Adopting Bitcoin in Retail Payments: An Empirical Analysis Using an Extended UTAUT Model

In recent years, technological advancements have significantly transformed the financial and business sectors. These innovations have introduced new payment methods, reshaping consumer perceptions of money and influencing their payment behaviors. Among these innovations, cryptocurrencies—particularly Bitcoin—have emerged as novel alternatives with strong growth potential in retail and consumer services. This study investigates the factors influencing Bitcoin adoption by extending the Unified Theory of Acceptance and Use of Technology (UTAUT) model. The extension includes users’ predisposition to adopt new technologies, their risk acceptance, and the moderating role of familiarity. Data were gathered through an online survey from a validated sample of 515 active Bitcoin users, and the findings were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM). Results show that performance expectancy, social influence, hedonic motivation, and risk predisposition significantly impact the intention to use Bitcoin, with familiarity as a partial moderator. The study offers practical insights for companies and retailers integrating cryptocurrency payments.