The adoption of Global Crypto Currencies has seen a massive 80% growth over the last 18 months; a statistic that was made possible due to the impact created through great user experience in crypto applications.
We’re in the midst of the Web3.0 revolution where the blockhain disruption has left us feeling as if we missed out on Web2.5 which could’ve helped the transition in order to absorb the complexity. Starting off at the most basic of levels i.e. the User Experience of Crypto which ensures that consumers have improved accessibility leading to increased usage. All blockchain application aren’t just complicated at the backend but also appear quite complex when developing the front-end, therefore making it even more important to focus on both ends.
In this blog we will cover the following:
1)Current Scenario
2)Evolution of web1.0 to web3.0 UX
3)Challenges in Crypto UX
4)Steps to be taken for solution
You must have heard how crypto is expected to take over the world quite soon.
How ‘soon’ is that?
Difficult to predict!
Even amongst non-technical users, blockchain is gaining popularity and the credit goes to the rise of cryptocurrencies like bitcoin and launches of the metaverse and other non-fungible tokens (NFTs).
Though end-user adoption of crypto applications is still fuzzy – this needs the attention of product designers and stakeholders planning to launch a crypto application in order to provide a more user-friendly experience.
Leading on the buzz, people with no background in Web3.0, are in search of applications through which they can invest in the crypto world; however, end up finding nothing due to complicated user experiences. This mismatch of demand and supply can be easily catered with the creation of an easy user experience and interface.
The early 90s saw the ‘internet-boom’ with information suddenly being available at the tip of your finger-tips. Even though you saw the news in pixelated fonts on a screen that you really had to stare into, and required you to type in specific commands to even navigate through it all – one thing was certain, this was the beginning of the ‘web-era’.
What followed was a transition from the written text to the world of ‘content’ whereby interactivity came into play requiring just a click of a button.
Changing perceptions
With cloud computing having made its mark and WordPress becoming a rather regular in the world of computing, the Web2.0 era began.
Developers started working with CSS and JavaScript as SEO evolved into a separate niche altogether. The displays changed, the foundations evolved and the experience was now ‘visual’ in nature with the user experience being brought to the forefront.
Interactivity is key
So what was next? This ‘visual’ experience had to now transition to an ‘interactive’ experience to ensure user-engagement and improved user experiences.
With the advent of blockchain networks, the standardization requirement of making everything ‘mobile’ and ‘accessible’, and the evolution of AI, we entered the era of web3.0
The user is key
Web3.0 is all about ‘user experiences’ and creating an experience that keeps them glued to your site. If the users don’t stay behind after a few clicks, then you’re not going to be seeing your financials thrive. However, if you’re able to grab their attention and have them navigate through multiple sections of your website, then you’re looking at exponential growth and coverage.
Web3.0 is an age of avatars and virtual reality (VR), both of which have been supplemented by the popularity of AI. Now it’s about creating content that ‘markets’ your product BUT this marketing needs to be an ‘experience’ that immerses the user into your world. In other words, we’ve now molded a digital lifestyle and lifeform under web3.0 that is crucial to your organizational fate.
Web3.0 isn’t about targeting consumers at a ‘particular time’ because engagement is supposedly ‘high’ during those periods but instead about standardizing and creating overarching experiences that can be accessed any time and any place – why? Because the internet is all about 24/7 consistent accessibility.
This era has also empowered individuals that now have the capacity to design and make use of the many tools that Web3.0 has to offer in an attempt to channel user engagement.
Web1.0 was all about ‘writing commands’ and figuring out specifics, whereas Web3.0 has now replaced ‘writing commands’ to ‘writing experiences’ and designing pathways that are immersive, detailed and eye-catching.
But don’t think ‘words’ have lost their meaning though – it is still important to take care of your keywords but ensure they are in line with Web3.0 UX User Experience that you are trying to create. Look at the traffic that flows through socials and use that to channel traffic towards your content. This is a time for you to use those eyeballs to not just ‘consume’ content but really understand what ‘drives’ that content, what are users ‘looking for’ before they stumble onto that piece of content.
Setting the norm
Web3.0 is now being further established with blockchains, peer-to-peer networking, better online-interaction, VR and AI platforms that have now become the norm for all users.
The end-goal therefore is to now put users as the utmost important beings for your content-universe and ensure that their needs are being met and ‘visualized’ through your content.
Remember it only takes a second for a user to decide whether they want to stay with your content or switch to the plethora of options they have at their disposal, so you better make an experience that is worthwhile.
According to Statista, around 21% of crypto traders believe that the biggest problem with cryptocurrency applications is User Experience and Interface.
No doubt, the most liked and ideal user experiences for consumers are the ones that offer ease and eliminate the factor of confusion. New users coming for the first time to a crypto trading app expect the same kind of smooth and frictionless experience they get from online banking or Airbnb.
Let’s zoom in to some issues that have impeded mainstream adoption of cryptocurrency applications:
1. Non-Educational
Onboarding Process
Onboarding is a process of ‘actively coaching and assisting users’ to find new value and success using your product or service – most of the crypto applications seem to ignore this. It is an undervalued aspect of the user experience when it comes to crypto. Most crypto exchangers’ onboarding processes irritate users on the very onset. Not just that, the Know Your Customer (KYC) and registration processes might take more than a day to complete which significantly leads to a high rate of product abandonment.
2. Managing Complex Public and Private Keys
Cryptocurrency users are known to struggle with the management of cryptographic keys. Studies have shown that users have inadequate mental models of the underlying cryptography and often employ poor security practices, leading to dangerous errors and in the worst case, monetary losses. There have been several cases where users forgot the private keys, thus losing their access.
3. Security and Privacy
Crypto apps fail to tell users about the necessary safety guidelines that must be followed. For instance, most novices are unaware of the fact that keeping cryptocurrency in offline wallets is preferable in terms of security. However, most of the exchanges do not enable users to move cryptocurrency to offline wallets. Offline wallets can be understood as a disconnection from network and helps to protect against vulnerabilities.
4. Missing Feedback
After experiencing virtual banking apps like Payoneer and PayPal that offered instant transactions, users struggle with crypto transactions since they have different transaction times based on several factors. In such cases, providing users with feedback regarding these differentiations from conventional payment apps is crucial since it is a major user experience problem.
Moreover, issues like no transaction fees and an overwhelming number of currencies can easily exasperate a new user to never return for another try.
Seamless UX Is Key to Crypto Mass Adaption
The crypto community has been hoping for more public acceptance of bitcoin since the huge bull run in 2017. Many blockchain proponents are still waiting for the next blockchain application to resolve the real-world problem to go mainstream. While the crypto community focuses on maturing the technology, the least attention goes to adaptability for the users.
Currently, anybody can create a crypto application and release it into the market with a high likelihood of success. It may be helpful for developers and fulfilling for organizations that are not prepared to spend any time to gain ahead in the game.
Extensive Research
Everything starts with research. From roadmap to app architecture, research can help identify the pain points of the targeted customers and can assist to build use cases that can add value to the user’s crypto journey.
Research being a stand-alone procedure or part of the product discovery stage, comes at the forefront of any UX. From market to user and competitor research, it is a deep dive into a topic to discover; what drives the market, existing industry challenges, and demand for a proposal.
Seamless Navigation
Taking clients on a financial journey, a design is much more than just aesthetics. In today’s fast-moving world, nobody has the time to read the manual. Users should be able to perform certain tasks on their own without the need for any assistance and a great UX is always self-explanatory. From onboarding to reporting, re-think all processes with keeping the end-user in mind (e.g., pre-fill content). Create great and consumable content that compliments the UX and keeps clients engaged.
From the design interaction to the user experience and interface layout, following questions need to be answered:
• Can users readily make the transaction?
• Does the design depict an element of comprehensiveness?
• Are the features functional and frictionless?
• Is your design offering well-thought-out and informative onboarding to users?
Feedback & AB Testing
Seek feedback constantly – whether it is User Research or AB Testing. Intercept surveys can also help you collect data while a user is performing tasks. Leverage empirical evidence via data analytics to justify design decisions. Moreover, taking emotions out – non-intuitive results will help drive product evolution.
Food for thought
It’s only a matter of time before the entire crypto community recognizes the critical role of UX in developing new crypto products. In other words, the need for improved user experience cannot be overlooked any longer as its imperative for user adaption to made part of the process in order to ensure the maturity of the technology being created.
With this has come an increased desire for accessible user experience amongst crypto exchanges and blockchain-related products; specially so in light of the current cryptocurrency boom.
It can be hard to understand ‘where’ exactly one should start from so we’re leaving you with some food for thought to get you started:
• Understanding the demands of non-technical customers is as important for a cryptocurrency exchange as it is for seasoned traders.
• Shorten the learning curve by teaching and assisting people.
• Create an enjoyable and hassle-free experience for crypto trading by delivering extensive functionality and minimizing friction.
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