5 Factors To Securely Access Your Cryptocurrencies From One Central Wallet
Jun 2018 –Jan 2019
Category Analysis – Cryptocurrency Wallets
According to research, in the first quarter of 2018, the number of users of global cryptocurrency wallets was 23.95 million, an increase of 85.80% over the same period of last year and an increase of 11.34% from the previous quarter.
In this report, we bring deep insights into the cryptocurrency wallets electric covering the top adoption drivers, emerging trends, customer beliefs much more interesting aspects. This report is an important-read for entrepreneurs who plan to foray into the cryptocurrency wallet industry worldwide.
The analysis is based on customer reviews and conversations online in the segment. The analysis results presented are completely unbiased and not based on any subjective judgement. The source data used for the analysis are user conversations available publicly online like public forums and social media.
Total number of customer conversations
Top 5 Perception Drivers
Perception is an awareness or an understanding of a particular thing. Consumer perception plays a vital role in the consumer behavior thereby affecting the demand for a product. Hence it becomes key for a manufacturer to understand the attitude that influences consumer behavior. A manufacturer must understand the likes and dislikes of his customers to be successful in developing a brand strategy.
Through a detailed analysis of 6,891 online consumer conversations, Clootrack has listed down the top 5 perception drivers that buyers consider while buying a cryptocurrency wallet.
In this report we have presented the relationship between different perception drivers in the form of a graph that can be used to sense the degree of importance that consumers attach to various factors.
Below are top 5 factors that consumers consider while buying a cryptocurrency.
1. Secure wallet
The need of a secure cryptocurrency wallet is on top of the must haves for the consumers of cryptocurrency wallets. It should be designed to avoid the possibility of stolen private keys. The makers of cryptocurrency wallets should for example set the function of face recognition or SMS confirmation when users operate to access the core files.
Makers should ensure that the software installation package is secure and cannot be decomposed and cracked into illegal operation.
Consumers should be provided with cold wallets to store private keys in fully offline devices, which is a safer method than hot wallets. The makers should also offer decentralized wallets where users can store their private keys locally making it difficult for the wallet to be attacked.
A perfect wallet should be easy to operate with user-friendly features that contribute to the ease of using a wallet. It should have the ability to store multiple coins making it easy to use a cryptocurrency wallet. A wallet that has clear and easy features such as clear labelled ‘buy’ and ‘sell’ tabs are making it easy for users and is in higher demand.
A wallet should offer non-fungible tokens, which are unique in nature and can be distinguished from each other. This feature of non-fungible item can make the wallet desirable.
3. Enforceable Smart Contract
A smart contract in a wallet is computer protocol with an intention to digitally facilitate, verify and enforce the negotiation of a contract. Having smart contracts for cryptocurrency wallets will allow the execution of credible transactions without third parties.
Smart contracts not just define the rules and penalties but also automatically enforce those obligations. Users are aware that smart contracts are useful for multilateral agreements which are automatically enforced through smart contract technology. Smart contracts allow users to use any tokens as a base currency and settle an agreement with another market participant
Cryptocurrency wallet users give high significance for the security feature of the wallet. They look forward for a highly secure private key that grants a cryptocurrency user ownership of the funds. The wallet automatically generates and store private keys.
Since crypto space is a very lucrative market for scams, users of wallets look for high security. In the cryptocurrency world, phishing scams, virus attacks and malware try to extract cryptocurrency passwords, digital wallets, private keys, etc.
Hence users always look for wallets that offer high security features such as passphrase feature, PIN code feature, and two factor authentication features too.
5. Private sale
A private sale is a direct contract between the company and the investor. Investors want to have easy process to purchase the tokens directly with US dollars or the currency that both parties agree on. With the wallets, investors no longer want to buy bitcoin and ethereum to be able to invest in blockchain projects through a token sale.
Top 5 Perception Drivers
Consumer perception, which is a combination of knowledge and experience, towards a brand and its products, builds brand equity. The perception that a consumer segment holds towards a brand directly results in either positive or negative effects.
Brand equity is an indicator of the company’s strength and performance, specifically in the public markets.
Download the detailed report for free to get to know the brand names in the below chart. The detailed report also covers list of features that delight users and several other interesting insights.
Brand must reflect customer beliefs. When it comes to convincing consumers, the secret is to understand the consumer beliefs and their behavior. This will eventually lead you to know what a buyer wants from your business. A customer has a deep understanding of what they want from a product.
When it comes to cryptocurrency wallets, customers believe in having a wallet that prevents the crypto currency from being stolen.
1. Hardware wallet prevents the crypto currency from being stolen by hackers
Everyone is aware of the $1B that was stolen from the cryptocurrency Exchanges In 2018. So, it has become evident that cryptocurrencies are not safe. Thus, emerged the cryptocurrency wallets. Consumers believe that the secure hardware wallets will prevent the currency from being stolen by hackers. It is like a USB drive that is optimized for storing cryptocurrency. It is never connected to the internet and thereby very difficult to hack.
There are 6 billion people with more than 4 billion Internet users in this world. But the proportion of cryptocurrency wallet users is still comparatively small. This means there is a huge potential for this market. Clootrack analyzed user conversations of cryptocurrency wallets and has put together a detailed report. The report offers insights into the features such as security, ease of use, and functionality. Learn more about the delight drivers, indifferent factors, positive and negative keywords, emerging trends, brand equity and consumer beliefs.
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