A study on the use of cryptocurrency wallets from a user experience perspective

Abstract

Recently, the cryptocurrency market has been overgrowing, many investors from the global stock market entered the cryptocurrency business. Users interact and manage their investments and transactions through the cryptocurrency wallet, which is the gateway to buying, selling, sending, receiving, and trading. Studies and statistics show sixfold growth in cryptocurrency wallet accounts over the past 4 years (2017-2020). However, the rate of inactive trading that occurs during the same period causes market sluggishness. This paper examines the reasons behind the high adoption and low usage rate of cryptocurrency wallets, highlighting the factors impacting the utilization of cryptocurrency wallets. We aim to testify the impact of user experience (UX) on the usage level and the impact of trust on wallet usage. We designed a new model to understand the actual users' behavior on using the cryptocurrency wallets. This model combined User Experience Questionnaire (UEQ) with usability to comprehend UX and add trust as a significant construct to understand the impact of user trust in cryptocurrency wallets. The examination was performed with an actual user on an online survey. The data were analyzed using Smart-PLS. The results show good outcomes that contribute to developing and enhancing the implementation of cryptocurrency wallets. Highlighting the importance of UEQ, Usability, and Trust in a blockchain-based application and showed vital signs affecting wallet users. These results could be applied to enhance cryptocurrency wallet utilization and improving the adoption of blockchain applications.