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Cryptocurrency adoption: FIO report finds that 75% of crypto-holders fear failure of transactions

Namrata Shukla



Cryptocurrency adoption: FIO report finds that 75% of crypto-holders fear failure of transactions
Source: Pixabay

The Foundation for Interwallet Operability [FIO] surveyed more than 200 active cryptocurrency users in 2018 and reported that three quarters [75%] of the surveyed crypto users were skeptical about their digital transactions going through as planned. As new users were added to this list, the results went up to 81%.

Numerous steps were taken by many parties to push the adoption of cryptocurrencies, with many financial experts giving positive indications about crypto-adoption and its usability. However, the results suggested that for people to adopt cryptocurrencies in their day-to-day life, blockchain technology must be made easier, safer, and more convenient to use. Without this fix, people lack the confidence to incorporate crypto into their daily lives, the report said.

Further, the report said that 55% of all crypto users who carried out a cryptocurrency transaction at least once in the past year, encountered at least one problem, resulting in the failure of their transaction. The report stated,

  • 18% of the respondents had suffered a loss of funds due to a user error
  • 35% of the respondents were unsure of the accuracy of the public address they were sending to
  • 6% of the correspondents were victims in crypto attacks
  • 13% of the correspondents sent or received incorrect amounts of cryptocurrency
  • Only 25% of the correspondents were confident that their transactions would proceed as intended

The FIO protocol is decentralized and is an inter-wallet operability protocol built by Dapix Inc. to accelerate the adoption of blockchain technology by reducing inconvenience, risk, and complexity of transacting with digital assets.

Many institutional investors and major businesses have opened their arms to blockchain technology, and are interested in integrating this technology into their payments systems. This report successfully highlighted the areas that need improvement in order to make the use of cryptocurrencies popular.

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Rabobank announces plans to drop its crypto-project

Sarvesh Kumar



Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.

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