An Empirical Study on the Adoption of Cryptocurrency E-Payment Systems in Italian Business Platforms

Abstract

In view of a financial revolution caused by an increasing adoption of cryptocurrencies as a method of payment, the purpose of this paper is to analyse the advantages and disadvantages faced by Italian companies entering the international group of cryptocurrency advocates and accepting cryptocurrency payments in their businesses. The first chapter introduces the world of cryptocurrencies including their classification and main attributes with the aim of creating a clear picture on this new payment system and its instruments. The second chapter is a general overview on electronic payments, taking into consideration drivers, typologies and requirements for successful e-payment systems. Pros and cons are evaluated for each type of electronic payment system, with a special regard for e-cash systems and in particular the cryptocurrency subcategory. The third chapter examines the cryptocurrency e-payments operational field with respect to innovation models and studies the interesting cluster of companies accepting cryptocurrency payments formed in the north-eastern Italian region. Finally the work is concluded with the fourth chapter, that develops some case studies on the bases of interviews submitted to representatives of the companies object of the interviews, describing their perceived advantages and disadvantages in joining the cryptocurrency, in particular Bitcoin, payments acceptance as early adopters.