Drivers Affecting Bitcoin Adoption as a Payment Mechanism in the Tourism Industry

Mehdi Daryaei, Reza Radfar, Javad J. Jassbi, Abbas Khamseh

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Abstract

While travelers' desire to visit the world's most remote places has grown, the inefficiency of global payments indicates a significant barrier to tourism growth. As an emerging, decentralized, and borderless digital innovation, Bitcoin technology seems to have the ability to serve as a payment alternative and address such fundamental inefficiencies. On the other hand, bitcoin adoption can only happen when tourists and business owners choose to operate bitcoin simultaneously. The study has developed a novel Bitcoin Collaborative Network and Tourism Collaborative Network model to examine Bitcoin adoption factors. Then a fuzzy DEMATEL method was applied to the factors influencing the adoption domain, as identified based on an extensive literature review, in-depth interviews, and an international Delphi process. The study offered a model for the heterogeneous collaborative network of Bitcoin and Tourism (BCN and TCN), revealing that Perceived Usefulness is the most influencing criterion and the most prominent variable in Bitcoin Adoption. Bitcoin Technological Complexity, Government Regulatory, and Bitcoin Awareness are the factors that give the highest impacts. Also, Bitcoin's Technological Complexity is the most significant factor in bitcoin adoption. The findings might assist businesses in adopting a new market expansion strategy and benefiting from technological spillover, while government officials can explore new supporting legislation.
Original languageEnglish
Pages (from-to)57-80
Number of pages25
JournalIranian Journal of Finance
Volume6
Issue number4
DOIs
Publication statusPublished - 2022

Keywords

  • Bitcoin
  • Tourism
  • Blockchain
  • Technology Adoption
  • Fuzzy DEMATEL
  • Alternative Payment Mechanism

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