Foundation for Interwallet Operability was developed to allow Bitcoins and other cryptocurrencies thrive in a world where users still prefer to perform transactions through a bank account rather than a cryptocurrency wallet. One thing that has hindered the adoption of payment with Bitcoin. Until now, many people still don’t know how to use cryptocurrency wallets to perform transactions the same way they use their bank account.
Research Shows That People Still Prefer To Use Their Bank Account Instead Of Making Payment With Bitcoin
During an interview with CCN, David Gold talked about the result of his recent survey. He said that even if cryptocurrencies have reached a significant degree of adoption since inception, many cryptocurrency users are still not comfortable performing cryptocurrency transactions because the usability is still not as smooth as it should be. Gold said that the findings strengthened his conviction in creating easy methods of using cryptocurrencies to perform transactions.
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During the survey, 60% of the new cryptocurrency users said that they were not very comfortable performing cryptocurrency transactions. About 79% of experienced users said that they felt cautiously optimistic after each cryptocurrency transaction compared to transactions from their regular bank account. The researchers divided the survey groups into two. One group was made up of those who have held cryptocurrencies for up to three years while the other group was made up of people who haven’t held cryptocurrencies for that long. About 73% of all the respondents said that they performed cryptocurrency transactions a few times in 2018.
The survey was conducted on more than 200 cryptocurrency users who were chosen through targeted advertising. In Gold’s words:
“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.”
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The survey revealed that one out of every five persons had issues when attempting cryptocurrency transactions. Meanwhile, 6% of them reported that they have been victims of phishing attacks at one point.
Foundation for Interwallet Operability typically prevents such phishing attacks. It allows users to generate requests for payments using the wallet software rather than the underlying blockchain. This ensures that the funds are properly routed.
The bottom line of the research is that if cryptocurrencies are to eventually overthrow bank accounts, new and improved methods of use must be developed. More people will be willing to perform cryptocurrency transactions if they are sure that their funds are protected, they will be more likely to use cryptocurrencies for payments. Also, there is the issue of ease of use. It is important that cryptocurrency wallets are easy to use by everyone. Unbanked members of society should be able to perform cryptocurrency transactions without technological nohow. This will drive the adoption of cryptocurrencies and the underlying blockchain technology.
What can be put in place to promote the ease of use of cryptocurrencies and protect the funds of users? Will there ever be a time when people around the world will prefer to make cryptocurrencies transactions instead of performing transactions through their bank accounts? Share your thoughts in the comment section.