Why cryptocurrency platforms need a reliable payment service provider

December 5, 2017

For many, cryptocurrency equals bitcoin. It’s simply not the case; bitcoin will always be the original, the flagbearer. In truth the digital currency marketplace is home to more than a thousand competitors while new brokers, traders, digital platforms and more appear on a regular basis.

Which is good news; the explosion of cryptocurrency platforms shows how digital currencies such as bitcoin, litecoin, IOTA and others are no longer niche territories. They’re being embraced by the public and investors alike. Cryptocurrency’s fast becoming one of the most popular alternative investment opportunities around, while some of the world’s largest tech and financial companies are putting their faith into the opportunities it potentially provides.

In fact, so many embracing digital currencies is part of the reason why their values continue to climb into the stratosphere. Social acceptance is key to the performance of bitcoin and others, but more still needs to be done to address concerns.

How cryptocurrency platforms can win the public’s trust

Ken Research has recently released a study called, Global Cryptocurrency Market by Market Capitalization of Major Cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dash, Litecoin, Monero, NEM and Others), by Mining Facilities and by Use of Bitcoin – Outlook to 2022, which has presented some incredible findings.

Chief amongst them is how merchants and shop owners are fully embracing bitcoin and other digital currencies to support their growth, how venture capitalists are turning their attention towards cryptocurrency and how consumer demand continues to rise.

Despite the positives though, digital currency still has an air of suspicion around it. On a daily basis, it’s almost impossible not to see an opinion published by an economist delighting in calling bitcoin and digital currencies a fad market, while others naturally assume that the currency is nothing more than a cover for sinister dealings on the dark web.

That perception needs to change, and is one of the biggest challenges facing brokers and platforms specialising in digital currency. It’s simply a matter of education; real-world performances of various digital currencies are incredibly encouraging, with statistics suggesting its growth can continue long into the future.

Trust is key for digital platforms to succeed

For that to happen though, digital platforms that specialise in cryptocurrency need to provide better education to potential clients, a more personal touch, information about the complexities of digital currencies and greater transparency.

Implement those in the right way and promote them to the most relevant audiences and digital platforms can potentially attract a larger number of higher-quality leads and customers to their business. Trust is key for that to happen; though there are positive stories in the press to counteract the negatives, for many bitcoin and digital currency’s creation is an incredibly complex process that’s hard to understand.

Fibonatix works with digital currency platforms, brokers and more across various industries to help them better communicate with the public to enhance their reputation, offer greater transparency and build trust with the core users who matter most to their growth. We can also help businesses better understand complex financial regulations concerning digital currency.

For more information on how you can enter the market as a digital currency platform and attract more customers, contact Fibonatix’s expert payment service providers today.

New call-to-action