A cryptocurrency is a tradable digital asset or digital form of money built on blockchain technology that only exists online. It is decentralized and independent of central governments anywhere in the world. The cryptocurrency was invented in 2008 by Satoshi Nakamoto, and it began to be used in 2009. Most cryptocurrencies have been built for sophisticated users, and the general user might feel unusual while using the platform. If users don’t understand cryptocurrency, they will fear it and not use them. They will quit it in their initial learning days if they find it complex and not user-friendly. A good UX design can add value to the growth in the use of cryptocurrencies.
User Experience plays an essential role in the mass use of cryptocurrency. Brian Armstrong, CEO of Coinbase, agrees that the crypto-ecosystem faces many challenges in terms of UX, and he said that crypto exchanges “should work like WeChat.” The use of cryptocurrency should be frictionless, error-free, secure, and establish the trust and credibility of the platform. The cryptocurrency world faces many challenges in its adoption due to poor UX. Let us focus on a few key features that will lead to an improved User Experience.
1) Information Architecture:
Information architecture (IA) is a crucial aspect of UX design that focuses on organizing information, structuring Websites and mobile apps, and helping users navigate them to find and process the information they need. Users tend to quit when finding information becomes complicated, slow, or time-consuming. Poor Information Architecture (IA) is the most common source of bad friction. Designing the IA of the digital platform will improve the navigation and make it straightforward.
Stanford University credibility experts found that nearly half of all consumers base their idea of a site’s credibility on its visual design. The users can be attracted to the platform and retained with visual designs to improve the purchase and exchange of cryptocurrencies. Humans tend to accept and have patience with a product having pleasing aesthetics. It is known as the aesthetic usability effect.
User Experience will play an essential role in establishing trust and openness in the platform. Unfamiliarity is associated with risk and uncertainty. Investing in User-Research to empathize with the User will help understand the User’s behavior. The aim should be to allow the exchanges to be error-free, inform them about the safety and potential risks.
Learning new concepts and models in Crypto creates additional friction for the User in the adoption process. In this case, having a smooth onboarding, information navigation, and aesthetic visuals will keep the User’s motivation high. Microinteractions like a guide will offer help to understand the platform to the User, and explaining the terms in layman’s language will lead to faster knowledge grasping.
The focus should be equally on customer experience and backend development for increasing the use of cryptocurrency. UX will make the product intuitive and aesthetic. UX should be prioritized next to security for the success of digital currency exchanges.