The tailwinds continue to gather behind cryptocurrencies, propelling the sector forward and scattering it in a thousand different directions. Non-fungible tokens, anyone? What of Web 3.0? And besides its ongoing disruption of the financial space, is it not possible that at some point in the not-too-distant future other nations will follow El Salvador’s lead and begin using crypto as legal tender?
The answer, my friends, is blowing in the wind.
Granted, bitcoin’s value plunged from $69,000, a record high, in November 2021 to $33,000 in January 2022, but as of mid-April it had climbed back to between $37,500 and $38,000, with the expectation that it would continue to rebound. One expert, Galaxy Digital founder/CEO Michael Novogratz, envisions its value skyrocketing to $500,000 by 2027.
Then there were the results of two surveys in March 2022, by NBC News and Checkout.com. The first of those concluded that 21 percent of Americans have dabbled in crypto, a remarkable figure for an industry which originated only in 2009, when bitcoin first appeared. The second poll also echoed the first in showing that there is particular enthusiasm for crypto among younger Americans. Forty percent of those between the ages of 18 and 35 would like to use it in the next year to obtain goods and services.
As Jess Houlgrave, Checkout.com’s head of strategy for crypto, told Yahoo Finance: “The cryptocurrency world is maturing and is increasingly being driven by utility, pragmatism and empowerment.” She added that the potential is there “for cryptocurrency to not only transform the way people transact, but also to potentially reinvent the dynamics of the entire digital economy.”
To do so, however, will require some tweaking on the part of those operating the various crypto platforms. As in other industries, the customer experience matters – improving it, personalizing it and maximizing it. Navigation and functionality must be improved, as reflected in the fact that only nine percent of those dealing in crypto are completely satisfied with the exchanges in which they are working, according to Statista.
Of those who are not, the most common issues mentioned were faulty security, high trading fees and lack of liquidity. Inconvenient user interface and subpar customer support also made the list.
A deeper examination of the issues mentioned fees and security, as well as onboarding problems (specifically, that it can take more than a day to register) and completing a transaction (i.e., not every one of them can be completed with fiat currency).
The solutions?
- Improve usability by providing users the information and tools they need for frictionless navigation.
- Design the platform so it is predictable and consistent, but not dull.
- Make sure it’s up to date and pleasing to the eye.
The bottom line is that crypto is speeding forward, and headed to parts unknown. Those in the industry can hasten the process that much more by maximizing the customer experience. Otherwise, they risk being left behind.
