Blockchain Adoption: Challenges On Adoption Of Cryptocurrencies As Payment Method In Malaysia

Abstract

Blockchain, which is a type of cryptocurrency, has a lot of promise for future transactions and investments. People utilized actual money as a form of payment back then. Later, it progressed to the usage of electronic money as a payment method. With the advent of cryptocurrencies, people all over the world are debating whether they will be the next thing to utilize as a form of payment. In Malaysia, the majority use of cryptocurrencies is now used for investing, with people who purchase and engage in the hopes of making a profit. Malaysians are still hesitant to use virtual currencies as a payment mechanism. So, this paper aims to determine the difficulties that influence the user’s intention by Malaysian in the adoption of blockchain technology especially using cryptocurrencies as a payment method. This article examines the Technology Acceptance Model (TAM) to look at the elements that can impact a user's decision to use cryptocurrencies as a method of payment, such as perceived ease of use, perceived usefulness, and perceived risk that can influence the user’s intention to adopt cryptocurrencies as payment method. This study covers a wide range of topics, including the use of secondary data as the main source, which was collected through a review of existing libraries. The findings revealed that decrease perceived ease of use and perceived usefulness are negatively influenced the user's intention to adopt cryptocurrencies as a payment method, whereas decrease perceived risk has a positive impact on the user's intention to use cryptocurrencies as a payment method instead of conventional money.