Abstract: More and more retail investors want to enter the cryptocurrency market, but the learning curve is very steep. From the perspective of exchanges, wallets, portfolios and risk management tools, it is difficult for new investors to grasp and start.
When encryption currency initially become a major event, perhaps when Ethereum come out, I believe encryption currency and block chain in the future development of technology investors are willing to overcome difficulties, to participate in its development, but these are far from streamlined application may easily Prevent widespread adoption.
“Like any industry, a thriving exchange will provide the best online experience and the simplest certification process, all without compromising user safety and security.”
Consumers have become accustomed to providing the easiest-to-use interface—from banking applications to music streaming—they have learned to expect more. While all of these industries have a few years to learn how to best attract mainstream consumers, the cryptocurrency industry needs to learn how to do better or better – and in a shorter period of time, while still insisting that they have no control Strict regulations.
As regulation becomes more complex, it is an insurmountable challenge.
EY Global Innovation Block Chaining head of Paul Brody said:
"The biggest problem is encrypted monetary areas of the company to KYC (Know Your Customer) verification of the entire work were new for KYC and anti-money laundering rules, there is no regulatory body quickly through. This makes the customer relationship has been verified The company is in a key position."
The cryptocurrency platform is also limited by the framework set by government agencies. For example, users are currently unable to purchase cryptocurrencies with credit cards, but what the platform can do is make their interfaces more visible, simpler, cleaner, faster, and more secure. Even a frustrating experience can make potential investors discouraged in a few months.
In the past, it was acceptable to put security responsibilities on users, but to achieve mainstream applications, cryptocurrency platforms needed to provide these solutions themselves. Preventive and proactive measures do not respond to threats, but better capture the trust of consumers. Being able to identify threats and malicious actors in real time, or identify them as much as possible, will greatly increase user security without compromising the user experience. The fewer users are forced to do it themselves, the easier it is to be adopted.
According to Sarah Mills, the design director of IBM and now two companies:
"The pain of growth in the December 2017 Cryptokitties congestion crisis has become very difficult in some infrastructure teams, but it has brought more casual users into the field and forced many teams to re-evaluate their user experience."
Surprisingly, companies like Coinbase have found that, despite their high dependence on technology, human factors create much higher value in some areas. For example, in customer disputes, simply add more support agent, can maximize the encryption currency unprecedented growth areas, increased 4000 percent and consumer demand.
Coinbase is encrypted currency one of the areas most mature platform, so follow this example might be the other platforms is essential to seek another major player in this field.
As can be seen from the strategy chart above, most cryptocurrency platforms are “followers”, which means they are not able to build up slowly. Since the various methods have proven to be effective, they need to be quickly integrated into the platform to ensure that they not only comply with regulations but also meet the needs of consumers. Any new platform or service can benefit from focusing on the customer experience and providing a large number of services. Provide quality service first, then provide more services.
Mills summed it up perfectly:
"If we don't design and solve the problems people actually have, we can't achieve a distributed future."
The cryptocurrency sector is expanding rapidly, and the days that come with "If you build it, they will come" are over. New players entering the market will have difficulty and existing players will have to optimize their operations, which means developing tools that are easier to use.
Those who succeed will attract more users and raise the threshold for others. Now is the time to raise the standard of user experience, and those who expect it will mark the pace of the near future.
Source: Bitcoin House
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