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Papers on “cryptocurrency adoption determinants”

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  1. Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies?

    Sean Foley, Jonathan R. Karlsen, Tālis J. Putniņš · 2019 · Review of Financial Studies · 921 cites

    Cryptocurrencies are among the largest unregulated markets in the world. We find that approximately one-quarter of bitcoin users are involved in illegal activity. We estimate that around $76 billion of illegal activity per year involve bitcoin (46% of bitcoin transactions), which is close to the scale of the U.S. and European markets for illegal drugs. The illegal share of bitcoin activity declines with mainstream interest in bitcoin and with the emergence of more opaque cryptocurrencies. The techniques developed in this paper have applications in cryptocurrency surveillance. Our findings suggest that cryptocurrencies are transforming the black markets by enabling “black e-commerce.” Receive

  2. Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales

    Sabrina T Howell, Marina Niessner, David Yermack · 2019 · Review of Financial Studies · 534 cites

    Abstract Initial coin offerings (ICOs) have emerged as a new mechanism for entrepreneurial finance, with parallels to initial public offerings, venture capital, and presale crowdfunding. In a sample of more than 1,500 ICOs that collectively raise ${\$}$12.9 billion, we examine which issuer and ICO characteristics predict successful real outcomes (increasing issuer employment and avoiding enterprise failure). Success is associated with disclosure, credible commitment to the project, and quality signals. An instrumental variables analysis finds that ICO token exchange listing causes higher future employment, indicating that access to token liquidity has important real consequences for the ente

  3. A PLS-SEM Neural Network Approach for Understanding Cryptocurrency Adoption

    Osama Sohaib, Walayat Hussain, Muhammad Asif, et al. · 2019 · IEEE Access · 191 cites

    The majority of previous research on new technology acceptance has been conducted with single-step Structural Equation Modeling (SEM) based methods. The primary purpose of the study is to enhance the new technology acceptance based research with the Artificial Neural Network (ANN) method to enable more precise and in-depth research results as compared to the single-step SEM method. This study measures the relation between technology readiness dimension (optimism, innovativeness, discomfort, insecurity) and the technology acceptance (perceived ease of use and perceived usefulness) - and the intention to use cryptocurrency, such as bitcoin. The contribution of this study include the use of a m

  4. The adoption of cryptocurrency as a disruptive force: Deep learning-based dual stage structural equation modelling and artificial neural network analysis

    Ghazanfar Ali Abbasi, Lee Yin Tiew, Jinquan Tang, et al. · 2021 · PLoS ONE · 184 cites

    In recent years, the growth of cryptocurrency has undergone an enormous increase in cryptocurrency markets all around the world. Sadly, only insignificant heed has been paid to the unveiling of determinants of cryptocurrency adoption globally, particularly in emerging markets like Malaysia. The purpose of the study is to examine whether the application of deep learning-based dual-stage Partial Least Square-Structural Equation Modelling (PLS-SEM) & Artificial Neural Network (ANN) analysis enable better in-depth research results as compared to single-step PLS-SEM approach and to excavate factors which can predict behavioural intention to adopt cryptocurrency. The Unified Theory of Acceptance a

  5. Global drivers of cryptocurrency infrastructure adoption

    Ed Saiedi, Anders Broström, Felipe Ruiz‐Moreno · 2020 · Small Business Economics · 164 cites

    Abstract A vast digital ecosystem of entrepreneurship and exchange has sprung up with Bitcoin’s digital infrastructure at its core. We explore the worldwide spread of infrastructure necessary to maintain and grow Bitcoin as a system (Bitcoin nodes) and infrastructure enabling the use of bitcoins for everyday economic transactions (Bitcoin merchants). Specifically, we investigate the role of legal, criminal, financial, and social determinants of the adoption of Bitcoin infrastructure. We offer some support for the view that the adoption of cryptocurrency infrastructure is driven by perceived failings of traditional financial systems, in that the spread of Bitcoin infrastructure is associated

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