Factors Influencing Individual and Organizational Adoption of Cryptocurrencies

Abstract

Cryptocurrencies have gathered a lot of attention since the birth of Bitcoin in 2009. However, less is known about how the characteristics of cryptocurrencies and other factors facilitate and impede their adoption. The objective of this study is to discuss the main conceptual findings on individual and organizational adoption of an innovation and examine the factors influencing the adoption of cryptocurrencies from a holistic perspective. This study proposes two theoretical models. The first model presents the factors impacting the adoption of cryptocurrencies at the individual level. It was derived by combining the eight factors of the Innovation Diffusion Theory (IDT) model with the construct “personal innovativeness.” The second model presents the factors impacting the adoption of cryptocurrencies at the organizational level. It was developed based on the Technology–Organization–Environment (TOE) framework. This research allows a better understanding of the current outlook of the cryptocurrency system and predicts its future perspectives. Therefore, this chapter is practically useful for those cryptocurrency users, traders and merchants considering their implementation as an alternative payment method.