The pace of technological advancement is accelerating. From the stock exchange to mobile banking to cryptocurrencies, we have come a long way. Already, these technological advancements have made living simpler and more practical. Markets for cryptocurrency have recently seen a tremendous increase all over the world. Unfortunately, there hasn’t been much attention paid to the factors that influence the adoption of cryptocurrencies globally, particularly in developing nations like India. As the digital currency of the twenty-first century, cryptocurrency uses cryptographic protocols to move money between individuals or institutions across peer-to-peer networks (P2P). Blockchain technology is crucial for distributing cryptographic keys among P2P network nodes in a decentralized ledger setting. First of all, trading is available every day of the week, 24 hours a day. Second, valuing cryptocurrency is more challenging than valuing mining companies, which can disclose predicted earnings based on gold depots and oil bars and shares sold on venture markets.
OBJECTIVES OF THIS STUDY
The volatility of cryptocurrencies is intrinsic. A relatively recent phenomenon that is growing in popularity is cryptocurrency. On the one hand, it is built upon a fundamentally new technology, the potential of which has not yet been fully realized. Or, at least in its present state, it performs the same functions as other, more conventional assets.
(1) To analyze the existing research on the behavioral intentions of bitcoin investors and to comprehend the ideas and conceptual frameworks.
(2) To determine the many elements that affect consumer behavior with respect to investing in cryptocurrencies.
(3) To evaluate the degree of technology acceptability among investors and their aspirations to use cryptocurrencies.
(4) Based on the literature analysis, to identify the appropriate research gaps and future research goals.
The authors of this study will examine consumer behavioral intentions regarding bitcoin use with relation to various nations. This study’s authors used qualitative research techniques. The descriptive method used in this critical review is based on observation and information gathered from a Google Scholar search using relevant keywords.
FACTORS INFLUENCING CONSUMER BEHAVIORAL INTENTION TOWARDS CRYPTOCURRENCY USE
Ease of use: A sort of decentralized digital currency known as cryptocurrency is held online and is not governed by banks or governments. The findings of the interviews showed that, despite certain misunderstandings, the majority of participants have a comprehensive understanding of the nature of cryptocurrencies. The majority of participants could explain technical aspects of cryptocurrencies like mining and market capitalization.
Social Impact: Data indicate that Twitter is preferable to Google-based online investor sentiment proxies because online investor sentiment is a significant nonlinear predictor of most major cryptocurrency performances. Additionally, cryptosoft.app appears that social media mood rather than macroeconomic news is what drives cryptocurrency returns.
Convenience: The use of cryptocurrencies is not limited to a certain region. Due to blockchain technology, which guarantees their security, solves the issue of double-spending, and offers incentives for client participation, they are now possible. By encouraging locals to participate in neighborhood commerce, they can attract small businesses.
Trust: If cryptocurrencies and peer-to-peer transactions are not issued by a central issuer and are not governed by particular governments, consumers are more likely to trust them.
Privacy: The creation of user-friendly software that protects users’ overall privacy should be the aim of privacy-enhanced software design. As our study shown, the fundamental gap between network level and on-chain anonymity makes it challenging for even highly motivated and technically skilled users to use anonymous cryptocurrency wallets at the moment in a way that ensures their overall privacy.
The media, individual investors, and regulators have all expressed interest in cryptocurrencies. Both the total number of individual investors and the market value of cryptocurrencies have significantly expanded concurrently. As a result, both policymakers and financial institutions can learn by evaluating the traits of these individual investors as well as their actions and prejudices. Understanding early cryptocurrency acceptance is instructive for understanding how families and individual investors will adopt financial technology and products. Investors in cryptocurrencies tend to be more male, have larger portfolios, and use other cutting-edge goods and services from the bank. In addition, they stand out from their colleagues in terms of their portfolios, trading style, and security choices. They trade more regularly, use internet banking more frequently, and own more securities. It’s important to note that after making their initial bitcoin investment, investors’ trading activity and desire for risky investments both intensify.