Determinants of trust in Bitcoin: Literature review and results of a survey study

Abstract

The rise of Bitcoin, a decentralized digital currency built on blockchain technology, marks the onset of a novel era in financial transactions and has generated substantial interest among academics and industry professionals. The fundamental notion of trust lies at the core of Bitcoin's success and broad acceptance. It is imperative to better understand the factors influencing trust in Bitcoin for the progression of scholarly advancement and practical implementations. Against this background, this paper explored the fundamental research question of what factors influence trust in Bitcoin. Firstly, we conducted a literature review and examined 22 empirical articles investigating determinants of trust in Bitcoin. Secondly, we conducted a quantitative survey with 372 participants to investigate the top 20 determinants of trust in Bitcoin. We leveraged our literature review results, considering that most examined articles used qualitative methods and often had a broader focus on blockchain technology rather than Bitcoin itself. Our survey results uncovered the perceived nature and strength of the relationship between the 20 factors and trust in Bitcoin, particularly emphasizing how Bitcoin ownership status influenced these findings. In summary, our results contribute to an enhanced understanding of the elements shaping trust in Bitcoin, which is vital both from an academic standpoint and for its practical significance, considering the widespread public interest in Bitcoin.