Consumer satisfaction in cryptocurrency comes along with so many factors that affect it. These factors lie under different subgroups. There are pull factors, push facts, and mooring factors. The push factors are those which motivate people to move towards joining cryptocurrency. In contrast, the pull factors are the benefits people see in crypto that they need to enjoy when they join cryptocurrency. The mooring factors affect both the pull and push factors positively and negatively, including the individual, social and technological factors.
Pull factors.
It is what cryptocurrency entails that makes people move to cryptocurrency. Crypto markets are perceived to be easy to use. Operating through the Internet in the comfort of your home makes people feel that the market is suitable for use. The transaction speed involved in sending and receiving money instantly is a factor that pills people towards joining the digital currency markets. Sending money has always been time-consuming when using traditional currencies, taking a week or a period longer than when transferring money abroad. It makes people find the speed involved as a factor that motivates them to join cryptocurrency. Crypto has been taken to be an alternative method of payment as well as an investment option. Online shopping has been successful with the presence of online payment apps enabling people to shop online for goods that they may require. People do not have to go to shops to get goods but can order and get their goods at their doorsteps, and for this reason, paying online has been a pulling factor in joining cryptocurrency. Adopting cryptocurrency is also helping institutions maximise their profits because limiting receiving fiat currencies limits those who want to use digital currencies in an institution. People have understood the digital currency markets and opted to invest in them. Various people have taken the buying and selling of digital currencies as a business, counting on their profit from the trade. Others have joined careers in the crypto world and have been able to join various fields in the crypto world. Similarly, people have banked their money in digital wallets and are responsible for their own money without necessarily banking in banks, which has been the case with fiat currencies. Cryptocurrency is effective and efficient. It is serving to make the world a better place. Sending money across borders at a low cost and involving no intermediaries is a factor that people globally find relevant when joining the market. People abroad have easily sent money to people in their native countries when using cryptocurrency. Payments of goods and services received are also easy with crypto.
Finding it relatively cheaper to send money is a factor that pulls people to crypto so that they can minimise costs that are incurred with financial institutions.
Push Factors.
These are factors motivating people to join the crypto markets. The world is moving digital, and everything in it is also moving digital. The monetary system has also taken a digital path making people try new things. The digital currency markets have gained hype over the past and are perceived to be the future payment methods; for this reason, it has gained trust, and many people have joined the market to transact digitally. Technological innovations in the finance systems are making people go cashless and transact as if they reside in the same community. Corruption has made people lose trust in government institutions because, at different points, money has been embezzled and is never recovered. For this reason, people are moving to digital currencies to eliminate the intermediaries involved in handling money. Money duplication has been a factor that has led many investors to incur losses because duplicated cash may not be easy to note until the receiver looks keenly at it. To avoid this, people feel that crypto is safe because it’s not duplicable. The existing government policies sometimes lead to the question of stability in the market price of traditional currencies. There have been some limitations with the existing traditional currencies. Some money transfers are limited; for this reason, people are moving to crypto to transact without limitations because the restrictions have hampered the freedom of transacting.
Mooring factors.
These factors affect both the pull and push factors positively or negatively, including the individual, social, and technological factors.
Individual factors.
An individual’s attitude determines whether the individual will join or not join the crypto market. It affects both positively and negatively. Joining the market is a positive impact, while not joining is s negative one. Willingness to try out new things motivates an individual to join the market, while fear of trying out new things makes the individual stay distanced from the market.
Technology-related factors.
An investor has to be connected to the Internet. To some people, being connected is a limiting factor because some people lack internet-connected devices. In contrast, others live in remote areas where a network is a challenge, making it next to impossible to transact in the crypto market because staying connected is a factor. Some people also haven’t understood the technology involved in cryptocurrency, and it is a challenge for them to transact in the market. Lack of knowledge on how the market operates hinders some from investing in crypto.
Social factors.
Some risks are associated with the crypto markets, like frauds, scammers, and cybercrimes leading to losses. Scammers may design websites and apps that resemble those used for transacting crypto, and through this, they get to con the investors who trust them. Cyberattacks have also made people incur losses, and for this reason, the market needs a person with an open eye to avoid getting trapped. Pull, push and mooring factors are all determinants of the satisfaction of an investor in cryptocurrency. To look at consumer satisfaction then, an investor has to look into what is the benefit of using a certain medium of exchange over the other, as well as what factors the new market has which are more satisfying than the current market; weighing out these factors makes an investor chooses on using crypto over the first. The factors that may hamper one from joining the market should be considered to ensure that they are made at ease to avoid limiting some individuals who are willing to join the market.
