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Crypto transactions must be easier. That's it. That's the headline

CryptocurrencyJan 03, 2021 02:20PM ET
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Crypto transactions must be easier. That's it. That's the headline

As Bitcoin’s (BTC) price continues to climb ever higher, more and more people are beginning to educate themselves on how they can enter the cryptocurrency market. However, the realities of cryptocurrency ownership (long complicated addresses, passphrases and security risks) all remain barriers to adoption for new users. Programmers and technologists generally assume a level of understanding and ability with tech innovations that the average person on the street simply is not equipped with.

A survey carried out by our team saw 75% of respondents say they found cryptocurrency transactions stressful and unnecessarily complicated. A majority (55%) said they had had trouble in the past sending cryptocurrency transactions, 18% had lost funds, and 6% had suffered a man-in-the-middle attack. These complexities have real and damaging consequences even among technologically savvy elites; one programmer I know lost tens of thousands of dollars because a QR-code had been corrupted and his savings were lost forever. Highly qualified engineers and developers have lost millions due to misplacing files, losing passphrases or simply miscopying a 34-character address.

Luke Stokes is the managing director at the Foundation for Interwallet Operability. He’s passionate about voluntary systems of governance and has been involved in Bitcoin since early 2013. He’s been a consensus witness for the Hive (previously Steem) blockchain since early 2018 and a custodian for eosDAC, a community-owned EOSIO Block Producer and DAC Enabler, since its inception. He holds a computer science degree from the University of Pennsylvania.

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Crypto transactions must be easier. That's it. That's the headline
 

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