The second extended model of consumer trust in cryptocurrency payments, CRYPTOTRUST 2
The second extended model of consumer trust in cryptocurrency payments, CRYPTOTRUST 2
Cryptocurrencies’ popularity is growing despite short-term fluctuations. Peer-reviewed research into trust in cryptocurrency payments started in 2014. While the model created then, is based on proven theories from psychology and supported by empirical research, a-lot has changed in the past 10 years. This research finds that the original model is still valid, but it is extended to capture the current situation better. A quantitative methodology is used to validate the updated model proposed. The results from the quantitative survey show that (1) personal innovativeness in technology and (2) finance, influence (3) disposition to trust. Disposition to trust influences six variables from the specific context of the payment. Three variables related to the cryptocurrency itself are (4) stability in the value, (5) transaction fees, and (6) reputation. Institutional trust is influenced by (7) regulation, and (8) payment intermediaries. The last contextual factor is (9) trust in the retailer. The six variables from the context influence (10) trust in the payment which, finally, influences (11) the likelihood of making the cryptocurrency payment.
Bitcoin, Ethereum, cryptocurrency, digital currency, fintech, institutional trust, payment, trust
Zarifis, Alex
7622e840-ba78-4a4f-879b-6ba0f62363cc
Fu, Shixuan
d2d75a72-9d84-4af0-8073-db4383797ecc
16 August 2024
Zarifis, Alex
7622e840-ba78-4a4f-879b-6ba0f62363cc
Fu, Shixuan
d2d75a72-9d84-4af0-8073-db4383797ecc
Zarifis, Alex and Fu, Shixuan
(2024)
The second extended model of consumer trust in cryptocurrency payments, CRYPTOTRUST 2.
Frontiers in Blockchain, 7, [1220031].
(doi:10.3389/fbloc.2024.1220031).
Abstract
Cryptocurrencies’ popularity is growing despite short-term fluctuations. Peer-reviewed research into trust in cryptocurrency payments started in 2014. While the model created then, is based on proven theories from psychology and supported by empirical research, a-lot has changed in the past 10 years. This research finds that the original model is still valid, but it is extended to capture the current situation better. A quantitative methodology is used to validate the updated model proposed. The results from the quantitative survey show that (1) personal innovativeness in technology and (2) finance, influence (3) disposition to trust. Disposition to trust influences six variables from the specific context of the payment. Three variables related to the cryptocurrency itself are (4) stability in the value, (5) transaction fees, and (6) reputation. Institutional trust is influenced by (7) regulation, and (8) payment intermediaries. The last contextual factor is (9) trust in the retailer. The six variables from the context influence (10) trust in the payment which, finally, influences (11) the likelihood of making the cryptocurrency payment.
Text
The second extended model of consumer trust in cryptocurrency payments CRYPTOTRUST 2 fbloc-07-1220031-1 Dr Alex Zarifis
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Accepted/In Press date: 31 July 2024
Published date: 16 August 2024
Keywords:
Bitcoin, Ethereum, cryptocurrency, digital currency, fintech, institutional trust, payment, trust
Identifiers
Local EPrints ID: 493653
URI: http://eprints.soton.ac.uk/id/eprint/493653
ISSN: 2624-7852
PURE UUID: 398be808-ba36-47ed-929e-6b78510df974
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Date deposited: 10 Sep 2024 16:35
Last modified: 21 Sep 2024 02:13
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Author:
Alex Zarifis
Author:
Shixuan Fu
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