60% of users fear Bitcoin (BTC) transactions

The Foundation for Interwallet Operability is built on a key principle: for Bitcoin or other crypto assets to succeed, they must be as easy to use as possible. The protocol presents some intriguing possibilities, particularly for merchants and new users. CCN previously spoke to founder David Gold, and we interviewed him again about their recent survey on crypto usability. The findings only compel Gold to work harder on his mission, for even those who’ve spent a significant amount of time in the crypto space find its usability far from perfect.

In fact, 60% of newer users failed to answer “very comfortable” when asked how they felt immediately after sending a crypto payment. The number of experienced users who feel “very comfortable” is just shy of the number who answered “cautiously optimistic.” It’s about 79% for users who’ve held crypto for less than three years.

FIO divided the data into two groups: people who’ve held crypto for over three years and people who haven’t. Primarily, the study focused on people who held crypto at some point in 2018 when Bitcoin was nearly ten years old. Almost three-quarters of respondents (73%) sent at least a few transactions throughout 2018.

Over two hundred people were polled. They were found via targeted advertising and other marketing techniques. The data gives a lot to unpack, and a lot to think about. Gold told CCN over the weekend: “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.”

60% of Crypto Users are Still Scared to Make a Bitcoin Payment, CCN, Mar 11