For many, cryptocurrency is a new technology that only savvy botanists understand and use, most people are too afraid to invest or use them because of their complexity. The truth is that they are, in fact, right.
The idea of cryptocurrency is very complex, and it is clear that the uninitiated may feel ill at ease. For the new study, conducted by FIO, more than 200 active users of cryptocurrency were polled in 2018 and reported that 75% of the surveyed users are concerned about the failure of transactions when sending crypto.
There were numerous developments to make cryptocurrency easier in terms of buying, selling, storing and transactions. However, the industry still needs to make blockchain technology safer, easier and more convenient when it comes to adopting cryptocurrencies for daily use.
According to the FIO report, if cryptocurrencies are not improved in such a way as to make them safer and more convenient, most people will not accept this technology because they will not be able to feel confident in using it in their daily lives.
Moreover, the report also states that 55% of crypto users who committed a transaction at least once in the past year, faced at least one problem that led to the failure of their transaction.
According to the report, interviewed users experienced the following situations in 2018:
13% - sent / received an incorrect amount of cryptocurrency
8% - sent to the wrong public address
18% - lost funds or unsuccessful transaction due to user error during sending / receiving
24% - doubt that the public address was falsified
35% - is the public address to which you are sending accurate?
6% - became a victim of phishing or crypto-attacks “man in the middle”
45% - none of the above
Many famous people in crypto space predict that the long and brutal bear market is nearing its end. In addition, institutional investors are starting to dive into this industry, buying Bitcoin. Thus, cryptocurrency markets may soon turn around and attract new users sooner rather than later.
However, if the usability of cryptocurrency does not improve, new investors will be frightened and we will not reach the bull run that everyone hopes for. Therefore, it is extremely important that the cryptocurrency become more secure, easy and convenient for transactions and storage.
If 3/4 of the active users of cryptocurrency polled were afraid to perform cryptocurrency operations in 2018, how can we expect new users with zero experience to adopt this technology in the future?
