Opinion By Anthony DiMarsico, Banxe CEO
Stocks, shares, investments in property, or even in cryptocurrencies – many people today are trying to boost their income with a variety of new revenue streams. But by merging cash and crypto currencies, people can now complete transactions with a choice of currency and not be restricted to just using traditional money. However, as with all other financial revenues, there are potential pitfalls to avoid – cryptocurrencies are constantly changing, new regulations are being implemented and new tax reforms are being discussed, so it is easy for non-crypto users to become confused and lost in the noise.
As payments become more digitalised, the world of financial transactions is fundamentally changing, and eyes are on the crypto industry as many wonder how it will lead the charge. But if a constantly evolving environment wasn’t enough of a restriction for budding crypto users, they currently face another major hurdle to advancing their crypto journey – friction.
This friction, caused by the confusing and ever-changing cryptocurrency environment such as potential incoming regulations, is stopping people from reaching their full financial potential, and thus, lifestyle potential.
Friction exists when it comes to understanding crypto legislations, buying and selling crypto, exchanging crypto to geographical currencies easily, and even cashing out crypto. It has not been an easy process to understand. Removing these frictions and giving people the knowledge and confidence to reap the rewards of uniting cash and crypto is key to unlocking people’s financial potential.
But the question remains; how do we educate and empower people to have the confidence and knowledge to use crypto as seamlessly as cash.
How to break through the noise Given the fast-moving crypto environment, it is hard to stay up to date with the latest changes. And as a beginner, it is even harder.
As the crypto environment evolves, it is very time-consuming for potential crypto adopters to extensively research enough to become top traders, given how time-consuming it can be. New currencies are being discussed, new laws and regulations are being introduced and countries such as India, China, and the UK are now slowly trialling central digital currencies, with India even set to introduce a new digital rupee. It is difficult to keep up with all the new announcements.
Amongst the evolving regulations, there is a cloud of mystery surrounding the convoluted and complicated crypto terminologies. When combined with a lack of understanding, confusion has ultimately led people to naturally avoid buying crypto.
In order to alleviate this fear, there needs to be a clear and simple cryptocurrency platform available to educate and guide new users through the buying and trading process. Without this, cryptocurrencies can never be fully integrated with traditional cash systems, since many people won’t be confident enough to seamlessly switch between assets.
A guide to navigating through the crypto world
To stop this confusion, there needs to be a clear and simple helping hand to guide people through this complicated environment. And with so many different crypto apps for a range of tasks it can be overwhelming and confusing to find the right one. For new digital currency users, a central point of access platformis essential to shedding light on the world of crypto.
Using a single access platform for all crypto services, allows crypto customers to slowly learn how to buy crypto and begin exploring the financial possibilities of this new digital currency. People can have full visibility of their benefits and can easily start gaining the confidence to be bold with their financial decisions, thus unlocking their financial potential.
Having everything in one place prevents the need to have multiple apps doing separate things, which creates more confusion. Users can simply begin educating themselves on the rules and regulations of crypto, before becoming fully immersed in the cryptocurrency environment. Online courses, YouTube videos, and even Blockchain certificate programs from universities are smart investments if you are to understand the technology in which you’ll be entrusting your money.
Despite having full visibility of digital finances, people still want to be reassured of the security of their assets. With many different governing bodies changing the laws and regulations, it is a challenge to find one you can trust.
Unlocking financial potential
The digital currency industry must do more to empower new and existing crypto users to understand the world of digital currencies better, with improved communications and simpler processes, if it is to remove friction. Once this is achieved, the true potential of people’s financial futures can be lived.
Shedding light on the crypto world opens a range of possibilities for new users to build on their financial portfolio and begin their crypto journey – buying, selling, and trading different currencies. Removing frictions democratises crypto, so that everyone can generate rewards in new ways they have not previously considered.
The future of digital payments around the world is merging new digital currencies with traditional cash payments. By combining these two currencies, the world of global finance will be changed forever.
