With an expanding array of crypto assets and blockchain networks, the industry is booming with new storage devices and apps every then and now. Among these, cryptocurrency wallets have gained prominence as apps to store, manage, transfer, and exchange crypto assets.
However, the users keep switching from one app to another, in the quest to find the most efficient and convenient one. But, what prompts the users to try another wallet? What troubles do they face in these cryptocurrency wallets?
Here, we have examined the major complexities that users come across while handling their crypto funds in wallets:
Recently, the crypto sector has witnessed a number of scams, with hackers stealing lump sum amounts from exchanges and sub-standard wallets. No doubt, blockchain networks are quite tough to hack, yet the scammer can get access to your account by some malware or phishing attack.
This makes users wary of losing account access, inadequate recovery options, and lacking customer support in any particular wallet.
Unless the wallet follows robust security standards and protocols, 2FA, reliable on-ramp services, and periodic upgrades, users will find it difficult to stick to one crypto wallet.
Many crypto wallets have complicated navigation and interfaces, which not only discourage beginners but also push expert users to migrate to other wallets. The wallet preferences of users are strongly influenced by convenience, competitive swap services, and on-ramp options.
Further, new users often seek wallet apps with good user guides, so as to have a better understanding of the workings of the app.
There is a clear need for wallets to integrate intuitive UI, a common dashboard, and streamlined management, to enhance user experience.
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Most wallets are either single-chain or support only a few blockchains. Even some of the multi-chain wallets do not have cross-chain bridge functionality for smooth transfers. Besides, some are specifically focused on managing cryptocurrencies, while others are purposely designed for NFT storage.
In such cases, users have to manage many wallets for different assets. Also, a limited number of wallets extend standard dApp browsers.
For consistent usage and acceptance of any cryptocurrency wallet, it must have a consolidated and organized dashboard for storing all sorts of crypto assets and a secure gateway to various decentralized applications.
Transactional procedures play a crucial role in defining user experiences. If the users have to hop multiple wallets and copy-paste wallet addresses multiple times for every transaction, it results in declining user interest. Even after so many years of the introduction of crypto wallets, users are facing troubles of sending funds to incorrect addresses and slow transactional times.
By now, millions of dollars have been lost to the seemingly minor mistake of entering a wrong digit in the wallet address.
Lately, we have been picking small areas for improvement that can really contribute to making the user experience simple, helping users adopt decentralized wallets by mapping wallet addresses to unique usernames, and incorporating chat functionality that removes the complex layer of managing addresses before performing a transaction.
However, standardized universal identity solutions are yet to be implemented, and the industry still has a long way to go.
As more advanced technologies are put in place, the future of finance is set to be decentralized across the globe.
