How many of us still know how to navigate DOS?
How many of us would be able to connect to the internet without Chrome, Firefox and the like?
How many of us would know how to search the web without the likes of Google?
Why is Windows the most used operating system?
Why people don’t use decentralized exchanges as much as centralized?
The answer is simple – user-friendliness!
Is Crypto-Related Software User-Friendly?
The first thing that has to be clear before we start this discussion is that cryptocurrencies are, by their very nature, an abstract technology for most starters.
How do I hold only my private keys and not coins themselves?
Where are coins stored?
What are those blocks you keep talking about?
These are all valid questions.
And as we are dealing with such an abstract innovation, the last thing we need is a software which is, mostly, difficult for a newcomer to operate.
And most cryptocurrency-related software demand at least a decent level of technical knowledge.
Like it is not enough for a newbie that there are many of those in existence, but the majority of them also have complicated options.
What does “encrypt wallet” mean to the average user?
Nothing at all!
Therefore, the average user has to explore the vast planes of the internet to find explanations for many questions troubling his inexperienced mind.
God forbid that wallet has the staking option involved. Then the question mark party really heats up, as not every wallet shows user’s balance under “Staking” line even if the coins are staked.
Totally illogically, sometimes that staked balance is shown under the immature sign, which, you have to admit, completely confuses the inexperienced investor.
What does he do next?
Again, the investor is left to browse the web in search of the answers, which can be a real pain if the cryptocurrency of his choice isn’t among the top 100.
Even though there are those with a friendly user interfaces, mostly, cryptocurrency exchanges don’t make it any easier for their customers.
The problem lays in the lack of real, thorough tutorials made by the platforms themselves, and, more importantly, the total indolence of supporting staff.
Many times new traders have to test options and various functions of the system by the good old “what does this button do” technique, which had probably caused the Ethereum flash crash when some of us could buy ETH for only a few cents per token on June 22nd, 2017.
Now, these are things of real beauty!
Yes, masternodes are a great way of generating passive income if the investor bought the right one at the right time, but some of us still remember that painful first time we wanted to set up a masternode.
It would take two more articles just to be able to explain all the things one must do in order to make a single masternode to function.
Therefore, it doesn’t come as a surprise that certain companies are offering the masternode setting up service as their prime product.
User Unfriendliness – the Benefit for the Hackers (And Some Block Producers on DPoS Networks)
What does one do when he is not certain how and where to keep his cryptocurrencies?
He simply lets others do it for him!
Many rookie cryptocurrency investors decide to leave their digital assets on the centralized exchange to avoid all those technicalities, thus making the harvest richer for hackers, who are still able to penetrate exchanges’ questionable security systems.
Furthermore, entrusting funds to centralized exchanges deprives individuals of their right to vote for crucial decisions about the future of the network.
That way, Bitfinex was able to (we are not saying that they used the opportunity) vote for themselves to be the EOS Block Producer as they were controlling their client’s EOS private keys.
So Where do We Stand?
Let’s go back to the beginning of the article and answer those questions.
The answers are more than obvious, are they not?
If one thinks that computers would find their way into every home and every business without windows, he is unquestionably mistaking.
User friendliness is, without a doubt, the first step towards the mass adoption. Without it, it is pointless to even talk about ETFs or Bitcoin Futures, as those expressions are nothing bus gibberish for the majority of the world’s population.
And without the majority, there is no mass adoption!
Until cryptocurrency software developers realize that their products need 30 pages long manuals at least, and decide to do something about it, none of us will be able to explain to our parents that they should use cryptocurrencies instead of FIAT.