Cryptocurrency’s emergence in North Cyprus: a mixed-methods exploration of attitudes and usage trends of an emerging payment method
ISSN: 0888-045X
Article publication date: 22 July 2024
Issue publication date: 28 October 2024
Abstract
Purpose
The purpose of this study is to investigate offline retailers’ cryptocurrency adoption through the unified theory of acceptance and use of technology (UTAUT/2), technology acceptance model (TAM) and other related variables.
Design/methodology/approach
A mixed-method (QUANT-Qual) was employed. The study employed a quantitative approach (partial least squares-structural equation modeling) for Study 1 and a qualitative focus group discussion for Study 2. The qualitative segment enhances the comprehension and interpretation of outcomes derived from the quantitative analysis.
Findings
Study 1 identified six crucial factors in cryptocurrency adoption: trust, personal innovation, hedonic motivation, social influence, safety and a positive attitude. Perceived ease of use, price value and satisfaction were non-significant. Study 2 elaborates on the findings, and highlights the reasons for the insignificant factors.
Research limitations/implications
This research contributes to theoretical knowledge by empirically testing established technology acceptance theories like UTAUT/2 and TAM in the context of retail cryptocurrency adoption. It introduces previously unexplored factors, such as personal innovativeness, hedonic motivation and safety/reliability, enriching the theoretical landscape.
Practical implications
This study provides practical insights for cryptocurrency stakeholders, including government, regulators, consumers, businesses and the financial sector, regarding retailers' intentions to adopt cryptocurrencies in North Cyprus.
Social implications
This study can enhance understanding of factors facilitating cryptocurrency integration into mainstream retail, potentially reshaping traditional finance. Economically, adoption can boost financial inclusion, offering efficient transaction methods. This transition may disrupt existing economic models, drive payment technology innovation and change consumer behavior toward digital assets.
Originality/value
This study stands out by using a mixed-method approach to comprehensively examine cryptocurrency adoption by offline retailers, considering various factors and providing a holistic perspective, unlike previous research that often focused on specific user groups.
Keywords
Acknowledgements
The Authors extend sincere gratitude to the School of Applied Sciences of Cyprus International University for their support and resources in conducting this research. Special credit goes to Olorunfemi Obasa, MBA, for his insightful contributions and expertise on the current state of cryptocurrency in North Cyprus.
Conflict of interest: The authors declare that they have no actual or perceived conflict of interest. Furthermore, they affirmed that no external funding was received for this manuscript, with the study being conducted solely through the allocation of academic time resources at their respective universities.
Citation
Isiaku, L., Muhammad, A.S. and Oluwajana, D. (2024), "Cryptocurrency’s emergence in North Cyprus: a mixed-methods exploration of attitudes and usage trends of an emerging payment method", The Bottom Line, Vol. 37 No. 4, pp. 403-433. https://doi.org/10.1108/BL-02-2023-0043
Publisher
:Emerald Publishing Limited
Copyright © 2024, Emerald Publishing Limited