We intrinsically know that crypto investment and participation should be for everyone, but just how realistic is this?
Crypto has been positioned as a groundbreaking financial innovation, promising financial inclusion and empowerment. Its adoption, however, remains uneven, with some significant barriers limiting access for many. This post explores three significant obstacles and how they can be overcome to help open the doors to crypto for all…
People cannot be what they cannot see – the representation gap
Crypto is still a largely male-dominated industry, both in terms of users and creators. But why is this the case, and what can we do to bridge the gap?
The lack of female representation in crypto is striking. Women make up a smaller percentage of crypto investors, founders of crypto technology companies and speakers at blockchain conferences (despite my constant applications to event organisers!). To tackle this issue, we need to create more visible role models. People cannot be what they cannot see and by highlighting successful women in the crypto space (like NEAR Foundation does), we can inspire others to get involved. Additionally, educational initiatives and mentorship programmes that specifically target women can help break down barriers and provide the support needed to navigate the crypto landscape. This inclusive approach also needs to be extended to the leadership teams and Boards of crypto companies globally as it’s up to us to role-model inclusivity, including diverse backgrounds and experience.
Aside from just gender, all types of diversity are key to shaping a future informed by different perspectives. As an industry, we need to work to ensure people of all backgrounds and ages not only participate in but also help shape future innovation.
Crypto apps need a makeover – user experience must be improved
Crypto apps have made significant progress, but they still have a long way to go in terms of being user-friendly for the less tech-savvy. Crypto concepts can be confusing, deterring potential users.
The key to overcoming this is to simplify the user experience with beautifully designed interface that are easy to navigate, making them a great option for beginners. Other considerations include offering educational resources to help users understand the basics of crypto and the mechanisms behind how transactions work.
Improvements in mobile wallet apps – such as not needing different wallet addresses for different chains and simplifying how to keep assets safe; clear step-by-step guides and intuitive user interfaces will significantly enhance the crypto experience for everyone.
Removing jargon and providing multilingual accessibility – put it in plain speak
Crypto discussions, websites and applications are often littered with jargon that can be confusing, even for tech-savvy individuals. Additionally, crypto resources and platforms are often predominantly available in English, limiting access for non-English speakers.
We need to ensure we prioritise ‘Crypto for Humans’, focusing our effort on a user-centred approach that simplifies all aspects of the crypto experience and accelerates its adoption for everyone. Crypto projects and platforms need to prioritise communication in simple-to-understand, plain language. Where appropriate, confusing terms like ‘hash rate’ or ‘fork’ should be explained in simple, everyday terms. Moreover, making crypto resources available in as many languages as possible is crucial. Websites and customer support in multiple languages will help make crypto more inclusive for global users.
Crypto has the potential to revolutionise finance and empower individuals worldwide. To fulfil this promise, we need to address the barriers that hinder widespread adoption. By promoting diversity in the crypto space, improving user experiences through user-friendly interfaces and simplifying/customising the language used to communicate about crypto, we can create a more welcoming industry. The future of crypto is bright, and should be a future where everyone has a seat at the table.
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- Source: https://www.finextra.com/blogposting/24920/crypto-is-for-everyone—but-is-it-really?utm_medium=rssfinextra&utm_source=finextrablogs
