2022/04/19 by Zhixuan Zhou, Zhou, Zhixuan, Bohui Shen +1 · 1 voice
Business, Management and Accounting · Computer Science · #Blockchain Technology Applications and Security #Digital Platforms and Economics #FOS: Computer and information sciences #FinTech, Crowdfunding, Digital Finance #Human-Computer Interaction (cs.HC) #cs.HC
paper · pdf · doi:10.48550/arxiv.2204.08664
openalex publication_date 2022/04/19 · arxiv published 2022/04/19 · arxiv updated 2022/06/15 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/28
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.