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Why UX is the next big thing in Cryptocurrency

Why UX is the next big thing in Cryptocurrency

Blockchain News
Codemotion Berlin 2018

Cryptocurrencies are right around the corner, plotting to take over the World’s economy. However, there is still a huge step that needs to be taken regarding UX. A great user interface experience can make the difference between a failed product and a successful one.

UX, THE NEXT BIG THING

There are already numerous applications and online platforms dedicated to cryptocurrencies, be it to either exchange currencies, track market-related news, manage your wallet or to process transactions. However, a lot of these companies face huge problems in terms of user experience, including some of the biggest exchanges.

Currently, anyone can develop a basic crypto dApp and release it with a good chance of success. It may be good for developers and satisfying for companies who are not willing to waste any time to get ahead in the game. The market is still on the land grabbing stage, but things are changing fast as barriers to enter the market start to rise and countries kick-off a global effort to regulate operations using crypto assets.

The “if you build it, they will come” phase is ending. New players will have a harder time to enter the market and existing players will have to optimize their operations, which means tools easier to use. The ones that succeed will capture more users and will raise the bar for everyone else.

This doesn’t imply that all development done during this period will be doomed to look terrible or impossible to handle, but it is, most likely, what will happen in a lot of cases. While the dam is currently open for everyone to join the party, it won’t be long until the game changes.

There are already some companies doing things right from the UX perspective. For instance, Olyseum, a popular social media blockchain platform bridging the gap between sports players and their followers, have a very sleek and easy to use interface and take pride in their user experience. A lot of other blockchain companies are following suit by hiring experienced UX/UI personnel and creating specialized design teams.

Still, if we look at the majority of what everyone else is doing, things get pretty scary. Try to use many cryptocurrency exchange interfaces for the first time and most beginner users would spend a good 30 minutes understanding how they can buy and sell cryptocurrencies without making a huge mistake and ruining their investment.

User interfaces will overcome necessity as the main reason financial institutions seek technology for the digital coin era. Being functional will no longer be the only requirement and UX will definitely be the next big thing.

It’s happened numerous times before to other well-established businesses too. No one today overlooks how ugly a smartphone might be, and lots of mobile apps nowadays ship with a great onboarding process. Engineers no longer develop whatever interface they have in mind and design teams sometimes have UX and visual designers. The jack-of-all-trades is long dead and designers have been specializing in either user experience or visual appearance. This is the norm for all software industries and will be the norm for crypto too, and it’s not even a matter of when.

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