Why users participate in cryptocurrencies? an exploratory study using self-determination theory

Abstract

This paper investigates why users purchase, invest, and mine cryptocurrency by applying the Self-Determination Theory (SDT). In the existing cryptocurrency studies, the motivation of users was not analyzed. Through an exploratory and inductive study of 15 interviewees, we were able to distinguish three motivations from each user: intrinsic, extrinsic, and hybrid motivations. Furthermore, it could be observed that the motivation of users’ changed from pure intrinsic or pure extrinsic to hybrid motivation over time. This is due to users’ tendency to look at cryptocurrency ecosystem as users who can consider both technical aspects, such as block chain and investment in high volatility. Through this study, we were able to observe the user’s synchronous changes in the cryptocurrency ecosystem and present the framework of future research.