The Foundation for Interwallet Operability (FIO) has published the results of a new survey on cryptocurrency usability.
The survey was conducted on a random sample of more than 200 people who owned cryptocurrency throughout 2018 and revealed that 75% of them do not feel confident that their transactions will always go as planned.
Moreover, if the most recent users, i.e. those who have owned cryptocurrency for less than three years, are isolated from this sample, this percentage rises to 81%.
Among those who have made at least one cryptocurrency transaction in 2018, it was found that:
- 55% had one or more problems that prevented at least one transaction from going as planned.
- 18% had lost funds or had a failed transaction due to a user error in sending or receiving
- 35% said they had doubts as to the correctness of the public address to which they were sending the tokens
- 6% were victims of phishing or man-in-the-middle attacks.
It would, therefore, seem that there is a problem with the ease-of-use of cryptocurrency technologies, to the extent that mass adoption is assumed not to take place until these usability problems are solved.
In particular, the use of cryptocurrencies should become significantly easier, safer and more convenient before most users really feel secure in using them as common means of payment.
David Gold, founder and CEO of Dapix, which is building the FIO protocol, said:
“For all the hype there is about how ordinary people will be using cryptocurrencies to make daily purchases in the near future, our latest survey data shows that core usability issues must be solved for this to occur”.
The FIO Protocol is a new inter-wallet operability protocol that aims to remove the risk, complexity and inconvenience of sending and receiving tokens and coins. Dapix is the company that is working on the implementation of the FIO protocol.
FIO has already involved eight of the world’s leading wallets and exchanges: ShapeShift.io, Trust Wallet, KeepKey, Coinomi, MyCrypto, BRD.com, Edge and Mycelium, with the goal of working together towards an industry-standard protocol that will provide an advanced layer of connectivity and usability, making the decentralized transfer of all cryptocurrencies between all crypto wallets simpler, safer and better than using services such as PayPal.