Abstract

Cryptocurrency is attracting the attention of academic and non- academic researchers as an alternative architecture of currency. Because of the growing of cryptocurrency research, it is essential to value the existing research of cryptocurrency and identify potential future research areas. This paper provides an up to date review of Information system (IS) research on cryptocurrency adoption. In this paper, we conduct a systematic literature review to gather the previous research related to cryptocurrency adoption. The goal of this research is to identify the current research stage and open challenges for future studies in cryptocurrency adoption. Moreover, the paper presents a systematic literature review (SLR) of 25 research articles published on the adoption of cryptocurrency from 2014 to 2017. The results demonstrate that cryptocurrency adoption research has grown significantly throughout this period, and remains a fertile area for academic research. The results show that the cryptocurrency adoption literature can be classified according to three main classifications: qualitative research, quantitative research and others. The results of the SLR reveal that there is a lack of study focusing on the factors that are significantly influenced on the acceptance of cryptocurrency. Furthermore, there is also a lack of technology acceptance models used in addressing the issues. Research gap found is presented and discussed.

Keyword

Blockchain, Monetary decentralization, Technology adoption, Systematic literature review.

Cite this article

Al-Amri R, Zakaria NH, Habbal A, Hassan S

Refference

[1][1]DeVries PD. An analysis of cryptocurrency, bitcoin, and the future. International Journal of Business Management and Commerce. 2016; 1(2):1-9.

[2][2]Sas C, Khairuddin IE. Design for trust: an exploration of the challenges and opportunities of bitcoin users. In proceedings of the chi conference on human factors in computing systems 2017 (pp. 6499-510). ACM.

[3][3]Murphy EV, Murphy MM, Seitzinger MV. Bitcoin: questions, answers, and analysis of legal issues. Library of Congress, Congressional Research Service.2015.

[4][4]Fung B, Halaburda H. Understanding platform-based digital currencies. Bank of Canada Review. 2014; 2014(Spring):12-20.

[5][5]Baur AW, Bühler J, Bick M, Bonorden CS. Cryptocurrencies as a disruption? empirical findings on user adoption and future potential of bitcoin and co. In conference on e-business, e-services and e-society 2015 (pp. 63-80). Springer, Cham.

[6][6]Kazerani A, Rosati D, Lesser B. Determining the usability of bitcoin for beginners using change tip and coinbase. In proceedings of the ACM international conference on the design of communication 2017 (p. 5). ACM.

[7][7]Nakamoto S. Bitcoin: a peer-to-peer electronic cash system. 2008.

[8][8]Yli-Huumo J, Ko D, Choi S, Park S, Smolander K. Where is current research on blockchain technology?-a systematic review. PloS one. 2016; 11(10):1-27.

[9][9]Keele S. Guidelines for performing systematic literature reviews in software engineering. Technical Report, Ver. 2.3 EBSE Technical Report. EBSE; 2007.

[10][10]Petersen K, Feldt R, Mujtaba S, Mattsson M. Systematic mapping studies in software engineering. In Ease 2008 (pp. 68-77).

[11][11]Janssen M, Mäntymäki M, Hidders J, Klievink B, Lamersdorf W, Van Loenen B, et al. Open and big data management and innovation. 14th IFIP WG 6.11 conference on e-business, e-services, and e-society, I3E 2015, Delft, the Netherlands, Proceedings. Springer.

[12][12]Khairuddin I, Sas C, Clinch S, Davies N. Exploring motivations among bitcoin users. CHI16 Extended Abstracts on Human Factors in Computing Systems. 2016:2872-8.

[13][13]Connolly A, Kick A. What differentiates early organization adopters of bitcoin from non-adopters? 2015.

[14][14]Hutchison M. Acceptance of electronic monetary exchanges, specifically bitcoin, by information security professionals: a quantitative study using the unified theory of acceptance and use of technology (UTAUT) Model. (Doctoral Dissertation, Colorado Technical University).2017.

[15][15]Craggs B, Rashid A. Poster: the role of confirmation bias in potentially undermining speculative cryptocurrency decisions. In IEEE European Symposium on Security and Privacy 2016.

[16][16]Wood, J., Jang, H., Lenskiy, A., & Khan, G. The diffusion and adoption of bitcoin: a practical survey for business. International Business Management, 11(6), 1278-88.

[17][17]Abramova S, Böhme R. Perceived benefit and risk as multidimensional determinants of bitcoin use: a quantitative exploratory study. ICIS 2016.

[18][18]Gibbs T, Yordchim S. Thai perception on Litecoin value. International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering. 2014; 8(8):2613-5.

[19][19]Polasik M, Piotrowska AI, Wisniewski TP, Kotkowski R, Lightfoot G. Price fluctuations and the use of Bitcoin: an empirical inquiry. International Journal of Electronic Commerce. 2015; 20(1):9-49.

[20][20]Al Shehhi A, Oudah M, Aung Z. Investigating factors behind choosing a cryptocurrency. In international conference on industrial engineering and engineering management 2014 (pp. 1443-7). IEEE.

[21][21]Zarifis A, Efthymiou L, Cheng X, Demetriou S. Consumer trust in digital currency enabled transactions. In international conference on business information systems 2014 (pp. 241-54). Springer, Cham.

[22][22]Zamani ED, Babatsikos I. The use of bitcoins in light of the financial crisis: the case of Greece. In the mediterranean conference on information systems 2017 Genoa, Italy.

[23][23]Schuh S, Shy O. US consumers’ adoption and use of bitcoin and other virtual currencies. In DeNederlandsche bank, conference entitled “retail payments: mapping out the road ahead 2016.

[24][24]Glaser F, Zimmermann K, Haferkorn M, Weber MC, Siering M. Bitcoin-asset or currency? revealing users hidden intentions. Revealing Users Hidden Intentions. ECIS. 2014.

[25][25]Hur Y, Jeon S, Yoo B. Is bitcoin a viable e-business?. empirical analysis of the digital currency’s speculative nature ICIS 2015.

[26][26]Lustig C, Nardi B. Algorithmic authority: the case of Bitcoin. In hawaii international conference on system sciences 2015 (pp. 743-52). IEEE.

[27][27]Athey S, Parashkevov I, Sarukkai V, Xia J. Bitcoin pricing, adoption, and usage: theory and evidence.2016.

[28][28]Bruijl GH. Adopting bitcoin as a digital currency through digital transformation. 2017.

[29][29]Luther WJ. Cryptocurrencies, network effects, and switching costs. Contemporary Economic Policy. 2016; 34(3):553-71.

[30][30]Mthethwa S. The analysis of the blockchain technology and challenges hampering its adoption. World Academy of Science, Engineering and Technology, International Science Index, Computer and Information Engineering. 2016; 10(12):1937-48.

[31][31]Mai F, Bai Q, Shan Z, Wang X, Chiang R. From bitcoin to big coin: the impacts of social media on bitcoin performance. SSRN Electronic Journal. 2015.

[32][32]Creswell JW, Creswell JD. Research design: qualitative, quantitative, and mixed methods approaches. Sage Publications; 2017.

[33][33]Guba EG, Lincoln YS. Competing paradigms in qualitative research. Handbook of Qualitative Research. 1994:105-17.

[34][34]Bell E, Bryman A, Harley B. Business research methods. Oxford University Press; 2018.