- Despite the benefits of cryptocurrencies, the complexity of the technology keeps most people disinterested.
- Crypto wallets that adapt a user-friendly interface with a ‘gamified’ experience will pull in the masses.
- The Lumi Wallet offers a solution that supports multiple coins including crypto collectibles.
Even though it is now over a decade since the advent of the very first cryptocurrency (Bitcoin) most of the world still finds the subject matter of cryptocurrencies and blockchain to be highly complex.
Granted, the nascent asset class of cryptocurrencies has come a long way from its earlier association and use on black market sites such as Silk Road. Now, cryptocurrencies (blockchain to be specific) are disrupting the world of finance with tentacles spreading further to other industries as well.
Most recently, the subject matter of cryptocurrencies and digital assets has gained mainstream attention with references to Bitcoin becoming commonplace on mainstream media platforms.
Challenges inhibiting mass crypto adoption
However, the nature of crypto assets is still complex for most people.
Managing tokens and digital assets, in general, requires storage facilities with top-notch security. Besides, sending cryptocurrencies from one wallet to another with every transaction requires skill and expertise with an understanding that all crypto transactions on the blockchain are irreversible.
Therefore, if a user ends up sending coins to the wrong wallet, they inevitably lose all their funds forever.
Furthermore, hacks on online exchanges present one of the biggest risks to those looking to hold large amounts of digital assets with a private key custodian.
Therefore for anyone looking to invest in cryptocurrencies as an asset class, they need to have cold storage wallets and learn to manage the transfer of coins from an exchange to the cold wallet after every trade. Even though this can be a viable solution, it further adds to the complexity of dealing with cryptocurrencies.
A solution to abstract crypto’s complexity
Despite the work that has already been done by several proponents of Bitcoin to present a compelling argument for cryptocurrencies as a viable tool towards increased productivity and cost-efficiency, there is still more that needs to be done.
Crypto wallets, though mostly overlooked, are the key to encouraging mass adoption as they act as gateways to the crypto universe.
Crypto wallets also have the capacity to abstract most of the complexity that characterizes cryptocurrencies and blockchain in general. This can be achieved by considering the user-experience of crypto wallet platforms and boosting the security levels of the wallets.
The Lumi Wallet is a software that is attempting such a solution with its products.
What is the Lumi Wallet?
The Lumi Wallet is a secure and trusted crypto wallet with support for multiple digital assets. Currently, the digital wallet boasts of over 100K users and is available in more than…