Bitcoin is like a gateway drug.
Once you purchase even a fraction of a Bitcoin, you start looking at all of the other alternative cryptocurrencies you can purchase. The current limitation with some of the existing platforms, such as Coinbase, is that they only support the major cryptocurrencies (Bitcoin, Ethereum, Litecoin.)
The other issue is that, typically, trading in cryptocurrency means huge delays and even weeks between transactions. As more consumers, like myself, are ready to buy and trade cryptocurrencies, we slightly expect the experience to be better than a bank transfer.
A few platforms have emerged to support a variety of currencies as well as instant transfer.
No one is more knowledgeable about crypto than Uphold, a California-based company who helps its users exchange cryptocurrency in a safe and secure environment.
With the recent news that they now support the Dash cryptocurrency, I thought it would be good to talk about the four things crypto exchanges need to do to stay competitive.
*Disclaimer I hold crypto in Coinbase and Uphold.
Ability to Transfer and Exchange for Crypto and Fiat Instantly
Uphold is one of the few companies that allows you to transfer money between crypto and fiat (USD, EUR, etc) instantly and not have to wait days or even weeks for your exchanges to take place.
Most sites that deal in cryptocurrency take up to two weeks to verify banking information and get you set up. That’s painfully slow for the speed of the blockchain.
Waiting for money is pretty much universally hated by consumers, so this is going to be a huge game changer within the crypto world. However, Uphold is still slow on account funding, but acknowledges that credit card funding is coming soon.
Move Between Fiat and Crypto
Uphold members can move instantly between fiat and cryptos as the market fluctuates, helping to ride highs and avoiding (or taking advantage of) lows. This ensures the consumer has the power in their hands to manage their money how they see fit—no paying penalties or playing waiting games.
A World Class API
API, which stands for application programming interface, is a fancy way of saying the application can move quickly and easily while still keeping your information private.
Basically, the API allows programs to digitally “sign” data quickly while keeping that user data encrypted and private. This has important implications for a crypto user’s safety.
Through the API, Uphold enables entrepreneurs and developers to build on top of their industry-leading security and integrate it in a variety of new ways. Coinbase also supports API integration.
Easy Access on Mobile
Remember that iPhone commercial about apps a few years ago that said “there’s an app for that?”
The Heleum app is a robo-advisor powered by Uphold’s API with a unique algorithm which means consumers’ funds can move within their Uphold wallet between fiat and cryptocurrencies when there are opportunities to make gains. Coinbase’s app is great as well and has similar API functionality as Uphold.
This also means that anybody can get started and be up and running in no time, while still keeping their activity private.
Acquiring crypto is the easiest it’s ever been.
Making crypto easier, instant, and seamless is important, and these are all barriers to entry that companies must overcome if they want to be competitive in today’s tough market.
Look to companies like Uphold and Coinbase to do some major innovating in the crypto space while ushering in a new wave of eager crypto users.