Security, Privacy and Trust Issues in Cryptocurrencies—A Systematic Literature Review from Stakeholders’ Perspective

Cryptocurrencies are increasingly gaining traction in the digital realm, promising a decentralized future free from the grip of centralized authorities. This magnetic appeal has led to a surge in the integration of cryptocurrencies within various games and applications based on the robust security provided by blockchain technology. As the world embraces this digital revolution, everyday users are navigating a landscape filled with questions and concerns about the safety, privacy, and reliability of these innovative currencies. Some nations have chosen to ban or heavily regulate cryptocurrencies, further fanning the flames of uncertainty among regular users. While extensive research has been done on the technical dimensions of enhancing cryptocurrency security, there is a lack of appropriate work on critical aspects of parameters influencing users’ perspectives on security, privacy, and trust (SPT) offered by cryptocurrencies. This paper explores the existing gap by investigating the complex relationship between users’ perceptions of SPT in cryptocurrencies and the potential advantages presented by decentralized blockchains in current literature. PRISMA methodology has been followed to systematically review the existing literature targeting SPT parameters of cryptocurrencies with a detailed discussion of the methodologies followed by the researchers on the subject. After the careful selection of a search query, 64 papers have been reviewed in detail from a list of 350 papers obtained from Scopus, WoS, IEEE Explore, and ACM. Dominant use of surveys, the Technology Acceptance Model, and Structural Equation Modelling for analysis is observed in the reviewed literature which may not cover the complete domain of parameters affecting SPT concerns of users about cryptocurrencies. By exploring the existing literature, we highlighted the obstacles that may impede the widespread adoption of cryptocurrencies and the limitations that may be in research methodologies being adopted to measure these parameters.