Is it time that the crypto industry points a finger at itself?

The crypto industry loves to ‘point the finger’ at banks with a laundry list of challenges digital currency fixes, including high transaction fees, centralised control, slow cross-border transfers and limited accessibility. But is it time that we take a long, hard look at ourselves around some of the issues that make it difficult for first-time users to invest in or use crypto for everyday transactions? 

This was a (paraphrased) text Easy Crypto’s Founder Janine Grainger received from a friend recently after watching ‘WTF is crypto’: “I get it – crypto is awesome and you’re telling me it’s the easiest, fastest way to transact…but then you’re telling me to write down 12 numbered phrases and to either memorise them or save them in a vault. That’s pretty primitive!” 

And she’s not wrong! 

Looked at through a different lens, crypto has some serious barriers to entry that can deter potential investors and users from joining the digital currency revolution; and it’s time we owned and addressed them, believes Janine. 

What are ‘crypto woes’?

Crypto has undoubtedly been the answer to many ‘banking woes’. It provides an alternative to traditional banking by offering decentralisation, lower transaction fees and quicker cross-border transfers.

But even as it addresses some of these long-standing issues, it introduces new challenges that have come to be known as ‘crypto woes’. 

Two of the biggest of these are volatility and complexity. The price of crypto and digital assets can fluctuate wildly over short periods, posing challenges for real-world use cases and widespread adoption.

In addition, managing various coins, understanding multiple blockchains and dealing with the intricacies of digital wallets can feel like navigating a maze without a map.

Making the ‘onramp’ easier

The good news is that amongst the innovators in industry, significant work is being done on creating a more seamless ‘onramp’ to crypto and these innovations are helping to provide a clear path for overcoming the fear of first-time use and simplifying the everyday use of crypto.

Stablecoins: a perfect fit 

The first of these is stablecoins – a category of crypto backed by reserve assets, such as fiat currency or precious metals.

They have gained popularity for their ability to combine the rapid transaction processing, security and efficient features of crypto with the reliability of the underlying asset. 

A great example of this is Easy Crypto’s NZ dollar backed ‘stablecoin’ – NZDD – which bridges the gap between traditional finance and the digital age.

NZDD brings the benefits of digitisation to the New Zealand Dollar; backed 1:1 with Kiwi dollars held in a bare trust; meaning your NZDD is safe and flexible. 

For first-time investors, NZDD offers a stable way to start investing in the digital world and a ‘safe haven in the crypto storm’.

For experienced investors and traders, NZDD is a stable store of value and liquidity. They also make it a doddle to send money overseas – they’re available 24/7, faster than banks and cheaper than most (if not all) money exchangers/remittance businesses.

Related: Learn more about NZDD.

User-friendly wallets: a simplified approach to crypto management

Next we come to securely storing your crypto. Crypto wallets have also come a long way in terms of addressing the issue of complexity.

Managing your crypto shouldn’t be daunting; and you certainly shouldn’t need a collection of different wallets. 

‘Easy’ lies at the heart of everything Easy Crypto does – it’s in our DNA and so turning our attention to wallets was a natural way of ensuring everyone can participate safely in the new digital world by simplifying all aspects of the crypto experience.

For both new and experienced crypto users, the Easy Crypto wallet has been designed to deliver the simplest and the safest experience for anyone looking to manage their cryptocurrency.

It acts as ‘one wallet for all your crypto’ – with unlimited sub-wallets, multiple blockchains and a broad breadth of coins backed by state of the art security – all within a single simple app.

And it’s self-custodial which means users hold their own coins, not Easy Crypto, just like they would their own traditional wallet!

What’s more, worrying about losing keys (your 12 ‘seed phrases’) is a thing of the past thanks to the cutting edge security and recovery features.

There’s also a new Social Recovery feature helping you recover your wallet should you lose it. In effect, your family and friends become your safety net rather than having to note down or remember seed phrases or digital keys.

As an industry, it’s essential that we not only resolve the long-standing challenges associated with traditional banks but also drive broad crypto adoption through continuing to eliminate barriers.

With innovations such as stablecoins and user-friendly wallets leading the way, the future of crypto is set to be far more inclusive.

Disclaimer: Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.