Decrypting the Digital Vault by Understanding Cryptocurrency Adoption Challenges Among Gen Z: Case of Sri Lanka
Background: As digital natives, Gen Zs are at the forefront of embracing cryptocurrencies for technological innovation and financial empowerment. This study is part of a larger effort to understand the evolving trends in the world of cryptocurrency, highlighting the need for more research in this a...
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| Format: | Article |
| Language: | English |
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Department of Mass Communication, University of Nigeria
2024-12-01
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| Series: | Ianna Journal of Interdisciplinary Studies |
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| Online Access: | https://iannajournalofinterdisciplinarystudies.com/index.php/1/article/view/212 |
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| author | Senuri Mallawaarachchi Uvindu Hemachandra Deshan Jayakody Uththara Wickramarathne Anuja Akalanka Lokeshwara Gayan Chathuranga Bandara |
| author_facet | Senuri Mallawaarachchi Uvindu Hemachandra Deshan Jayakody Uththara Wickramarathne Anuja Akalanka Lokeshwara Gayan Chathuranga Bandara |
| author_sort | Senuri Mallawaarachchi |
| collection | DOAJ |
| description |
Background: As digital natives, Gen Zs are at the forefront of embracing cryptocurrencies for technological innovation and financial empowerment. This study is part of a larger effort to understand the evolving trends in the world of cryptocurrency, highlighting the need for more research in this area.
Objective: This study sought to explore the diverse challenges faced by Gen Zs while adapting to the usage of cryptocurrencies within the Sri Lankan context.
Methodology: The researchers conducted this study using an inductive qualitative approach. Data were gathered through in-depth interviews with 24 participants, employing snowball sampling to recruit participants. The collected data were then analysed using thematic analysis, and the findings were presented in prose form.
Results: The results of this study revealed three key themes that significantly impact the usage of cryptocurrency as a digital asset among Gen Zs in Sri Lanka: (i) Trust and security concerns, (ii) Market volatility and investment risks, (iii) Regulatory approach and cryptocurrency transactions.
Conclusion: Although cryptocurrency has gained acceptance among Gen Zs, its usage is determined by factors that ensure that users harness its full benefits.
Contribution: This study has revealed the diverse challenges that Gen Zs embraced when adopting cryptocurrencies.
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| format | Article |
| id | doaj-art-3752cd5a12f445be80fba6aee4e98efa |
| institution | DOAJ |
| issn | 2735-9883 2735-9891 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | Department of Mass Communication, University of Nigeria |
| record_format | Article |
| series | Ianna Journal of Interdisciplinary Studies |
| spelling | doaj-art-3752cd5a12f445be80fba6aee4e98efa2025-08-20T02:58:30ZengDepartment of Mass Communication, University of NigeriaIanna Journal of Interdisciplinary Studies2735-98832735-98912024-12-0171Decrypting the Digital Vault by Understanding Cryptocurrency Adoption Challenges Among Gen Z: Case of Sri LankaSenuri Mallawaarachchi0https://orcid.org/0009-0000-8507-5252Uvindu Hemachandra1https://orcid.org/0009-0008-8295-9106Deshan Jayakody2https://orcid.org/0009-0000-4942-4582Uththara Wickramarathne3https://orcid.org/0009-0009-5441-2768Anuja Akalanka Lokeshwara4https://orcid.org/0000-0002-8888-5215Gayan Chathuranga Bandara5https://orcid.org/0000-0002-2710-5043SLIIT Business SchoolSLIIT Business SchoolSLIIT Business SchoolSLIIT Business SchoolSLIITSLIIT Business School Background: As digital natives, Gen Zs are at the forefront of embracing cryptocurrencies for technological innovation and financial empowerment. This study is part of a larger effort to understand the evolving trends in the world of cryptocurrency, highlighting the need for more research in this area. Objective: This study sought to explore the diverse challenges faced by Gen Zs while adapting to the usage of cryptocurrencies within the Sri Lankan context. Methodology: The researchers conducted this study using an inductive qualitative approach. Data were gathered through in-depth interviews with 24 participants, employing snowball sampling to recruit participants. The collected data were then analysed using thematic analysis, and the findings were presented in prose form. Results: The results of this study revealed three key themes that significantly impact the usage of cryptocurrency as a digital asset among Gen Zs in Sri Lanka: (i) Trust and security concerns, (ii) Market volatility and investment risks, (iii) Regulatory approach and cryptocurrency transactions. Conclusion: Although cryptocurrency has gained acceptance among Gen Zs, its usage is determined by factors that ensure that users harness its full benefits. Contribution: This study has revealed the diverse challenges that Gen Zs embraced when adopting cryptocurrencies. https://iannajournalofinterdisciplinarystudies.com/index.php/1/article/view/212challengescryptocurrencyGen ZSri Lanka |
| spellingShingle | Senuri Mallawaarachchi Uvindu Hemachandra Deshan Jayakody Uththara Wickramarathne Anuja Akalanka Lokeshwara Gayan Chathuranga Bandara Decrypting the Digital Vault by Understanding Cryptocurrency Adoption Challenges Among Gen Z: Case of Sri Lanka Ianna Journal of Interdisciplinary Studies challenges cryptocurrency Gen Z Sri Lanka |
| title | Decrypting the Digital Vault by Understanding Cryptocurrency Adoption Challenges Among Gen Z: Case of Sri Lanka |
| title_full | Decrypting the Digital Vault by Understanding Cryptocurrency Adoption Challenges Among Gen Z: Case of Sri Lanka |
| title_fullStr | Decrypting the Digital Vault by Understanding Cryptocurrency Adoption Challenges Among Gen Z: Case of Sri Lanka |
| title_full_unstemmed | Decrypting the Digital Vault by Understanding Cryptocurrency Adoption Challenges Among Gen Z: Case of Sri Lanka |
| title_short | Decrypting the Digital Vault by Understanding Cryptocurrency Adoption Challenges Among Gen Z: Case of Sri Lanka |
| title_sort | decrypting the digital vault by understanding cryptocurrency adoption challenges among gen z case of sri lanka |
| topic | challenges cryptocurrency Gen Z Sri Lanka |
| url | https://iannajournalofinterdisciplinarystudies.com/index.php/1/article/view/212 |
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