Crypto Space is on Its Journey to Maturation

Blockchain, Investing, News, Opinion | June 22, 2022 By:

Like every aspect of this world, markets have ups and downs. It’s in their nature to experience price movements in different directions and sometimes remain in one mood for an extended period. But for the young crypto market, every movement is accompanied by doubt and uncertainty, raising questions that sometimes are pointing to the right issues that need to be properly addressed.

A few days ago, Celsius, a well-known crypto lending platform in DeFi, halted withdrawals which sent the whole crypto market into turmoil, pushing prices down to low levels we haven’t seen since 2020. Actions like this are frowned upon in both traditional and crypto markets, but it’s only the latter that has embraced financial freedom as its mantra. And one can definitely argue that having access to your own assets without any restrictions is the most basic element of financial freedom.

After all, what’s the point of having a new financial system if we are going to treat our customers just the same as old good days, if not worse? With actions like this that can cost people millions of dollars, can we blame anyone for pointing fingers at the crypto space and calling us names?

Customer Protection: The Key to Mass Adoption

There’s no doubt that cryptocurrencies and blockchain-based products have the upper hand today but all this can be in vain if customers can’t use them to their advantage or even worse, find them extremely harmful.

The best way to deal with this is to build a business model that revolves around our customers and take every action with their interests in mind. It won’t definitely be too hard to do, considering that we all have been crypto-customers at some point and have faced a few pain points along the way.

I remember reading stories about lost Bitcoins and how people couldn’t claim what was left behind for them by their families. I know how frustrating it would be for me and my family! These ideas lead the team and I to look for a solid solution that eventually gave birth to the DIFX Nomination Program.

Before launching a new product or service, there are questions that need to be asked and the answers to those questions will decide whether a new product or service is indeed worth the effort. We need to ask ourselves whether the new product is going to make life easier for our customers, solve any existing issues, improve financial inclusion, or by and large, help in painting the crypto industry as a productive and useful space, an environment that would help, and not hurt!

With all that said, it’s time to ask the questions: how much will the lucrative, short-term yields offered by DeFi protocols benefit crypt users in the long run? Are they really built upon the notion of “Customers Should Come First?” Are they based on a solid business model or would just turn out to be another failure, hurting the reputation of the whole crypto space?

I leave the answers to those questions to you!

What Lies Next for Crypto Users?

We can focus on the silver lining here. Events like this will eliminate the weak projects that have little to no potential. Little by little, the crypto market will evolve into something amazing, letting in only the projects that are built on a strong foundation and aim to serve customers by offering proper solutions to the existing problems.

Additionally, it will help with user awareness regarding the security, value, and foundation of the projects. Users will learn to focus more on the long term, measure the risks and rewards of each opportunity, do proper research before taking any actions, and adjust their risk exposure accordingly.

Let’s make this the new normal for the crypto projects: It’s not only about profits; you better keep your distance if you don’t have something valuable to offer.