Who Supports Using Cryptocurrencies and Why Public Education About Blockchain Technology Matters?

Kristin Johnson () and Brian S. Krueger ()
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Kristin Johnson: University of Rhode Island
Brian S. Krueger: University of Rhode Island

Chapter Chapter 6 in Blockchain and the Public Sector, 2021, pp 127-149 from Springer

Abstract: Abstract In the decade following the introduction of blockchain distributed ledger technology and cryptocurrencies, adoption of the technology lags far behind its potential. Past research identifies knowledge-based trust and understanding as critical to the adoption of technological innovations, particularly in regard to individual willingness to use online financial instruments. Despite negative perceptions of technology identified as key barriers to individual adoption, to the best of our knowledge, little systematic research examines individual attitudes towards the use of blockchain technology or cryptocurrency. We utilize a survey experiment to examine how common discussion contexts surrounding cryptocurrencies influence openness to adoption in comparison to the US dollar. We find that an increased openness to cryptocurrency adoption is associated with messages reflecting (1) the independence of cryptocurrency from political or central bank management and (2) when information describing the security features of blockchain are included. This is consistent with prior research that the socio-technical complexity of a system requires process description in responses. A second important finding suggests that individuals most open to cryptocurrencies as a substitute for the dollar are those benefitting the least from the existing financial system.

Keywords: Technological innovation; Individual attitudes; Blockchain (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1007/978-3-030-55746-1_6

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