Manta Network’s December 2020 survey, called “The 2021 Privacy & Trust on Cryptocurrency Exchanges,” depicts that users are still wary about the privacy features of their preferred wallet addresses and blockchain network. According to Manta, this study is meant to better understand user sentiment and current behavior towards blockchain-based privacy transactions, including both centralized and decentralized exchanges.
Among the total 404 survey participants, who all have some form of exposure to the blockchain space as either investors or researchers, 73% admitted to having hesitated or entirely chose not to go through with a transaction in the past all because they are worried that it wouldn’t be private enough. Going even further with the following survey, 84% of respondents have shown some form of concern that their current wallet addresses do not have sufficient privacy features to make them feel confident with their transactions.
However, survey participants’ opinions differ significantly between centralized exchanges and their decentralized counterparts when it comes to user trust and exchange preferences. Notably, 29% suggested that centralized exchanges’ excellent brand reputation has compelled them to prefer it more than the decentralized ones. Conversely, the respondents who chose decentralized exchanges over the other indicated the fact that they can control their assets as the primary driving force for their choice.
To summarize, users still wish for more privacy throughout the whole crypto and blockchain space. This is despite the many efforts of the industry recently to enhance or revamp such features. That being said, Manta’s latest survey could serve as a great indication of where the industry’s efforts should persist or go next.