What wallet features do users want for their cryptocurrencies? conjoint analysis of user preferences in cryptocurrency wallets

Abstract

The unprecedented growth of the cryptocurrency market is driving the development of cryptocurrency wallets, an important interface that enables cryptocurrency transactions. Although a significant amount of research has been conducted in the field of security-related technologies regarding cryptocurrency wallets, user-centric research on cryptocurrency wallets is limited. This research aims to examine the importance of six primary features provided by cryptocurrency wallets to users when selecting a wallet and to measure their payment intents. On analysis, users consider the number of supported currencies to be the most important factor when choosing a cryptocurrency wallet, followed by monthly fees. Users are willing to pay the highest amount when using the wallet as a means of payment, and, regarding the type of wallet, users are willing to pay an additional fee of 3,397 KRW for a web wallet or mobile wallet rather than a desktop wallet. This study contributes to bridging the gap between the theory and practice of using cryptocurrency wallets in circumstances where empirical evidence on user preferences regarding cryptocurrency wallet properties is limited.