The latest Bitcoin news show that more than a half of the cryptocurrency users are scared to used Bitcoin when paying. According to a recent survey on crypto usability by The Foundation for Interwallet Operability, there are many intriguing possibilities – especially for merchants and new users.
As the survey notes, 60% of newer users failed to answer “very comfortable” when asked how they felt immediately after sending a BTC payment. About 79% of users answered “casually optimistic.”
FIO divided this data in two groups – people who have held crypto for 3+ years and people who haven’t. Almost three-quarters of the respondents (73%) sent at least a few transactions throughout 2018.
“Just 11% of crypto users made a transaction at least once a week during 2018,” according to the Foundation for Interwallet Operability.
More than 200 hundred people were polled, mostly found via targeted advertising and other marketing techniques. The data gives a lot of insights and a lot of information to think about.
“There are a lot of usability issues that have to be dramatically improved if crypto ever is going to achieve its potential of enabling the seamless movement of decentralized value and doing for the movement of value what the world wide web has done for the movement of information.”
As Gold said:
“If these things don’t get changed, people are not going to be buying coffee with crypto. It’s got to be actually better than sending fiat. It’s got to be easier, safer, and more comfortable than sending fiat. Because these are immutable transactions, right? You can’t call a bank and say, ‘Hey, put a stop payment on that.’ Or, ‘I didn’t charge that.”
There are several major wallets as members in the Foundation for Interwallet Operability – including the names of Binance’s Trust Wallet, Coinomi, and Edge Wallet, as well as services like ShapeShift, all of which are members of the FIO Foundation.