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User Mental Models of Cryptocurrency Systems - A Grounded Theory Approach

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conference contribution
posted on 2023-11-29, 18:13 authored by Alexandra Mai, Katharina Pfeffer, Matthias Gusenbauer, Edgar Weippl, Katharina KrombholzKatharina Krombholz
Frequent reports of monetary loss, fraud, and user-caused security incidents in the context of cryptocurrencies emphasize the need for human-centered research in this domain. We contribute the first qualitative user study (N=29) on user mental models of cryptocurrency systems and the associated threat landscape. Using Grounded Theory, we reveal misconceptions affecting users' security and privacy. Our results suggest that current cryptocurrency tools (e.g., wallets and exchanges) are not capable of counteracting threats caused by these misconceptions. Hence, users frequently fail to securely manage their private keys or assume to be anonymous when they are not. Based on our findings, we contribute actionable advice, grounded in the mental models of users, to improve the usability and secure usage of cryptocurrency systems.

History

Preferred Citation

Alexandra Mai, Katharina Pfeffer, Matthias Gusenbauer, Edgar Weippl and Katharina Krombholz. User Mental Models of Cryptocurrency Systems - A Grounded Theory Approach. In: Symposium on Usable Privacy and Security (SOUPS). 2020.

Primary Research Area

  • Empirical and Behavioral Security

Name of Conference

Symposium on Usable Privacy and Security (SOUPS)

Legacy Posted Date

2020-06-30

Open Access Type

  • Unknown

BibTeX

@inproceedings{cispa_all_3124, title = "User Mental Models of Cryptocurrency Systems - A Grounded Theory Approach", author = "Mai, Alexandra and Pfeffer, Katharina and Gusenbauer, Matthias and Weippl, Edgar and Krombholz, Katharina", booktitle="{Symposium on Usable Privacy and Security (SOUPS)}", year="2020", }

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