Misplacing Trust in Bitcoin Information Sources

Abstract

The Internet pervades many aspects of modern life offering up seemingly boundless opportunities to connect, inform and be informed. As the range and number of sources for information online explode, how people go about selecting and interpreting information has become a pertinent area for study, not least in the recent light of the prevalence of fake-news—as people are well known to act upon information they believe to be trustworthy. Where the decision to act incurs risk, an inability to accurately select and assess the credibility of information presents a challenge. <br/><br/>This extended abstract summarizes findings from a study of 57 Bitcoin users. Our analysis shows that this self-identifying technical and expert community was not significantly influenced by confirmation bias (a facet of fake-news). However, the same users also failed to demonstrate a true reliance upon the facts contained in news articles, often deferring trust to the source of the news which could still render them susceptible to fake-news, and, in turn, place their speculation of the crypto-currency at risk.