Cryptocurrency Exchanges Need To Become Social Media Platforms – Opinion

Blockchain, Education, Innovation | October 24, 2018 By:

Crypto exchanges should take note when it comes to marketing and growing their user base to the average consumer. The key way to instill the positives of crypto exchanges is leveraging the likes of social media platforms. Social networks provide additional benefits to consumers who are searching for a user-friendly experience that is both accessible and exploratory. Traditional crypto exchanges have become stale, resting on their laurels and disallowing community growth and ideation implementation.

Here are the four key areas to ensure crypto exchanges are regarded as highly adaptable and effective social media platforms:

 Community

The popularity of social media applications will only continue to grow as users seek out the communal aspects of their platforms. These platforms open a door to users and it’s now ingrained within culture as a relatively normal experience. Applications such as Instagram, Facebook and Twitter, whether negative or positive, have formed digital communities for users, expedited growth for large-scale business operations and have become resource center.

Crypto exchanges have neglected to use their communities as a positive resource for expediting reach and connecting those using their currency. Crypto and blockchain has been around for a while, but publicly, the technology is relatively new. By connecting these communities, users will be able to educate consumers. Blockchain can reinvent the wheel for social media platforms and their dedicated user base. Individuals are eager to be part of a growing, connected network – the crypto industry should be cognizant of this fact.

Personalization

When creating a profile online, whether for an exchange or a social media site, users want customization. Investors and social butterflies alike want to feel unique in the vast pool of internet users. Allowing users to personalize their profiles helps them identify with platforms more, and even more so, find a basis to engage.

If you allow anonymity, the likelihood of positive engagement is lower. On the contrary, if users have a sense of identity behind their profiles, there could be more of an urge to partake in honest conversation. Everyone wants to invest based on their own preferences – giving users a way to personalize that investment or experience can help you stand out in a sea of other crypto competitors.

Transparency  

Total transparency is of the upmost importance when it becomes to building social media platforms and creating a user base. Data breaches, scams and privacy concerns have all helped fuel a distrust within the tech industry. Consumers feel that businesses should play a role in making their efforts transparent when it comes to personal data, and knowing where it could be located on the web. Brands also have a responsibility to the user to communicate this to users, and need to constantly be improving their own technologies.

When it comes to crypto exchanges, companies should advocate for complete transparency, which is also inherit characteristics of a public blockchain. Transactions and social interactions across blockchain are always viewable. This information creates a stronger trust and relationship between the user and company because it’s public. The tracking technology expedites the user experience and overall sentiments within the crypto exchange process.

Self-Governance

Without federal regulation, the world of cryptocurrency relies heavily on self-governance. Consumers who use exchanges on various blockchain networks invite transparency, which plays a vital role in self-governing on a more social level.

With users able to see any information they need, it’s easier for investors to adapt to their own regulations. Investors may not agree on all forms of self-governance. But having social capabilities on exchanges can help foster conversation and promote middle ground for rules of the platform and general guidelines of do’s/don’ts.

Conclusion

In all, as we continue to evolve digitally, socialization on all forms of online platforms will become a necessity. Beyond just the positives in transparency and the self-regulatory actions made by users, social prominence in all media platforms will promote personalization, while giving people the ability to form a sense of community. This helps on an investing front and gives other more unfamiliar users a basis and the community cushion to inquire further about cryptocurrency.