People in Cryptocurrency: Role and Beliefs

Introduction

Worldwide, the digital economy is growing swiftly, forcing profound changes in all market actors' business models (Nasir et al., 2020). As technology evolves, consumer demand for quick, inexpensive, easy, and flexible transactions continues to fuel the expansion of payment systems (DeVries, 2016). The development of decentralized digital currencies known as cryptocurrencies and their online payment systems based on a peer-to-peer network referred to as blockchain are two of the most recent and exciting innovations in the financial scene (Sas & Khairuddin, 2017).

Due to advancements in blockchain-based technology, international businesses are switching to bitcoin for financial transactions (Han, Lee, Radic, Ngah, & Kim, 2021; Hooper & Holtbrügge, 2020). E-commerce is one of today's rising sectors, but it often deals with issues including exploitation of personal data, restricted buyer-seller communications, commission fees, and fraud (Frik & Mittone, 2019). However, using cryptocurrency for smart contracts and payments to increase security and transparency resolves these problems (Ismanto, Ar, Fajar, & Bachtiar, 2019). They are becoming more and more popular since they handle the current payment systems by offering a novel view of money and carrying out online transactions without the need of a middleman (Johar, Ahmad, Asher, Cruickshank, & Durrani, 2021). It is a crucial investment vehicle that cannot be disregarded in the modern digital era (Uematsu & Tanaka, 2019). However, the way in which investors utilize it and the way financial institutions regulate it will influence how it evolves in the future (Berentsen & Schär, 2018). In the past, researchers hypothesized that individuals could be more willing to accept new innovations if they are aware of technology (Irfan, Ali, & Sabir, 2022). Government regulations, as well as other factors like a lack of knowledge about digital handling, are also impeding its deployment (Putri, Wijayanti, & Ariani, 2021). A user's choice to use bitcoin is significantly influenced by perceived factors such as experience, ease of use, trust, and usefulness as well as legislation and backing from the government. (Wu & Tran, 2018). Studies on cryptocurrencies have shown that one of the most important criteria in determining whether to use it for electronic payments are perceived behavioral aspects (Schaupp & Festa, 2018).

People are more likely to utilize cryptocurrencies if they think they are easy to use. According to Shahzad et al. (Shahzad, Xiu, Wang, & Shahbaz, 2018), perceived variables have a significant influence on people's intentions to use cryptocurrencies. The gap between the outcomes and the extent to which innovation is applied determines the perceived risk (San Martín & Camarero, 2009). There are several reasons why people are reluctant to adopt new technologies, but the main one is the degree of uncertainty (Mizanur & Sloan, 2017). Perceived risk is also a key element in the use and adoption of technology. From the perspective of the user, legislation and legality are the main considerations when implementing this technical breakthrough in the monetary system (Albayati, Kim, & Rho, 2020). However, due to the surge in online fraud and the absence of a regulatory environment, consumers have a low tolerance for blockchain-based cryptocurrencies. Furthermore, there is a gap in the literature on this subject due to the widespread misconception regarding its utilization across numerous platforms. The chapter will address the role that bitcoin users play as well as their perspectives.