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Since the inception of the first cryptocurrency in 2008, cryptocurrency has been receiving global attention from the public, media, merchants and regulators. Although the general sentiment suggested cryptocurrencies which leverage on blockchain technology might eventually replace the paper currency as the mainstream currency, the Malaysian regulators are still unsure that a well-established cryptocurrency ecosystem can come into place anytime soon. Unfortunately, there is a lack of cryptocurrency acceptance study, particularly in Malaysia (developing country context). Hence, this paper aims to propose a research model that integrates cryptocurrency dimension antecedents with Unified Theory of Acceptance and Use of Technology2 (UTAUT2) constructs to examine the factors that influence cryptocurrency acceptance. This study employs a quantitative approach by collecting online survey questionnaire data through the means of cryptocurrency community group on social media. The survey instrument was reviewed by four experts from the field of blockchain and 36 responses have been gathered from individuals who have cryptocurrency knowledge for pilot study. To further evaluate the reliability and validity of the proposed measures, the measurement model was assessed using structural equation modeling (SEM) technique with partial least square approach (PLS). SmartPLS software was used for PLS-SEM analyses. In this paper, the proposed research model contributes a high-level overview of and valuable insights into the potential cryptocurrency acceptance factors to regulatory bodies, practitioners as well as prospective cryptocurrency users. The findings of pilot study confirm that the measurement items and constructs in the proposed model are reliable and valid.
Yeong et al. (Mon,) studied this question.