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Egyptian Intention Behavior to Use Bitcoin Based on the Unified Theory of

Acceptance and Use of Technology

Conference Paper · January 2023

DOI: 10.1007/978-3-031-43247-7_40

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 Egyptian Intention Behavior to Use Bitcoin
Based on the Unified Theory of Acceptance
and Use of Technology

Lamiaa Mostafa1(B) and Sara Beshir2

1 Business Information System Department, Arab Academy for Science and Technology and
Maritime Transport, Alexandria, Egypt
Lamiaa.mostafa31@aast.edu, Lamiaa.mostafa31@gmail.com
2 Egypt-Japan University of Science and Technology, Alexandria, Egypt

sara.beshir@ejust.edu.eg

Abstract. After COVID-19, people’s financial activities are digitalized. Bitcoin is

the first decentralized digital currency that attracts people from all over the world to
use it. The study discovers the Egyptian behavioral intention to use Bitcoin through
using an extended unified theory of acceptance and use of technology (UTUAT).
A structural equation modeling approach using Analysis of Moment Structures
(AMOS) was employed to confirm the reliability of the model, data collected
from a sample of 3761 employees working in an Egyptian private university. The
statistical tests used are the reliability test, chi-square test, and person correlation
test. The results show that the performance expectancy, effort expectancy, habit,
and social influence have a high correlation value to the behavior intention to use
Bitcoin while, facilitating conditions, hedonic motivation, and price value have a
very high correlation to the behavior intention to use Bitcoin. Implications of the
findings and recommendations for further studies were discussed.

Keywords: Bitcoin · Cryptocurrencies · Bitcoin Exchange · Digital Banking ·

Unified Theory of Acceptance and Use of Technology (UTUAT)

1 Introduction

Cryptocurrencies have become essential for e-commerce platforms as they rely on a

peer-to-peer tool to meet economic requirements. Bitcoin, often referred to as the cur-
rency of the Internet, is a decentralized digital monetary unit that operates without the
involvement of any government or central bank. Its unique transaction structure allows
for digital money transfers without the need for a third party. Bitcoin utilizes crypto-
graphic protocols and a network of clients to mint, trade, store, and transfer Bitcoins. It
has gained significant popularity, with widespread usage in various online services such
as booking hotels, shopping for furniture, and purchasing video game consoles. Bitcoin’s
value has experienced significant fluctuations over time, and its economy surpasses that
of some smaller countries [9].

© The Author(s), under exclusive license to Springer Nature Switzerland AG 2023

A. Hassanien et al. (Eds.): AISI 2023, LNDECT 184, pp. 456–470, 2023.
https://doi.org/10.1007/978-3-031-43247-7_40
 Egyptian Intention Behavior to Use Bitcoin Based on the Unified Theory 457

Cryptocurrencies depend on the transaction between people through commercial

sites. Bitcoin is identified as the future currency of the Internet, world’s first decentralized
digital monetary unit [1, 27]. Bitcoin is used in different stores and services, also Bitcoin
ATMs are accessible. Currently, the Bitcoin economy is now compared with smaller
countries’ economies [27]. Bitcoin provides several advantages such as faster transaction
speed and lower transaction fees, but at the same time, many people resist to adopt
especially in developing countries such as Egypt. People are afraid to use Bitcoin because
of risks and uncertainties. Bitcoin reliability and validity are still ambiguous [9, 10].
While Bitcoin offers advantages such as lower transaction fees and faster speeds,
many individuals remain hesitant to adopt it due to risks and uncertainties. Concerns
about the reliability, validity, and ambiguous status of Bitcoin in several nations con-
tribute to this resistance. Cyber-attacks and privacy issues within the network are addi-
tional concerns. Understanding the root causes of this opposition is crucial for promoting
wider acceptance and usage of Bitcoin.
The Unified Theories of Acceptance and Use of Technology (UTAUT) model and
the Technology Acceptance Model (TAM) provide valuable frameworks for studying
user behavior and acceptance of technology. In the context of cryptocurrencies, such as
Bitcoin, understanding user acceptance and adoption is crucial. By applying the UTAUT
and TAM models to the cryptocurrency domain, researchers gain insights into the factors
influencing user acceptance and usage behavior [21–28]. Variables such as performance
expectancy, effort expectancy, social influence, and facilitating conditions are examined
to identify drivers and barriers to cryptocurrency adoption. These models contribute
to a deeper understanding of the complexities surrounding user acceptance and usage
of cryptocurrencies, guiding the development and implementation of cryptocurrency
technologies.
The primary goal of the research is to understand the Egyptian opinion towards
Bitcoin and whether they will use Bitcoin in financial transactions or not. This paper has
the lead to provide a summary of people’s opinions on such an important topic which is
the bitcoin and the cryptocurrencies.
The rest of this paper is organized as follows. Section 2 discusses previous studies in
bitcoin and bitcoin in Egypt, research methodology, and the formulation of the hypothesis
are described in Sect. 3; Sect. 4 includes statistical analysis and results. Section 5 is the
paper’s conclusion and future work.

2 Previous Studies
2.1 Bitcoin Previous Studies
In 2009, open-source software known as the Bitcoin system (or Bitcoin), It is a decen-
tralized consensus mechanism. Each transaction is authenticated by the miners. As a
result, the Bitcoin system is more secure and maintains its key principle of “Maintain
trust in an untrusted environment” without the requirement for a third party to be trusted
as payment. Transaction fees are collected by miners for the transactions they verify [5].
When Bitcoin first debuted, anyone could become a miner, but as the user base grew,
mining become more difficult and needed specialized equipment. Large warehouses with
inexpensive electricity are preferred by miners [6].
458 L. Mostafa and S. Beshir

According to [7] users are categorized into 6 types, (1) active investor: a more than
two-transaction that exclusively sends bitcoin in transactions worth more than USD
$2,000, (2) passive investor: an investor who has made more than two transactions
but only receives bitcoin in transactions worth more than $100 and neither sends nor
receives bitcoin in transactions worth more than $100, (3) currency user: uses more than
one transaction, sends, and receives transactions, and sends transactions with a value of
less than US$2000, (4) tester: only does one transaction totaling less than $100 USD,
(5) Miner: a person who has ever mined bitcoin, as determined by a person who receives
newly created bitcoin, and (6) hybrid user: Every other user who is not classified.
The market structure of cryptocurrencies is fundamentally different, even though
they share many characteristics with conventional financial markets like equity and
foreign exchange. Bitcoin is a speculative investment asset with trading available around-
the-clock that also acts as an electronic medium of exchange [8]. The President of the
European Central Bank referred to cryptocurrencies as highly speculative assets [9]. The
advantages of Bitcoin are listed as follows: ease of use, decentralization, and universal
availability, while in contradiction the drawbacks are lack of knowledge, volatility, and
low government regulation.
Bitcoin ease of use in which to access the wallet, you need a device that supports
the internet (a cell phone, laptop, desktop). You can use cryptocurrencies by using your
wallet [10].
Decentralization in which networks are shared among all users, each computer min-
ing node is a part of this framework, and cryptocurrencies lack centralized management.
By doing this, it made sure that the central authority cannot impose rules on cryptocur-
rency owners [11]. Universal Availability: if you want to open a bank account, they need
from you many documents, if there are any errors or missing documents, they refuse the
request to open an account also it is difficult to o access money in various locations [11].
Lack of knowledge of Bitcoin which many users are exposed to hackers since they
are unaware of best practices or how to use cryptocurrencies. Because cryptocurrency
technology is somewhat complex, people should educate themselves before utilizing or
investing [12]. Volatility is slowing down the adoption of cryptocurrencies is the high
volatility of cryptocurrencies. Unknown cryptos might be used by con artists, and in a
shaky environment, users might ultimately lose money [10]. Government regulations
are few and not clear [12].
The Egyptian government has played a significant role in motivating users to adopt
and use Bitcoin, albeit with certain regulatory restrictions. In recent years, the gov-
ernment has taken steps to encourage digital payment systems and embrace financial
technology innovations, including cryptocurrencies [13]. The Central Bank of Egypt
(CBE) has recognized the potential benefits of blockchain technology and cryptocurren-
cies while expressing caution about their unregulated nature [13]. The government has
also shown interest in exploring the possibility of issuing a digital currency backed by the
state [3]. These efforts reflect the government’s recognition of the growing importance
of digital currencies and its willingness to engage with the evolving financial landscape.
However, it is important to note that the government has imposed restrictions on the
use of cryptocurrencies for fear of money laundering and illicit activities [4]. While the
government’s role in motivating users to embrace Bitcoin has been a mixed approach
 Egyptian Intention Behavior to Use Bitcoin Based on the Unified Theory 459

of cautious exploration and regulatory control, its recognition of the potential benefits
demonstrates a willingness to adapt to changing financial dynamics.
The Egyptian government has made several attempts to motivate Egyptian citizens
to use cryptocurrencies. However, in 2018, Egypt’s Dar al-Ifta, the top Islamic law-
maker in the country, issued a religious decree prohibiting bitcoin business transactions
under Islamic law, citing concerns about potential harm to central financial systems,
national security, and the financing of terrorism [13]. Despite this warning, the Cen-
tral Bank of Egypt announced in 2019 that it was developing a draft law that would
outlaw the creation, trading, or marketing of cryptocurrencies without a license [14].
The government has also taken steps to support the digital transformation of the bank-
ing and financial sector. In 2020, the Egyptian Parliament passed the Central Bank and
Banking Sector Law No. 194, introducing technology and digital tools such as elec-
tronic money, digital check settlement, fintech, and regulatory technology to facilitate
the sector’s digital transformation [15]. These measures reflect the government’s efforts
to navigate the evolving landscape of cryptocurrencies and embrace digital innovations
while addressing concerns related to regulation, security, and financial stability.

2.2 Consumer Intention Behavior Previous Studies

The Unified Theories of Acceptance and Use of Technology (UTAUT) model provides
valuable insights into the adoption and usage of technology, including Bitcoin [16].
According to the UTAUT model, user acceptance and usage behavior are influenced
by four key factors: performance expectancy, effort expectancy, social influence, and
facilitating conditions. In the context of Bitcoin, performance expectancy refers to the
user’s belief in the benefits and advantages of using Bitcoin, such as faster and cheaper
transactions [17]. Effort expectancy relates to the perceived ease of use and user-friendly
nature of the Bitcoin system [17]. Social influence considers the impact of peers, fam-
ily, and influential individuals on a user’s decision to adopt Bitcoin [17]. Facilitating
conditions encompass the availability of resources, infrastructure, and technical support
necessary for Bitcoin usage [17]. By considering these factors, the UTAUT model can
help researchers and practitioners better understand and predict user behavior when it
comes to Bitcoin adoption and usage.
UTAUT has four constructs influencing the behavioral intention in using technology:
performance expectancy, effort expectancy, social influence, and facilitating condition
[16].
Researchers in [17] enhanced the previous model by adding hedonic motivation, ser-
vice price value, and habit, known as the UTAUT2 model. UTAUT2 variables proved that
they had a significant impact on the behavioral intention to adopt a particular technology
[18, 19].
Perceived risk and consumer innovation have been used to assess their impact on
blockchain and cryptocurrency adoption in the UAE. Currency acceptance factors in the
UAE. Results had shown that there is a global acceptance difference and similarities
regarding perceived usefulness, perceived trust, social influence, and perceived ease of
use [21]. In Malaysia [22]. They examined the user intention to use Bitcoin by the
UTAUT model and the findings of a pilot study confirmed that the measurement items
and constructs of the proposed model were reliable and valid. In the same context,
460 L. Mostafa and S. Beshir

Authors in [23] used the UTAUT model to test the behavior intention to use Bitcoin in
Korea. They concluded that performance expectancy can be influenced by the strategy
design of Bitcoin service. Perceived security is a very important behavior while using
cryptocurrency.
Examining the Gulf area in [24], the study investigated the factors that influence the
adoption of cryptocurrencies for remittance transactions in the United Arab Emirates
(UAE). Variables such as behavioral intention (BI) and perceived risk (PR), and consumer
innovation (CI) are examined. The conclusions propose UAE remittance market and UAE
cryptocurrency industry focus on customer behavior acceptance.
TAM can also be used to examine user intention behavior such as researchers in [27]
who proposed a framework to discover the antecedents of behavioral intention to use
cryptocurrencies in the USA, Extending the technology acceptance model (TAM) with
used and 397 individuals surveyed. The results indicated that perceived risk negatively
predicted the behavioral intention to use Bitcoin. Whereas, social influence, perceived
usefulness, perceived ease of use, and attitude positively predicted the behavioral inten-
tion. Additionally, trust was identified as a crucial factor that significantly influenced the
acceptance of telemedicine services and TAM is used in the investigation of acceptance
of telemedicine services [28].

3 Research Methodology

The paper aims to understand Egyptian behavior toward using Bitcoin. The researcher
used performance expectancy, effort expectancy, social influence, and facilitating
condition, hedonic motivation, service price value, and habit selected from the literature.
This research aims to significantly identify the factors (and their interdependence
relationships) that determine the behavior of Egyptian users towards Bitcoin. The
research conducted an online survey among the employees working in a private Egyptian
University. 3761 employees filled out the survey. The questionnaire involves all study
variables and three demographic information. Twenty-seven questions are placed in the
questionnaire, and the Likert-type five-level scales are employed. The options for each
question using points 1 to 5 represent extremely disagree, disagree, neutral, agree, and
extremely agree, respectively as shown in Table 1.

Table 1. Respondents’ Profile

Attribute Category Frequency Percent

Gender Male 1170 31.1%
Female 2591 68.8%
Job title Administrative 3011 80.1%
Management 750 19.9%
(continued)
 Egyptian Intention Behavior to Use Bitcoin Based on the Unified Theory 461

Table 1. (continued)

Attribute Category Frequency Percent

Income Less than 5,000 1051 27.9%
5001–10,000 1918 50.9%
More than 10,000 792 21.2%
Total Total 3761

The second part of the questionnaire contains five sets of questions related to UTAUT
variables proposed by [16] and has eight constructs influencing the behavioral inten-
tion in using technology which is listed as follows: performance expectancy, effort
expectancy, social influence, and facilitating condition. UTUAT2 holds the following
variables: hedonic motivation, service price value, and habit [17] which are represented
in Table 2.

Table 2. Research Model Factors

Attribute
Performance Expectancy
Effort Expectancy
Social Influence
Facilitating Condition
Hedonic Motivation
Service price value
Habit
Definition
It is defined as individual’s belief that Bitcoin can enhance
the financial transactions [21–26]
The ease of using Bitcoin helps to minimize travel and
movement effort [21–26]
The degree to which people around the user perceive Bitcoin
is significant [21–26]
To what extent Bitcoin can facilitate the transactions [21–26]
HM translate user’s happiness and enjoyment when using
Bitcoin in the learning process [21–26]
The cost and the price to use Bitcoin [21–26]
The process in which the Bitcoin functions became an
ordinary action done by users [21–26]

The second part of the questionnaire contains eight sets of questions related to
UTAUT variables and UTAUT 2 proposed by [16, 17] as shown in Table 3.
After defining the factors and their associated elements, hypotheses are formu-
lated to understand the relationships between factors. Table 4 summarizes the research
hypotheses we used in the study.
462 L. Mostafa and S. Beshir

Table 3. Research Model Factors and the items

Factor Encoding Statements

Performance Expectancy (PE) PE1 I believe that using Bitcoin is useful
[21–26] PE2 I believe that the Bitcoin provide faster
service
PE3 I think Bitcoin is useful to make it faster
and easier
PE4 The interaction with Bitcoin is clear and
understandable
Effort Expectancy (EE) EE1 I feel that I will be an active member of the
[21–26] society Bitcoin
EE2 I feel happy when I use Bitcoin
EE3 I will use all the features of Bitcoin
EE4 I will miss Bitcoin if for any reason I can
not use it
Social Influence (SI) SI1 Most of my friends will use Bitcoin
[21–26] SI2 Most of my friends motivate me to use
Bitcoin
SI3 My family will use Bitcoin
SI4 My family members motivate me to use
Bitcoin
Facilitating Condition (FC) FC1 I have the resources necessary to use
[21–26] Bitcoin
FC2 I have the knowledge necessary to use
Bitcoin
FC3 Bitcoin are compatible with other
technologies I use
FC4 I can get help from others when I have
difficulties
using Bitcoin
Hedonic Motivation (HM) HM1 Learning the use of Bitcoin will be easy for
[21–26] me
HM2 I will enjoy using Bitcoin
HM3 I believe that the use of Bitcoin would be
enjoyable
Process
(continued)
 Egyptian Intention Behavior to Use Bitcoin Based on the Unified Theory 463

Table 3. (continued)

Factor Encoding Statements

HM4 I believe that the use of Bitcoin would be a
fun process
Service price value (PV) PV1 Bitcoin are a good value for the money
[21–26] PV2 Bitcoin are reasonably priced
Habit H1 I believe that Bitcoin usage will be a habit
in my life
H2 I will use Bitcoin as a regular basis
Behavioral Intention (BI) BI1 Given the opportunity, I will use Bitcoin
[21–26] BI2 I am willing to use Bitcoin in the near future
BI3 I am open to use Bitcoin
BI4 I intend to use Bitcoin in the future

Table 4. Research Hypothesis

# Hypothesis
H1-PE Performance Expectancy has a significant effect on Behavior intention to
use Bitcoin
H2-EE Effort Expectancy has a significant effect on Behavior intention to use Bitcoin
H3-SI Social Influence has a significant effect on Behavior intention to use Bitcoin
H4 FC Facility Conditions has a significant effect on Behavior intention to use Bitcoin
H5 HM Hedonic Motivation has a significant effect on Behavior intention to use Bitcoin
H6-SPV Service price value has a significant effect on Behavior intention to use Bitcoin
H7-H Habit has a significant effect on Behavior intention to use Bitcoin

4 Statistical Analysis and Results

The research type is quantitative, and the proposed model was constructed based on a
literature review. The data collection is a survey that was employed using an online google
form. The target population was expressed as Egyptian users. Two statistical software,
Statistical Package for the Social Sciences (SPSS) 25.0 and AMOS 23.0, AMOS is a
statistical software that functions as an adjunct module for SPSS. Its primary purpose
is to facilitate various analytical techniques such as Structural Equation Modeling, path
analysis, and confirmatory factor analysis. Were used to measure the proposed model
variables’ relationships. The following tests are described descriptive analysis, reliability
test, Chi-square test, and Pearson Correlation.
464 L. Mostafa and S. Beshir

4.1 Reliability Test

Reliability tests the consistency of the data; it is measured by the Cronbach’s alpha
coefficient. Table 5 presents the results of the reliability test. According to [20], the
value of the Cronbach’s alpha coefficient must be greater than 0.7.

Table 5. Reliability Test

Latent Variable Item Factor Loading Composite Cronbach’s Average

Reliability CR alpha Variance
Extracted
AVE
Performance PE1 0.810 0.784 0.805 0.806
Expectancy PE2 0.773
PE3 0.721
PE4 0.705
Effort EE1 0.836 0.736 0.799 0.790
Expectancy EE2 0.802
EE3 0.702
EE4 0.709
Social SI1 0.996 0.915 0.941 0.963
Influence SI2 0.987
SI3 0.900
SI4 0.919
Facilitating FC1 0.881 0.893 0.823 0.877
Conditions FC2 0.825
FC3 0.808
FC4 0.894
Hedonic HM1 0.972 0.918 0.927 0.918
Motivation HM2 0.915
HM3 0.956
HM4 0.922
Price Value PV1 0.981 0.955 0.971 0.987
PV2 0.988
Habit H1 0.712 0.788 0.776 0.753
H2 0.731
(continued)
 Egyptian Intention Behavior to Use Bitcoin Based on the Unified Theory 465

Table 5. (continued)

Latent Variable Item Factor Loading Composite Cronbach’s Average

Reliability CR alpha Variance
Extracted
AVE
Behavior BI1 0.853 0.873 0.811 0.859
intention to BI2 0.896
use Bitcoin
BI3 0.800

4.2 Chi-Square Test

Chi-square tests whether the dependent and independent variables are associated and
whether this association is significant [25]. Chi-square results show that all association
with the independent variable BI is significant as shown in Table 6.

Table 6. Chi-square Test

Association Chi-square value Asymptotic significance Result

PE-> BI 1.525 0.000 <0.01 Significant
EE-> BI 1.207 0.000 <0.01 Significant
SI-> BI 1.351 0.000 <0.01 Significant
FC-> BI 1.126 0.000 <0.01 Significant
HM-> BI 1.316 0.000 <0.01 Significant
PV-> BI 1.223 0.000 <0.01 Significant
H-> BI 802 0.000 <0.01 Significant

4.3 Pearson Correlation Test

Pearson correlation test defines the extent to which the increase or decrease in the factors
used in the model results in a change (increase or decrease) in the dependent factor with
which it is correlated [25]. Thus, the results are represented in Table 7 and Fig. 1 shows
the research model variables and Pearson correlation value.
Based on [25], if value of Pearson Coefficient value is between (0–0.2) is a very
weak correlation, between (0.2–0.4) represents a weak correlation, between (0.4–0.6)
is a reasonable correlation; between (0.6–0.8) is high correlation and finally (0.8–1)
is very high correlation. Performance expectancy, effort expectancy, habit, and social
influence have a high correlation value to the behavior intention to use Bitcoin while,
facilitating conditions, hedonic motivation, and price value have a very high correlation
to the Behavior intention to use Bitcoin. Based on Fig. 1, the results have shown that the
hypothesis is accepted.
466 L. Mostafa and S. Beshir

Fig. 1. Research Model variables and Pearson Correlation Values.

Table 7. Person Correlation Test Results

Hypotheses Pearson’s correlation coefficient P-value

H1(BI ← PE) 0.738 p < 0.01
H2 (BI ← EE) 0.771 p < 0.01
H3 (BI ← SI) 0.681 p < 0.01
H4 (BI ← FC) 0.829 p < 0.01
H5 (BI ← HM) 0.823 p < 0.01
H6 (BI ← PV) 0.913 p < 0.01
H7 (BI ← H) 0.742 p < 0.01

4.3.1 Performance Expectancy has a Significant Effect on Behavior Intention

to Use Bitcoin
This hypothesis was supported. The findings indicated that the performance expectancy
of using Bitcoin is a strong indicator of users’ intention to continuously use them in the
future. These findings have been supported also by [21, 22, 30] found that perceived
usefulness is a major determinant in the usage of Bitcoin. Similarly, [23] suggested that
increasing awareness and education about cryptocurrency could enhance its adoption in
the country.

4.3.2 Effort Expectancy has a Significant Effect on Behavior Intention to Use

Bitcoin
This hypothesis was supported. Our results showed that users’ behavior intention largely
depends on the effort expectancy which agrees with the results in [23, 30] that also
suggests the importance of cryptocurrency system security. Our findings underscore the
importance of effort expectancy in the user intention to use Bitcoin, which it is critical for
Bitcoin providers. It is also important for these companies to ask users for suggestions
 Egyptian Intention Behavior to Use Bitcoin Based on the Unified Theory 467

that allow these companies to introduce more services on these apps that are important
for these users.

4.3.3 Social Influence has a Significant Effect on Behavior Intention to Use Bitcoin
This hypothesis was supported. Our findings showed that social influence is an important
element that affects the users’ intention to use Bitcoin. Authors in [21] emphasize the
importance of social influence in affecting and developing digital currency frameworks,
and in the same context [27] reached the same findings when examining users’ intention
to use Bitcoin.

4.3.4 Facility Conditions has a Significant Effect on Behavior Intention to Use

Bitcoin
This hypothesis was supported. Our findings showed that social influence is an important
element that affects the users’ intention to use Bitcoin. Authors in [21, 27, 30] suggest
that Bitcoin companies should focus on providing easy-to-use and secure platforms
while emphasizing the benefits of using Bitcoin and provide facilitating conditions in
the usage and the dealing process in Bitcoin, also [27] emphasis the reduction of risk
and increase user adoption.

4.3.5 Hedonic Motivation has a Significant Effect on Behavior Intention to Use

Bitcoin
This hypothesis was supported. Our findings showed that hedonic motivation is an impor-
tant factor that affects users’ intention to use Bitcoin. The feeling of fun and joy when
interacting and dealing with Bitcoin is very important in user behavior. These findings
are similar to the findings of [25] which showed that hedonic motivation is an important
factor that affects users’ intention to use bitcoin. Also, our findings are consistent with
[30] that argued that user intention is influenced by hedonic motivation. Thus, based
on our results and the support in the extant literature, we recommend that cryptocur-
rency providers should continuously monitor the intention of the users. This can be done
through surveys and effective customer service.

4.3.6 Service Price Value has a Significant Effect on Behavior Intention to Use
Bitcoin
As expected, the hypothesis was supported since our findings confirmed the significant
effect of service price on user intentions to use Bitcoin. The relationship between the
price and the service affects the customer behavior as stated previously in different
research [22–24]. Bitcoin providers should study the factors that affect users’ behavior
to ensure their use and continuous intention.

4.3.7 Habit has a Significant Effect on Behavior Intention to Use Bitcoin

This hypothesis was supported. The findings indicated that user Habit affects the user
intention behavior. These findings have been supported in the previous literature. For
468 L. Mostafa and S. Beshir

instance, [25] found that Hedonic motivation is important in users’ willingness to use
Bitcoin. Thus, based on these findings, the bitcoin providers that have succeeded to
build a strong trust with their customers should rely on this in building positive attitudes
towards usage of bitcoin.

4.4 Discussion of Results

The paper examines the intended behavior of Egyptians to use Bitcoin in financial
transactions. The results of the research are important for the following reasons. Firstly,
the paper contributes theoretically to the usage of Bitcoin in Egypt. Mainly, it focuses
on performance expectancy, effort expectancy, social influence, facilitating conditions,
hedonic motivation, price value, and habit. The research can emphasize research in Egypt
that focuses on cryptocurrency, bitcoin, and digital banking.
Results of the analysis show that performance expectancy, effort expectancy, habit
and social influence have a high correlation value to the behavior intention to use bit-
coin while, facilitating conditions, hedonic motivation and price value have a very high
correlation to the behavior intention to use bitcoin. Egyptian are going to enjoy and be
pleased when they use Bitcoin on the same perspective the people around them moti-
vate the employees to use Bitcoin also the price of the services available to them has a
great focus to them. Research limitations are summarized as follows. First, this research
sample is limited to 3761. A larger sample size is required to understand Egyptian per-
ception to use bitcoin, and a comparative study should provide very interesting results
such as testing the variables on European countries. In addition, this study’s results and
model can be tested in Gulf countries that have experiences with Bitcoin. The quanti-
tative approach in the research is limited to the number of collecting data through an
online questionnaire. Future research can adopt qualitative research such as interviews
to provide more understanding of the intention of Egyptian to use Bitcoin. Finally, the
research did not examine how the demographic and cultural dimensions affect Egyptian
use of bitcoin such as gender, job, and income.

5 Conclusion and Future Work

This paper examines the Egyptian intention to use Bitcoin in financial transactions. 3761
employees working at a private university in Egypt filled out the survey. Results of the
analysis show that facilitating conditions, Hedonic Motivation, and Price value are a
very high correlation with significant behavior intention to use Bitcoin. Performance
expectancy, effort expectancy, facilitating condition, and habit have a high correlation
significance on the Egyptian user’s intention to use Bitcoin. Research limitations are
summarized as follows. First, this research sample is limited to 3761. A larger sample
size is required to understand Egyptian users use Bitcoin, and a comparative study should
provide very interesting results such as testing the variables on European countries.
In addition, this study’s results and model can be tested in Gulf countries that have
experiences with Bitcoin. The quantitative approach in the research is limited to the
number of collecting data through an online questionnaire. Future research can adopt
qualitative research such as interviews to provide more understanding of the intention of
 Egyptian Intention Behavior to Use Bitcoin Based on the Unified Theory 469

Egyptian users to use Bitcoin. Finally, the research did not examine how the demographic
and cultural dimensions affect Egyptian opinion to use Bitcoin such as age, gender, job,
and income.

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