A survey conducted by the FIO foundation found that 55% of crypto holders experienced transaction issues, with significant concerns about public address accuracy and general anxiety related to transactions. Only 11% of respondents identified as real spenders, indicating that mass adoption of blockchain technology remains hindered by usability issues and user comfort levels. The report highlights the need for improved solutions to address these concerns and facilitate broader adoption in commerce.

1. B L O C K C H A I N
U S A B I L I T Y
R E P O R T
D E C . 2 0 1 9
B L A C K C H A I N .
G U R U

2. Blockchain technology will make only a little difference until the value and
information represented on this technology ultimately move between parties for the
purpose of commerce or *real utility*.
True blockchain solutions need to be implemented by big commercial houses, for the
'mass adoption' to occur. Implementation of blockchain only to a limited degree won't
make any difference in the world.
We must need to understand the common issues faced by crypto holders in order to
address this 'adoption' problem. The data provided in this report is taken from a 3
months long(Dec 2018 - Feb 2019) survey conducted by FIO - the Foundation for
Interwallet Operability. Over 200 crypto holders actively participated in this survey.
O V E R V I E W
B L A C K C H A I N .
G U R U

3. The survey found that 55% of
user had at least one or more
concerns/problems with
their transaction.
Approximately 35% of the
user's had concerns regarding
public address, whether a
provided public address was
accurate or not. 38% of users
who managed their funds
themselves (from one wallet to
another) also experienced at
least one issue with a
transaction.
17% of users felt
uncomfortable just after
doing a transaction, whereas
25% of the respondents
claimed that they generally felt
"very comfortable" after a sent
transaction.
43% of users said that they
perform a transaction only "a
few times" in a year. While
27% claimed that they have
not sent crypto to anyone in
2018.
B L A C K C H A I N .
G U R U
K E Y
T A K E A W A Y S
of users had at
least one or
more
concerns/pro
blems with
their
transaction
of
respondents
sent
tokens/coins to
another party
only a few
times during
the
entire year or
not at all (27%).
55%
of users felt a
general level
of anxiety
regarding a
sent
transaction
17%
70%

4. Out of 231 responses, 217 actively held some
amount of crypto throughout 2018. Of which
only 11% came out to be an actual spender, rest
were holders and traders.
T R A D E R S , H O L D E R S A N D
S P E N D E R S
Q. In 2018, how often did you move crypto
between wallets that belong to you, including
exchange accounts?
11%
Once or Twice
a week
19% 43% 27%
Once a Month a Few Times Haven't sent
cryto to
anyone in 2018

5. The most common issue being reported by respondents was regarding public
addresses. There were concerns about the provided public address's accuracy as
35% of the respondents reported issues with public address.
24% reported being given a false/manipulated public address. Unsurprisingly, 18%
of users reported an actual loss of funds or failed transaction due to usee-error.
And additionally, 6% reported loss of funds via phishing attacks.
B L A C K C H A I N .
G U R U
K E Y
F I N D I N G S
Which of these situations have you experienced in 2018?
(Only Users Who Sent to a Wallet Other than Their Own)
1 2 3 4 5 6 7 8
50%
40%
30%
20%
10%
0%
Sent/received incorrect amount of crypto
Sent/started to send the wrong type of blockchain token
Sent crypto to the wrong public address
Lost funds or had a failed transaction due to a user error in
sending/receiving (i.e., not due to hack, scam, phishing, etc)
Questioned whether a public address you were given was
falsified/manipulated
Questioned whether a public address you are sending to is accurate
Been a victim of a phishing or man-in-the-middle crypto attack
None of the above
1.
2.
3.
4.
5.
6.
7.
8.
13
18
8
18
24
35
6
45

6. The data was segmented between holders who sent transactions to other parties
and holders who sent transactions to no one other than their own wallet. Below is
the data of holders who never sent a transaction to wallet other than their own.
B L A C K C H A I N .
G U R U
K E Y
F I N D I N G S
Which of these situations have you experienced in 2018?
(Only Users Who Never Sent to a Wallet Other than Their Own)
1 2 3 4 5 6 7 8
75%
50%
25%
0%
Sent/received incorrect amount of crypto
Sent/started to send the wrong type of blockchain token
Sent crypto to the wrong public address
Lost funds or had a failed transaction due to a user error in
sending/receiving (i.e., not due to hack, scam, phishing, etc)
Questioned whether a public address you were given was
falsified/manipulated
Questioned whether a public address you are sending to is accurate
Been a victim of a phishing or man-in-the-middle crypto attack
None of the above
1.
2.
3.
4.
5.
6.
7.
8.
5 7 7
13
16
22
5
62

7. One of the important findings of this study was to understand the emotional
relationship between users and the use of crypto. This is simply because to 'accept'
a solution, the users need to be comfortable with the technology.
The main question asked was how users felt about the actual transaction process
just after sending a transaction into the blockchain. With a centralized authority
present in a traditional transaction, users realize the safety of the transaction in
case any error occurs. But in the world of immutable ledgers, once a transaction is
recorded it cannot be edited or intervened by any third party.
B L A C K C H A I N .
G U R U
U S E R
E X P E R I E N C E
How do you feel immediately after sending crypto?
(Only Users Who Sent to a Wallet Other than Their Own)
3
58%
4
25%
2
12%
1
5%
Very nervous/worried that the transaction will not go as planned
Somewhat stressed that something might go wrong with the transaction
Cautiously optimistic that the transaction will be completed, but still
checking progress frequently
Very comfortable and confident that the transaction will occur as
intended
1.
2.
3.
4.

8. An interesting finding of this survey was the increase in users who marked "very
comfortable" based on their length of time in crypto. This simply means that
usability issues are directly proportional to the increase in adoption.
For example, 41% of users that acquired crypto 3+ years ago marked themselves as
cautiously optimistic about a sent transaction and check the progress of
transaction less frequently than users who have held crypto less than 3 years.
B L A C K C H A I N .
G U R U
U S E R
E X P E R I E N C E
How do you feel immediately after sending crypto?
(Based on Length of Time in Crypto)
Very nervous/worried that the transaction will not go as planned
Somewhat stressed that something might go wrong with the transaction
Cautiously optimistic that the transaction will be completed, but still
checking progress frequently
Very comfortable and confident that the transaction will occur as
intended
1.
2.
3.
4.
0% 25% 50% 75% 100%
1
2
3
4
4 5
15 15
41 49
40 21
Users who have held crypto > 3 years Users who have held crypto < 3 years

9. The usability of blockchain in the day-to-day life of
crypto holders is still an ongoing struggle, leave alone
the use of blockchain in actual commerce and utility.
With only 11% real spenders of crypto, the blockchain
industry still has a long way to go. Industry giants need
to solve problems that come with the daily use of crypto.
The market, in general, need solutions that address
issues, such as, i) having the community to spend crypto
rather than holding, ii) Eliminate fear from the
community regarding the transaction, iii) Form an
association to counter attacks such as phishing etc.
B L A C K C H A I N .
G U R U
C O N C L U S I O N