The U in Crypto Stands for Usable: An Empirical Study of User Experience with Mobile Cryptocurrency Wallets
Artemij Voskobojnikov, Oliver Wiese, Masoud Mehrabi Koushki, Volker Roth, Konstantin Beznosov
Abstract
In a corpus of 45,821 app reviews of the top five mobile cryptocurrency wallets, we identified and qualitatively analyzed 6,859 reviews pertaining to the user experience (UX) with those wallets. Our analysis suggests that both new and experienced users struggle with general and domain-specific UX issues that, aside from frustration and disengagement, might lead to dangerous errors and irreversible monetary losses. We reveal shortcomings of current wallet UX as well as users’ misconceptions, some of which can be traced back to a reliance on their understanding of conventional payment systems. For example, some users believed that transactions were free, reversible, and could be canceled anytime, which is not the case in reality. Correspondingly, these beliefs often resulted in unmet expectations. Based on our findings, we provide recommendations on how to design cryptocurrency wallets that both alleviate the identified issues and counteract some of the misconceptions in order to better support newcomers.
Ask about this paper
Ask your agent about it.
Lune has read the top-tier papers around this one, so every answer names the papers it rests on.
Your agent calls
Lunesearch_papers
Free to start. No credit card required.
Terminal
Install the CLIlune papers get a443a478-6771-4dca-be34-1ef63e9eebd5Cited by top-tier papers10
- Impact and User Perception of Sandwich Attacks in the DeFi EcosystemYe Wang, Patrick Zuest, Yaxing Yao, Zhicong Lu et al.CHI 2022 · 52 citations
- When the "Matchmaker" Does Not Have Your Interest at Heart: Perceived Algorithmic Harms, Folk Theories, and Users' Counter-Strategies on TinderFatemeh Alizadeh, Dennis Lawo, Gunnar Stevens, Douglas Zytko et al.CSCW 2024 · 15 citations
- A Mixed-Methods Study on User Experiences and Challenges of Recovery Codes for an End-to-End Encrypted ServiceSandra Höltervennhoff, Noah Wöhler, Arne Möhle, Marten Oltrogge et al.USENIX Security 2024 · 6 citations
- "I Can't Believe It's Not Custodial!": Usable Trustless Decentralized Key ManagementTanusree Sharma, Vivek C. Nair, Henry Wang, Yang Wang et al.CHI 2024 · 6 citations
- Of Secrets and Seedphrases: Conceptual Misunderstandings and Security Challenges for Seed Phrase Management among Cryptocurrency UsersFarida Eleshin, Qi Sun, Mengzhe Ye, Sauvik Das et al.CHI 2025 · 5 citations
Related papers
- "Don't put all your eggs in one basket": How Cryptocurrency Users Choose and Secure Their WalletsYaman Yu, Tanusree Sharma, Sauvik Das, Yang WangCHI 2024 · 19 citations
- Uncovering Impact of Mental Models towards Adoption of Multi-device Crypto-WalletsEaswar Vivek Mangipudi, Udit Desai, Mohsen Minaei, Mainack Mondal et al.CCS 2023 · 7 citations
- WalleTruth: Visual-Oriented Software Testing for Web3 Wallet Browser ExtensionsXiaohui Hu, Ningyu He, Haoyu WangFSE 2026
- A Systematic Study of the Consistency of Two-Factor Authentication User Journeys on Top-Ranked WebsitesSanam Ghorbani Lyastani, Michael Backes, Sven BugielNDSS 2023
- "I just have faith in my wallet to not mismanage my crypto": Investigating Changes in Users' Security Perceptions Post-FTX CollapseMingyi Liu, Nivedita Singh, Jun Ho Huh, Hyoungshick Kim et al.CHI 2026
