IDEAS home Printed from https://ideas.repec.org/a/gam/jjrfmx/v18y2025i2p58-d1578097.html
   My bibliography  Save this article

Intention to Use Cryptocurrencies for Business Transactions: The Case of North Carolina

Author

Listed:
  • Shakir Ullah

    (Department of Accounting, Finance, Healthcare and Information Systems, Broadwell College of Business & Economics, Fayetteville State University, 1200 Murchison Rd., Fayetteville, NC 28301, USA)

Abstract

Financial technologies and payment applications have revolutionized money flow recently, with cryptocurrencies offering decentralization, though still limited in transactional use. This study investigates the factors influencing the use of cryptocurrencies for business transactions in North Carolina (NC). This exploratory research utilizes an extended technology acceptance model (TAM) using survey data collected from 228 North Carolina residents and applying Partial Least Squares Structural Equation Modeling (PLS-SEM) to find the relationship between the independent and dependent variables. Our results indicate that perceived usefulness, social influence, and personal innovativeness significantly impact users’ intentions to adopt cryptocurrencies as a medium of exchange. A surprising finding is that ownership has a negative effect on the intention to use cryptos for business transactions. The findings imply that regulators and cryptocurrency issuers should make the system more useful, take full advantage of social media to promote cryptos, and encourage crypto holders to use cryptos for their intended utility rather than just as speculative instruments.

Suggested Citation

  • Shakir Ullah, 2025. "Intention to Use Cryptocurrencies for Business Transactions: The Case of North Carolina," JRFM, MDPI, vol. 18(2), pages 1-21, January.
    • Handle: RePEc:gam:jjrfmx:v:18:y:2025:i:2:p:58-:d:1578097
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1911-8074/18/2/58/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1911-8074/18/2/58/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Amal Dabbous & May Merhej Sayegh & Karine Aoun Barakat, 2022. "Understanding the adoption of cryptocurrencies for financial transactions within a high-risk context," Journal of Risk Finance, Emerald Group Publishing Limited, vol. 23(4), pages 349-367, May.
    2. Usman W. Chohan, 2023. "Public Value and Citizen-Driven Digital Innovation: A Cryptocurrency Study," International Journal of Public Administration, Taylor & Francis Journals, vol. 46(12), pages 847-856, September.
    3. Muhammad Mansoor & Amir Zaib Abbasi & Ghazanfar Ali Abbasi & Sheraz Ahmad & Yujong Hwang, 2024. "Exploring the determinants affecting the usage of blockchain-based remittance services: an empirical study on the banking sector," Behaviour and Information Technology, Taylor & Francis Journals, vol. 43(10), pages 2176-2194, July.
    4. Sikandar Ali Qalati & Esthela Galvan Vela & Wenyuan Li & Sarfraz Ahmed Dakhan & Truong Thi Hong Thuy & Sajid Hussain Merani, 2021. "Effects of perceived service quality, website quality, and reputation on purchase intention: The mediating and moderating roles of trust and perceived risk in online shopping," Cogent Business & Management, Taylor & Francis Journals, vol. 8(1), pages 1869363-186, January.
    5. Ana Cristina O. Siqueira & Benson Honig & Sandra Mariano & Joysi Moraes, 2020. "A Commons Strategy for Promoting Entrepreneurship and Social Capital: Implications for Community Currencies, Cryptocurrencies, and Value Exchange," Journal of Business Ethics, Springer, vol. 166(4), pages 711-726, November.
    6. Venkata Marella & Bikesh Upreti & Jani Merikivi & Virpi Kristiina Tuunainen, 2020. "Understanding the creation of trust in cryptocurrencies: the case of Bitcoin," Electronic Markets, Springer;IIM University of St. Gallen, vol. 30(2), pages 259-271, June.
    7. Sumas Wongsunopparat & Zhai Nanjun, 2023. "Study of Factors Influencing Consumer to Adopt Cryptocurrency," Business Management and Strategy, Macrothink Institute, vol. 14(2), pages 1-18, December.
    8. Muhammad Athar Nadeem & Zhiying Liu & Abdul Hameed Pitafi & Amna Younis & Yi Xu, 2021. "Investigating the Adoption Factors of Cryptocurrencies—A Case of Bitcoin: Empirical Evidence From China," SAGE Open, , vol. 11(1), pages 21582440219, March.
    9. Ali S. A. Alomari & Nasuha L. Abdullah, 2023. "Factors influencing the behavioral intention to use Cryptocurrency among Saudi Arabian public university students: Moderating role of financial literacy," Cogent Business & Management, Taylor & Francis Journals, vol. 10(1), pages 2178092-217, December.
    10. Sumas Wongsunopparat & Peter Cherian, 2023. "Study of Factors Influencing Consumers to adopt EVs (Electric Vehicles)," Business and Economic Research, Macrothink Institute, vol. 13(2), pages 155-169, December.
    11. Chaimae Hmimnat & Mounir El Bakouchi, 2023. "Blockchain, Cryptocurrency, and the Quest for Financial Stability in Morocco Blockchain [Blockchain , Cryptomonnaie et la Quête de la Stabilité Financière au Maroc]," Post-Print hal-04347223, HAL.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Raffaele Fabio Ciriello & Alexandra Cecilie Gjøl Torbensen & Magnus Rotvit Perlt Hansen & Christoph Müller-Bloch, 2023. "Blockchain-based digital rights management systems: Design principles for the music industry," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-21, December.
    2. Li, Baoku & Nan, Yafeng & Yao, Ruoxi, 2024. "The inverted U-shaped relationship between information entropy of keyword combinations and sales of digital products: Evidence from China Tmall," Journal of Retailing and Consumer Services, Elsevier, vol. 79(C).
    3. Nina Stępnicka & Grzegorz Zimon & Dariusz Brzozowiec, 2021. "The Complementary Currency Zielony in Poland and Its Importance for the Development of Local Economy Entities during the COVID-19 Pandemic Lockdown," Sustainability, MDPI, vol. 13(16), pages 1-26, August.
    4. Tiwari, Sunil, 2024. "Impact of Fintech on natural resources management: How financial impacts shape the association?," Resources Policy, Elsevier, vol. 90(C).
    5. El Aissoug, Chaimaa & Kim, Thai-Young & Wang, Xue-Qin & Choi, Dong-Hyun, 2024. "Cross-cultural exploration of determinants of e-commerce adoption: Perspectives from logistics service quality and payment driver," Journal of Retailing and Consumer Services, Elsevier, vol. 81(C).
    6. Larue, Louis & Meyer, Camille & Hudon, Marek & Sandberg, Joakim, 2022. "The Ethics of Alternative Currencies," Business Ethics Quarterly, Cambridge University Press, vol. 32(2), pages 299-321, April.
    7. Jee-Won Kang & Young Namkung, 2022. "Measuring the Service Quality of Fresh Food Delivery Platforms: Development and Validation of the “Food PlatQual” Scale," Sustainability, MDPI, vol. 14(10), pages 1-19, May.
    8. Aditya Halim Perdana Kusuma Putra, 2024. "Learning from the Past Bridging Digital and Physical Markets: A Guidelines for Future Research Agenda of Online-to-Offline (O2O) Marketing Strategy," International Review of Management and Marketing, Econjournals, vol. 14(3), pages 82-96, May.
    9. Awais, Minahil & Afzal, Ayesha & Firdousi, Saba & Hasnaoui, Amir, 2023. "Is fintech the new path to sustainable resource utilisation and economic development?," Resources Policy, Elsevier, vol. 81(C).
    10. Muhammad Farrukh Shahzad & Shuo Xu & Weng Marc Lim & Muhammad Faisal Hasnain & Shahneela Nusrat, 2024. "Cryptocurrency awareness, acceptance, and adoption: the role of trust as a cornerstone," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-14, December.
    11. Kavya Clanganthuruthil Sajeev & Mohd Afjal, 2022. "Contagion effect of cryptocurrency on the securities market: a study of Bitcoin volatility using diagonal BEKK and DCC GARCH models," SN Business & Economics, Springer, vol. 2(6), pages 1-21, June.
    12. Mindel, Vitali & Overstreet, Robert E. & Sternberg, Henrik & Mathiassen, Lars & Phillips, Nelson, 2024. "Digital activism to achieve meaningful institutional change: A bricolage of crowdsourcing, social media, and data analytics," Research Policy, Elsevier, vol. 53(3).
    13. Nguyen, An Pham Ngoc & Mai, Tai Tan & Bezbradica, Marija & Crane, Martin, 2023. "Volatility and returns connectedness in cryptocurrency markets: Insights from graph-based methods," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 632(P1).
    14. Sook Fern Yeo & Cheng Ling Tan & Ajay Kumar & Kim Hua Tan & Jee Kit Wong, 2022. "Investigating the impact of AI-powered technologies on Instagrammers’ purchase decisions in digitalization era–A study of the fashion and apparel industry," Post-Print hal-03628402, HAL.
    15. Chengying He & Yong Li & Tianqi Wang & Salman Ali Shah, 2024. "Is cryptocurrency a hedging tool during economic policy uncertainty? An empirical investigation," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-10, December.
    16. Rodrigo de Oliveira Leite & Layla dos Santos Mendes & Roberto Tommasetti & Vinicius Mothe Maia & Rodrigo Soto Larrain, 2022. "The Role of Motivated Financial Institutions on Community Currencies Loans," IJFS, MDPI, vol. 10(4), pages 1-10, October.
    17. Nadia von Jacobi & Enrica Chiappero‐Martinetti & Lara Maestripieri & Toa Giroletti, 2024. "Creating social value by empowering people: a social innovation perspective," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 95(2), pages 413-439, June.
    18. Roger W.H. Bons & Johan Versendaal & Liudmila Zavolokina & Weidong Larry Shi, 2020. "Potential and limits of Blockchain technology for networked businesses," Electronic Markets, Springer;IIM University of St. Gallen, vol. 30(2), pages 189-194, June.
    19. Sonali Singh & Sumeet Singh Jasial & Richa Misra & Ajay Bansal, 2024. "Online Retail Service Quality: What Matters Most for Customer Satisfaction?," FIIB Business Review, , vol. 13(5), pages 600-615, October.
    20. José Campino & Bruna Rodrigues, 2024. "From CFOs to crypto: exploratory study unraveling factors in corporate adoption," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 10(1), pages 1-24, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jjrfmx:v:18:y:2025:i:2:p:58-:d:1578097. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.