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

In: Blockchain and the Public Sector

Author

Listed:
  • Kristin Johnson

    (University of Rhode Island)

  • Brian S. Krueger

    (University of Rhode Island)

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.

Suggested Citation

  • Kristin Johnson & Brian S. Krueger, 2021. "Who Supports Using Cryptocurrencies and Why Public Education About Blockchain Technology Matters?," Public Administration and Information Technology, in: Christopher G. Reddick & Manuel Pedro Rodríguez-Bolívar & Hans Jochen Scholl (ed.), Blockchain and the Public Sector, edition 1, chapter 0, pages 127-149, Springer.
    • Handle: RePEc:spr:paitcp:978-3-030-55746-1_6
    DOI: 10.1007/978-3-030-55746-1_6
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    Cited by:

    1. Zdenek Smutny & Zdenek Sulc & Jan Lansky, 2021. "Motivations, Barriers and Risk-Taking When Investing in Cryptocurrencies," Mathematics, MDPI, vol. 9(14), pages 1-22, July.
    2. McMorrow Jake & Esfahani Mona Seyed, 2021. "An Exploration into People’s Perception and Intention on using Cryptocurrencies," HOLISTICA – Journal of Business and Public Administration, Sciendo, vol. 12(2), pages 109-144, August.

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