Bitcoin Adoption in Banking and Finance: The Critical Factors of its Implementation

Bitcoin is a e-currency created by the computational result of blockchain technology. It is the world's first decentralized anonymous digital circulation which accepts online transactions without relying on any third-party institutions or government. Though, its technology is considered as one of the secure online ledgers with strong cryptography integrated payment systems in financial sector, it is still struggling to integrate banks and finances for payment and people are reluctant to accept its adoption. The aim of this study it is to investigate the influential factors such as perceived trust, perceived risk, self-efficacy, resource appropriateness and intention to use of its adoption in our daily use. Therefore, to address this gap, the research utilized a quantitative method survey built on previous theories of Technological Acceptance Model (TAM), Theory of Reasoned Action (TRA), Delone and McLean Information System Success Model and Self-determination Theory Model (SDT) to lift up the barriers of bitcoin implementation. We used a sample of 402 participants for the analysis where seven main variables and nine hypotheses got formulated and tested using the partial least squares (PLS) path modeling with SPSS. The result shows that the analysis of the data provided support for all the hypotheses and established a positive relation between variables and the findings obtained have both academic and practical worth in terms of Information Systems technology adoption for improving the understanding of factors influencing bitcoin adoption in banking and finance.