Why MyOS will be the first Crypto exchange to see mass adoption.
Another day passes in the crypto space and another exchange is created offering “unique” features and an easy to use platform but none of the cryptocurrency exchanges in the market today have truly achieved mass adoption and ushered the general population into trading cryptocurrency. Why can nobody seem to get it right? What are the major failings of Cryptocurrency exchanges in 2018?
A 2015 PWC Consumer Cryptocurrency survey states 83% of respondents are only slightly familiar with or not at all familiar with Cryptocurrencies. Much of the general public have only heard the word Bitcoin in passing and the vast majority don’t understand what the technology actually is outside of the sensational media stories boasting about its meteoric rise in value. Public knowledge on cryptocurrency is resoundingly low and this presents a huge barrier to the mass adoption of crypto and the use of exchanges. You can’t expect the public to use an exchange when they don’t even know how the assets they are trading function. Part of the responsibility to educate people on Crypto lies with the exchanges. MyOS has its own Crypto academy to help educate users on the different assets they encounter and help them understand crypto in order to trade safely on the MyOS exchange.
Despite the anonymity and decentralized nature of cryptocurrency making it more secure than centralized currency systems there are still concerns surrounding its security in general. Several large cryptocurrency exchanges have been hacked affecting millions of users and costing hundreds of millions in the process. It is hard for people to put their trust into exchanges and consequently the more informed Crypto enthusiasts are quick to take their funds out of exchanges. MyOS features a series of 2 factor authentication protocols and enhancements to protect its users wallets so they can rest assured their funds are safe.
The fixed total supply and uncertain demand makes cryptocurrency inherently volatile. After the bitcoin frenzy in late 2017 the coin reached almost $20,000. This volatility is limiting the use of cryptocurrency and its exchange, a currency needs to be stable before it can be used in everyday transactions. It still remains to be seen how these huge price shifts can be curbed by the decentralized nature of Cryptocurrency but until then the stability will continue to be a spanner in the works for the use of exchanges by the masses.
One of the biggest problems (and one of the easiest to fix) is the user experience of exchanges. Often newly founded exchanges are harder to use due to convoluted and clunky UI and lack functionality that would aid new users on the platform. Many exchanges only let you trade during certain hours or on certain days and have a lot of restrictions on when and how much you can withdraw from the exchange. These problems together with hefty transaction fees present another barrier to new crypto exchanges onboarding users. MyOS allows users to trade 24/7 anywhere in the world and redistributes all transaction fees to their users. This feature coupled with the inbuilt messenger tool that allows funds to be transferred directly to other users via the dialogue creates a social exchange that retains many times more users than traditional currency exchanges.
Overall there are quite a few hoops to jump through to create a successful cryptocurrency exchange and despite a handful of exchanges hosting millions of users no single entity has quite found the formula to achieve mass adoption and attract the public to their platform. As crypto continues to become more mainstream MyOS attempts to create a platform that caters to the general population as the future of cryptocurrency mass adoption.