Towards deciphering the crypto-shopper: an analysis on knowledge and preferences of consumers using cryptocurrencies for purchases

  • Massimiliano Silenzi Cryptorefills
  • Umut Can Çabuk San Diego State University
  • Ömer Aydin University of Waterloo
  • Enis Karaarslan Mugla Sitki Kocman University
Keywords: Behavioral Analysis, Bitcoin, Blockchain, Cryptocurrency, Crypto-Shopping, Consumer Expertise, Consumer Segmentation, DeFi, Technology Adoption

Abstract


The fast-growing cryptocurrency sector presents both challenges and opportunities for businesses and consumers alike. This study investigates the knowledge, expertise, and buying habits of people who shop using cryptocurrencies. Our survey of 516 participants shows that knowledge levels vary from beginners to experts. Interestingly, a segment of respondents, nearly 30%, showed high purchase frequency despite their limited knowledge. Regression analyses indicated that while domain knowledge plays a role, it only accounts for 11.6% of the factors affecting purchasing frequency. A K-means cluster analysis further segmented the respondents into three distinct groups, each having unique knowledge levels and purchasing tendencies. These results challenge the conventional idea linking extensive knowledge to increased cryptocurrency usage, suggesting other factors at play. Understanding this varying crypto-shopper demographic is pivotal for businesses, emphasizing the need for tailored strategies and user-friendly experiences. This study offers insights into current crypto-shopping behaviors and discusses future research exploring the broader impacts and potential shifts in the crypto-consumer landscape.

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Published
2025/11/17
Issue
Vol. 20 No. 2 (2025): Serbian Journal of Management
Section
Original Scientific Paper

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