Coinfused: Social Norms, Current Practices, and Perceived Risks among the Cryptocurrency Users

Abstract

Cryptocurrency practices worldwide are seen as innovative, yet they navigate a fragmented regulatory landscape across different countries. Many national authorities aim to balance promoting innovation, safeguarding consumers, and managing potential threats. In particular, it is unclear how people deal with cryptocurrencies in the countries where trading or mining is prohibited. This insight is crucial in conveying the risk reduction strategies. To address this, we conducted semi-structured interviews with 28 cryptocurrency traders and miners from Bangladesh, where the environment is hostile towards cryptocurrencies. Our research revealed that the participants use unique strategies to mitigate risks around cryptocurrencies. Our findings indicate a prevalent uncertainty at both personal and organizational levels concerning the interpretation of laws, a situation worsened by the actions of the major financial service providers who indirectly facilitate cryptocurrency transactions. We further connect our findings to the broader issues in HCI regarding folk models, informal market and legality, and education and awareness.