University of Twente Student Theses
Do Users Understand and Want Self-Custody? : Insights from an Extended UTAUT Perspective.
Milorava, D. (2024) Do Users Understand and Want Self-Custody? : Insights from an Extended UTAUT Perspective.
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| Abstract: | Blockchain technology has ushered in a new era of financial autonomy, offering users the unprecedented ability to manage assets without intermediaries. This shift towards self-custody solutions potentially democratizes finance, fundamentally altering the role of traditional financial institutions. As digital finance evolves, rapidly supplanting conventional financial instruments including physical currency, understanding the adoption of self-custody wallets becomes crucial. Despite its importance, the adoption of self-custody solutions remains understudied, particularly from a quantitative perspective. This study addresses this critical gap by exploring user adoption of self-custody cryptocurrency wallets, a cornerstone of blockchain technology. Focusing on the Bitcoin network, we extend the Unified Theory of Acceptance and Use of Technology (UTAUT) by incorporating Personal Innovativeness in IT (PIIT) and Perceived Control (PC). Additionally, recognizing that users' awareness and understanding are crucial for effectively utilizing complex technologies, we integrate Technology Awareness (TA) into the Facilitating Conditions (FC) construct to capture the role of informed awareness in promoting adoption. Our analysis of 131 diverse respondents reveals that Facilitating Conditions (FC), enhanced by the inclusion of Technology Awareness (TA), along with Personal Innovativeness in IT (PIIT) and Social Influence (SI), significantly influence the intention to adopt self-custody cryptocurrency wallets. This underscores the importance of a supportive environment and user awareness in the adoption of complex technologies like blockchain. Interestingly, traditional predictors such as Performance Expectancy (PE) and Effort Expectancy (EE) were not significant, challenging conventional technology adoption models. These findings not only advance our theoretical understanding of blockchain adoption but also provide critical insights for developers, policymakers, educators, and blockchain enterprises to foster the adoption of self-custody solutions. As self-custody continues to reshape the financial landscape, this study lays a foundational framework for understanding and promoting the adoption of this transformative technology, paving the way for future research in this rapidly evolving field. |
| Item Type: | Essay (Master) |
| Faculty: | BMS: Behavioural, Management and Social Sciences |
| Subject: | 85 business administration, organizational science |
| Programme: | Business Administration MSc (60644) |
| Link to this item: | https://purl.utwente.nl/essays/104600 |
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