Even though bitcoin and other cryptocurrency assets increased in value at the end of 2022, most people still don’t use crypto money. They are reluctant to try cryptocurrency wallets to send money. There are also several reasons why cryptocurrencies are not widely used.
A survey by fio foundation shows that 75% of cryptocurrency transactions are stressful and complicated. In total, FIO garnered 231 responses, of which 217 were actively holding cryptocurrencies throughout 2018. 55% of respondents said they had difficulty sending transactions, 18% had no funds and 6% were afraid of being hacked.
Community Adoption in Cryptocurrency
From the survey, crypto developers still need to work hard to create an infrastructure that makes cryptocurrency transactions as easy as possible with a high level of security.
Lost funds scare all cryptocurrency holders. A person who has experience of losing funds from a wallet may not return to the world of cryptocurrencies. Lost funds in crypto are non-reclaimable.
That’s the big problem. It’s different from using paypal or other bank wallet services. Lost funds can be recovered from the thief if they have evidence of wallet abuse. Cryptocurrency wallet is a decentralized wallet. One has complete control over the wallet’s private keys, funds and transactions. “Not your keys, not your money”. It was a simple but complicated expression for the common man.
What People Expect in Cryptocurrency
Let’s think about an ordinary person who has no cryptocurrency experience when first using a crypto wallet or making transactions. What most people need from cryptocurrency.
Easy and simple application
The experience of using a digital wallet should be easy. Downloading a gui wallet on PC is tricky. Wallet synchronization to the network is of no interest to busy users at all. This takes time. If it was as simple as “Login, view balance and send” then people would find it easier to use their wallet.
There are many stories about being locked out and losing funds in cryptocurrencies. Such an experience would make cryptocurrencies like a nightmare for the layman. How a person loses hundreds, thousands and millions of assets from his wallet. It was a very stupid experience. As with using paypal, money lost from hacking or locking funds can be reclaimed. That’s what most people want from keeping money in a digital wallet.
Bank services in digital wallets offer fast transactions. Although they are decentralized but to send money or make transactions there is no need for nodes to verify the transactions. I have experience sending ETH and failing many times. It’s stressful. The instant transaction will be visible in the recipient’s wallet to purchase the product.
User friendly interface
Using a crypto wallet can be confusing and stressful at first. When I first used the wallet blockchain.info, I have to confirm login with my email address then open the wallet. It is not a simple job. A friendly and easy interface is very important of a cryptocurrency wallet. 2fa authentication is a tedious thing that users feel in using crypto wallets.
Long Paraphrases and Passwords
It is very complicated to use long Paraphrases and passwords. Passwords with 32 random numbers and letters are very complicated and stressful.
There are even more reasons why more people still don’t want to use cryptocurrencies. Those are just five reasons most people feel when using a crypto wallet. It may be subjective but using an easy and friendly one with a high level of security makes more people feel comfortable with crypto money.