#5 – Cryptocurrency Trading Is Convoluted And Has Few Consumer Safeguards. In Its Current State It Is Unusable To Joe And Jane Citizen

This post is part of a larger series of post titled
The Top 10 Cryptocurrency & Bitcoin Misconceptions | Misunderstandings | Concerns | Perceptions | Criticisms in 2017

Hard to argue with this one because it’s true. It took me months of reading and observing the cryptocurrency market before I was comfortable putting money into it, not to mention just being able to talk the same language as everyone in this space. Not all cryptocurrencies are created equal and just being able to understand at a high level how they can differ is challenging. Trading isn’t difficult but having not all cryptocurrencies are on the same exchange. Keeping track of all the exchange interfaces, deposit addresses, etc. is not for everyone. MyEtherWallet interface may be the most un-user friendly digital wallet interface in existence.

Ditto for consumer safeguards. ICOs investing is full of risk, exchanges are not insured, and if you make a mistake with a withdrawal or deposit address there is usually no recourse to undo the mistake.

In sum, the current learning curve for entering and figuring out the market is steep and there are virtually no consumer protections. It is probably too daunting to ask Joe and Jane citizen to “stick with it.”
For wider population adoption, nearly everything in cryptocurrency market must be more user friendly.

Traversing the Cryptosphere,
Kryptonaut