Perspectives of Merchants Regarding Bitcoin’s Role as a Currency and Its Utility as a Payment System

In the last decade, Bitcoin has transformed from an experimental asset into a global store of value, emerging as a viable alternative to traditional finance. This study explores Bitcoin adoption among merchants in Panajachel (Guatemala), El Zonte (El Salvador), and Uvita (Costa Rica). Quantitative research gathered insights from 64 respondents, revealing that 64% of merchants believed they attracted more customers due to Bitcoin acceptance. Usage of Bitcoin earnings varied, with 44% holding it as an asset and 27% converting it to fiat. Additionally, 67% found Bitcoin easier than credit cards. The analysis was guided by the Technology Acceptance Model and the Diffusion of Innovations theory, focusing on perceived utility, ease of use, market advantage, and compatibility. This research highlights the value of localized studies in understanding Bitcoin’s adoption, offering valuable insights for policymakers and businesses. It sheds light on Bitcoin’s dual role as both a currency and a payment system, enabling users to transact outside of traditional finance.