CONCEPTUALIZATION OF CRYPTOCURRENCY AS AN INNOVATIVE MARKETING PRODUCT AND CLASSIFICATION OF BARRIERS TO ITS CONSUMER ADOPTION IN THE B2C SEGMENT
Abstract
The rapid digitalization of global finance has driven cryptocurrency ownership past 741 million people worldwide, yet its use as a payment instrument in the business-to-consumer (B2C) segment remains low, as most holders still treat it as a long-term investment rather than a means of payment. This article aims to conceptualize cryptocurrency as a multidimensional marketing product and to classify the barriers restraining its consumer adoption in the B2C segment. Relevance is reinforced by regulatory shifts such as the EU's MiCA framework, Ukraine's Law on Virtual Assets, and the NBU's digital hryvnia pilot. Methodologically, the study applies the multi-level marketing product model to decompose cryptocurrency into augmented layers, and draws on the CRYPTOTRUST 2 model and Rogers' diffusion-of-innovations theory. As a result, cryptocurrency is conceived as a three-tier product: its generic value lies in decentralized, low-cost value transfer; its actual form is expressed through asset choice, wallet type and payment gateway; and its augmented layer adds loyalty and cashback mechanisms plus the symbolic status of digital-community belonging. Four barrier groups are classified with matching marketing vectors: cognitive-informational barriers (blockchain complexity, confusing interfaces) countered by educational marketing; psychological-reputational barriers (fear of loss, volatility) by behavioral marketing built on stablecoins and QR codes; institutional-legal barriers (weak consumer protection) by PR strategies demonstrating regulatory compliance; and economic-behavioral barriers (the HODL paradigm) by incentive-based loyalty programmes. The practical value lies in showing that institutional trust, not technological sophistication, is the trigger of mass adoption, implying that Web3 marketing should shift from narratives of decentralization toward messaging on security, speed, low fees and convenience. The proposed classification can guide retailers, payment providers and fintech companies in designing campaigns and tools that speed cryptocurrency's transition into a mainstream payment method.
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