Crypto businesses are the ones that regularly criticize the lack of trust in the space due to lack of regulations. The industry has been swamped with scams and low-quality businesses but now it seems like the businesses are back on track as we are about to find out in the latest cryptocurrency news below
The lack of regulations caused so much harm to the reputation of the cryptocurrencies and caused a lot of harm to newcomers to stay away from the industry. Now it is hard to imagine now but in the early days of the internet were similar to the crypto industry today. There were only a few transactions taking place and the industry was plagued with scams and fraudulent information. Today, the internet is the backbone of many growing economies and a transaction on the internet ranges from purchasing a good to sending money online. One of the biggest reasons for the adoption of the internet in the late 90s was trust. People were initially afraid to give credit card information because of the many stories that emerged regarding unidentified charges on their card floating in the air.
One of the biggest drawbacks in the crypto industry is the lack of focus on the customer service side. The users sometimes have to wait for a longer period of time to get answers for their queries. In fact, Coinbase as one of the most popular exchanges in the US was criticized for the lack of customer support. Cryptocurrencies and blockchain technology provide users with complete control over their funds without relying on banks. In order to add more trust issues, the traditional banking sector has refused to serve the cryptocurrency industry causing the industry to be swamped with scams. Many crypto businesses recognized the trust problem and started to solve it. Exchanges such as CoinDCX and Future1Exchange are looking at providing the best customer service to gain the users’ trust. As per their blog post that we have in the altcoin news:
“At CoinDCX, we are responsible for the funds of our patrons. Our patrons believe that we’ll help them provide security of funds, honest and transparent dealings and greater opportunities to excel in their trade. These three sentiments constitute for us the pillars of trust. We are constantly striving to achieve this balance.’’
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