

The intention to use cryptocurrencies was low. The arithmetic mean of the intention to use them was a 3 on a scale of When respondents were asked about their use in the near future, the score increased to an average of 4, very close to the breaking point between using or not using cryptocurrencies 5.

Standard deviations were high the coefficient of variation was 1. Given the dispersion in the intention to use, it was highly advisable to develop an explanatory model to understand cryptocurrency acceptance behaviors. With this aim, we proposed the aforementioned model based on variables accepted by the scientific and academic community with high explanatory power regarding variability in the intention to use new technologies and products.

We performed an exploratory factor analysis to test the number of dimensions included in each scale. Each scale was found to have only one dimension. From an exploratory perspective, it was confirmed that the scales did not include any mental structures with more than one dimension.

Regarding the evaluation of the measurement mode, according to Hair et al. One of the observed variables showed a standardized loading slightly less than 0. In that case, we kept the variable based on Chin because the standardized loading rule of 0. The scales also showed an average variance extracted AVE greater than or equal to 0.

Table 3. Consistent PLS bootstrapping with resamples was used to evaluate the relevance of the path coefficients. Figure 4. Graphical model of the influence of the explanatory variables path coefficients on the intention to use cryptocurrencies and R 2. The Q 2 obtained with PLS predict was greater than 0, and Q 2 values greater than zero indicate that the exogenous constructs have predictive relevance.

It is thus confirmed that the model strongly explains the intention to use cryptocurrencies. The average variance explained by each antecedent variable of the intention to use is shown in Table 5. Table 5. Goodness of fit of the model, direct effects, p -value, correlation with the dependent variable and variance explained by the explanatory variables. The results indicate that performance expectancy and facilitating conditions significantly influence the intention to use cryptocurrencies.

Support was thus found for hypotheses H 1 and H 4. Therefore, although support was also found for H 2 , this support was less clear. No support was found for the rest of the hypotheses H 3 , H 5 , and H 6. With the objective of producing valid predictions of behavioral intention to use cryptocurrencies, we used PLS predict Shmueli et al.

This research sought to test an explanatory model of the intention to use a new financial technology, namely, blockchain-based cryptocurrencies. Perceived risk and financial literacy were also added, as variables specifically used in the analysis of fintech acceptance. The proposed model explains Effort expectancy also had significant explanatory power, but the influence was smaller 4. The high explanatory power of performance expectancy gives rise to the first finding: performance expectancy is the determinant variable in the acceptance of cryptocurrency financial technologies.

This finding is consistent with other studies that have found this variable to be determinant in the intention to use a given financial technology, including a biometric payment service Kim et al. Studies about cryptocurrencies and bitcoin in particular have reached the same results regarding the influence of performance expectancy on the intention to use, including in relation to electronic payments with cryptocurrencies Mendoza-Tello et al.

Perceived usefulness is also the most significant variable influencing the intention to use bitcoin Walton and Johnston, The variable with the second highest explanatory power was facilitating conditions. There is no consensus regarding the influence of facilitating conditions on the acceptance of financial technologies. Several studies have confirmed its influence Khan et al. With regard to effort expectancy, most of the literature suggests that it does influence financial technology acceptance e.

However, some authors have shown that effort expectancy does not influence fintech acceptance Khan et al. As for findings regarding cryptocurrency fintech in particular, effort expectancy has been shown to have a positive influence on cryptocurrency adoption Schaupp and Festa, and on bitcoin acceptance in China Shahzad et al.

Our results support the mainstream findings regarding the influence of effort expectancy on fintech acceptance: it is a significant factor. However, it is not the most influential one, nor is it critical to successful cryptocurrency acceptance compared to performance expectancy and facilitating conditions. A bitcoin study in South Africa Walton and Johnston, yielded similar findings. Various factors should be considered in relation to the analyses of the variables that were not statistically significant.

Given the current early stages of the development of cryptocurrency financial technologies and their technological basis blockchain , it might initially seem surprising that perceived risk was not found to be relevant to their adoption. Because of the anonymity pseudonymity and elimination of trusted intermediaries that cryptocurrencies entail, they can potentially be used for criminal activities e.

The reason for the present finding is the low variability of the explanatory variable perceived risk , which does not explain the variability in the intention to use cryptocurrencies. However, that does not mean that it is not an important factor in cryptocurrency acceptance. Support for this argument can be found in other industries. For instance, in the hotel industry, the degree of cleanliness of a high-end hotel has no explanatory power with regard to hotel choice, because customers in general assume that a high-end hotel will be clean.

This results in very low variability in the variable, such that cleanliness is not an influential variable in hotel choice. Thus, a very important variable cleanliness can play a critical role its absence would have a strong negative impact on the evaluation of the service , yet not be determinant in high-end hotel expectations and choice Medrano et al. This same logic can be applied to the cryptocurrency acceptance decision. Thus, the arithmetic mean of the three observable variables measuring perceived risk is 7.

That means that despite being a critical factor in cryptocurrency acceptance, risk does not affect the intention to use cryptocurrencies because most people assume that operating with them is risky. In their study specifically of cryptocurrencies, Mendoza-Tello et al. Likewise, Walton and Johnston show that the perceived security risk does not influence attitude toward or the intention to use bitcoin.

Another finding of our research is the non-significant role of social influence in explaining the intention to use cryptocurrencies. Previous studies reached the same conclusion: this variable does not influence the adoption of other financial technologies, such as plastic money Makanyeza and Mutambayashata, and online banking Khan et al.

However, opposite findings have also been reported, as in the m-banking studies by Kishore and Sequeira ; Mahfuz et al. The results of cryptocurrency acceptance studies are similarly contradictory. A study on electronic payments with cryptocurrencies considered the influence of social norm on acceptance to be non-significant, while other studies have found it to be significant, including one study on cryptocurrency adoption Schaupp and Festa, and another on bitcoin acceptance Shahzad et al.

With regard to cryptocurrency adoption, our findings indicate that social influence will not be key. Finally, we found that financial literacy has no power as an explanatory variable for cryptocurrency acceptance. Other studies about financial literacy have found that people with greater financial knowledge are less likely to make little-reasoned investments Lam and Lam, In that regard, Stolper and Walter , p. As we will review shortly, the majority of papers document a positive correlation between measures of financial literacy and sound financial behavior in various domains.

This is because financial literacy allows people to make better financial decisions. In some cases, the best decision could be not to invest, while in another it might be to invest. Our results contribute to previous findings. Greater financial knowledge allows a customer to more accurately evaluate the investment e. For this reason, financial literacy could influence the decision at the investment level, but does not have any significant influence on the decision at the technology level, which is the focus of the present research.

Thus, from a financial literacy perspective, the decision of whether or not to use a cryptocurrency could be based on financial criteria, not technology acceptance ones. Based on our findings, we propose several measures to operate with a greater likelihood of success in the cryptocurrencies and blockchain-related services market.

The first recommendation concerns the risk related to operating in these markets. The perceived risk of cryptocurrency transactions is very high; given the current status of the necessary technological development, customers and investors view investing in or operating with these new technological assets as very risky.

Therefore, future cryptocurrencies should seek to solve that problem as a condition for pre-adoption. Second, the product and service design for a new cryptocurrency or the innovation efforts for current ones should focus on performance as the most critical adoption factor. Cryptocurrency must become a high-value-added proposition for customers, and considerable marketing efforts must be undertaken to ensure that potential customers perceive this value. The more value added offered by a cryptocurrency, the more likely it is to be used.

Focusing on usefulness is a recommended strategy in the cryptocurrency market. The third recommendation concerns facilitating conditions. The intention to use a current or new cryptocurrency is heavily dependent on the conditions under which potential customers can operate with them. The fourth recommendation has to do with the effort a customer needs to make to use a cryptocurrency. Even through the effort required to learn and operate with a cryptocurrency is not one of the most important factors for acceptance, it is significant.

Finally, this research has some limitations. We focus on a very specific population segment: college-educated adults with a basic grasp of the Internet. Notwithstanding our discussion of and rationale for this decision, future studies should focus on other segments in order to gain a broader knowledge of cryptocurrency acceptance in society.

Another possible limitation is that this research was circumscribed to Spain. The results might be different if the survey had had a larger geographical scope or been conducted in another country e. Thus, future research should be conducted in other countries. Another factor that could be included in future research is sustainability of cryptocurrencies and blockchain mining.

Based on this finding, sustainability factors could have an implact on cryptocurrencies development. Cryptocurrencies are an emerging technology in constant evolution. Therefore, the findings of the present research should be interpreted with care. Consequently, future research should both include a longitudinal study to track the evolutionary adoption of cryptocurrencies and seek to update the model to future circumstances.

All authors listed have made a substantial, direct and intellectual contribution to the work, and approved it for publication. The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest. Ajzen, I. The theory of planned behavior. Bloomberg, J. Law Enforcement Is onto You. Google Scholar. Bort, J. Business Insider, 22 May. Business Wire Carson, B. Digital McKinsey, June.

CCN Chin, W. Issues and opinion on structural equation modelling. MIS Q. Coin Market Cap All Cryptocurrencies CoinMarketCap. Coinmap Davis, F. Perceived usefulness, perceived ease of use, and user acceptance of information technology. Deloitte Dijkstra, T. Exton, J. Falk, R. A Primer for Soft Modeling. Faqih, K. An empirical analysis of factors predicting the behavioral intention to adopt Internet shopping technology among non-shoppers in a developing country context: does gender matter?

Retailing Consum. Farah, M. Mobile-banking adoption: empirical evidence from the banking sector in Pakistan. Bank Mark. Featherman, M. Predicting e-services adoption: a perceived risk facets perspective, International. Federal Reserve System Felipe, C. Impact of organizational culture values on organizational agility. Sustainability Fishbein, M.

Boston, MA: Addison-Wesley. Gao, X. Gefen, D. An update and extension to SEM guidelines for administrative and social science research. Gold, A. Knowledge management: an organizational capabilities perspective. Hair, J. Theory Pract. Partial least squares structural equation modeling: rigorous applications better result and higher acceptance.

Long Range Plan. Hastings, J. Financial literacy, financial education, and economic outcomes. Holub, M. Bitcoin research across disciplines. Hussain, M. M-payment adoption for bottom of pyramid segment: an empirical investigation. ICObench Decil de Salarios Del Empleo Principal. Juels, A. Kannungo, S. Khan, I. Kim, S. A study on the factors affecting the intention to use biometrics in payment services. Kishore, S.

An empirical investigation on mobile banking service adoption in rural Karnataka. SAGE Open 6, Krause, M. Quantification of energy and carbon costs for mining cryptocurrencies. Krombholz, K. Grossklags, B. Preneel, and D. Hutchison — Lam, L. The association between financial literacy and problematic internet shopping in a multinational sample. Lin, J. Financial Capability in the United States Lusardi, A. The economic importance of financial literacy: theory and evidence.

Mahfuz, M. Makanyeza, C. Sun drove the development of Java, the application-programming language. As information on the web grew exponentially, Infoseek, Excite, AltaVista, and Yahoo were born to guide users around it.

Once this basic infrastructure gained critical mass, a new generation of companies took advantage of low-cost connectivity by creating internet services that were compelling substitutes for existing businesses. CNET moved news online. Amazon offered more books for sale than any bookshop. Priceline and Expedia made it easier to buy airline tickets and brought unprecedented transparency to the process. The ability of these newcomers to get extensive reach at relatively low cost put significant pressure on traditional businesses like newspapers and brick-and-mortar retailers.

Relying on broad internet connectivity, the next wave of companies created novel, transformative applications that fundamentally changed the way businesses created and captured value. These companies were built on a new peer-to-peer architecture and generated value by coordinating distributed networks of users. Think of how eBay changed online retail through auctions, Napster changed the music industry, Skype changed telecommunications, and Google, which exploited user-generated links to provide more relevant results, changed web search.

Companies are already using blockchain to track items through complex supply chains. The very foundations of our economy have changed. Blockchain—a peer-to-peer network that sits on top of the internet—was introduced in October as part of a proposal for bitcoin, a virtual currency system that eschewed a central authority for issuing currency, transferring ownership, and confirming transactions.

Bitcoin is the first application of blockchain technology. Just as e-mail enabled bilateral messaging, bitcoin enables bilateral financial transactions. A team of volunteers around the world maintains the core software. And just like e-mail, bitcoin first caught on with an enthusiastic but relatively small community.

Similarly, blockchain could dramatically reduce the cost of transactions. It has the potential to become the system of record for all transactions. If that happens, the economy will once again undergo a radical shift, as new, blockchain-based sources of influence and control emerge.

Consider how business works now. Keeping ongoing records of transactions is a core function of any business. Those records track past actions and performance and guide planning for the future. Many organizations have no master ledger of all their activities; instead records are distributed across internal units and functions.

The problem is, reconciling transactions across individual and private ledgers takes a lot of time and is prone to error. For example, a typical stock transaction can be executed within microseconds, often without human intervention. However, the settlement—the ownership transfer of the stock—can take as long as a week.

Instead a series of intermediaries act as guarantors of assets as the record of the transaction traverses organizations and the ledgers are individually updated. In a blockchain system, the ledger is replicated in a large number of identical databases, each hosted and maintained by an interested party. When changes are entered in one copy, all the other copies are simultaneously updated. So as transactions occur, records of the value and assets exchanged are permanently entered in all ledgers.

There is no need for third-party intermediaries to verify or transfer ownership. If a stock transaction took place on a blockchain-based system, it would be settled within seconds, securely and verifiably. The infamous hacks that have hit bitcoin exchanges exposed weaknesses not in the blockchain itself but in separate systems linked to parties using the blockchain. If bitcoin is like early e-mail, is blockchain decades from reaching its full potential?

In our view the answer is a qualified yes. The adoption of foundational technologies typically happens in four phases. Each phase is defined by the novelty of the applications and the complexity of the coordination efforts needed to make them workable. Applications low in novelty and complexity gain acceptance first. Applications high in novelty and complexity take decades to evolve but can transform the economy. In our analysis, history suggests that two dimensions affect how a foundational technology and its business use cases evolve.

The first is novelty—the degree to which an application is new to the world. The more novel it is, the more effort will be required to ensure that users understand what problems it solves. The second dimension is complexity, represented by the level of ecosystem coordination involved—the number and diversity of parties that need to work together to produce value with the technology. For example, a social network with just one member is of little use; a social network is worthwhile only when many of your own connections have signed on to it.

Other users of the application must be brought on board to generate value for all participants. The same will be true for many blockchain applications. And, as the scale and impact of those applications increase, their adoption will require significant institutional change. Identifying which one a blockchain innovation falls into will help executives understand the types of challenges it presents, the level of collaboration and consensus it needs, and the legislative and regulatory efforts it will require.

Managers can use it to assess the state of blockchain development in any industry, as well as to evaluate strategic investments in their own blockchain capabilities. In the first quadrant are low-novelty and low-coordination applications that create better, less costly, highly focused solutions. Bitcoin, too, falls into this quadrant.

Even in its early days, bitcoin offered immediate value to the few people who used it simply as an alternative payment method. You can think of it as a complex e-mail that transfers not just information but also actual value. If blockchain follows the path network technologies took in business, we can expect blockchain innovations to build on single-use applications to create local private networks on which multiple organizations are connected through a distributed ledger.

Much of the initial private blockchain-based development is taking place in the financial services sector, often within small networks of firms, so the coordination requirements are relatively modest. Nasdaq is working with Chain. Bank of America, JPMorgan, the New York Stock Exchange, Fidelity Investments, and Standard Chartered are testing blockchain technology as a replacement for paper-based and manual transaction processing in such areas as trade finance, foreign exchange, cross-border settlement, and securities settlement.

We anticipate a proliferation of private blockchains that serve specific purposes for various industries. The third quadrant contains applications that are relatively low in novelty because they build on existing single-use and localized applications, but are high in coordination needs because they involve broader and increasingly public uses.

These innovations aim to replace entire ways of doing business. They face high barriers to adoption, however; not only do they require more coordination but the processes they hope to replace may be full-blown and deeply embedded within organizations and institutions. Examples of substitutes include cryptocurrencies—new, fully formed currency systems that have grown out of the simple bitcoin payment technology.

The critical difference is that a cryptocurrency requires every party that does monetary transactions to adopt it, challenging governments and institutions that have long handled and overseen such transactions. Consumers also have to change their behavior and understand how to implement the new functional capability of the cryptocurrency. A recent experiment at MIT highlights the challenges ahead for digital currency systems. Even the technically savvy had a tough time understanding how or where to use bitcoin.

Stellar offers its own virtual currency, lumens, and also allows users to retain on its system a range of assets, including other currencies, telephone minutes, and data credits. Stellar initially focused on Africa, particularly Nigeria, the largest economy there. It has seen significant adoption among its target population and proved its cost-effectiveness.

But its future is by no means certain, because the ecosystem coordination challenges are high. Although grassroots adoption has demonstrated the viability of Stellar, to become a banking standard, it will need to influence government policy and persuade central banks and large organizations to use it. That could take years of concerted effort. To learn more about technology adoption, go to these articles on HBR. Into the last quadrant fall completely novel applications that, if successful, could change the very nature of economic, social, and political systems.

They involve coordinating the activity of many actors and gaining institutional agreement on standards and processes. Their adoption will require major social, legal, and political change. These automate payments and the transfer of currency or other assets as negotiated conditions are met. For example, a smart contract might send a payment to a supplier as soon as a shipment is delivered. A firm could signal via blockchain that a particular good has been received—or the product could have GPS functionality, which would automatically log a location update that, in turn, triggered a payment.

The implications are fascinating. Firms are built on contracts, from incorporation to buyer-supplier relationships to employee relations. If contracts are automated, then what will happen to traditional firm structures, processes, and intermediaries like lawyers and accountants?

And what about managers? Their roles would all radically change. They cannot be effective, for instance, without institutional buy-in. A tremendous degree of coordination and clarity on how smart contracts are designed, verified, implemented, and enforced will be required.

We believe the institutions responsible for those daunting tasks will take a long time to evolve. And the technology challenges—especially security—are daunting. How should executives think about blockchain for their own organizations? Our framework can help companies identify the right opportunities. One strategy is to add bitcoin as a payment mechanism. The infrastructure and market for bitcoin are already well developed, and adopting the virtual currency will force a variety of functions, including IT, finance, accounting, sales, and marketing, to build blockchain capabilities.

Another low-risk approach is to use blockchain internally as a database for applications like managing physical and digital assets, recording internal transactions, and verifying identities.

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21 cryptos december 2017 issue pdf	Although some research has been done on bitcoin, as the most widely used cryptocurrency remove barriers to trade important cryptocurrency today Holub and Johnson,the literature on cryptocurrencies in general is scarce, mainly due to their novelty. The ledger itself can also be programmed to trigger transactions automatically. The implications are fascinating. Gerald S. Reminds the Commission that the EU has an opportunity to become a leading actor in the field of blockchain and international trade, and that it should be an influential actor in here its development globally, together with international partners. The technology for such experiments is now available off-the-shelf. The research was conducted in Spain with a sample of college-educated adults with basic knowledge of the Internet.
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Current cost of bitcoin	Preneel, and D. Whatever tack they take, executives must be sure they understand and have tested the business model implications before making any switch. Https://crptocurrencyupdates.com/brit-morin-cryptocurrency/1750-karat-gold-cryptocurrency.php Future of Money in the Information Age. In addition, transaction costs will be significantly reduced especially for cross border transactions. Namely, the view is cryptocurrency remove barriers to trade banks can print more money to cover their national debt, thus devaluing their currencies, Bitcoin does not function in such a way. As human society and markets developed in particular, there was a need for more sophisticated instruments for the exchange of goods. David Borrelli.
Cryptocurrency remove barriers to trade	Given that cryptocurrencies are a technological financial product, and based on the above findings regarding the influence of financial literacy on the use of financial products, the following hypothesis is proposed: H6. Blockchain promises to solve this problem. Join the Forum. PE To learn more about technology adoption, go to these articles on HBR. The research was https://crptocurrencyupdates.com/brit-morin-cryptocurrency/10694-www-cryptocurrency-news.php in Spain with college-educated adults with basic knowledge of the Internet.
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