Customer-Centric Value Assessment of Cryptocurrency Adaptation

Fakhrullah Fakhrullah (), DingDing Xiao (), Marian Suplata (), Sher Khan () and René Pawera ()
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Fakhrullah Fakhrullah: Shandong Normal University, Business School
DingDing Xiao: Shandong Normal University, Business School
Marian Suplata: Comenius University Bratislava, Department of International Management, Faculty of Management
Sher Khan: Comenius University Bratislava, Department of International Management, Faculty of Management
René Pawera: Comenius University Bratislava, Department of International Management, Faculty of Management

Computational Economics, 2025, vol. 66, issue 6, No 16, 4923-4958

Abstract: Abstract This study examines Pakistani citizens’ behavioral intentions toward the adoption of cryptocurrency as a digital currency. Cryptocurrency refers to a form of currency that exists in digital or virtual form and relies on cryptography to ensure the security of transactions and regulate the generation of additional units. Cryptocurrencies have the potential to disrupt the global financial system. Cryptocurrency is a viable option for decentralized and secure transactions, offering enhanced transparency and lowering dependence on conventional financial institutions. The authors collected data from potential cryptocurrency customers or investors. Data were collected from Karachi (Pakistan). The study was conducted with the help of the diffusion of innovation theory (DOI), employing all its components (relative advantage, compatibility, complexity, trialability, and observability). The DOI model statements were modified and adapted to satisfy the requirements of this study. This empirical research report concludes that relative advantage (financial incentives, technology advancement, global accessibility, privacy and security, and P2P nature), compatibility (User-friendliness, Integration with existing systems, compatibility with digital lifestyles), and complexity (ease of use and mass adoption) contribute to the adoption. Trailability (lack of familiarity and risk aversion) and observability (limited exposure, lack of social proof, and negative stigma) are unrelated to customer behavior toward cryptocurrencies. In all these contexts, cryptocurrency adoption can enhance value co-creation. Finally, this study provides valuable insights for stakeholders.

Keywords: Cryptocurrency adoption; Individual adoption decisions; Diffusion of innovation; Co-creating values; Customer value (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s10614-025-10868-6

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