The Second Extended Model of Consumer Trust in Cryptocurrency Payments, CRYPTOTRUST 2

Abstract

Cryptocurrencies' popularity is growing despite short-term fluctuations. Peerreviewed research into trust in cryptocurrency payments started in 2014. While the model created then, is based on proven theories from psychology and supported by empirical research, a-lot has changed in the past 10 years. This research finds that the original model is still valid, but it is extended to capture the current situation better. A quantitative methodology is used to validate the updated model proposed. The results from the quantitative survey show that (1) personal innovativeness in technology and (2) finance, influence (3) disposition to trust. Disposition to trust influences six variables from the specific context of the payment. Three variables related to the cryptocurrency itself are (4) stability in the value, (5) transaction fees, and (6) reputation. Institutional trust is influenced by (7) regulation, and (8) payment intermediaries. The last contextual factor is (9) trust in the retailer. The six variables from the context influence (10) trust in the payment which, finally, influences (11) the likelihood of making the cryptocurrency payment.

Keywords: trust, cryptocurrency, digital currency, payment, FinTech, institutional trust, ethereum, bitcoin

JEL Classification: G4, D14, Z22, E42, M15, D11, D12, D18, E22, E4, G1, G2, M00, M1