The crypto industry has come a long way since Bitcoin’s launch in 2009, in terms of adoption, products and services.
The usage of crypto needs to be easier, that is it ought to be premised on all of what a person knows and how to create a user friendly experience, according to Emilie Choi, the president and chief operating officer of Coinbase.
Also, in an interview with Bloomberg on May 13 Choi opined that:
“In many ways, I always kind of take the analogy of like the old mobile phones, right, that had these clunky clunky interfaces. We’re in kind of that phase of crypto, so we have to make it more usable. We have to make it more accessible. We have to have more regulatory certainty for certain folks to get off the sidelines and participate.”
A vast number of solutions exist for people to become involved in the crypto space — from trading apps, to payment facilitators such as BitPay, to asset availability on PayPal. Interacting with crypto assets directly, however, can be a cumbersome task for new folks, depending on how they approach it. Spending crypto assets also remains potentially convoluted when it comes to considering the possible tax implications involved in each transaction.
Choi’s comment brings to mind the days of small-screened flip phones touting little or no internet usability compared to the smart phones of today. Such old-school phones often required texting via a keypad with both numbers and letters. This, contrasting current smart phones with massive screens, internet access and various keyboard functionalities.