Exploring Factors Influencing Cryptocurrency Adoption: A Comprehensive Modeling Based on Fuzzy Cognitive Maps Approach

Document Type : Original Article

Authors

Department of Information Technology, Faculty of Industrial Engineering, K. N. Toosi University of Technology, Tehran, Iran

Abstract

Cryptocurrencies, with their decentralized nature, are gaining rapid international adoption as a means of payment or a valuable digital asset, independent of the economic policies of governments and without the need for a supervisory institutions such as banks. However, limited research has been conducted on the adoption of cryptocurrencies, most of which employ a general technology acceptance/ adoption model with a positivist approach. The main problem with previous studies is that they have been limited to the structure of general adoption models and only examined a few constructs due to the increasing complexity of the model. On the other hand, due to cryptocurrencies' unique nature and rapid developments, it is necessary to create new comprehensive models that include different dimensions. This paper aims to identify influential factors in the adoption of cryptocurrency technology, understand their interrelationships, and ultimately develop a comprehensive model. With a constructivist approach, this study uses the most important research of the past decade in the field of cryptocurrency adoption and creates a cognitive model of their constructs through a systematic approach. The focal point of our approach is constructivism, accompanied by considering the impact of constructs on each other using fuzzy cognitive maps, which has not been previously done in cryptocurrency adoption. The results of the proposed model indicate that perceived usefulness, attitude, financial value, and perceived ease of use are the most significant constructs that influence the creation of positive intention toward the use and adoption of cryptocurrencies.

Keywords

Main Subjects

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International Journal of Engineering
Volume 36, Issue 11
TRANSACTIONS B: Applications
November 2023
Pages 2073-2086

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