Bitcoin: The Next Revolution in International Payment Processing? An Empirical Analysis of Potential Use Cases
45 Pages Posted: 19 Jun 2015 Last revised: 26 Jan 2018
Date Written: April 22, 2015
Despite a high volatility and the recent fall in price, more and more merchants and consumers adopt Bitcoin. The virtual currency might be standing at its critical point to reach the early majority of adopters. This paper examines whether an application called ChangeTip has the potential to catalyze the breakthrough of Bitcoin. We assume a strong linkage between the diffusion of ChangeTip and Bitcoin so that we can directly deduce the impact of this application on Bitcoin. Results from a conducted online survey of 210 potential early adopters indicate that the diffusion of ChangeTip has the potential to advance the diffusion of Bitcoin to mainstream markets. We found that performance expectancy is the key driver for the intention to recommend ChangeTip. Also, effort expectancy, social influence and facilitating conditions are important factors for recommending ChangeTip. Concerning the intention to use ChangeTip in the future, performance expectancy and social influence are the main drivers. Furthermore, facilitating conditions are important for using ChangeTip. In addition, an analysis of the non-user of Bitcoin and ChangeTip was conducted. Theoretical and practical implications of these results are discussed.
Keywords: Bitcoin, ChangeTip, Financial Intermediaries, Payment Systems, Diffusion of Innovations, Crossing the Chasm, Unified Theory of Acceptance and Use of Technology (UTAUT)
JEL Classification: M13, O33, O35, G21, E42
Suggested Citation: Suggested Citation