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Businesses Side to Benefit from the Bitcoin Boom but Not Yet

            “Bull trap” (CC BY 2.0) by wuestenigel

Over the last decade, cloud computing has become the standout innovation in the IT space. Giving businesses added flexibility, security and the ability to outsource resources, the technology has made working online markedly easier. However, as they often do, the wheels of innovation continue to turn and, as a new decade dawns, cryptocurrencies are on the cusp of becoming mainstream.

For those watching the tech headlines in 2017, Bitcoin (BTC) caused a wave of hysteria as its price reached new heights. Starting the year at £765, the digital token surpassed the £11,500 mark by the close of 2017. Although the hype subsided and the market corrected itself as 2018 passed, the boom left a lasting mark. As well as making millionaires out of casual investors, the surge in popularity gave the general public a look at what cryptocurrencies and their underlying technology could offer.

Bitcoin Boom Brings Cryptos into the Limelight

           “IMG_2399” (CC BY 2.0) by btckeychain

Buoyed by the success of 2017, innovations have flourished and, today, blockchains are creating new business opportunities across the UK and beyond. However, for all the progress cryptos have made in recent years, one thing is still lacking: the user experience. As we’ve discussed in the past, all successful modern technology is designed with the user experience (UX) in mind. However, if you look at the crypto space, it becomes apparent the UX is still low on the list of priorities.

Although many of the leading blockchains are working with potentially revolutionary technology, those in charge have lost sight of the end user in recent years. Of course, that’s not true of all crypto businesses. For example, one of the largest online exchanges, Coinbase, recently split into a pro and commercial platforms. Beyond that, things such as BTC robot software can handle trades for consumers. By using sophisticated algorithms, these bots are able to make investments for users based expert insights, meaning users don’t need any prior experience of cryptos to trade.

 

UX Issues Are Hampering Mainstream Adoption

            “Indian government on cryptocurrency” (CC BY 2.0) by Cryptodost

However, while these platforms are helping novices get into the industry, there are plenty of platforms that currently fall short. One of the main reasons for this is that blockchains are, in reality, still in a developmental stage. As much as they’re capable of processing data in a decentralised way, they aren’t really ready for mainstream consumption. Why? In practice, blockchains are complex and the underlying mechanics are hard to explain to the uninitiated. Beyond that, the fundamentals are still evolving. Therefore, in reality, there hasn’t been much time to focus on UX.

Even if you look at the most basic process, transferring funds from one crypto wallet to another, it’s difficult. Because you have to input complex codes manually, there’s plenty of scope to make mistakes. Moreover, because transactions are irreversible, any mistakes can be extremely costly. Therefore, at this stage, crypto tech is still not ready to take cloud computing’s place as the go-to tech for businesses and consumers. Yes, it’s almost inevitable it will happen. However, for now, UX is one of the main reasons it’s not yet fit for general consumption.

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