Challenges facing the Crypto world: CryptoGlobal, a peer-to-peer decentralised cryptocurrency exchange.
Crypto-currencies are here to stay. I am not here to bore you with statistics or my opinions of their continued exponential growth. Instead, I am here to introduce a new decentralised peer-to-peer platform, and how this platform will solve significant issues within the crypto investor value chain.
Before I dive further into the features of this new platform (see next article), I just want to share a few observations of the current cryptocurrency investor ecosystem, and the attributed challenges it faces. Additionally, I will be highlighting how CryptoGlobal solves these challenges(see next article).
- Banking the unbanked:
Generally speaking, in order for anyone in the world to invest or purchase a cryptocurrency, they must have access to traditional banking services. Including but not limited to a debit/credit card or bank account. Imagine being unable to invest in this wealth explosion because you do not have access to traditional banking services. 2 billion adults (WorldBank). Unacceptable.
2. Complexities of existing crypto-currency exchanges:
Existing crypto-currency exchanges are too complicated. This is coming from someone who has been using traditional crypto exchanges for nearly three years. The barriers to entry are just too high. How can we have mass adoption, with such complex platforms. We need a platform that is so easy to use, my mum could buy Verge, EOS, or Ethereum without my assistance.
3. The increasing problem of centralisation:
The birth of crypto-currencies focused on various challenges and arguably the main focus was on increased decentralisation and re-directing power from centralised institutions to individuals.
The majority of cryptocurrency exchanges are centralised. Let’s think about this, we are buying decentralised cryptocurrencies from a centralised institution. I am sure many are aware the issues already attributed with this. We need a truly P2P decentralised exchange.
4. Exchanging cryptocurrencies into FIAT currencies:
For some investors, investing in cryptocurrencies is more of short term investment. Exchanging your cryptocurrency back into FIAT currency has become a longstanding issue — with limited solutions. Exchanging your cryptocurrency to FIAT gives way to the following challenges:
Selling & withdrawing through coinbase and similar — the fees are extortionate, in addition a waiting time of up to 5 working days is expected. Additionally, they can withhold your withdrawal at will. Your money. (This is assuming you have a bank account).
Cryptocurrency Pre-paid cards — I am sure most are aware of the recent clampdown of Visa on prepaid load & spend cryptocurrency cards. Visa, is a centralised global payments processor. I hope you are starting to see the pattern and issues with centralisation.
I have outlined a few challenges above, please share your thoughts and comments. My next article, will evidence how we plan to solve the above issues. The above challenges and/or observations are not limited to what I have outlined.
Co-founder, CryptoGlobal Marketplace