Toward Understanding the Use of Centralized Exchanges for Decentralized Cryptocurrency

Zhou, Zhixuan; Shen, Bohui

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https://hdl.handle.net/2142/113687 Copy

Description

Title

Toward Understanding the Use of Centralized Exchanges for Decentralized Cryptocurrency

Author(s)

• Zhou, Zhixuan
• Shen, Bohui

Issue Date

2022

Keyword(s)

• Blockchain
• Cryptocurrency Exchange
• User Experience
• Security

Abstract

Cryptocurrency has been extensively studied as a decentralized financial technology built on blockchain. However, there is a lack of understanding of user experience with cryptocurrency exchanges, the main means for novice users to interact with cryptocurrency. We conduct a qualitative study to provide a panoramic view of user experience and security perception of exchanges. All 15 Chinese participants mainly use centralized exchanges (CEX) instead of decentralized exchanges (DEX) to trade decentralized cryptocurrency, which is paradoxical. A closer examination reveals that CEXes provide better usability and charge lower transaction fee than DEXes. Country-specific security perceptions are observed. Though DEXes provide better anonymity and privacy protection, and are free of governmental regulation, these are not necessary features for many participants. Based on the findings, we propose design implications to make cryptocurrency trading more decentralized.

Publisher

International Conference on Applied Human Factors and Ergonomics

Type of Resource

text

Language

en

Permalink

http://hdl.handle.net/2142/113687

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