Accepting financial transactions using blockchain technology and cryptocurrency: A customer perspective approach

Abstract Blockchain, and cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, are innovative FinTech technologies that speedily invade the finance market and changing the strength of the world economy. However, there has been low acceptability of these technologies among consumers. There is a clear gap in-between that did not be considered until now and it's misunderstood for many platforms. This paper intends to estimate the usability of blockchain technology by investigating behavioral elements that affect customers' intention towards blockchain-based cryptocurrency transactions. Given the complexity of the technology, this study proposes a new integration model: The Technology Acceptance Model (TAM) together with new external variables regarding blockchain adoption characteristics such as trust, regulatory support, social influence, design, and experience. Surveys were conducted among international users to identify the impacts of these variables on their intention. Our findings indicate two powerful constructs (regulatory support and experience) that encourage customer's trust toward blockchain-based applications. The surveyed people agreed significantly feeling secure and they can trust the Blockchain-based applications when it is regulated and ensured by the local government. Also, at a certain level of experience, users feel trusted using blockchain-based applications, the increases in trust supported technology adoption. As such, governments and businesses can dedicate efforts to enhance customers' trust and ultimately promote better acceptance of blockchain technology and its applications.