The exponential growth of cryptocurrencies ever since its creation in 2009 has brought the industry to stand at over $150 billion in terms of market capitalisation. While growth has been significant, it is certainly not impressive when compared to stock markets such as the S&P 500 index — which represents only a fraction of the stock market — ultimately implying that there exists a significant room for considerable growth.
Cryptocurrencies are considered as the digital money for the tech-savvy. Users are required to understand the complex technology supporting it — blockchain — while staying up-to-date with the whole industry becomes a necessary practice, considering the volatility of the market.
On average, it takes users two-three days to purchase a cryptocurrency via local online exchanges supporting fiat deposits such as USD. The ‘average time taken’ here includes the time taken for identification verifications and bank transfers. There are services which allow users to directly and instantly purchase cryptocurrencies with credit or debit cards. However, these services often charge high fees and require users to have an external wallet.
Additionally, the exponential growth of the cryptocurrency industry has brought thousands of new cryptocurrencies aboard, making it far more complicated and overwhelming for new users. High risk, extreme volatility, and complex practicality of various cryptocurrency projects are approaching as reasons to avoid the industry/market.
Moreover, significant problems are now increasingly identified between experienced users and investors. The recent crash of the cryptocurrencies market has highlighted core problems underlying in the act of jumping into cryptocurrencies. Many new users failed to conduct thorough research and due diligence on projects, resulting in significant losses.
This highlighted that the fundamental requirements when it comes to acquiring cryptocurrencies have been rightfully ignored in accordance to the exponential growth. As a result, the act of forced ‘hodling’ of coins and tokens has impacted the decision-making processes of many existing users as with growing frustrations over their decreasing portfolio values. Poor decision-making process here involves gambling, withdrawing from the market at a loss, and using more than they can afford to lose on high-risk projects.
Therefore, simplifying the complicated process of acquiring cryptocurrencies and aiding new users to build solid portfolios with a lock-in feature therefore, becomes increasingly important. Here is where the Cointorox Platform comes in as the ultimate solution, simplifying the world of cryptocurrencies.