The proliferation and current success of the digital currency Bitcoin whose benefits include free and quick international remittance, no bank charges and the absence of foreign exchange rates is indicative of the maturation of a digitally interconnected “flat-world”. With the continued amalgamation of both the virtual and physical worlds new business models and strategies are needed to meet this dynamic and emerging environment. The author investigates how businesses can provide perceived usefulness (PU) and perceived ease-of-use (PEOU) for Bitcoin users. Concurrently, those Bitcoin users were analysed to discover if the existing business models constituted an appealing value proposition.
The theoretical framework of Venkatesh and Davis’ technology acceptance model (TAM) developed in 1996 was used to gain insights into PU and PEOU of both companies and customers. Data from eight Bitcoin companies who provide both products and services were collected in semi-structured interviews for qualitative analysis. 104 individuals were targeted via Tweet Deck matching “#Bitcoin” to gain the general perspective of Bitcoin users. Standard multiple regression and ANOVA was used on this sample to discover relationships in PU and PEOU. This mixed method approach allowed for comparison between companies’ and customers’ perspectives.
The results from this study indicate that despite the TAM PU is the one and only affecter that correlates to an individual’s ‘intent of use’ of Bitcoin. PEOU on the other only possesses a strong overlapping relation with PU. It was also found that external factors such as education and time spent on the internet do not influence these perceptions.
Companies were found to have an overwhelming affinity to the cost benefits of international remittance Bitcoin has to offer. The combination of customer and company views reveal that software applications developed to increase PEOU show most promise to increase intent of use despite lower capital gains for developers. A partnership model was suggested between goods and service providers and a sharing of financial returns for the common good and the continued PU of the Bitcoin community.
The New Exchange 