Cryptocurrency adoption: FIO report finds that 75% of crypto-holders fear failure of transactions
The Foundation for Interwallet Operability [FIO] surveyed more than 200 active cryptocurrency users in 2018 and reported that three quarters [75%] of the surveyed crypto users were skeptical about their digital transactions going through as planned. As new users were added to this list, the results went up to 81%.
Numerous steps were taken by many parties to push the adoption of cryptocurrencies, with many financial experts giving positive indications about crypto-adoption and its usability. However, the results suggested that for people to adopt cryptocurrencies in their day-to-day life, blockchain technology must be made easier, safer, and more convenient to use. Without this fix, people lack the confidence to incorporate crypto into their daily lives, the report said.
Further, the report said that 55% of all crypto users who carried out a cryptocurrency transaction at least once in the past year, encountered at least one problem, resulting in the failure of their transaction. The report stated,
- 18% of the respondents had suffered a loss of funds due to a user error
- 35% of the respondents were unsure of the accuracy of the public address they were sending to
- 6% of the correspondents were victims in crypto attacks
- 13% of the correspondents sent or received incorrect amounts of cryptocurrency
- Only 25% of the correspondents were confident that their transactions would proceed as intended
The FIO protocol is decentralized and is an inter-wallet operability protocol built by Dapix Inc. to accelerate the adoption of blockchain technology by reducing inconvenience, risk, and complexity of transacting with digital assets.
Many institutional investors and major businesses have opened their arms to blockchain technology, and are interested in integrating this technology into their payments systems. This report successfully highlighted the areas that need improvement in order to make the use of cryptocurrencies popular.
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