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Security risks surrounding cryptocurrency usage : a study on the security risks of cryptocurrencies and how security perception affects usage

Roppelt, J.C. (2019) Security risks surrounding cryptocurrency usage : a study on the security risks of cryptocurrencies and how security perception affects usage.

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Abstract:Since 2017, cryptocurrencies are known to nearly everyone. Their popularity, vast variety, and financial nature raise questions about the security risks that surround them. Just as important as the actual risks are risk awareness of people and to which extent their security risk perception does influence the decision to use cryptocurrencies. In this paper, two studies are conducted to identify security risks associated with cryptocurrencies, their perception by (possible) users and the effect this perception has on the decision to use cryptocurrencies. Conducting these studies will identify risks to address in cryptocurrencies and help to understand hurdles in the adoption process. Study one is a literature study that describes cryptocurrency vulnerabilities and their associated risks. Results show that risks for users are especially found in the cryptocurrency environment. Study two focuses on how a persons' security perception influences their cryptocurrency usage through a questionnaire. It is found that participants who own cryptocurrencies perceive them as less risky, have more trust in them and higher knowledge. The results show that the largest threat to cryptocurrency usage is the environment around cryptocurrencies, as it does not only hold technical risks but is also perceived as highly impacting. We conclude that (1) security risk perception does play a role in the adaption of cryptocurrencies and that (2) the involvement of unregulated third parties in the environment hinders widespread cryptocurrency usage.
Item Type:Essay (Master)
Faculty:EEMCS: Electrical Engineering, Mathematics and Computer Science
Subject:54 computer science, 70 social sciences in general
Programme:Computer Science MSc (60300)
Link to this item:http://purl.utwente.nl/essays/79471
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