Articlehybrid2025

Consumer adoption of cryptocurrencies as a precursor to a decentralized financial system: a push-pull-mooring model

Phoebe Wong · Wilson K.S. Leung · Markus Vanharanta · Calvin Wan

7 citations0/0 files storedInternational Journal of Bank Marketing

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Technology Adoption and User Behaviour Blockchain Technology Applications and Security FinTech, Crowdfunding, Digital Finance

Abstract

Purpose Consumer adoption of decentralized blockchain solutions, such as decentralized finance (DeFi) applications, has demonstrated considerable technological promise. However, to benefit from DeFi applications, consumers must purchase and own cryptocurrencies, which is a potential obstacle to adopting decentralized blockchain technology. This study employed a push-pull-mooring model to examine factors influencing individuals’ willingness to use cryptocurrencies. In particular, how do push (i.e. diminishing value and pricing problems), pull (i.e. relative security and perceived value) and mooring (i.e. switching cost and personal innovativeness) factors shape individuals’ switching intentions. Design/methodology/approach About 300 valid responses were collected via an online survey and analyzed using partial least squares structural equation modeling (PLS-SEM). Findings The results confirm that the factors of push (i.e. pricing problem and low perceived value of traditional fiat money), pull (i.e. relative security and perceived value of cryptocurrency) and mooring (i.e. switching cost and personal innovativeness in technology) significantly impact switching intention to cryptocurrency. These findings offer key insights and implications for consumer adoption of cryptocurrencies as a precursor to participating in decentralized blockchain ecosystems. Originality/value Cryptocurrencies have been associated with numerous risk and security concerns, potentially holding back consumer adoption of DeFi financial solutions. Accordingly, this paper contributes to extending the knowledge of consumer adoption of cryptocurrency, switching from traditional money to using cryptocurrencies based on the push-pull-mooring theory (PPM). This allows for a detailed analysis of the critical factors that hinder or promote consumers' adoption of decentralized blockchain solutions.

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References

2003Common method biases in behavioral research: A critical review of the literature and recommended remedies.2016Using PLS path modeling in new technology research: updated guidelines 2017PLS-SEM or CB-SEM: updated guidelines on which method to use 1998A Conceptual and Operational Definition of Personal Innovativeness in the Domain of Information Technology 1995Customer Switching Behavior in Service Industries: An Exploratory Study 2004Consumer acceptance of online banking: an extension of the technology acceptance model 1978Innovativeness: The Concept and Its Measurement 1975A Bayesian analysis of attribution processes.

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