Technology in Society 70 (2022) 102059

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Technology in Society
journal homepage: www.elsevier.com/locate/techsoc

Factors affecting cryptocurrency adoption in digital business transactions:

The mediating role of customer satisfaction
Xia Chen a, Mahadi Hasan Miraz b, Md. Abu Issa Gazi a, *, Md. Atikur Rahaman a,
Md. Mamun Habib c, Abu Ishaque Hossain d
a
School of Management, Jiujiang University, Jiujiang, Jiangxi, China
b
Department of Business Analytics, Sunway University, Selangor, Malaysia
c
School of Business & Entrepreneurship, Independent University, Dhaka, Bangladesh
d
Department of Business Administration, The International University of Scholars, Dhaka, Bangladesh

A R T I C L E I N F O A B S T R A C T

Keywords: This empirical study examines the factors influencing the adoption (AD) of cryptocurrencies in Malaysia’s digital
Social influence market. It is assumed that the adoption of cryptocurrencies would continue to increase. The role of the dependent
Transparency variables of social influence (SI), transparency (TR), price value (PV), traceability (TRA), and attitude (AT) was
Price value
examined to identify customer satisfaction as a mediator variable for cryptocurrency adoption. Random sampling
Traceability
Attitude
was used to ensure that the research objectives were adequately examined. A total of 295 respondents answered
Customer satisfaction the survey questions intended for cryptocurrency users in Malaysia. Data were analyzed using partial least
Adoption squares structural equation modelling (PLS-LSM). The findings revealed that SI, PV, TRA, and AT were all im­
pactful in terms of AD (dependent variable) through the mediation of customer satisfaction in Malaysia’s digital
market. However, TR negatively impacts Malaysia’s digital market. Future researchers in other regions and
industries may be able to reproduce these findings and use similar constructs to add to the present body of
knowledge. This study adds to the small body of literature on Bitcoin and digital money. These findings can assist
researchers in understanding the role of cryptocurrency and identifying its primary influences on the Malaysian
cryptocurrency market.

1. Introduction
Electronic cash was introduced in the 1980s; it did not control digital
currencies until 2017 due to the widespread belief that this monetary
system was precarious. It was also introduced in response to the market
push toward adopting this crypto technology. Besides that, its trans­
action procedure is considered more secure [1]. It has led to Malaysia’s
new financial traceability paradigm [2]. Although buying or selling
cryptocurrency is a new phase, it is considered a trustworthy monetary
concept in Malaysia’s digital market [3,4]. Cryptocurrency is a new
financial concept based on distributed technology [5], which has
garnered interest from academics, industries, and other fields. Hence the
research found the need to adopt cryptocurrency in the Malaysian dig­
ital market [6]. Though there are numerous variables are affect cryp­
tocurrency adoption in the digital market in Malaysia.
It depends on consumer attitude to use it in the digital market [7]. In
addition, it depends on how consumers expect and how they are
structured. Like any other currency, cryptocurrency can hold price value
effectively before it can work well as a medium of exchange [8]. Like­
wise, facility and customer satisfaction are the medium to enhance
cryptocurrency in the digital market [9]. Besides that, customer satis­
faction plays a vital role in exploring further development [10]. The
transparent transaction is a valuable factor applicable to Malaysia’s
digital market [11].
On top of that, cryptocurrency derives traceability from its use [9]. It
is the most valuable key element that further influences crypto­
currency’s usability and business process [12]. Regarding market capi­
talization, the base of users and acceptance is cryptocurrencies.
Therefore, cryptocurrency factors become the key point to investigate
more. The choice is made to determine most aspect that impacts cryp­
tocurrency adoption [8,13–16]. The chosen process’s advantage is
finding immediate solutions for cryptocurrency adoption in Malaysia’s
digital market. This has motivated the study to explore the area mainly
from the Malaysian perspective. Therefore, the current study addresses

* Corresponding author.
E-mail address: dr.issa@jju.edu.cn (Md.A.I. Gazi).

https://doi.org/10.1016/j.techsoc.2022.102059
Received 22 February 2022; Received in revised form 22 June 2022; Accepted 23 June 2022
Available online 3 July 2022
0160-791X/© 2022 The Author(s). Published by Elsevier Ltd. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).
X. Chen et al.
the following issues:
I. Does social influence (SI), transparency (TR), price value (PV),
traceability (TRA), and attitude (AT) influence customer satisfaction
in Malaysia’s digital market?
II. Does customer satisfaction influence the adoption (AD) of crypto­
currencies in the digital market?
To define the issues, we elaborate on the variables. In line with the
research, the SI is identified as an impactful variable in modern tech­
nology utilization in Malaysia’s digital market [17–21]. However, this SI
is not clearly stated in cryptocurrency AD in the Malaysian digital
market [2]. In particular, TR directly influences cryptocurrency users’
satisfaction, but it has not yet been observed in the aforementioned
market [22]. Hence, the impact of PV on cryptocurrency AD in Malay­
sia’s digital market has not been observed [23] and the lack of TRA is
also evident [24]. In addition, the aim of individual AT toward the AD of
cryptocurrency is associated with internal conditional facts that are not
specified in the digital market [24]. The AT that precedes expectations is
also not well established in Malaysia’s digital market [25]. According to
previous research, cryptocurrency TRA is highly inefficient in the
Malaysian digital market [1]. It reflects the focal TR strength on other
ATs (competence) to enhance the Malaysian market’s adoption of
cryptocurrency [26,27]. Hence, TR is the primary intermediary key
factor in the AD of cryptocurrency in Malaysia [2,28–30]. Following
previous research on cryptocurrency factors, this study investigates the
shortcomings of existing SI, TRA, PV, TR, and AT toward the AD of
cryptocurrency to improve customer satisfaction. Based on the problem
statement, this study addresses the following objectives:
I. To examine the relationship between SI, TR, PV, TRA, and AT in
customer satisfaction in Malaysia’s digital market.
II. To examine the relationship between customer satisfaction and the
AD of cryptocurrency in the digital market.
This study used theoretical technology acceptance models to inves­
tigate the factors that influence the adoption (AD) of cryptocurrencies
among Malaysian consumers. Social influence (SI), transparency (TR),
traceability (TRA), and attitude (AT), as well as a new variable intro­
duced in the form of price value (PV), will be articulated using the
unified theory of acceptance and use of technology (UTAUT) for short, to
study the AD of cryptocurrencies among Malaysians. Specifically, this
article draws examples from two research studies (one from a developed
country and two from developing countries) on financial technologies
with nearly identical structures. The impact and spread of crypto­
currency in Spain were studied [31]. Though SI and AT are used in
cryptocurrency adoption, they get significant constructs [7]. Both
Pakistan [32] and India [9] conducted the other studies [33]. According
to their findings, SI is a powerful predictor of consumers’ intent to use
mobile banking. Results for SI, PV, and AD from developed and devel­
oping countries are consistent [13]. Besides that, a study revealed that
TRA, TR, and AT are towards adopting blockchain in the supply chain
[34]. Likewise, research output in the construct of AT to adoption
cryptocurrency [35]. This is a breakthrough in the widespread adoption
of cryptocurrencies. Simply put, blockchain is the parent technology
behind cryptocurrencies.
Venkatesh et al. [20] made a similar observation, noting that most
studies only implemented a subset of the model without considering the
role of mediators. There is a shortage of quantitative academic literature
on the factors influencing the AD of cryptocurrency in a developing
country; this paper aims to fill that void. The author hopes that by
providing this empirical evidence from the users’ perspective, the
research findings will help businesses (i.e. merchants and crypto­
currency exchangers) better understand the buying habits of Malaysian
consumers.
This result is novel because Most studies on cryptocurrencies are
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Technology in Society 70 (2022) 102059
conducted from the viewpoint of the West (the United States, the United
Kingdom, and Europe). This study fills the gap in the literature by
analyzing the factors (including SI, TR, PV, TRA, and AT) that influence
CS’s, which mediates the relationship toward the adoption of crypto­
currency in a developing country setting.
2. Literature review
2.1. Adoption
The term “adoption” describes the process by which a society in­
corporates and begins to usage newly developed cryptocurrency [4].
The act of taking responsibility for using cryptocurrency and making it
your own is known as adoption [13]. The term “adoption” most
commonly refers to the deliberate process of transitioning into a cryp­
tocurrency user [7].
2.2. Customer satisfaction
The customer satisfaction metric can quantify how satisfied a cryp­
tocurrency consumer is with that crypto product’s competence [36].
Also, few researchers describe that customer satisfaction is the final
purpose of cryptocurrency usage in the digital market of Malaysia [10,
37]. It is invaluable to a business as it seeks to enhance or modify its
offerings to meet the needs of cryptocurrency users [38].
2.3. Social influence
Social influence is defined as the influence of an individual by others
on the practice of cryptocurrency [31]. The term “social influence” re­
fers to efforts to alter another person’s thoughts, feelings, or actions,
whether intended or not [39]. In contrast to persuasion’s deliberate and
self-aware nature, social influence can be unintentional or unintended
[40].
2.4. Transparency
“Transparency” means the cryptocurrency and its usability by the
consumer [41]. It is the transparent protocol of using transparency in the
digital market of Malaysia [42,43]. On the other hand, transparency is
the critical element influencing cryptocurrency users in Malaysia [43].
2.5. Price value
In the context of cryptocurrencies, “price value” refers to the cost of
buying the asset. Producing and maintaining a cryptocurrency has a fee
[44]. The value of a cryptocurrency service is determined by how
beneficial it is to the end-user [8]. Value pricing refers to an attractive
balance of features and prices for a given cryptocurrency [45]. The term
“price value” relates to pricing goods and services based on how much a
given customer values a particular cryptocurrency. Businesses set
cryptocurrency prices following what customers are willing to pay, as
price value is customer-focused pricing [13].
2.6. Traceability
Traceability refers to the ability to track a cryptocurrency in the
digital market of Malaysia. Traceability means identifying, tracking, and
tracing individual transactions in the cryptocurrency market [46].
Traceability is the availability of data about a cryptocurrency through a
system of recorded identifiers [47]. The facility to monitor and trace
transactions in the cryptocurrency market is also associated with the
concept of traceability [48].
X. Chen et al.
2.7. Attitude
A person’s actions are affected by how they feel or think about
cryptocurrency, defined as attitude [32]. An attitude is a key element
that discloses the user’s deed [49]. An attitude is how a person feels or
acts toward cryptocurrency [50]. Attitudes include things from loving
cryptocurrency to using it for further benefit in the digital market of
Malaysia.
This study aims to gain deeper insights into the AD of crypto­
currencies in Malaysia. Correspondingly, we seek to understand the
factors leading to the acceptance of cryptocurrencies in the Malaysian
digital market. Digital markets are different from other markets and
have different characteristics [51]. They also differ entirely from the
analogue markets [52], and are an innovation based on web portals
[53].
2.8. Technology acceptance, expectancy-disconfirmation theory and
adoption theories
Models based on the technology acceptance theory have been used
by scientists to understand better how societies respond to new tech­
nologies and why certain behaviors are adopted. The TAM [54], TPB
[55,56], combined TAM and TPB, TRA [57], motivational model [58],
PC utilization model [59], and UTAUT/2 (Universal Technology Adop­
tion [18,20]. UTAUT was developed as a framework for investigating
the primary factors that influence a person’s decision to adopt a new
piece of technology. To do this, it incorporates key features and
moderating influences from the eight TAMs mentioned above/theory
models [18].
Moreover, the Expectancy-disconfirmation theory states that cus­
tomers’ levels of happiness are based on three factors: their expecta­
tions, their perceptions of the product or service’s performance, and
their cognitive comparison [60,61]. This study finds the better customer
satisfaction mediation between the SI, TRA, PV, TR, and AT and the
adoption of cryptocurrency in the digital market. To better understand
the impact of SI, TRA, PV, TR, and AT on AD when adopting new
technology, consider the UTAUT model. At the same time, the UTAUT
model excelled because it explained fifty percent of the variation in
adopting new technologies [20]. Because of its breadth and emphasis on
both technological and social aspects of adoption, the UTAUT model is
the best theoretical foundation for this investigation.
Therefore, this study constructs a research framework (Fig. 1).
Fig. 1. Research framework.
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Technology in Society 70 (2022) 102059
3. Research hypotheses
The dependent variable for the research framework is consumers’ AD
to usage cryptocurrencies. Adoption is a term that refers to the process
by which a society accepts, integrates, and makes use of new things [62].
Adoption is the process by which a culture incorporates and uses newly
developed technologies [63]. Individual preferences and decisions
regarding whether or not to adopt an innovation [14] or adoption as
more than just the decision to embrace a new idea [15]; it also refers to
how thoroughly that idea is incorporated into its intended environment
[16]. In this study, we use the term “adoption decision” to refer to the
consumers’ inclinations and choices regarding the adoption of crypto­
currencies in the digital market of Malaysia.
3.1. Social influence (SI) and customer satisfaction
Social influence (SI) is the degree to which a person can be swayed by
other individuals’ tendencies to use a new method or technology, that is,
“how much a person thinks other people find the new way useful to the
practice of cryptocurrency” [11]. SI favorably influences customer
satisfaction and the importance of SI in the digital market is that con­
sumers are more likely to believe that they should be satisfied with
cryptocurrencies. At the individual level of social impact, research has
shown that people are influenced by the thoughts and actions of co­
workers and friends [64]. Further, recent studies have demonstrated the
importance of SI in terms of customer satisfaction in the digital market
and the fact that it plays a crucial role in digital market adoption.
Consequently, in Malaysia’s digital economy, social influence relation­
ships significantly affect customer satisfaction Social influence and
customer satisfaction is a parallel connection towards cryptocurrency
uses. Likewise, social influence has impactful domination on customer
satisfaction. A researcher has disclosed that the friend’s influence can
create a new feeling and satisfaction in using any product or technology.
Besides that, another researcher explains that society’s influence can
uniquely impact product use. In line with the statement, another
research proves that customer satisfaction depends on social influence as
it recommends product use. This creates a valuable relationship in
cryptocurrency adoption [65]. Consequently, social influence (SI) re­
lationships significantly affect customer satisfaction in Malaysia’s digi­
tal economy. Therefore, the researchers propose the following
hypothesis:
H1. Social Influence positively affects customer satisfaction in
Malaysia’s digital market.
X. Chen et al.
3.2. Transparency (TR) and customer satisfaction
Transparency (TR) is a concept of clear understanding and trans­
action of cryptocurrency exchange. Moreover, cryptocurrency trans­
parency is classified as a good network for monetary dealings [66]. It has
been claimed that the TR of cryptocurrency transactions in Malaysia’s
digital market is a crucial predictor of cryptocurrency user satisfaction
[67], which can lead to greater customer collaboration and trans­
formation in the industry and in the digital market as a whole [68].
Similarly, the TR of cryptocurrencies encourages users to show their true
satisfaction [69]. As TR and customer satisfaction are associated with
cryptocurrency [22], various TR triggers connect customer satisfaction
with a common source of certainty. The internal relationship between
parties is comparable to their previous transactional history [70].
Similarly, the TR of cryptocurrency transactions reveals a greater will­
ingness to engage in additional transactions [42] and makes this tech­
nology’s utilization satisfactory [71]. Customer satisfaction is heavily
influenced by transaction TR [72], and allows a corporation to perform
analysis more efficiently and thus increase customer satisfaction. TR in
transactions refers to a complete transaction process for customer
satisfaction [73]. Moreover, to some extent, TR allows entities to pass
through transparent materials and thus increases customer satisfaction.
Therefore, the following hypothesis is proposed:
H2. Transparency positively affects customer satisfaction in Malay­
sia’s digital market.
3.3. Price value (PV) and customer satisfaction
Price value (PV) measures how quickly the price of an asset changes
[74]. In the cryptocurrency market, investments are considered volatile
if their prices fluctuate daily [75]. This phenomenon is substantially
related to the use and purpose of cryptocurrencies. Studies indicate that
the PV of cryptocurrencies influences customer satisfaction. If the PV is
limited and volatile, customer satisfaction is high. However, the goal of
PV and its determinants have not been fully explored [76]. Some studies
have shown that PV is vital to consumer attention. Consumers look for
the best price and products according to their needs. The adoption of
cryptocurrencies in the Malaysian digital market offers significant
satisfaction [77]. These findings recommend the adoption of this tech­
nology to reduce PV volatility for users in Malaysia [78]. An analysis of
the digital market of a country demonstrates the PV and the connection
between customer satisfaction and cryptocurrency AD [78]. Therefore,
the following hypothesis is proposed:
H3. Price value positively affects customer satisfaction in Malaysia’s
digital market.
3.4. Traceability (TRA) and customer satisfaction
Traceability (TRA) is regarded as a direct proof of customer satis­
faction in terms of the uses of cryptocurrency [11]. It is also an excellent
indicator that helps understand sales, thus providing customer satis­
faction [66]. In addition, some studies claim that cryptocurrency TRA in
Malaysia’s digital market predicts cryptocurrency consumers’ satisfac­
tion [67]. This can lead to better customer collaboration and digital
market transformation [68]. The TRA of cryptocurrency encourages
people to use this technology satisfactorily [69]. In addition, crypto­
currency TRA increases consumer happiness [22], which triggers cryp­
tocurrency AD [79]. Consumers’ internal relationship with AD is
proportional to previous transactional TRA [80]. Similarly, the TRA of
cryptocurrency transactions indicates an increased propensity for suc­
cessful transactions and thus consumer satisfaction [42]. Crypto­
currency TRA involves customer satisfaction with the product [71].
Further, the TRA in transactions affects customer happiness [72], and
product usability [81]. Therefore, the following hypothesis is proposed:
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Technology in Society 70 (2022) 102059
H4. Traceability positively affects customer satisfaction in Malaysia’s
digital market.
4. Attitude (AT) and customer satisfaction
Attitude (AT) is a result of specific actions, but one’s behavior does
not necessarily represent one’s AT [82]. It is a manner of looking at a
person or object [69], and influences happiness and success [83]. The
major determinant of people’s AT is their inherent character and their
capability to act rationally. The AT toward decision making is linked to
customer satisfaction [54]. These factors suggest that a positive AT will
lead to satisfaction. According to Ref. [57]; AT is positive or negative
feelings about one’s own pleasure. Similarly, the AT toward crypto­
currency makes people excited about using new technologies and
experiencing consumer satisfaction. Meanwhile, this mindset is crucial
for the user’s adoption (AD) of cryptocurrency [84]. Furthermore, the
adoption of cryptocurrency has not been explored in Malaysia’s digital
cryptocurrency market. It has been assumed that repeated consumer
success can help define ATs prompted by artefacts of perspective in
Malaysia’s digital market [85]. Therefore, the following hypothesis is
proposed:
H5. Attitude positively affects customer satisfaction in Malaysia’s
digital market.
4.1. Customer satisfaction
Customer satisfaction measures how satisfied a customer is with a
product after using it once [86]. Customer satisfaction is also a metric for
gauging customers’ happiness and their tendency to adopt crypto­
currencies. In other words, adding more unique features would boost a
service’s perceived value and thus increase customer satisfaction. Xu
and Du [87] identified a direct link between customer satisfaction with
cryptocurrency AD and the level of users’ commitment to this technol­
ogy. If customers are pleased with the features of the services offered by
a company, they are more likely to accept and renew these services. A
user’s readiness to convey their satisfaction to others and their perceived
happiness is clear if they adopt a certain technology after using it [25].
People now share their opinions about a company and thus influence
customer satisfaction. In addition, customer satisfaction influences the
adoption of new technology and cryptocurrency [88]. According to
Ref. [89]; customer satisfaction and cryptocurrency AD have a consid­
erable impact on the digital market in Malaysia. Studies on new tech­
nology have suggested that customer satisfaction significantly
influences other users’ AD of a product. Customer satisfaction also
boosts consumer AD of cryptocurrencies [76], and these factors depend
on each other [90,91]. If customers are satisfied, they would adopt the
crypto technology. Meanwhile, if a product is not satisfactory, con­
sumers will not use it again. Clearly, consumer satisfaction is a highly
influential variable in the AD of cryptocurrency in Malaysia’s digital
market. However, only a few researchers have investigated the variables
that affect consumer satisfaction in Malaysia [78]. Therefore, the
following hypothesis is proposed:
H6. Customer satisfaction positively affects the AD of cryptocurrency
in Malaysia’s digital market.
4.2. Customer satisfaction as a mediator
Customer satisfaction mediates the relationship between SI and AD.
As a result, it has an impact on the digital market’s SI and crypto­
currency [2,92–94]. Customer satisfaction has a solid empirical foun­
dation as a mediating factor in the transaction literature. TR in
cryptocurrency transactions and technological AD have both been
linked to customer satisfaction as a mediator. In a study by Ku-Mahamud
et al. [29]; about half of the respondents had a basic understanding of
X. Chen et al.
FinTech, while the rest were only vaguely aware of its existence. Ac­
cording to Oliver and Bearden [95]; customer satisfaction impacts
customer ATs after using cryptocurrencies. Keller et al. [96]; found that
PV positively influenced customer satisfaction and the AD of crypto­
currency in Malaysia’s digital market. ATs are influenced by customer
satisfaction, which is important for the AD of cryptocurrencies. The
more satisfied customers are, the more they want to adopt the currency.
The conducive condition and purpose to adopt have a similarly positive
role for customer satisfaction as a mediator. Similarly, customer satis­
faction acts as a mediator in the relationship between TRA and AD in
Malaysia’s digital market. Therefore, the following hypotheses are
formulated:
H7A. Customer satisfaction mediates the relationship between social
influence and cryptocurrency adoption.
H7B. Customer satisfaction mediates the relationship between trans­
action and cryptocurrency adoption.
H7C. Customer satisfaction mediates the relationship between price
value and cryptocurrency adoption.
H7D. Customer satisfaction mediates the relationship between trace­
ability and cryptocurrency adoption.
H7E. Customer satisfaction mediates the relationship between attitude
and cryptocurrency adoption.
5. Methods and procedures of the study
5.1. Methodology
Researchers used self-report surveys to gather data for this quanti­
tative study, which included 27 questions about improving crypto­
currency use.
5.2. Survey administration and sample
The study collected data from the digital market of Malaysia. It de­
fines the digital market as cryptocurrency used in SME enterprises in
Malaysia. The sample has been taken from the user of cryptocurrency.
That is why the researcher chooses individual consumers of crypto­
currency in Malaysia. Besides, the researcher includes English as the
medium language for this study. Finally, 10,000 consumers of crypto­
currency in Malaysia as the population of this study [100].
This research has adopted a web-based survey as a data collection
method as it is a method that is efficiently administered and widely used
globally. Previous researchers recommended such as assurance to re­
spondents on the issue of anonymity and confidentiality of information
given, ongoing communication with respondents to ensure clarity of the
survey being done, and gentle reminders and follow-up for respondents
to submit their responses at a specific time [101,102]. Therefore, this
research has been done on a web-based survey.
To choose an appropriate sample size, the study uses Krejcie and
Morgan [103]. The minimum sample size of PLS-SEM is 100 [104]. In
this regard, this study managed to collect data from 281 respondents,
which exceeded the minimum recommended sample size. Data was
collected between 7th January and March 19, 2021, using a question­
naire survey from the study area. We distributed the questionnaire to the
respondents through an online google doc and explained the main
objective of data collection. A total of 729 questionnaires with 237 were
received from the digital currency market, indicating a response rate of
33%.
Ethical approval was not applicable for this research because au­
thors’ institutions are not concerned about the present research. This
research project is a self-funded project of the authors and does not
require to take consent from the institutions’s review committee.
5
Technology in Society 70 (2022) 102059
5.3. Operationalization of constructs
Cryptocurrency has become a hot topic in recent years because of its
fascination worldwide. As a result, companies and businesses plan to
enter digital currency. Also, customers will benefit from the increased
demand for cryptocurrency uses in their daily lives.
A subset of digital currency adoption is cryptocurrency currency
adoption. The adoption of cryptocurrency ensures cryptocurrency us­
ability in the digital market. Though, cryptocurrency adoption depends
on numerous factors. The study used the SmartPLS algorithm to examine
the causal relationship between endogenous constructs and endogenous
constructs through the structural equation modelling technique.
Therefore, this study constructed variables that are social influence (SI),
transparency (TR), price value (PV), traceability (TRA), customer
satisfaction and attitude (AT) in the digital market of Malaysia. The
current study followed a two-step analysis procedure using a partial
least square (PLS) statistical tool in which the measurement model was
evaluated for the confirmatory factor analysis, and the structural model
was assessed for hypothesis testing. The measurement items were
developed based on the previous articles [4,18,36,49,97–99]. The
measurement items for the variables were evaluated using a five-point
Likert scale (e.g., 1 = strongly disagree, 2 = disagree, 3 = neither
agree nor disagree, 4 = agree, and 5 = strongly agree) whereas medi­
ating and dependent variable were measured by five-point Likert scale
[97] (e.g., 1 = strongly disagree, 2 = disagree, 3 = neither agree nor
disagree, 4 = agree, and 5 = strongly agree).
5.4. Research instrument
The questionnaire was developed to obtain cryptocurrency adoption
by the consumer. The seven sections of the questionnaire covered: social
influence (SI), transparency (TR), price value (PV), traceability (TRA),
customer satisfaction (CS) attitude (AT) and adoption of cryptocurrency.
All the questions were assessed using a five-point Likert scale ranging
from 1 (strongly disagree) to 5 (strongly agree). All items were adapted
from English written studies; therefore, it was unnecessary to translate
the questionnaire to another language. In addition, the respondents of
this research were consumers of halal logistics. Hence, the comprehen­
sion of basic English was not considered a problem.
6. Analysis and results
6.1. Demographic profile analysis
Table 1 demonstrates the age where the study revealed that 36–45 =
119 and 26–35 = 113. It shows that 26–45 mainly responds to the study
survey questionnaire. Besides that, 18–25 = 7 is significantly less, but 46
& Above = 56 is shown that the wise and older people still want to know
more about the cryptocurrency in Malaysia. Table 1 also demonstrate
the academic degree (Masters-89 and Bachelor-125 is a higher per­
centage. Besides that, Diploma-37, PhD-33, Other-11 is compared to
very little. On the other hand, marital status is Married-153 and Single-
135, but the Others 7 are significantly less. The marriage status describes
that the married and unmarried are fascinated by cryptocurrency
adoption in Malaysia.
Fig. 2 shows the gender number. It describes the total number of
Table-1
The total number of respondents Age, academic degree and marital status.
Age Academic Degree Marital Status
36–45 119 Masters 89 Married 153
26–35 113 Bachelor 125 Single 135
46 & Above 56 Diploma 37 others 7
18–25 7 Ph.D. 33
Other 11
X. Chen et al. Technology in Society 70 (2022) 102059

Fig. 2. Gender distribution.

males as 237, female, 43, and the other number is 15. distinct from others [112]. The Fornell-Larcker Criterion and
Heterotrait-Monotrait (HTMT) are two measures of discriminating val­
idity [105,107,112]. Fornell-Larcker claims that it is legitimate for one
6.2. Measurement model assessment latent variable to explain more variation than other latent variables
[114]. The difference between the indications is more significant than
Reliability varies depending on the researcher; therefore, the reli­ between the indicators. Similar to the statistics for all variables, AVE’s
ability of a predictor should be analyzed [88]. The dependability of an (average variance extracted) squared root should be above diagonally
indicator is frequently referred to as outer loading in Table 3. It suggests [115,116]. Discriminative validity requires other factors in addition to
that the latent design is responsible for the majority of the variance in cross-loading. Therefore, every indication loading must be larger than
the indicator. The overall load can range between zero and one in the sum of all cross-loadings for it to be valid [117,118].
magnitude, depending on the situation. It is generally accepted that a Table 4 describes the Fornell-larket creation to demonstrate the
researcher should delete any objects with loading values of less than 0.5 discriminant validity. The discriminant validity of the Fornell-Larker
and leave any objects with loading values of larger than 0.9 in Table 2 ratio was examined in this study. It shows that the value is diagonal
[105–108]; K.-T. [109,110]; L.-W [111]. The proposed internal quality and higher than the below vale. Therefore, it proves that this study does
indicators were Cronbach’s alpha and composite reliability. An internal not have any discriminant value.
coherence test uses Cronbach’s alpha and composite reliability standard Likewise, Table 5 shows the HTMT, which describes the discriminant
parameters [112]. Using composite reliability instead of individual validity. The HTMT ratio also measures the discriminant validity. It
dependability to determine internal accuracy is also a more logical shows that the value is no value is higher than 0.90. Therefore, it proves
choice [105,107,108,113]. According to Hair Jr et al. [107]; the that this study does not have any discriminant value.
commonly expected composite reliability is between 0.6 and 0.9, and Variance inflation factor (VIF) is a way to determine how many
0.7 is satisfactory. regression variables are linked together. It’s a measure of how many
Fig. 3 shows the measurement model of the study. Where mainly variables are linked together. A high VIF means that the independent
shows the Cronbach’s alpha and composite reliability. It also shows that variable related to it is very closely linked to the other variables in the
Cronbach’s alpha and composite reliability values were found to be model.
acceptable in this investigation, meaning they were above the 0.7
thresholds established in Table 2.
6.3. Structural model assessment
In Table 3 show the individual item reliability through outer loading.
In this table, all the items are more than 0.7, which means the particular
The structural model and the latent structures are linked using par­
item is reliable. This study shows that every item reliability through the
tial least squares structural equation modelling (PLS-SEM) [119], which
Cronbach’s alpha. For each item, Cronbach’s alpha value is higher value
determines the relationship between the two models [107]. Regardless
is 0.7.
of whether t and p values are required, they define the significance of the
The presence of enough disparities between two separate concep­
relationship [97,107,119]. When using PLS-SEM, the sample size was
tions is required for a discrimination to be legitimate [107]; Henseler,
estimated using an observational t-value bootstrapping process and a
2017 [112]; Jin & Wang, 2019). Generally, each construct must be
p-value [97,119]. However, even when t-values over 1.645 are statis­
tically significant, the p-values of 0.05 and below are accepted or sup­
Table 2 ported [97]. This study uses normal bootstrapping with a range of 500
Composite reliability and AVE. bootstraps and 295 cases to determine the value of the direction co­
Cronbach’s Composite Average Variance efficients. According to the conceptual model depicted in Fig. 4, there
ALpha Reliability Extracted (AVE) are latent extrinsic processes, a mediating element (customer satisfac­
Adoption (AD) 0.882 0.919 0.739 tion), and a latent endogenous component in this study (AD).
Attitude (AT) 0.890 0.923 0.751 This study serves as an intermediary between customer satisfaction
Customer 0.776 0.870 0.690
as a medium between SI, TR, PV, TRA, TA, and AD. The study’s medi­
Satisfaction (CS)
Price Value (PV) 0.905 0.933 0.777 ation findings are presented in Fig. 4.
Social Influence 0.856 0.900 0.693 Fig. 4 demonstrates the structure model of the study. It describes the
(SI) path model between the mediator and the mediation effect. The path
Transaction (TR) 0.856 0.887 0.663 model is described in Tables 7 and 8 .
Traceability (TRA) 0.838 0.891 0.672
Based on Table 7, the findings demonstrated that attitude

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X. Chen et al. Technology in Society 70 (2022) 102059

Fig. 3. Measurement model.

Table 3
Individual item reliability (outer loading).
Adoption (AD) Attitude (AT) Customer Satisfaction (CS) Price Value (PV) Social Influence (SI) Transaction (TR) Traceability (TRA)

AD1 0.875
AD2 0.846
AD3 0.841
AD4 0.876
AT1 0.895
AT2 0.844
AT3 0.879
AT4 0.847
CS1 0.815
CS2 0.849
CS3 0.828
PV1 0.849
PV2 0.892
PV3 0.900
PV4 0.885
SI1 0.867
SI2 0.891
SI3 0.796
SI4 0.770
TR1 0.797
TR2 0.817
TR3 0.885
TR4 0.751
TRA1 0.836
TRA2 0.834
TRA3 0.829
TRA4 0.778

significantly impacts social influence (β = 0.160, p-value < 0.001).
Thus, hypothesis (H1) is supported. However, opposite relations are
observed in H2, where the transaction has a non-significant (β = − 0.138,
p-value <0.062) relationship toward customer satisfaction. Thus, H3,
H4, H5 and H6 were supported. The findings also showed that customer
satisfaction has a significant and positive relationship with price value
(β = 0.190, p < 0.001), traceability (β = 0.263, p-value < p = 0.000),
attitude (β = 0.183, p < 0.000) and customer satisfaction (β = 0.583, p
< 0.000) respectively.
For the model’s predictive accuracy, the coefficient of determination

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X. Chen et al. Technology in Society 70 (2022) 102059

Table 4
Fornell-Larcker criterion.
AD AT CS PV SI TR TRA

Adoption (AD) 0.860

Attitude (AT) 0.303 0.866
Customer Satisfaction (CS) 0.583 0.333 0.831
Price Value (PV) 0.300 0.234 0.358 0.882
Social Influence (SI) 0.272 0.278 0.339 0.312 0.832
Transaction (TR) − 0.051 0.360 − 0.041 0.062 0.077 0.814
Traceability (TRA) 0.431 0.424 0.466 0.425 0.302 0.026 0.820

7. Discussion
Table-5
HTMT.
In this section, the findings of this study are discussed, along with the
AD AT CS PV SI TR TRA research questions, objectives, and hypotheses. Customer satisfaction is
Adoption (AD) referred to as the mediating effects toward SI, TR, PV, TRA, AT, and AD.
Attitude (AT) 0.343 We discussed the relationship between customer satisfaction and cryp­
Customer 0.702 0.398
tocurrency AD. The relationship is also influenced by customer satis­
Satisfaction
(CS) faction as the mediator variable. In addition, the questionnaire items
Price Value (PV) 0.333 0.256 0.452 were adapted to ensure that they match the requirements of the study
Social Influence 0.291 0.299 0.389 0.337 objectives. The pilot study questionnaire was used to test the survey
(SI) instrument.
Transaction (TR) 0.089 0.405 0.079 0.066 0.095
Moreover, all respondents were recruited from Malaysia and
Traceability 0.497 0.489 0.568 0.489 0.328 0.067
(TRA) included the entire cryptocurrency consumer population in the country.
The pilot study questionnaire was based on a five-point Likert scale
ranging from 5 (strongly disagree) to 1 (strongly disagree) (Appendix A).
The scale was validated based on reliability coefficients. In addition,
Table 6
Collinearity statistic (VIF).
PLS-SEM was used to estimate the measurement model, which included
content validity, the significance of factor loadings, and convergent
AD AT CS PV SI TR TRA
validities. The structural model, also called the internal model, was
Adoption (AD) evaluated for hypothesis testing. The direct and indirect effects of the
Attitude (AT) 1.469 predictor variables on the criterion variable were also discussed.
Customer Satisfaction (CS) 1.000
Price Value (PV) 1.281
Social Influence (SI) 1.184
Transaction (TR) 1.177 7.1. Theoretical implication
Traceability (TRA) 1.269

VIF is the reciprocal of the tolerance value, and it is acceptable if it is less than
10. Table 6 shows that all the weight of VIF is less than 10, and it is justified that
this study is accepted.
(R-square) was recognized to explain the variance in the endogenous
construct. The R-square value of 0.34 in adoption denotes 34% of the
total variance. Likewise, the R-square value of 0.31 in customer satis­
faction denotes 31% of the total variance. The f2 values were estimated
based on the effect size of each construct to the R-square. Cohen’s (1988)
study postulated that f2 values 0.35 are considered for high-effect size,
while 0.15 and 0.02 were considered for medium and small effect sizes.
According to Ref. [120], Table 7, the f2 values of 0.03 for social influence
signified a effect and transaction value is f2 0.228. Similarly, the f2 value
of 0.4 and 0.06 for cryptocurrency use indicated a moderate effect on the
R-square for price value and traceability respectively. Likewise, attitude
and customer satisfaction f2 value is 0.03 and 0.5. Therefore this result
shows that customer satisfaction has a significant moderation and the
value is high f2 0.52.
Based on the summary results of mediating effect in Table 8,
customer satisfaction mediates the relationship between social influence
and adoption (β = 0.093, t = 3.002). Thus, this support hypothesis H7A.
However, transaction and adoption are not mediated through customer
satisfaction (β = − 0.081, t = 1.833), which does not support the H7B. On
the other hand, price value (β = 0.111, t = 3.205) at a significant level
and H7C. Likewise traceability and attitude has a significant mediating
effect by customer satisfaction (β = 0.153, t = 3.354 and β = 0.107, t =
3.160) and support the H7D and H7E.
The above findings contribute to the UTAUT theory [20] in which
employees’ perceived appropriate adoption (AD) practices act as the
catalyst for creating psychological states of social influence, trans­
parency, price value, traceability, and attitude. The findings validate
earlier investigations (e.g. Refs. [4,8,13,16,38,40,62,65] in the financial
market. This contributes to UTAUT’s [20] adoption of cryptocurrency in
the digital market of Malaysia. Social influence, transparency, price
value, traceability, and attitude were significant predictors of crypto­
currency adoption. Our study is the first to investigate these five psy­
chological states and positively link them to cryptocurrency adoption in
the digital market. Thus, this study validates [6,10,65] the belief that
psychological states are the prerequisite of engaging cryptocurrency in
the digital market in the Malaysia context.
This study has successfully extended the Expectancy-disconfirmation
theory [60,61]. Our findings also contribute to the customer satisfaction
literature by establishing psychological states as the underlying mech­
anisms among the relationships between social influence, transparency,
price value, traceability, attitude, and adoption. Customer satisfaction is
generated by the available adoption of cryptocurrency, which develops
positive relations in adoption in the digital market of Malaysia.
7.2. Practical implications
Although major international tech companies like Amazon and
Microsoft now accept cryptocurrency as payment, the Malaysian public
is still wary of the concept. This research aims to help financial in­
stitutions, retailers, and cryptocurrency exchanges better understand
the factors that influence consumers’ decisions to adopt the crypto­
currencies as a payment method.

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X. Chen et al. Technology in Society 70 (2022) 102059

Fig. 4. Structure of the model.

Table 7
Path coefficients and hypothesis testing.
Hypothesis Hypothesis Original Sample (β Value) Std t-value R2 f2 P Values

H1 SI- > CS 0.160 0.049 3.291 Adoption = 34% 0.031 0.001

H2 TR- > CS ¡0.138 0.074 1.871 0.024 0.062
H3 PV- > CS 0.190 0.055 3.419 0.041 0.001
H4 TRA- > CS 0.263 0.065 4.019 Customer Satisfaction = 31% 0.069 0.000
H5 AT- > CS 0.183 0.052 3.543 0.033 0.000
H6 CS- > AD 0.583 0.067 8.677 0.516 0.000

Table 8 Table 9
Mediating effect of customer satisfaction towards adoption. Assessments of the model and findings.
Relations Coefficient interval Hypothesis Relationship T-Value P-Value Findings

No. Std. Std. t- p- Decision H1 AT- > CS 3.543 0.000 Supported

beta error value value H2 CS- > AD 8.677 0.000 Supported
H3 PV- > CS 3.419 0.001 Supported
H7A SI- > CS- > 0.093 0.031 3.002 0.003 Supported
H4 SI- > CS 3.291 0.001 Supported
AD
H5 TR- > CS 1.871 0.062 Not Supported
H7B TR- > CS- > ¡0.081 0.044 1.833 0.67 Not
H6 TRA- > CS 4.019 0.000 Supported
AD Supported
H7a AT- > CS- > AD 3.160 0.002 Supported
H7C PV- > CS- > 0.111 0.035 3.205 0.001 Supported
H7b PV- > CS- > AD 3.205 0.001 Supported
AD
H7c SI- > CS- > AD 3.002 0.003 Supported
H7D TRA- > CS- 0.153 0.046 3.354 0.001 Supported
H7d TR- > CS- > AD 1.833 0.067 Not Supported
> AD
H7e TRA- > CS- > AD 3.354 0.001 Supported
H7E AT- > CS- > 0.107 0.034 3.160 0.002 Supported
AD Therefore, loading and cross-loading justified the required convergent validity
and verified the discriminant validity. Further, a normality test was performed.
Evaluation results of the measurement and structural models using PLS-SEM
8. Conclusion reveal that while the mediating effect hypotheses involving the four factors (i.
e., SI, PV, TRA, and AT) were supported, the one involving TR was not (Table 9).
This study examined the variables that affect the relationship be­ Additionally, customer satisfaction improves the connection between SI, TR, PV,
tween customer satisfaction and cryptocurrency adoption (AD) in TRA, AT, CS (independent variables), and adoption (AD) (dependent variable).
Malaysia’s digital market. The results indicate that Malaysian digital
marketers should improve their customer satisfaction because crypto­
currency is new to the country’s digital market. SI, PV, TRA, and AT play

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X. Chen et al. Technology in Society 70 (2022) 102059

a significant role in consumers’ relationships with Malaysian crypto­
currency adoption. transaction cannot directly affect consumer adoption
of cryptocurrency in Malaysia’s digital market. The study also revealed
that consumer satisfaction directly influenced the adoption of crypto­
currency relationships in the aforementioned market. This implies that
the higher the consumer satisfaction level, the higher the possibility of
cryptocurrency adoption.
The study also found that customer satisfaction indirectly influenced
cryptocurrency adoption in Malaysia’s digital market. It also demon­
strated the interrelation between the predictor, the mediator, and the
dependent variables. The mediation effect of predictor variables (i.e., SI,
TR, PV, TRA, and AT) and cryptocurrency adoption on customer satis­
faction was also identified.
This study will have a significant theoretical impact on the unified
theory of acceptance and use of technology [121]. Venkatesh et al. [18]
employed a service adoption model for relationship analysis toward
technology adoption in Malaysia. A complicated cryptocurrency adop­
tion model was used for the first time, and cryptocurrency adoption was
assessed from multiple perspectives. This study also utilized seven
higher-order constructs in a single study on cryptocurrency adoption,
which is unique in this field of study. This study offers significant in­
sights and conclusions on the Malaysian cryptocurrency market. These
outcomes provide vital insights into the reality of the situation. Addi­
tionally, the Ministry of Finance should consider imposing proper
regulations on the cryptocurrency market in Malaysia.
8.1. Limitations and future research directions
This study has limitations as the study’s findings are only applicable
to Malaysia. Future research can cover global and Asian expansion.
Furthermore, the cross-sectional design limits our ability to draw causal
conclusions, suggesting that future research may benefit from a longi­
tudinal approach. Again, there may be individual differences in the
adoption process.
Consequently, future studies should account for the influence of
ethical perspectives, financial conditions, and geographical location on
the adoption of cryptocurrencies. Future research should confirm our
findings across industries and examine what makes certain professions,
like Banking. To further investigate the potential impact of the pandemic
on cryptocurrency factors, it may be helpful to repeat the survey in the
COVID-19 post-pandemic.
8.2. Funding Information
This study was supported by the Humanities and Social Sciences
Research Project of Jiangxi Province Higher Education Institutions
(Grant JC18204) and National Natural Science Foundation of China
(Grant 72064024).

Appendix A

Structured Questionnaire

All the questions given for the following sections need to refer to cryptocurrency adoption in the Malaysian digital monetary system. Select the
statement that most accurately captures how you feel about current digital monetary system by crossing it out underneath each statement. There are
no correct or incorrect responses. Please give us your honest feedback on each of the claims.
1. Strongly disagree 2. Disagree 3. Neither agree nor disagree 4. Agree 5. Strongly agree.

Overview of the questinnare regarding cryptocurrency adoption in the Malaysian digital monetary system

Constructs/Variable Items Likert Scale

Description 1 2 3 4 5
Social Influence (SI) 1 People who influence my behavior think that I should use Strongly Disagree Neither agree nor Agree Strongly
cryptocurrency disagree disagree agree
2 People who are important to me think that I should use Strongly Disagree Neither agree nor Agree Strongly
cryptocurrency disagree disagree agree
3 The crypto digital market is helpful when using cryptocurrency Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
4 In general, crypto communities have supported to use of Strongly Disagree Neither agree nor Agree Strongly
cryptocurrency disagree disagree agree
Transparency (TR) 1 Cryptocurrency supply chain processes are transparent to me Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
2 Cryptocurrency provides in-depth access to crypto transactions Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
3 Applications of cryptocurrency are well described to me Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
4 Cryptocurrency usability is clear to me Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
Price Value (PV) 1 I observe the price value of cryptocurrency Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
2 The price of cryptocurrency is important to me Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
3 Price value is essential for my trading Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
4 My cryptocurrency trading depends on the value of Strongly Disagree Neither agree nor Agree Strongly
cryptocurrency disagree disagree agree
Traceability (TRA) 1 I find cryptocurrency supply chain processes trustworthy Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
2 Cryptocurrency provides me an in-depth access to crypto Strongly Disagree Neither agree nor Agree Strongly
traceability disagree disagree agree
3 Applications of cryptocurrency are well-known and familiar to Strongly Disagree Neither agree nor Agree Strongly
me disagree disagree agree
4 Cryptocurrency usability is clear to me Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
(continued on next page)

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X. Chen et al. Technology in Society 70 (2022) 102059

(continued )
Attitude (AT) 1 I think cryptocurrency is very convenient to use anytime Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
2 I think cryptocurrency is very convenient to use anywhere Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
3 I think using cryptocurrency is a good idea Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
4 I think I have the mindset to use cryptocurrency Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
Customer Satisfaction 1 I am satisfied with the usage of cryptocurrency Strongly Disagree Neither agree nor Agree Strongly
(CS) disagree disagree agree
2 I am delighted to use cryptocurrency Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
3 My experience related to cryptocurrency is very satisfying Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
Adoption (AD) 1 I believe I can adopt cryptocurrency Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
2 I can use cryptocurrency for efficient monetary transactions Strongly Disagree Neither agree nor Agree Strongly
disagree disagree agree
3 I can adopt cryptocurrency to survive in the crypto digital Strongly Disagree Neither agree nor Agree Strongly
world disagree disagree agree
4 I believe I can use cryptocurrency to obtain better prices from Strongly Disagree Neither agree nor Agree Strongly
the digital market disagree disagree agree

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