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Current adoption state of cryptocurrencies as an electronic payment method

Author

Listed:
  • Zlatko BEZHOVSKI

    (Faculty of Economics, Goce Delcev University, Stip, Macedonia)

  • Ljupco DAVCEV

    (Faculty of Economics, Goce Delcev University, Stip, Macedonia)

  • Mila MITREVA

    (Faculty of Economics, Goce Delcev University, Stip, Macedonia)

Abstract

The original intention behind Bitcoin, the first decentralized cryptocurrency, was to serve as an electronic payment system allowing peer-to-peer transactions without the need for a trusted third party. Since its introduction in 2009, Bitcoin faced high volatility, performance issues, increased energy consumption, legality issues, criticism and ultimately slow adoption. Additionally, many new cryptocurrency projects arose to utilize the blockchain technology that enables transparent, trusted, fast, efficient, and secure transactions. All new cryptocurrencies, some complementing - some competing Bitcoin, face the same challenges, especially the slow adoption and therefore lag behind the current payment means in e-commerce as digital wallets, banking cards, bank transfers and even cash on delivery. In this paper we examine the current state of adoption of Bitcoin and the other cryptocurrencies as means of online payment. The main purpose of our research was to set a starting point for an additional research addressing the main issues for adoption of this promising technology

Suggested Citation

  • Zlatko BEZHOVSKI & Ljupco DAVCEV & Mila MITREVA, 2021. "Current adoption state of cryptocurrencies as an electronic payment method," Management Research and Practice, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 13(1), pages 44-50, March.
    • Handle: RePEc:rom:mrpase:v:13:y:2021:i:1:p:44-50
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    References listed on IDEAS

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    1. Ben Fung & Miguel Molico & Gerald Stuber, 2014. "Electronic Money and Payments: Recent Developments and Issues," Discussion Papers 14-2, Bank of Canada.
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    Cited by:

    1. Yunfei Yang & Guifei Qu & Lianlian Hua & Lifeng Wu, 2022. "Knowledge Mapping Visualization Analysis of Research on Blockchain in Management and Economics," Sustainability, MDPI, vol. 14(22), pages 1-24, November.
    2. Ayman A. Alsmadi & Ahmed Shuhaiber & Loai N. Alhawamdeh & Rasha Alghazzawi & Manaf Al-Okaily, 2022. "Twenty Years of Mobile Banking Services Development and Sustainability: A Bibliometric Analysis Overview (2000–2020)," Sustainability, MDPI, vol. 14(17), pages 1-14, August.
    3. Ankit Dhiraj & Sanjeev Kumar & Divya Rani & Simon Grima & Kiran Sood, 2023. "Blockchain Payment Services in the Hospitality Sector: The Mediating Role of Data Security on Utilisation Efficiency of the Customer," Data, MDPI, vol. 8(8), pages 1-14, July.
    4. Arpaci, Ibrahim, 2023. "Predictors of financial sustainability for cryptocurrencies: An empirical study using a hybrid SEM-ANN approach," Technological Forecasting and Social Change, Elsevier, vol. 196(C).

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