The cryptocurrency industry may be the newest and most convenient technological advancement in the world currently. There is a buzz going on around about cryptocurrencies and blockchain technology, which is growing by day.
What people tend to forget is the fact that as much as the crypto industry is growing, it is also being faced with various challenges that must be addressed if we want to witness mass adoption of cryptocurrencies.
The majority of the issues plaguing the cryptocurrency industry are those that go contrary to what cryptocurrency is and should be about. I am talking about issues such as heavy reliance on centralized systems. To break this down, let us take a look at the processes involved while trading between fiat and cryptocurrencies.
Cryptocurrencies are supposed to be decentralized by nature, which is why majority of people out there are attracted to the technology. Decentralization eliminates middle men making the entire system much more resistant to malicious attacks as well as internal problems.
Despite this being the idea that people have about cryptocurrency, the situation on the ground is different. Many fiat-to-crypto gateways are heavily reliant on complex centralized systems of processing transactions and asset custody. As a result, there are numerous issues that are brought about by this.
If a centralized system stores a user’s assets, this makes the assets an easy target for malicious cybercriminals. Such attacks or internal failures always lead to unscheduled downtime, during which a trader is not allowed to access their funds. If the hitch lasts for say a year, the number of millions which traders lose in profits is unimaginable.
Challenges in the crypto trading world & Simpleswap Solutions.
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SIMPLE SWAP is this amazing cryptocurrency exchange that I came across which aims to offer solutions to some of the key challenges which are currently plaguing the cryptocurrency industry in general. For instance, on this issue of over-reliance on complex centralized systems,
SIMPLE SWAP offers a simple solution of not storing users' funds at any point in the exchange process.
This simple solution by
SIMPLE SWAP will nip the challenge at its very root. The trades on Simpleswap will all be carried out near-instantly meaning the funds of both participants will be directly transferred to and from each other, thus eliminating the need to store the funds on the exchange at any given time.
Hackers will have a hard time trying to execute hacks on such exchange since they will not have access to a single and very profitable target. This guarantees that security of
SIMPLE SWAP is top-notch as well as the efficiency of the entire exchange. The absence of a super complex custodial storage system will allow simpler maintenance of the entire exchange system. Trading on
SIMPLE SWAP is going to be the fastest I have ever traded on a cryptocurrency exchange, and I cannot wait to be part of this innovative project.
Limited coin listings.
Listing of new cryptocurrencies has proven to be a nightmare due to various barriers, which are both intentional and unintentional. This not only poses a problem for the new projects but also for a crypto enthusiast like me, who are probably looking forward to trading in those projects.
These barriers to listing a new coin include making sure of adequate compliance with KYC and anti-money-laundering regulations of its local jurisdiction, security risk mitigation, trading, and storage codebase, among many other limiting barriers.
Newly launched cryptocurrencies are thus questionable when it comes to investing in them as I have to constantly wonder if they are profitable enough or not. The same concerns are raised by crypto exchanges, which leaves traders with limited coins to trade-in.
In such a case, the number of profitable cryptocurrency projects is decided by these crypto exchanges which again contradicts the principle of decentralization, which is supposed to be upheld by all blockchain-based projects.
SIMPLE SWAP will solve this challenge by offering users more than three hundred cryptocurrencies for trading. This is possible due to Simpleswaps’s vast network of partners who contribute to their listings and liquidity to allow for swift swaps of various coins listed on the partner exchanges.
Lack of anonymity.
The simple swap takes the issue of privacy very seriously and to maintain this, and they do not require anything for registration and fund storage. The Simpleswap exchange also lacks AML/KYC measures except for those of some of its exchange network partners. On Simpleswap, at no point will I be required to submit my private data by default.
Lack of simplicity.
This is by far the strongest barrier to mass adoption of cryptocurrencies’ ordinary man has to go through complex procedures to purchase cryptocurrencies. I remember when I was starting to venture into the crypto space, I almost gave up on my first trial due to the super complex processes I had to complete before purchasing the coin.
To realize mass adoption of cryptocurrencies, these complicated procedures need to be eliminated. Simple swap is going to do exactly that by getting rid of registration requirements and carrying out basic KYC procedures only when necessary, as well as an intuitive interface that extremely simplifies the use of the exchange for the consumer.
Unresponsive customer service.
Over time, there has been so much growth in the cryptocurrency exchange sector, with numerous crypto exchanges being introduced to the public. With this rapid and gradual growth comes the issue of these exchanges being unable to meet adequate customer service standards.
I am a frequent trader of crypto, and I tend to do so on various crypto exchanges. From a personal point, I can affirm that I have experienced delays in getting my questions answered on multiple crypto exchange platforms. I have had to wait for months to get responses to my inquiries, which means that accessing my funds during those months was a challenge.
SIMPLE SWAP is looking to solve this challenge of poor customer services by offering high-quality customer service. The exchange is going to implement a 24-hour,7-day availability of services, fast response times and the most important factor of all, which is availability of specially trained support agents.
CONCLUSION.
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SIMPLE SWAP is a next-gen solution to issues plaguing the cryptocurrency industry at large. The exchange plans to achieve this objective by offering their simple solutions to the crypto industry in an efficient manner and thus boosting the mass adoption of cryptocurrencies. Thanks to Simpleswap, people all around will have the opportunity to use cryptos despite their location daily.
Check out more about Simpleswap and become a part of a cryptocurrency exchange which has over three hundred coins to trade in once it's launched.
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