Digital Wallets and Bitcoin Wallets Face Lack of Trust and Security Concerns From Consumers
If we want to make digital currency a mainstream trend, a lot of things will have to change over the coming years. Perhaps one of the most important things that need to be changes is how people perceive digital wallets. As it stands right now, there are multiple concerns regarding security, convenience, and ease-of-use. Most of the digital wallets –....
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Few consumers are using digital wallets - just 2% according to recent data from Gallup - and those who don't say concerns about security are the reason. Despite enthusiasm among financial tech observers and investors for digital wallets, it seems few users are enthused. Other studies suggest that while many consumers have heard about mobile wallets, overall adoption is low. New data released by Gallup adds to this canon, finding little interest for digital wallets - software that ostensibly enables easier payment via electronic means. Why? Fifty-five percent of those who don't use digital....
In bitcoin's early days, there were not many options for storing coins: users had to download the Bitcoin-QT client to keep the cryptocurrency. That way, the platform storing the wallet provided as much security as the user required, with the option of keeping the client offline and encrypted - away from prying eyes searching for private keys. In the past few years, though, bitcoin has moved off the PC desktop onto web services and mobile wallets. And many of these hosted wallets, as they are called, are managed by a third party. Users relying on hosted wallets are, in essence, depending....
According to a recent account by a member of the BitcoinTalk community, it appears that certain members of the Federal government have a much deeper understanding of Bitcoin than previously thought. The poster says that during a raid, the government knew to seize unused Trezor wallets and transfer seized bitcoins to their own bitcoin wallets. Hardware wallets, when used correctly, are a highly recommended way to store bitcoins. Understanding how to keep bitcoins secure is a fundamental problem that any new user will face. To quote the poster directly: When "homeland security" raided our....
Mobile wallets are the hot trend these days, but there is still no killer app for this type of digital innovation. Reward schemes may not be the way to go, as they are far too expensive and may not be worth the effort. When consumers use a digital wallet, they usually do so out of convenience. Rather than dealing with cash or even plastic cards,....
According to Clarity, a UK based communications agency, just over half (57%) of Britons are aware of Bitcoin. A polling sample of 2000 online shoppers has revealed that 69% of men and 45% of women have heard of the currency. However, only 5% had actually tried to use Bitcoin or cryptocurrency, and 70% did not express interest in using cryptocurrency at any point in the future. Scepticism. There seem to be some obstacles to adoption and the poll determined these to be amongst the following: Lack of understanding (63%). Lack of hands-on experience (52%). Security concerns (52%). Little trust....