Abstract
Young investors, fuelled by the hype and ads, are rushing to cryptocurrency exchanges with the hopes of generating rapid riches, and investors of the millennial generation especially believe cryptocurrency can make them billionaires. Crypto Research and Intelligence Business found that over 15 million Indians had accepted cryptocurrencies and invested close to $10 billion in crypto assets. Because of the ongoing changes over the last few years, changing from paper to virtual currency, a new type of currency, namely cryptocurrency, has emerged. Shorter transaction times and lower transfer fees are two of the advantages that cryptocurrencies offer to their potential users. The concept of cryptocurrency is underpinned by decentralised technology, which has captivated the interest of a variety of stakeholders. This research examines millennial cryptocurrency adoption behaviour in India.
TopIntroduction
In the last several years, many technical developments have occurred, including digital payments, electronic commerce and the internet of things. These changes may be noticed in how individuals connect and use the money to exchange goods and services (Poongodi et al., 2020). Because of the ongoing changes in things over the last few several years, with the rise of virtual currency, a new form of money called cryptocurrency has emerged. This type of currency is different from traditional paper currency. It is based on complex cryptographic algorithms that allow it to be securely transferred and verified without a central authority. According to ((Mazambani & Mutambara, 2020), it is a digital currency that uses the technologies of blockchains to perform various numbers of financial transactions. These blockchain-based cryptocurrency operations aim to provide anonymity, transparency and security (Al-Amri et al., 2019; Winter & Davidson, 2019).
Cryptocurrencies like Ethereum, Bitcoin and Solana enable consumers to bypass traditional retail payment methods and make secure, low-cost financial transactions. These digital currencies use complex cryptographic algorithms to verify and validate transactions, which makes them a fast and efficient way to transfer money and make purchases. By using cryptocurrencies, consumers can avoid the fees and limitations associated with traditional financial systems and enjoy greater control over their financial transactions for two reasons: freedom and secrecy from central organisations like banking institutions (Omane-Adjepong & Alagidede, 2020). One of their key advantages is that cryptocurrencies have rapid transaction speeds and cheap costs. Cryptocurrencies are often transmitted and processed because they are decentralised and rely on advanced cryptographic algorithms to verify and authenticate transactions (Yeong et al., 2022a) faster than traditional cash. Furthermore, because cryptocurrencies do not require the involvement of financial institutions or other intermediaries, the fees associated with utilising them are frequently cheaper than those connected with regular financial transactions. As a result, cryptocurrencies are an appealing choice for people and organisations seeking quick, low-cost financial transfers (Singh & Singh, n.d.).
Key Terms in this Chapter
Unified Theory of Acceptance and Use of Technology: ( UTAUT): It is a theoretical framework to understand and predict the adoption and use of new technologies by individuals. In 2005, Venkatesh et al. created the method, and since then, it has had widespread use in the study of information systems.
Confirmatory Factor Analysis (CFA): It is a statistical method used to evaluate a measurement model that describes the links between observable variables and latent structures or components.
Cryptocurrency: It is a decentralised, cryptographically secure digital money. Cryptocurrencies leverage blockchain technology for safe, transparent transactions without a central authority.
Perceived Trustworthiness: The degree to which someone or something is seen by others as being trustworthy, believable, and sincere is known as perceived trustworthiness. It is a subjective view impacted by a number of variables, including reputation, communication, conduct, and prior experiences.
Investor Behaviour: Investor behaviour is the study of people and organisations make investment choices. It entails understanding how investors perceive risks and rewards, assess investment opportunities, arrange their portfolios, and respond to market swings and other external circumstances.
Millennial Investors in India: Millennials are a prominent demographic group in India and are emerging as a new force in the country's financial environment. They were born between 1981 and 1996. As the Indian economy advances and the middle class increases, more millennials get access to financial resources and become interested in investing.