Towards understanding the perception and management of risk and trust among cryptocurrency (non) users

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With the massive growth of cryptocurrency markets in the recent years, came an influx of new users. While the overall number of users is difficult to measure, the University of Cambridge estimates between 2.9 and 5.8 million overall owners of cryptocurrencies as of 2017. As for the number of distinct cryptocurrencies, it exploded to over 2,000. To put the pace of the cryptocurrency market growth into perspective one can look at the overall market capitalization just in recent years. In early 2016 it was around $7 billion, in March 2017--nearly $25 billion, and it reached over $400 billion in March 2018. Despite prior research on security risks in the Blockchain domain, little is known how cryptocurrency users actually perceive and manage the risks. The main focus in literature has been on identifying potential attack vectors and risk scenarios, without taking the respective end users into account. While an earlier study investigated risks experienced by users, risk perception and mitigation, as well as techniques for building trust in cryptocurrencies and exchanges, have not been investigated any further. Addressing this knowledge gap will inform the development of more effective technology support for cryptocurrency users. In this project, we will collaborate with Symetria engineers and other employees to investigate the perceptions and management of risk and trust among users and non-users of cryptocurrencies. Understanding the perceptions of the risks associated with cryptocurrencies among informed non-users is also vital. By investigating the risk perception, we will identify risks that potentially prevent informed non-users from purchasing cryptocurrencies. We believe that the understanding gained from our investigations will play an important role in the design of future cryptocurrency wallets and exchange platforms. Our findings will also help cryptocurrency companies to clear misunderstandings of non-users, which could eventually facilitate adoption of cryptocurrencies and ease the onboarding process.