It’s more than the market, our goal is to recover trust

Five ways to rebuild trust in crypto

The events of the past months have shaken our industry. When billions of dollars are lost in a single day, there’s understandably concern about the future of crypto. Over the past few weeks we have seen those concerns play out in a variety of ways – people liquidating crypto assets, intense media coverage and the introduction of legislation both in the U.S. and abroad. 

However, we have also seen continued investment, emerging technology and speculation about the future of crypto – and its positive. So how do we help rebuild trust in our industry? 

How we recover trust in cryptocurrency

1. Provide options through collaboration

Collaboration in the cryptocurrency industry is imperative for recovery. This means crypto creators, exchanges and payment providers, and regulators, like  and  must work together. Blockchain is built on the power of many. With thousands of different cryptocurrencies available on blockchain, and new ones emerging regularly, it is clear the technology is evolving and investors are looking for variety. If people wanted a single currency, they could have stayed with traditional currency. The beauty of crypto is the ability to choose. 

Choice and flexibility are the pain points of traditional currency. No one want to get locked into proprietary systems. Crypto provides the flexibility and choice people need by working together to improve fiat on-ramp and off-ramp, leveraging our efforts, providing variety and making sure our systems talk to each other. 

At CryptoBucks, we work tirelessly to integrate different coins into our exchange. No matter what token people choose to invest in, they need the opportunity to bring money in and out of the virtual world and into the real world, and vice versa, to pay for whatever they choose with their web3 wallet, and to have systems that speak to each other seamlessly.

2. Keep things in perspective

We need to remember that it’s not all bad. Some coins have proven to be incredibly resilient. Several coins have held their value remarkably well in comparison to the volatility we see in other coins. Bitcoin, Ethereum,  and Litecoin, to name a few, while not immune to the market, are not experiencing the same level of volatility they have in the past. In fact, this pattern is not new.

3. Conduct careful analysis and apply learning

We know we are at a low point for the crypto industry. We are currently below the 200 day moving average, so I think it is safe to say we have broken through the bottom. Which means now is a great time for lessons learned. In fact, we need these system failures to fail forward. 

CryptoBucks CEO Eric Brown says, “Wahoo bite best four days before the full moon on a falling tide. How do I know? Because I have been through this cycle so many times that I know from experience. Right now, we are learning the cycle, learning the trigger events, and learning whats in the charts for crypto.”

Our analysts are looking for signs in the technical data, trigger events and repeating patterns. Not only in the industry but our own first-party data. How many merchants are signing up? How many app downloads do we have this month? Who just bought a large amount of crypto? What activity is happening now? We are taking the time right now to look at algorithm data, chart the numbers, compare with historical trends and when have we seen triggering events, and determining if there are correlations, or if we see any signs of de-coupling, where the trends won’t follow previous patterns.

The technical data is pointing toward a reversal and we expect to see an upswing soon.  There is activity happening now. There are strong technicals meaning lots of people working in crypto.

Whale investors continue to buy new coin. Ethereum just lowered fees on transactions.

All the signs point toward improvement in the later half of the summer. So it is time to use the data to make smart decisions on how we move forward.

4. Continue investment

Now is not the time to abandon the crypto market. Buy in a bear market, right? Continued investment in cryptocurrency is critical right now. There are plenty of coins doing well with a bright horizon ahead. But as we said in the beginning, it is more than just the market. Rebuilding trust will also include investing in technology. The development of new tech including security upgrades, improved UX/UI, faster speed, and seamless fiat on-ramp and off-ramp transitions will not only build the crypto ecosystem, but also build credibility and improve the experience for users.

We have been making significant investments in our app over the past several months, at CryptoBucks. We are redesigning our merchants app and on the cusp of releasing a user app that will allow people to pay the vendor of their choice with their web3 wallet, using their favorite cryptocurrency. 

By investing in our platforms, we collectively signal to the world that crypto is here to stay.

5. Maintain faith in crypto

At this point, we simply need to remember this is a long game. We may need to go around the block(chain) a few more times before we reach mass adoption and public trust. But this is the process we need to complete in order to stabilize. 

We are experiencing the natural progressions along the path toward acceptance. Part of growing pains are the pain we feel (in our hearts and our wallets!) as we break it apart and make it better.

Part of that path includes regulation. U.S. Senator Cynthia Lummis  from Wyoming has been leading the charge at both the state and federal level and says, “#Crypto regulations need to leave room for innovation.” We couldn’t agree more. Legislation that embraces the decentralized, open-source philosophy that Bitcoin was built on is key for maintaining integrity and building public trust. 

The beauty of Bitcoin is that it is truly open source. No one person in control means there is no political agenda. Just a movement toward returning power to people. As Senator Lummis notes, “Thoughtfully embracing bitcoin and digital assets is how we win.”

In the early 90s, the emerging internet experienced a similar user path growth-wise. If you track the number of users investing in crypto compared with the number of users on the internet 30 years ago, you will see the same growth pattern. 

Blockchain participation follows the same user path. History provides us with the answer to the future – crypto is simply following the same pattern toward mass adoption. We are moving toward ubiquitous digital currency payments.

Continued faith in the the decentralized system is how we get there.

Are you ready to join the financial revolution? Download the CryptoBucks App on the App Store or Google Play.