Trust in Digital Currency Enabled Transactions Model

This research extends theories of trust from e-commerce to incorporate digital currencies. In particular trust in business to consumer e-commerce transactions carried out using digital currencies such as Bitcoin is explored. A model of online trust is considered to be valid in this different transaction context but the significance of each construct changes and some extensions are necessary. The role of institutional trust in transactions has differences that are explored and new constructs are suggested. These new constructs are incorporated into a new digital currency enabled transactions trust model. The results support the validity of the role of the rate of adoption and reputation of digital currencies as part of situational normality. The nature of the digital currency itself, the digital currency payment system, the payment intermediary, the digital currency P2P infrastructure, self-imposed and external regulation are also considered valid as part of structural assurance. These findings can be used by those developing the related technology, the vendors and regulatory institutions to increase consumer trust in digital currency enabled transactions in order to extend adoption and use.