A Study OF Factors Affecting THE Behavtoral Intention OF Using Cryptocurrency PDF

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BỘ GIÁO DỤC VÀ ĐÀO TẠOTRƯỜNG ĐẠI HỌC KINH TẾ TP. HỒ CHÍ MINHĐỀ TÀI NGHIÊN CỨU KHOA HỌC THAM GIA HỘI THẢO KHOA HỌC LẦN I 2021Hồ Chí Minh, ngày 30 tháng 4 năm 2021 Nguyễn Hoàng Long KE001-Đại học Kinh tế TP [email protected] 0396034236Lĩnh vực nghiên cứu chuyên sâu: Công nghệ thông tin.A STUDY OF ...

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BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP. HỒ CHÍ MINH

ĐỀ TÀI NGHIÊN CỨU KHOA HỌC THAM GIA HỘI THẢO KHOA HỌC LẦN I 2021 Hồ Chí Minh, ngày 30 tháng 4 năm 2021 Nguyễn Hoàng Long KE001-Đại học Kinh tế TP.HCM [email protected] 0396034236 Lĩnh vực nghiên cứu chuyên sâu: Công nghệ thông tin. A STUDY OF FACTORS AFFECTING THE BEHAVTORAL INTENTION OF USING CRYPTOCURRENCY – BITCOIN IN VIETNAM: A CASE STUDY IN HO CHI MINH CITY Chủ đề: Thế hệ trẻ với chuyển đổi số. Số từ :5358 Mô tả: Hưởng ứng phong trào nghiên cứu khoa học tại UEH, tác giả đã lên kế hoạch cũng như có các ý tưởng để tham gia. Với sức nóng của tiền điện tử Bitcoin đang được nhắc đến mỗi ngày trong cuộc sống, đó là một điều không quá khó khăn để tác giả có thể nhận ra giá trị của đồng tiền này tác động thế nào đến cuộc sống của thế hệ trẻ hiện nay. Qua tìm hiểu, tác giả nhận thấy chủ đề về Tiền điện tử còn chưa phổ biến ở Việt Nam. Và đó chính là lý do và mục tiêu đóng góp của bài nghiên cứu này. 1

A STUDY OF FACTORS AFFECTING THE BEHAVTORAL INTENTION OF USING CRYPTOCURRENCY – BITCOIN IN VIETNAM: A CASE STUDY IN HO CHI MINH CITY Abstract: With the rapid development of technology in industrial revolution 4.0, Vietnamese people become more and more catch closer to the globalization. And Bitcoin- crypto-currency is one of these adapting process. This research is about to understand the factors that affect the acceptance and using of Bitcoin crypto-currency in Vietnam. It adopted the model of Unified Theory of Acceptance and Use of Technology (UTAUT), the author identified four influencing factors: Performance Expectancy, Effort Expectancy, Social Influence and Facilitating Conditions. The factor of Gender and Age were assumed to moderate the relations between those factors and use and behavioral intention. Based on data collected from 102 students and employees in Ho Chi Minh City and the statistical significance of the relationships evaluated by multivariate regression analysis, the results show that Social Influence and Perceived Usefulness are the main factors affecting the user in using Bitcoin technology. Keywords: Bitcoin, Unified Theory of Acceptance and Use of Technology, crypto-currency, Behavioral Intention. 1. INTRODUCTION The development of Internet today has brought out so many new technologies in the world including electronic money or crypto-currency- Bitcoin. Bitcoin is the most typical, first born and widely used in e-commerce. It is a decentralized financial protocol based on the peer- to- peer network. It is a capable of connecting any computer throughout the world for establishing an open accounting book (Feld, Schõnfeld & Werner, 2014). In other words, Bitcoin is a new payment transaction system where the money is in digital form. By using Bitcoin, anyone is able to send money to anywhere instantly. Bitcoin was established by anonymous who referred to himself as Satoshi Nakamoto in November 2008. Recently, Statista’s Global Consumer Survey announced that Vietnam ranked second worldwide in popularity of crypto-currency. This shows that Bitcoin is becoming familiar,

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but the question arises, can it replace real money or not? It is transforming and being recognized as a new currency. I.1 Reason of choosing the topic: Banknote is a vastly innovation. ‘Currency’ is an intermediate product used to trade goods. And the logic of money is based on consensus. That means, the Central Bank is allowed to issue currency because they get a consensus of the majority in terms of interests to protect value. However, nobody guarantees the pure safety of the Central Bank and ensure that they do not add money into economy and lead to inflation. What we need is to find a solution for both the government and the community to use money better and limit the potential damage to the economy. And Bitcoin is the answer for this problem. In fact, Bitcoin gains over the traditional currency for its benefits. In Vietnam, with the popularity of crypto-currency ranked second in the world, cryptocurrency is one of the most important factors that contribute the globalization, however, there is no official research of this area to survey and assess the needs, attitudes and acceptance of Bitcoin . Therefore, I choose the topic ‘Factors affecting the behavioral intention of using crypto-currency –Bitcoin in Vietnam’. Based on this study, the State Bank, related agencies, and organizations will have right strategies to promote the development of Bitcoin in Vietnam or the developers, end consumers to know more about Bicoin. I.2 The research objectives: Discover the factors that affect the behavioral intention of using Bitcoin in Vietnam. Measure the factors and the impact of each factor on the behavioral intention of using Bitcoin in Vietnam. Recommend some solutions to increase the behavioral intention of using of Bitcoin in Vietnam. 2. LITERATURE REVIEW: 2.1Theoretical basis: 2.1.1Characteristics of money and electronic money:

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Currency means payment in exchange for goods or services. Gold or silver coins and banknotes circulating in society represent means or values. Banknotes currently in use have intrinsic value, people give the banknote to the other party when they believe that they get exactly what value they want. It has the value of money in the door. In other words, the concept of money can be seen as trust and promise in payment. Electronic money refers to the concept of such money as an IC card or net. Cash by electronically storing it on the computer connected to the work. It is an alternative currency. E-money is easy to store and transfer value and where it has versatility that can be used or used, and when it has key functions as a currency such as guaranteeing anonymity. Therefore, it is used to replace a large portion of cash transactions. Money is a concept of credit, whereas is a conventional currency. In that view, the meaning of money and electronic money are quite different. Looking at the defined research, money has a wide variety of meanings, which are included, and are largely a means of payment and debt for goods and services. It can be defined as a means of implementation, a means of value storage, etc. (MNLee, 2006.)( GOJeong, 2008.) 2.1.2 Features and acceptance factors of crypto- currency: Virtual currency is a type of electronic money, and it is network-based. Cryptocurrency is the government of each country or unlike the general currency issued by the central bank. It is valued according to the rules set by people, and exchanged with real money. It is distributed on the premise that it can be exchanged. (Naver Encyclopedia, 2014) Cryptocurrency is currency which has no production cost due to issuance of waste, and transfer costs, etc. It has the advantage of significantly reducing transaction costs. Moreover, because it is stored on disk, there is no storage cost, and as there is no fear of loss or loss, the function is also excellent. However, due to the confidentiality of the transaction, It can be abused in legislation, and due to difficulty in taxation, it can be a tax measure, which is a problem (Naver Encyclopedia, 2014). Hyundai Research Institute (Hyundai Research Institute, 2014.) exchanges virtual currency with real money classified into point type, cyber money type, and alternative currency type according to gender. Point type is not exchanged for real money, but it is used to purchase goods and services in a designated place. Credit card points, gas station mileage, etc. …It belongs to this. The cyber money type converts virtual currency into real money. ‘You can buy it, but 4

you cannot convert virtual currency into real money’ is the case which is used in online games, etc… 'Bitcoin' is a type that can be exchanged freely .It can be said to be a target example. Crypto-currency will be used in the future IT technology development and trend change. Therefore, there are methods such as fusion between types and integration between different crypto-currencies, which will continue to evolve, and due to the evolution of the virtual currency ecosystem, create a new industry, reducing transaction costs, expanding investment, etc. This also contributes to activation. Besides, cryptocurrency exchange and tax the safety and transparency of transactions due to the reorganization of laws and systems, and concerns about current side effects will gradually decrease. 2.1.3 Theory of reasoned action (TRA) Theory of Reasoned Action was first developed in 1967 by Fishbein, then modified and expanded by Ajzen and Fishbein (1975). According to this theory, the behavioral intention is the best predictor of a person's behavior on the basis of judgment to make choices in the decision-making process. As said by Ajzen and Fishbein (1975), behavioral intention is influenced by attitude towards behavior and subjective norm of behavior. In particular, the attitude towards using behavior is measured through customer’s trust in the product (in this case, a technology product). Customers pay attention to the attributes that bring essential benefits and have different levels of importance. If we know the weights of those attributes, we can roughly predict the customer choices. Social influence factors can be measured through people related to the consumer (like family , friends, colleagues,...); These people like or dislike when they buy. The level of Social Influence affecting a customer's buying tendencies depends on the level of support or opposition to consumer’s buying behavior and their motives following the wishes of influencers. In summary, according to the Theory of Reasoned Action, the customer's behavioral intention is influenced by their trust in the benefits that the product provides and the influence of those around them on that behavior. However, a shortage of TRA is that it ignores social factors that may also motivate consumers. 2.1.4 Theory of planned behavior (TPB) Theory of Planned Behavior (Theory of Planned Behavior - TPB) is an extension of the TRA theory to overcome the shortage of the TPB that the consumer behavior is the 5

rational thought. This theory was added by Ajzen in 1991 with a third factor, the Perceived Behavioral Control. This third one reflects how easy or difficult it is to perform the behavior. As more opportunities and resources are available, the consumer thinks that there is less impediment and greater cognitive control of the behavior. This control factor can be internal factors (will, ability, ...) or external factors (time, performance opportunities, economic conditions, ...). However, the TPB model has some limitations in predicting behavior (Werner, 2004), because there may be a number of other factors that influence behavior. Research shows that only 40% of behavioral variation can be explained by using TPB (Ajzen, 1991; Werner, 2004). The second limitation is that there can be a significant time gap between assessments of behavioral intention and actual behavior evaluated (Werner 2004). Over a period of time, an individual's intentions may change. The third limitation is that the TPB is a model that predicts an individual's behavior based on certain criteria. However, the individual does not always behave as predicted by these criteria (Werner 2004). 2.1.5 Technology acceptance model: TAM In applying the technology field of individuals, the TAM model is one of the most extensive research. In 1989, Davis proposed the Technology Acceptance Model (TAM) to explain the potential consumer's behavioral intentions to use technological innovation. TAM is developed based on the Theory of Reasoned Action (TRA), a psychological theory that tends to explain customer behavior. The original TAM model and extended version one both have been used to explain and predict the intention to adopt and use technology in Bitcoin (: Daniel Folkinshteyn & Mark Lennon (2016) Braving Bitcoin: A technology acceptance model (TAM) analysis, Journal of Information Technology Case and Application Research), M-learning (S. R. G et al., 2007), online banking (L. V. S et al., 2007), online shopping payments (L. Zhou et al., 2007), electronic and multimedia environments, mobile payment services (PG Schierz et al., 2010) and . TAM (Davis, 1989; Davis et al., 1989) has proposed that two specific beliefs, the Perceived Usefulness and the Perceived Ease of use are the main motivations of technology adoption. The Perceived Usefulness stands for “the level to which a person believes that using a particular system would enhance his or her job performance ”and

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Perceived Ease of use stands for“ the level to which a person believes that using a particular system would be free of effort. ”(Davis, 1989). According to Pavlou (2003), the benefits of TAM include reliable tools with good metrological attributes, brief and experimental. Furthermore,when compared with the alternative acceptance models, TAM has a competitive advantage in explaining a significant proportion of the variable in the using intention (Venkatesh 1999). Therefore, we believe that the TAM technology adoption model is one of the hypotheses proposed in this research with additional theoretical basic structures important for the acceptance of Bitcoin. 2.2 Conceptual model and hypothesis development: The author proposes the factors affecting the behavioral intention of using Bitcoin of citizen of Ho Chi Minh city include 05 elements : Perceived Ease of Use; Social Influence; Perceived Security and Perceived Usefulness. The author through reference to previous studies and the result of interviews adjust the proposed model. Specifically, the author made adjustments and additions to the factors affecting the behavioral intention of using Bitcoin of HCM citizen to fit the research objectives of the topic.

Figure 1. Conceptual Model 7

Perceived Ease of Use (PEU): The perceived ease of use is defined as the degree to which an individual has confidence to use/operate a particular technology/system by utilizing less effort (Davis, 1989). Individual beliefs about the perceived ease of use are based on several factors related to the use of computer. For instance, such factors include computer playfulness, selfefficacy, and the role of the computers to reduce anxiety level and external control (Shahzad et al., 2018). It is found that familiarity and sufficient experience to use computer may boost self-efficacy of the individual and lessen the anxiety associated with the early adoption of modern technologies (Abu-Shanab & Haider, 2015; Almuraqab, 2017; Venkatesh & Bala, 2008). Some studies have validated the positive relationship between the perceived ease of use and the behavioral intention in different research contexts (L. Chen & Aklikokou, 2020; Wang et al., 2020). Scholars argued that there is a need to lower the technological entry barrier to engage with the cryptocurrencies (Fröhlich et al., 2020). According to Miau and Yang (2018), Bitcoin networks include a variety of computing devices (i.e., laptops, smart phones, mainframes) that can be easily accessible and used. This leads to the first hypothesis: Hypothesis H1: Perceived Ease of Use has a positive effect on the Behavioral Intention of Using Bitcoin. Perceived Usefulness (PU): The perceived usefulness is defined as the degree to which an individual assumes that the use of particular technology or system would be helpful and beneficial for him or her and may boost overall performance of any given activity (Davis, 1989; Davis et al., 1989). The extant literature shows that the perceived usefulness has a continuous effect on the behavioral intention to use technology in future (Almuraqab, 2017; L. Chen & Aklikokou, 2020; Venkatesh et al., 2003; Wang et al., 2020). Practitioners argue that the perceived usefulness is an essential factor determining the adoption of novel technologies (Tan & Teo, 2000). The use of cryptocurrencies can be influenced by the perceived usefulness affecting the adoption of cryptocurrencies (Shahzad et al., 2018). Thus, the following hypothesis is proposed: 8

Hypothesis H2: Perceived Usefulness has a positive effect on the Behavioral Intention of Using Bitcoin. Social Influence (SI): Social Influence is defined as the degree to which an individual's views and interests on a new technology that is trusted and suggested by others to use the new technology. According to another study on crypto-currency adoption based on the TPB, subjective norms (social influence) is significant (Schaupp and Festa, 2018): people receiving a positive social influence regarding their use are more likely to use them. Hypothesis H3: Social Influence has a positive effect on the Behavioral Intention of Using Bitcoin. Perceived Security (PS): Security is defined as the events, conditions, or circumstances with the possibility to cause economic hardship to network resources or data in the form of restriction, modification, disclosure of data, violation of privacy, fraud, abuse, and waste and denial of services (Balta-Ozkan et al., 2013; Han & Yang, 2018; Yang et al., 2016). Several scholars defined security as the protection of data/systems from intimidation interference and unlawful alteration/loss or embezzlement (Bailey & Pearson, 1983; Santhanamery & Ramayah, 2018). The online payment systems require rigorous and fool-proof security arrangements to protect their users from any sort of loss. Individuals participating in online transactions have deep concerns about the overall security arrangements of the systems that they use for receiving or paying money. The high/low level of security of an online system leaves a positive/negative impact on the users, which leads to acceptance/rejection of the said system. Therefore, every online payment system shows strong commitment to its security arrangements to avoid any uncertain events. Regarding Bitcoin, scholars defined security and control as the overall security arrangements of the Bitcoin system (Abramova & Böhme, 2016). Bitcoin system is considered secure compared with other existing payment mechanisms (Kasahara & Kawahara, 2017), and it provides a secure and immediate services of international fund 9

transfer (Kawase & Kasahara, 2020). It is reported that one essential aspect of Bitcoin is the mining process, which describes the overall security, stability, and reliance on the payment system (Nakamoto, 2008). It is also revealed that Bitcoin has performed well without major setbacks since its launch (Bentov, 2017). Hypothesis H4: Perceived Security has a positive effect on the Behavioral Intention of Using Bitcoin. 2.3 Methods 2.3.1 Measurement scale: I used a questionnaire constructed by using a 5-point Likert scale to measure variables. The items in the questionnaire were based on previous studies regarding the acceptance of financial technologies. The scale measurements are detailed in Table 1. Table 1. Measurement details Construct Perceived Ease

Item PEU1: It is understandable and easy for

Source Venkatesh and Davis

of Use

me to use Bitcoin.

(2000) Shahzad et al (2018)

PEU2: It is easy for me to learn

Schaupp and Festa (2018)

information of Bitcoin. PEU3: I find it easy to get the Bitcoin to Perceived

do what I want it to do. PU1:Using Bitcoin improves my

Venkatesh and Davis

Usefulness

performance.

(2000)

PU2:Using Bitcoin increases my

Mendoza Tello et al (2018)

standard of living.

Shahzad et al (2018)

PU3:Using Bitcoin increases my productivity. Social

PU4: I find Bitcoin to be useful SI1: The people who are in my office, 10

Schaupp and Festa (2018)

Influence

college,…think that I should use Bitcoin.

Farah et al (2018)

SI2: The trend of exchanging real money to Bitcoin of people that I have relationships in my daily life is more popular. SI3: Bitcoin is often mentioned by the Perceived

media to encourage people to use it. PS1:I find Bitcoin to be reliable enough

Han (2001)

Security

to do a transact...