Cryptocurrency awareness
Previous studies stated that perceived factors usefulness, trust, ease of use, experience , government regulations, and support play a significant role in influencing the intention of the user to adopt cryptocurrency Wu and Tran, Research on the uses and gratification focuses on how users feel delighted while using unique and innovative technologies in daily life for comfort and ease Shafieizadeh et al.
In contrast, perceived usefulness depicts the feeling of the consumers when they consider that their selected service will be improved by the application of technology Hileman and Rauchs, In the case of cryptocurrency, studies revealed that perceived behavioral factors are the most critical factors in deciding whether to utilize them for electronic payments Schaupp and Festa, Individuals who believe cryptocurrencies are simple to use are more inclined toward them.
Shahzad et al. That is why it is essential to consider these factors for future studies Mendoza-Tello et al. People are afraid of embracing new technology for various reasons, while the most common is the level of uncertainty Lim, ; Mizanur and Sloan, Jalan et al. Moreover, perceived risk was a crucial factor in using and adopting technology. Cryptocurrencies are a new financial technology that has the potential to be risky.
But, the moderating role of government support on the relationship between technology acceptance variables and behavioral intention still requires more attention Zafar et al. The theory of planned behavior related to technology usage also highlights the role of an awareness-acceptability framework Hung et al.
Researchers are still modifying and evaluating the suitable theoretical framework for the new technology acceptance model TAM to identify the most influential determinants Hamilton, That is why the current study analyzes the relationship between technology awareness and behavioral intention of crypto users through perceived factors usefulness, ease of use, risk.
It also investigates the moderated role of government support in these indirect relationships in the context of Pakistan because Pakistan is an emerging market for this blockchain technology. Still, there has been low technology awareness among the masses for these digital innovations. It is still at an infant stage among citizens, causing the main hindrance in its adaptability Rizvi et al.
The present study has provided significant insight into the development of blockchain technology as the medium of exchange in Pakistan. First, it strengthens the value of an existing body of knowledge related to technology awareness and the behavioral intention of consumers to adopt blockchain technology by confirming the significant role of perceived factors usefulness, ease of use, risk. It helps in evaluating the aspects that encourage consumers to adopt this technology.
Second, it will add to a body of knowledge to the fast evolution in the transformation of financial set-ups, which strengthens the advancement in the ongoing monetary system that has been outmoded. Third, as cryptocurrency significantly affects the international economic system, the current study helps the existing resources get digitized and monetary channels to derive new models for the monetary exchange system. Lastly, its social significance includes its potential to use virtual currencies for transactions and investment purposes in the future.
Industries are changing due to these new technologies, and enterprises can advertise their plans and business models according to the actual demands of financial markets. Theories and Literature Review Theories for Technology Acceptance of Cryptocurrency The primary objective of the study is to identify the behavioral intention of customers regarding the adoption of cryptocurrency. Previous studies consider the predictors of the TAM for describing and forecasting how a new system will be utilized Zhao et al.
These are conceptual theories that provide a theoretical framework for interpreting human behavioral intention in specific situations LaCaille, They support the TAM and help to understand and identify technological usage Khan et al. These theories presented a TAM to understand better and forecast human behavior toward using technology, which has been adopted by many technology adaptation studies Johar et al.
Behavioral intention is the best predictor of action e. Technology acceptance model determinants help consumers make the best decisions regarding technology acceptance by guiding them through the processes and procedures Shahzad et al. Technology awareness and behavioral intention are considered the most critical factors determining technology adoption Igbaria et al.
In the case of cryptocurrencies, it is a very widely classified topic because of their growing popularity Uematsu and Tanaka, However, it has gained much popularity and has become a point of discussion for many new mediums, especially monetary implementations. But acceptability and usage of this currency are very low from the expected level Hamilton, This condition leads to a search for why customers are hesitant to use virtual currencies and why most people rely on traditional payment methods even though they are riskier Almuraqab, It includes their belief that this technology is helpful for them to enhance their performance, is easy to adapt, and prevails low-risk factors Khan et al.
The current status of its adoption is not secure by government regulations, so it can negatively impact its acceptance Shahzad et al. Furthermore, the previous study gave an argument that the leading causes behind the low rate of adoption of cryptocurrency include problems for traders in understanding its rate fluctuations in the informal market, lack of liquidity of this currency, no financial principles, lack of government support, and high risks of security in this currency Putri et al.
The awareness perception was first applied in an innovative diffusion theory Fry and Cheah, Later, the innovative diffusion theory was applied to studies on implementing technology, confirming a positive impact of technology awareness on the behavioral intention of the consumer to adopt new technology Alaeddin and Altounjy, The degree to which people are aware of and understand digital currency substantially impacts their willingness to use it Treiblmaier and Sillaber, If the consumers believe that they have a knowledge and understanding of the key components, their perspectives about cryptocurrency and willingness to accept it will change Ayedh et al.
Previous studies state that technology awareness and behavioral intention are strongly correlated and have a positive relationship Barbu et al. Behavioral intention plays a significant role in accepting or rejecting any technology. If people have technology awareness, their behavior toward adopting that technology will be positive.
Many researchers found behavioral measurements and their relationship with awareness of technological advancements correlate with each other Yi et al. Mediating Role of Perceived Usefulness The behavioral intention of people to accept or reject new innovative technology is influenced by two main determinants of the TAM.
The first one is perceived usefulness which determines whether one can perform better using new technologies Daud et al. It reflects the degree to which consumers believe that this technology will be helpful in boosting their performance Venkatesh, The previous researcher examined the theoretical importance of perceived usefulness as the mediating role on behavioral intention Robey, They believe that adopting new technology will improve their skills and abilities, which changes their behavioral intention to adopt new technology.
The literature specifically on cryptocurrency and bitcoin considered perceived usefulness an essential factor impacting the intention to use virtual currencies as a medium of payments Ferreira et al. It directly affects these relationships Johar et al. The findings explain that perceived usefulness is a significant predictor that has previously been assimilated into studies related to cryptocurrency adoption Kher et al.
Therefore, hence it is hypothesized as: H1: Perceived usefulness mediates the relation between technology awareness and Behavioral intention to use cryptocurrency. Mediating Role of Perceived Ease of Use Perceived ease of use is how consumers believe that new technology is easy to use, easy to run, simple, responsive, and adaptable without much effort Gould and Lewis, In other words, it depicts the beliefs of the people that adopting new technology will make their lives easy.
It is the critical determinant of the TAM, and this construct has two direct formative relations with technology awareness and behavioral intention Rizvi et al. Previously, many researchers used perceived ease of use to evaluate the behavioral intention of the users Mutahar et al.
They stated that if there is no desired level of technological adoption or service acceptance, the system will not operate Albayati et al. Several researchers have discovered a strong correlation between perceived ease of use and intention to invest in new cryptocurrencies, supported by the theory of planned behavior Alaeddin and Altounjy, ; Johar et al. Users are more inclined to adopt technological services that make their lives convenient, enjoyable, and easy to use Riquelme and Rios, The previous analysis stated that perceived ease of use plays a mediating function between technology awareness and behavioral intention to use virtual currencies as a financial transaction Chen and Aklikokou, Consumers believe that new technology saves time and effort Hsu and Lu, Many researchers use perceived ease of use as the primary determinant to measure the behavioral intention of the consumer to adopt new technology, but very few got their desired results McCloskey, The previous researcher has found that perceived ease of use can impact the behavioral intention of the consumer to adopt new technology and emphasized evaluating its mediating role between technology awareness and behavioral intention.
Hence, it is hypothesized that: H2: Perceived ease of use mediates the relation between technology awareness and Behavioral intention to use cryptocurrency. The previous study explains that if consumers have less technology awareness and perceived risk, it will positively impact their behavioral intention, enhancing their willingness to adopt new technology Chen and Aklikokou, Studies showed that consumers would adopt this technology if the perceived risk of using cryptocurrency were less.
There are two frames for risk when it comes to cryptocurrency adoption. The first is that most people think cryptocurrency is riskier and related to speculative fraud and scams Hileman and Rauchs, It happens due to the complexity of their operation and less knowledge of cryptography and computer science Doblas, The second point is that many people are not aware of these new payment methods, which causes a feeling of unease and risks Stocklmayer and Gilbert, Perceived risk is a deciding element in checking the behavioral intention of people toward the adaptability of cryptocurrency Ayedh et al.
For example, if a customer identifies a low degree of risk for cryptocurrency, confidence in adopting this technology will rise. According to previous research, higher technology awareness of digital currency can lower risk perception Lim, It leads us to this relationship developed in the hypothesis.
H3: Perceived risk mediates the relation between technology awareness and behavioral intention to use cryptocurrency in Pakistan. Moderating Role of Government Support Government support is a legal framework developed to regulate that service providers perform their obligations under the set legal framework and guarantee the consumers from online scams, fraud, and violations Khan et al.
It is necessary to facilitate and control the adaptation of new technology even though we know that using technology could benefit and enhance productivity McCloskey, H4a: Government support moderates the relation of technology awareness on behavioral intention to use cryptocurrency in Pakistan, through perceived usefulness might be more assertive when there is higher government support.
It may help to increase acceptability and confidence in adopting new technologies Uematsu and Tanaka, The behavioral intention of consumers would be enhanced when supported by the government as it would reduce risk. It can moderate the relationship between technology awareness and behavioral intention, reducing the degree of uncertainty and the potential adverse effects of utilizing technology even if they do not comprehend and understand it because of legal security.
They will put effort into understanding and adopting it. It comprehends the development of this hypothesis: H4b: Government support moderates the relation of technology awareness on behavioral intention to use cryptocurrency in Pakistan, through perceived ease of use might be more assertive when there is higher government support.
Government support, guidelines, and policies are vital to reducing the risk of cryptocurrency adoption as a medium of exchange Albayati et al. Previous research highlights that the perceived risk associated with cryptocurrency is high, as it is decentralized in nature. Risk is the primary factor that directly impacts the technology awareness and behavioral intention to use digital currency as a medium of exchange.
Still, if government support is present, it can moderate the effect positively as consumers trust more legality and security Priem, Previous research also supports this relationship, so the following hypothesis is constructed: H4c: Government support moderates the relation of technology awareness on behavioral intention to use cryptocurrency in Pakistan, through perceived risk might be more robust when there is higher government support.
The hypothesized model is presented in Figure 1. FIGURE 1 Materials and Methods Participants and Procedure In recent years, cryptocurrency has gained popularity among the general public, causing a paradigm shift in the financial industry from conventional to blockchain-based technology Alaeddin and Altounjy, However, its technical nature depends on internet usage Csobanka, , which is more common among young people who can quickly connect with new technologies Fagnant and Kockelman, Their acceptance of technological advancement is high, especially in terms of financial transactions Blocki and Zhou, That is why the current study targeted the Z generation, who are digital natives born between the late 90s Zafar et al.
So, they are generally more aware of internet usage and display a high degree of technical competency in operating digital tools Turner, Therefore, scholars believe they can rapidly evolve into information consumers and suppliers with advanced technological abilities Scholz and Vyugina, Data were collected through a questionnaire that was adapted from relevant literature. The questionnaire was divided into two parts. The first part of the survey included three pre-screening questions to identify the targeted sample participants.
These questions were related to age, internet usage, and knowledge of smart tools. If a participant fulfills the criteria, they would be eligible to participate in the survey. They were informed about the study objective and assured to maintain the confidentiality of their responses. Most respondents were aware of digital currency Furthermore, data were separated for outliers and unengaged responses, i. The final data consisted of responses from generation Z, who have adequate knowledge of cryptocurrency features and usage.
Demographic profile. Measures Technology Awareness is core to technology diffusion. A person can perceive and comprehend the utility of any technology that is becoming popular and widely recognized in business or the market Almuraqab, It is calculated by nine items used by Albayati et al. It was assessed by using six items adapted from Uematsu and Tanaka Government support includes the legal mechanisms established for the authorized bodies to oversee and ensure network operators and technology users perform their responsibilities and avoid violations Shafieizadeh et al.
Its moderating role was tested using four questions adapted from Albayati et al. It helps customers accept useful new technology and understand its importance before altogether rejecting it Yuen et al. It was measured by using five items taken from Treiblmaier and Sillaber All items were assessed by using a 5-point Likert scale. The internal consistency and reliability of the scale also lie within an acceptable range for all the items, as the factor loadings range from 0.
Measurement items and standardized factor loadings. Results Table 3 shows discriminant validity results by employing the Fornell—Larker criteria. It explains how many constructs are unrelated to each other in the model, i.
However, for measuring discriminant validity, the self-loading values of each construct should be greater than other construct values Khan et al. As shown in Table 3 , all the bold diagonal values are different from each other, and the AVE square roots correlated more than the standardized correlation. Inter-construct correlation and discriminant validity.
The R-square values for perceived factors usefulness, ease of use, risk and behavioral intention are 0. Save statistic in. XLS format You can only download this statistic as a Premium user. PNG format You can only download this statistic as a Premium user. PDF format You can only download this statistic as a Premium user.
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