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End-User Adoption of Bitcoin in South Africa

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  • Raphael Warren Jankeeparsad
  • Dev Tewari

Abstract

Since its introduction in 2008, the value and popularity of Bitcoin have risen exponentially. Despite being 10 years old, the concept of crypto currency is fairly new in South Africa. The increase in the value of Bitcoin, together with extensive media coverage, has led to the creation of a Bitcoin economic system with many South Africans jumping on the Bitcoin bandwagon. This study aims to identify the determinants affecting end-user adoption of Bitcoin in South Africa and to determine the main use of the crypto currency by South Africans. A research model was developed utilising constructs from the technology acceptance model and theory of planned behaviour. The model was then tested empirically by utilising two survey-based questionnaires, one for current users of Bitcoin and one for non-users. For users, perceived usefulness and access to facilitating conditions were the primary determinants influencing their decision to adopt the crypto currency while lack of trust and social influences were the primary reasons non-users chose not to adopt Bitcoin.

Suggested Citation

  • Raphael Warren Jankeeparsad & Dev Tewari, 2018. "End-User Adoption of Bitcoin in South Africa," Journal of Economics and Behavioral Studies, AMH International, vol. 10(5), pages 230-243.
    • Handle: RePEc:rnd:arjebs:v:10:y:2018:i:5:p:230-243
    DOI: 10.22610/jebs.v10i5(J).2512
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    References listed on IDEAS

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    1. Bernadette Szajna, 1996. "Empirical Evaluation of the Revised Technology Acceptance Model," Management Science, INFORMS, vol. 42(1), pages 85-92, January.
    2. Henry, Christopher S. & Huynh, Kim P. & Nicholls, Gradon, 2018. "Bitcoin awareness and usage in Canada," Journal of Digital Banking, Henry Stewart Publications, vol. 2(4), pages 311-337, May.
    3. Sheppard, Blair H & Hartwick, Jon & Warshaw, Paul R, 1988. "The Theory of Reasoned Action: A Meta-analysis of Past Research with Recommendations for Modifications and Future Research," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 15(3), pages 325-343, December.
    4. Christopher Henry & Kim Huynh & Gradon Nicholls, 2017. "Bitcoin Awareness and Usage in Canada," Staff Working Papers 17-56, Bank of Canada.
    5. Viswanath Venkatesh & Fred D. Davis, 2000. "A Theoretical Extension of the Technology Acceptance Model: Four Longitudinal Field Studies," Management Science, INFORMS, vol. 46(2), pages 186-204, February.
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    Cited by:

    1. Saralees Nadarajah & Emmanuel Afuecheta & Stephen Chan, 2021. "Dependence between bitcoin and African currencies," Quality & Quantity: International Journal of Methodology, Springer, vol. 55(4), pages 1203-1218, August.

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