The Complexity Of Cryptocurrency: Paypal Still Much Easier To Manage For The Average User


The Complexity Of Cryptocurrency: Paypal Easier To Use

Increasing blockchain scalability has always been of interest to its proponents. The desire for a blockchain to support increasing user numbers, and document incremental numbers of transactions. All this is stemmed on the assurance that user transactions will follow through.

A survey done recently showed that 75% of cryptocurrency holders didn’t have absolute faith in the resolution of transactions, and 55% of transactions either had hitches or went unresolved.

Regardless of increased scalability attempts, little has been done to improve usability.

Transaction Flow

A typical transaction involves the sender requesting a rather complex and lengthy wallet address, pasting it in their wallet software, then costing transaction fees and then waiting to be documented unto a block.

Susceptibility

Some popular malware is used to edit clipboard content. There’s also an increase in prevalence of man-in-the-middle breaches, these bring about the advocation for QR codes.

Sadly QR codes are limited by the need for the presence of a physical interface with the recipient's wallet. They still require an additional process of scanning the QR code. Mobile devices alongside these QR codes are still required, and these codes can easily be hacked, and one that has the intruders public address can be put in its stead.

Irreversibility

In addition, the fact that transactions on blockchain are irreversible and there is no third party support to call when transactions are made in error, making the mental unease of cryptocurrency users understandable.

On the other hand, using a Centralized service provider like PayPal is way easier, although the comparison is unfair as they are two different means of funds transfer. The customers moreover, will always pick a service that is less risky and more user-friendly, and a service that has readily available support when transactions are made in error.

Social Blockchain Scalability

In social blockchain scalability, funds transfers with Litecoin, Bitcoin, Ethereum or any other digital currency is required to be as simple as every other traditional funds transfer platform. The wide adoption of stable coins like Tether, whose main aim is to increase the use of cryptocurrency in commerce, is not likely if it is not risk-free and easy to use.

Necessary Abstraction

To eliminate the poor cryptocurrency user experience, abstraction is necessary. This is basically replacing all the technicalities of the process with more user-friendly functionalities, like how all protocols like TCP/IP are hidden beneath the HTTP which hugely improves the user's experience.

In summary :

  1. Users do not need to know the complexity of a public address
  2. More transaction information should be available
  3. Clear and understandable transaction confirmations.
  4. Methods of crypto transfers should transcend the risk and restrictions on “send only” capabilities

Conclusion

Although individual crypto wallets have tried to solve these problems, it is still in the hands of all the stakeholders in the cryptosphere to come together and launch protocols that will be industry standards for operation, and witness a drastic improvement in the adoption and usability of blockchain.

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