Some cryptocurrency platforms are risking their reputations

January 23, 2018

Tal Miller


Cryptocurrency’s the new elixir. Well, depending on who you talk to at least… The phenomenal (and continual) rise of digital currency Bitcoin and the growth of hundreds of others like it has contributed to an entire industry where people can invest in Bitcoin, accumulate some without having to learn about the intricacies of the blockchain and much more besides.

There are now too many cryptocurrency platforms to keep count of, and while many are willing to sign up to one to join the cryptocurrency craze before they get priced out of it, it’s always wise to do some research first and read the small print before dedicating your funds to a platform, as you would with any other investment opportunity.

We say this because, sadly, there are some cryptocurrency platforms out there that simply aren’t providing the service advertised. Not only is this hurting those who sign up where it hurts them the most, but it also does a disservice to the digital currency market.

Be vigilant when considering digital currency platforms

We mention this because well-known digital currency platform Coinbase has some less-than-desirable reviews on Trustpilot. Of the 750+ reviews that Coinbase has attracted, 80% of them rate the service as ‘bad’ – the worst possible score that Trustpilot members can give.

At the time of writing the cryptocurrency exchange has a slew of negative comments on page one. User mklops calls Coinbase “an absolute joke of a website” whilst others have gone as far as warning people that they ‘couldn’t withdraw their money’, as claimed by user Rob Lapham.

In response, Coinbase commented on the problems at the start of 2018 saying the issues people have experienced during the launch of Bitcoin cash trading on its GDAX exchange was due to overwhelming demand. At the same time though, Coinbase has also had to address accusations of insider trading amongst its employees.

Transaction problems, issues of withdrawing funds, allegations of insider trading… and that’s just one cryptocurrency platform! Not only are these issues helping to sully Coinbase’s reputation, but it also detracts from the incredible personal and commercial benefits that an investment into digital currencies can potentially provide.

Cryptocurrency can be a force for good

While many are focusing on the woes of platforms such as Coinbase, there are others that are making a serious effort to try and change the world we live in thanks to the power of digital currencies. Giftcoin, for instance, is a new platform that uses blockchain technology to help charities and build better relationships with donors, it says.

And though they don’t get as much attention as platforms like Coinbase, there are numerous ethical and safe platforms out there similar to Giftcoin that work in a transparent manner and aim to be as beneficial as possible to those that partner with it.

If you’re creating your own digital currency platform, it pays to be more like Giftcoin than those platforms that present hurdles for their customers, willingly or not. Having the right payment and withdrawal methods that are effortless are key to success, and provide positive PR and word of mouth in their own right.

Find out more about how to maximise the potential of your digital currency platform and improve its reputation by speaking to a Fibonatix consultant today.