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One of the biggest problems in the crypto ecosystem is low adoption. Despite its massive growth since its inception, only about 300 million people out of a global population of over 7 billion are regular crypto users.
And that becomes a very important question. Which of the two main factors, usability or accessibility, will accelerate crypto adoption? By understanding each one better, one can correctly identify their strengths and weaknesses. Only then can a better crypto adoption plan be developed and implemented, which are likely to be more interdependent.
Understanding Usability of Crypto Projects
Usability refers to how easy it is to use a particular project or service. Basically, it explains how easy it is to join, access and log out of a project. Usability brings convenience and efficiency to the project. This is quite different from use cases which are more application focused. When talking about usability, the following topics come to mind.
Onboarding
Creating an easy-to-understand onboarding process is probably the first step to making sure a lot of people join your project. When blockchain networks have complex deployment systems, adoption is low.
Unfortunately, the current situation in the blockchain ecosystem makes actual processes quite difficult. Many projects have long deployment processes filled with heavy cryptographic language. But to ensure that even illiterates have the freedom to use crypto, developers must make account creation smooth, easy and fast for everyone.
Platforms must have user-friendly interfaces that make it easy to buy, sell and exchange crypto assets. The industry needs to make it so easy that people from different economic systems like Fiat are encouraged to join the industry.
Daily Transactions
Streamlining daily transactions is another usability feature. Blockchain projects must ensure that they perfectly design their systems to be easy to use for investors.
Simplifying the user interface is an important part of making everyday transactions more efficient. The developers of the Exodus wallet are a good example because they create an interface that is very navigable, especially for beginners.
Storage
Cryptocurrencies are stored in tools commonly known as crypto wallets. Wallets are designed to enable smoother communication between exchanges and blockchains. Their main goal is to provide a secure way to store crypto assets using strong encryption algorithms.
Many projects are focused on designing asset-based wallets; they are wallets that are only designed to hold certain crypto assets. Recently, however, there has been a real evolution in wallets that can hold a wide variety of assets. Metamask, Ledger, Exodus, Trezor and many other wallets support more than one crypto target. The availability of such tools in the industry enhances the usability and comfort associated with the crypto world.
Many investors still hold your crypto on exchanges where security issues are more sensitive. Developers should create storage devices with more offline features and good protection against cybercrime. While hardware wallets offer such features, their financial management tools are typically less accessible, another major barrier to adoption.
What is crypto accessibility?
Ease of use is another important factor in driving crypto adoption worldwide. Easier to use crypto simply means fewer barriers to using a crypto project. It can also refer to the daily requirements to join the crypto space.
Many experts say accessibility is the biggest barrier to crypto adoption. The main barriers to the availability of crypto software are:
Overuse of crypto passwords
Heavy computing requirements
Lack of interoperability between traditional finance and crypto systems
Removing difficult jargon
Have you ever read a crypto blog post and come up with next to nothing? Most crypto projects fill their websites with heavy crypto language that is difficult for most people to understand. The technical terms that describe how blockchains work can be a major barrier to adoption. Marketers should reduce technical words in content such as blog posts and use simple terms that everyone can understand.
Internet and Computing Requirements
Internet and computing requirements are also important factors to consider when discussing accessibility. The crypto space is completely based on the Internet. You should have a good computer and internet to use encryption. However, some platforms have such high computing requirements that it is difficult for mobile phone users to access the services. Such high computing and internet requirements put the projects out of reach for many who want to browse on smartphones. Fewer requirements mean more accessibility.
Promoting interoperability between traditional finance and crypto
In conclusion, the lack of proper interoperability between finance and crypto has been a major source of blockchain inaccessibility. The traditional world of finance has been here for ages and that is why it has earned the trust of users. However, the crypto industry still suffers from investor confidence and trust, as the sector is very young.
The crypto world can use the traditional world to increase blockchain literacy. Blockchain projects should focus on improving interoperability between crypto and traditional finance. If these two worlds can work together, crypto will be more accessible to everyone and financial literacy will increase.
Shannon Wu, a member of the Forbes Technology Council at Forbes, has some pretty good advice on this topic. In his article "Bridging the Gap between Traditional and Decentralized Finance", he said: "Despite their potential, decentralized platforms have struggled to bring unsecured lending products to users..." He then adds that "Using existing credit information, there is a basis for decentralized warrant, which indicates creditworthiness, and by providing this opportunity to DeFi markets, platforms can overcome over-collateralized lending.
Conclusion: Crypto Usability vs. Accessibility
It must be said that both crypto usability and accessibility are important to increase the adoption rate. two work hand in hand and together can start the next financial revolution.
Looking at each separately can draw some kind of priority focus. Use cases for cryptos are constantly renewing and reinventing themselves. It can be said that for every usability problem discovered, a new blockchain project is created to solve it. Accessibility, on the other hand, seems to always be out of reach for most potential users. This is probably the biggest obstacle to mainstream adoption.
Although this is a solvable problem, it serves as an indication for both analysts and project developers. Analysts are best able to identify the most effective and urgent areas of accessibility when they are resolved by usage percentage. But developers can turn the findings into profitable projects that help the blockchain realize its potential.
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