TY - GEN
T1 - Perspectives of Merchants Regarding Bitcoin’s Role as a Currency and Its Utility as a Payment System
AU - Gutsche, Alex
AU - Louca, Soulla
N1 - Publisher Copyright:
© The Author(s), under exclusive license to Springer Nature Switzerland AG 2024.
PY - 2024
Y1 - 2024
N2 - In the last decade, Bitcoin has transformed from an experimental asset into a global store of value, emerging as a viable alternative to traditional finance. This study explores Bitcoin adoption among merchants in Panajachel (Guatemala), El Zonte (El Salvador), and Uvita (Costa Rica). Quantitative research gathered insights from 64 respondents, revealing that 64% of merchants believed they attracted more customers due to Bitcoin acceptance. Usage of Bitcoin earnings varied, with 44% holding it as an asset and 27% converting it to fiat. Additionally, 67% found Bitcoin easier than credit cards. The analysis was guided by the Technology Acceptance Model and the Diffusion of Innovations theory, focusing on perceived utility, ease of use, market advantage, and compatibility. This research highlights the value of localized studies in understanding Bitcoin’s adoption, offering valuable insights for policymakers and businesses. It sheds light on Bitcoin’s dual role as both a currency and a payment system, enabling users to transact outside of traditional finance.
AB - In the last decade, Bitcoin has transformed from an experimental asset into a global store of value, emerging as a viable alternative to traditional finance. This study explores Bitcoin adoption among merchants in Panajachel (Guatemala), El Zonte (El Salvador), and Uvita (Costa Rica). Quantitative research gathered insights from 64 respondents, revealing that 64% of merchants believed they attracted more customers due to Bitcoin acceptance. Usage of Bitcoin earnings varied, with 44% holding it as an asset and 27% converting it to fiat. Additionally, 67% found Bitcoin easier than credit cards. The analysis was guided by the Technology Acceptance Model and the Diffusion of Innovations theory, focusing on perceived utility, ease of use, market advantage, and compatibility. This research highlights the value of localized studies in understanding Bitcoin’s adoption, offering valuable insights for policymakers and businesses. It sheds light on Bitcoin’s dual role as both a currency and a payment system, enabling users to transact outside of traditional finance.
KW - Bitcoin
KW - Payment System
UR - http://www.scopus.com/inward/record.url?scp=85190367713&partnerID=8YFLogxK
U2 - 10.1007/978-3-031-56478-9_8
DO - 10.1007/978-3-031-56478-9_8
M3 - Conference contribution
AN - SCOPUS:85190367713
SN - 9783031564772
T3 - Lecture Notes in Business Information Processing
SP - 107
EP - 119
BT - Information Systems - 20th European, Mediterranean, and Middle Eastern Conference, EMCIS 2023, Proceedings
A2 - Papadaki, Maria
A2 - Al Marri, Khalid
A2 - Themistocleous, Marinos
A2 - Al Zarouni, Marwan
PB - Springer Science and Business Media Deutschland GmbH
T2 - 20th European, Mediterranean, and Middle Eastern Conference, EMCIS 2023
Y2 - 11 December 2023 through 12 December 2023
ER -