Embracing Bitcoin: users’ perceived security and trust

Ooi, Say Keat; Ooi, Chai Aun; Yeap, Jasmine A.L.; Goh, Tok Hao

doi:10.1007/s11135-020-01055-w

Cited by 40 publications

(30 citation statements)

References 56 publications

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“…Also, Treiblmaier et al [39] posited that perceived security drives user satisfaction with cryptocurrencies. Other studies indicate that trustworthiness of cryptocurrency systems depends on the users' perceived security, which reflects the level of security that they feel when using the system [61], [80]. Consumer perceptions about information security contribute to their level of trust in FinTech innovations as well [81].…”

Section: Perceived Security Fraud Riskmentioning

confidence: 99%

How Perceptions of Information Privacy and Security Impact Consumer Trust in Crypto-Payment: An Empirical Study

2022

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The ever-increasing acceptance of cryptocurrencies has fueled applications beyond investment purposes. Crypto-payment is one such application that can bring radical changes to financial transactions in many industries, particularly e-commerce and online retail. However, characteristics of the technology such as transaction disintermediation, lack of central authority, and lack of adequate regulations may introduce new privacy and security concerns among the users. This coincides with another trend of rising individuals' concerns pertaining to information privacy and security issues in online transactions. The current paper investigates how consumer trust in crypto-payment, a key determinant of consumer intentions and relational exchanges over the long-term, is formed based on their perceptions towards privacy and security aspects of the technology. Using data from 327 survey participants, the study found that perceived information privacy risk, perceived anonymity, and perceived traceability of transactions are significant determinants of consumer trust in crypto-payment; but their perceptions of information security fraud risk have no significant effect. It also provided support for the hypothesis that perceived trust contributes to consumers' intention to adopt crypto-payment. The findings highlight the need to enhance consumer understanding and awareness of information privacy and potential security issues in crypto-payment as well as what needs to be done to address consumer concerns in this regard. The paper creates novel insights into the requirements of trust in crypto-payment services and the consequences of consumers' perceptions of privacy and security in this domain.

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Section: Perceived Security Fraud Riskmentioning

confidence: 99%

How Perceptions of Information Privacy and Security Impact Consumer Trust in Crypto-Payment: An Empirical Study

2022

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“…2009, security concerns were stated as one of the factors hindering people from using mwallets (BNM, 2010) Ooi et al (2020). found a positive association between perceived security and perceived trust among Bitcoin users, suggesting that increased security positively influences users' confidence in transactions with Bitcoin.Zhang et al (2019) …”

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confidence: 99%

Consumers' Intention to Continue Using Cryptocurrency Mobile Wallets in Malaysia

Ghaisani

Kannan

Basbeth³

2022

IJOMFA

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In Malaysia, over RM 800 million transactions were processed in one cryptocurrency platform. The central bank of Malaysia has made e-payment one of its top targets to execute a cashless payment system. However, an in-depth analysis of the literature shows a dearth of research focusing on the influencers of cryptocurrency mobile wallet acceptance, especially the intention to use them continuously. Therefore, this study uses the Post-Acceptance Model of IS Continuance to determine the elements influencing the continuance intention of cryptocurrency mobile wallets in Malaysia. This research also investigates the impact of perceived security, effort expectations, and social influence on the intention to continue the usage of cryptocurrency mobile wallets. The empirical evidence from 106 current cryptocurrency respondents shows that: (1) perceived security and satisfaction are significant factors of continuance intention, and (2) performance expectancy, effort expectancy, and social influence are insignificant factors of continuance intention. It reveals perceived security as one of the critical elements in continuance intention in the cryptocurrency field.

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“…These results confrm the tension arising from having an open and decentralized, yet anonymous system, reported by Sas and Khairuddin [114]. Ooi et al identify technical protections, transaction procedures, and security statements as determinants of perceived trust for Bitcoin [102]. Looking at social trust, Heidt identify trust in code, in data, in a project's vision, and systemic trust in the interplay between these factors to be relevant for design [53].…”

Section: Trust In a Trustless Systemmentioning

confidence: 69%

“…Risk and security perceptions likely difer between individuals and it is reasonable to assume that cryptocurrency users are not a homogeneous group [2]. While studies try to distinguish between non-users [51,131], beginners [48,49], and cryptocurrency users [79,102,115], Abramova et al are the frst to defne a typology of cryptocurrency users using an empirical approach [2]. They build on the concept of privacy personas [31,80], a model distinguishing users based on their motivation and knowledge about security and privacy into fve personas [31].…”

Section: Behavior and Perceptionmentioning

confidence: 99%

Blockchain and Cryptocurrency in Human Computer Interaction: A Systematic Literature Review and Research Agenda

Froehlich

Franz

Trotter

et al. 2022

Designing Interactive Systems Conference

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We present a systematic literature review of cryptocurrency and blockchain research in Human-Computer Interaction (HCI) published between 2014 and 2021. We aim to provide an overview of the feld, consolidate existing knowledge, and chart paths for future research. Our analysis of 99 articles identifes six major themes: (1) the role of trust, (2) understanding motivation, risk, and perception of cryptocurrencies, (3) cryptocurrency wallets, (4) engaging users with blockchain, (5) using blockchain for application-specifc use cases, and (6) support tools for blockchain. We discuss the focus of the existing research body and juxtapose it to the changing landscape of emerging blockchain technologies to highlight future research avenues for HCI and interaction design. With this review, we identify key aspects where interaction design is critical for the adoption of blockchain systems. Doing so, we provide a starting point for new scholars and designers and help them position future contributions. CCS CONCEPTS• Applied computing → Digital cash; • Human-centered computing → Human computer interaction (HCI); Interaction design.

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Embracing Bitcoin: users’ perceived security and trust

Cited by 40 publications

References 56 publications

How Perceptions of Information Privacy and Security Impact Consumer Trust in Crypto-Payment: An Empirical Study

How Perceptions of Information Privacy and Security Impact Consumer Trust in Crypto-Payment: An Empirical Study

Consumers' Intention to Continue Using Cryptocurrency Mobile Wallets in Malaysia

Blockchain and Cryptocurrency in Human Computer Interaction: A Systematic Literature Review and Research Agenda

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