Contributions
This work shows through the analysis of cryptocurrencies, that the most frequently mentioned and researched factors like Transaction Speed and Volatility are solved.
Therefore, the cryptocurrency payments research field should focus on other factors when studying adoption. Usability, Knowledge, Trust, Availability, Regulations and Accepting Venues are the current roadblocks for adoption and pose exciting research areas. Especially a study comprising all these aspects would be beneficial.
Other research areas where scientific literature is scarce:
- Products that benefit from cryptocurrency payments (e.g. gaming transactions because of the low Transaction Cost of cryptocurrencies)
- In-depth research on wallets and how they can improve Usability.
- More specified research on the merchant side.
Relevant factors for each entity are highlighted, offering practical opportunities for improvement for cryptocurrency companies to enhance their adaptation and gain a competitive advantage. Cryptocurrency companies need to spread Knowledge, increase Availability, and most importantly enhance Usability.
Furthermore, the advantages for users and merchants are also outlined. Users get access to a non-volatile and less inflationary means of payment which is a benefit for some countries. Merchants have to pay fewer fees, get their money quicker, and can offer customers a new payment method.
Lastly, the developed scales, ranking, and data can be used for further research (Downloads).
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