Today we live in a digital society which is heavily dependent on the operation of various technologies and their greater integration in processes. The high speed of transformation of the world under the influence of innovation increased with the advent of the Internet, and it became a powerful tool for managing various activities. The creation of a worldwide network facilitates the development of forms of cooperation between individuals, organizations and companies to achieve better results. It also conditions the need for a specific currency that can be used in various online offers. Under these conditions, cryptocurrency (CC) emerged as one of the most powerful payment options in the modern world.
Background
CC can be defined as a digital asset that works as a means of payment in financial operations carried out through the Internet. The first decentralized cryptocurrency was introduced in 2009 and was called Bitcoin, which was a turning point in the history of this tool. Currently, the topic of a given topic is still high; however, there are people who do and do not adopt CC for various reasons. For this reason, the given paper presents a literature review that focuses on investigating the barriers and facilitators of further diffusion of cryptocurrency, and it is becoming a popular means of payment.
Literature Review
First of all, going deeper into the subject, it is important to outline the trend towards a further increase in the level of popularity of cryptocurrencies such as bitcoin, Ethereum and Monero. Kethineni and Cao (2019) explain the increasing interest in innovative payment instruments due to the general digitization of society and the greater ease of transactions or agreements that can be made using these same tools. From this perspective, it serves as a major factor in the adoption of CC and its subsequent use in everyday life. However, there are also some concerns that it could slow down the pace of development of this technology, and become the dominant choice.
The criminal activity associated with bitcoin is one of the most important fears and barriers preventing people from using it (Kethineni & Cao, 2019). Most users state that they are afraid of being scammed when using CC or carrying out financial operations that presuppose their exchange (Kethineni & Cao, 2019). Furthermore, Brown (2016) assumes that the tool's image is now damaged by the fact that it is the currency of criminals who prefer to use bitcoins for drug trafficking or other illegal activities. Realizing this fact, people are getting some fears regarding the further use of CC and its promotion.
Conceptual Framework Analysis and Hypothesis
The following hypotheses regarding the topics discussed:
Removing key barriers such as knowledge gaps, fear associated with cryptocurrencies, criminal elements, and lack of understanding of price fluctuations through training and additional information can help raise awareness of the speed of CC adoption and facilitate its scale-up. This problem can be investigated with the help of the following conceptual framework.
Conclusion
Taken together, the sources reviewed indicate that, at present, there are many barriers and facilitators for bitcoin's further development and integration with society. CC's accessibility, the many opportunities associated with its use, and the increased convenience attract people and condition their decisions to use this payment method. At the same time, the existence of crime problems related to the topic, increasing complexity, lack of knowledge, and price differences can distract people and prevent CCS from developing further. However, most authors share the opinion that future technological developments will help fill the gap and create a beneficial environment for the extensive use of DC in various areas of human functioning.
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