The Retail Challenge Lying Ahead for Crypto
Debates have been raging on as to whether cryptocurrencies will ever gain mass adoption or if the tech will exist in a separate system that doesn’t compete with traditional finance. Enterprises have adopted blockchain with fervor as early adoption could help them improve coordination between internal teams and external partners, pushing down costs significantly. While these companies have the resources to add personnel to their teams to implement and maintain these networks, the challenge for retail adoption is slightly more nuanced.
Fitting Into the Current Landscape
Finance as we know it has shifted from doing business at physical locations to websites, which has now landed on mobile applications. For crypto to penetrate the platform used by the masses, it only makes sense for businesses in the space to focus on launching products for a mobile suite. However, the experience of using a wallet like MetaMask, used to interact with Web 3.0 protocols is not as smooth on mobile relative to its desktop browser counterpart.
Coinbase recently announced they are removing their dApp browser from the Apple store and MetaMask was suspended from the Google Play Store. These two setbacks move functionality away from the mobile user and are detrimental to the plight of cryptocurrencies.
The side that believes real mass adoption is possible need to be pushing for mobile functionality as soon as possible. Reliance on desktop interfaces is holding back a swath of people who are willing to test it out but not willing it to go out of their way to do so.
UX Problems and Psychological Drawbacks
For 2020 to be a massive year of adoption for retail, there must be a focus on mobile apps that yields real results. At the same time, the lack of intuitive UIs and poor user experience (UX) is a major obstacle.
As mentioned before, regular people aren’t going to go out of their way to see how crypto works. But even if there is a mobile app, a poorly designed UI that is incapable of abstracting the complexities away will be swiftly uninstalled and never revisited by your average user.
If these obstacles are recognized and solutions are churned out to overcome them, this decade could potentially see crypto grow much bigger than anticipated. However, if the current rendering of services continues, the vocal minority that believes crypto will always be a niche industry will probably be proven correct.