Risk perception influences cycling attributes toward its adoption. Researchers are investigating attributes associated with risk formation. In this study, various attributes were selected which influence the user’s formation of risk perception. For this purpose, an online questionnaire survey was conducted in Flanders, among all segments of the population (N = 774). Participants were asked questions for attributes relating to risk formation. Results suggested that risk formation among users evolves around tangible to non-tangible attributes. The spectrum of risk perception was developed which visualizes risk evolution, considering various attributes. Surprisingly, elements such as “comfort”, surface evenness, and policies were rated as being neutral. Infrastructure and the presence of opposite road users tend to be foreseen as critical factors for risk formation. Risk perception varies depending upon psychometric paradigm shifts, such as dread and unknown risk. This strange notion is considered to lie in a space between dread and unknown risk. This explains the difference in risk perception, knowingly or not knowingly (subconsciously), yet expressing cognitively and evolving inside. This is an interesting finding, but reasons behind such a motive need to be explained. A possible explanation behind such behavior is that people tend to change their responses due to knowledge acquisition during the survey.