FIO Study: 60% of Crypto Users Still Uncomfortable Making Payments

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FIO Study: 60% of Crypto Users Still Uncomfortable Making Payments

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A recently published independent study claims that 60 percent of crypto users are “still scared to make a Bitcoin payment.”

The study was conducted by the Foundation for Interwallet Operability (FIO) self-described as a “decentralized, open-source blockchain protocol that makes it easier and less risky to move blockchain tokens & coins from one address to another.”

The FIO asserts that such can be put down to poor user experience and inadequate inter wallet communication; an inability to handle payment requests between wallets. It includes the fact that a large portion of the crypto wallet ecosystem doesn’t have a standard payment request system and each blockchain has a unique address format.

This is a problem that the FIO claims to have overcome, as they assert that their protocol now allows multiple address formats to be mapped to the same system, providing users the ability to own multiple FIO addresses inside a single wallet.

The FIO report released this week involved a survey of over 200 cryptocurrency holders who were asked about the regularity of their transfers and how they felt about the experience. There appeared to be a correlation between being familiar with crypto and being more confident in its use, as although 60 percent of respondents said they were uncomfortable with the process in general, “there was a statistically significant increase in users who marked ‘very comfortable’ based on the length of their time in crypto,” stated the report.

Various wallets and exchanges have now joined the FIO protocol’s initiative including Edge, BRD, Mycelium, Shapeshift, Mycrypto, Keepkey, Trust Wallet, and Coinomi. Edge wallet’s Brett Musser was complimentary, clearly seeking more simplicity for users so that user confidence can be boosted when it comes to using the blockchain:

“[Transferring] cryptocurrencies can be quite complex and intimidating to users of all stripes — But the FIO protocol is attempting to make these actions easier, rich with data, and more versatile.”

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