Social Factors Influencing Cryptocurrency Use


A variety of social factors influence cryptocurrency use. These include perceived danger, perceived pleasure, and perceived attractiveness. However, one factor is largely overlooked when determining a cryptocurrency's TAM. This variable is time. While these factors are significant, they are not thought to be determinants of cryptocurrency use.

According to a Cryptovantage survey, cryptocurrency investors are thought to be smarter, wealthier, and more desirable than non-investors. In fact, 76% of respondents stated that if a potential date mentioned cryptocurrency in their profile, they would swipe right. However, 69% of respondents stated that their relationship ended as a result of their investment in cryptocurrency.

The price of bitcoin is influenced by a variety of factors. These include global and local economic factors, as well as supply and demand. The initial hypothesis of the researchers is that the combination of these factors drives the price up or down. The researchers also investigated the level of interest in Bitcoin expressed by global citizens. This was accomplished by counting the number of Google searches for "bitcoin."

There is some perceived risk, as there is with any new technology. The most common source of concern among government officials and crypto-industry professionals is the use of cryptocurrency for illegal purposes. Approximately 70% of respondents expressed concern about the use of cryptocurrency for money laundering, illicit goods procurement, and terrorist organization funding. Similarly, many people are concerned about the risks of fraudulent initial coin offerings and human trafficking.

Examining people's holding intentions is the first step in understanding how they use cryptocurrency. This is significant because holding intentions can vary depending on the context. Government regulations, gender, age, income, and experience with digital tokens, for example, can all influence holding intentions.

The perceived enjoyment of cryptocurrency is an important factor in determining an individual's attitude toward it. It has an impact on the relationship between perceived usefulness, risk, and usability. Furthermore, the perceived risk of cryptocurrency use influences a person's intention to use it.

The most influential factor driving people to use cryptocurrency is their attitude. Subjective norms, perceived usefulness, and personal inventiveness are all part of it. Security and privacy concerns are less important. The perceived enjoyment of cryptocurrency is important, but it is not the only factor influencing people's intentions.

One theory has proposed that cryptocurrency's volatility is a result of social media sentiments. The volume of trading has been shown to reveal the price and returns of a cryptocurrency. It also demonstrates that the attractiveness factor influences a cryptocurrency's price. However, the influence of this factor on cryptocurrency price is limited by time. A cryptocurrency's latent characteristics take time to develop.

Another theory contends that a person's willingness to adopt a cryptocurrency is influenced by the perceived usefulness and enjoyment of cryptocurrency. Both of these perspectives influence the user's attitude toward cryptocurrency, but the perceived risk influences their willingness to use cryptocurrency.

The intention to use cryptocurrency is influenced by factors such as consumer trust and transaction transparency. Furthermore, it is influenced by the volatility of the cryptocurrency market as well as facilitating conditions. We investigate these factors in the context of cryptocurrency adoption in this study. Furthermore, we investigate the impact of cryptocurrency intention on performance expectancy.

One important finding is that perceived usefulness and enjoyment have a significant impact on consumers' attitudes toward cryptocurrency. This finding implies that subjective norms may act as a barrier to cryptocurrency adoption. Furthermore, the perceived risk of using cryptocurrency has a negative impact on the consumer's intention to use it.


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