Five Things the Crypto World Needs NOW
Obviously, cryptocurrency is in the very early stages of innovation. But, for some reason, it feels like we are stuck in the Stone Age of Blockchain technology. Maybe everyone is too hyper-focused on their own ICO to realize that the most popular platforms still need a lot of work. Here are my thoughts on what the Crypto World needs to be more efficient and investor-friendly.
1.An Exchange that lets you buy Altcoins with Fiat in a simple fashion.
Currently, the most popular process to buy Altcoins goes something like this…
- Download Coinbase and hook up a credit card/debit card/bank account (but probably do your debit card because bank transfers can take up to three business days. By the time you are ready to make a purchase, the market might look completely different).
- Purchase Bitcoin, Ethereum, Litecoin, or Bitcoin Cash (but Bitcoin and Ethereum are the only two you can sell into Altcoins on popular exchanges like Binance).
- Send your Bitcoin or Ethereum to your Binance account. Oh wait, you can’t do that without the Two-Step Verification process where you must download another app like Google Authenticator to perform this task.
- Wait for your coins to send. Ethereum usually takes about fifteen minutes while Bitcoin can take hours.
- Finally, put in a buy order for the Altcoin you wish to purchase.
How annoying is that process? It requires the use of Coinbase, your phone, a third-party authenticator app (twice), a lightning fast internet connection, an exchange, and incredible patience. By the time you finish your transaction the price might have fluctuated by 10%. There should be an easier way where you can buy Altcoins directly with Fiat in the matter of seconds from your phone.
2. An exchange that actually tells you how much money you put in, what you bought, and when you bought it.
According to Coinsutra, the most popular cryptocurrency exchange is Binance, which is a pretty straightforward and easy to use platform for top coin purchasing. However, it does not have an important feature that would make trading life a lot easier. Do you know what that feature is?
SOMETHING THAT TELLS YOU HOW MUCH MONEY YOU HAVE SUNK INTO YOUR SHITCOINS!
Yes, I am aware you can look at your “purchase history,” but it is in decimals and percentages of Ethereum or Bitcoin. Nobody thinks in terms of Ethereum or Bitcoin besides the human computer, Vitalik. All I want to see is this: “You have 2,000 Ripple. You bought Ripple X amount of times at X amount of FIAT (or whatever currency your country deals with). Then, I want to see a percentage of how much I am up…or more realistically how much I am DOWN. Yes, I know there are apps like Coinfolio and Blockfolio that allow you to put in when you purchased and for what price… but it is way too time consuming to input your data, and it is not on the actual exchange itself.
3. Easy Buy and Sell Alerts(This already kind of exists, but not in the way I am about to describe it…)
I want a simple Push Notification on my phone when a cryptocurrency hits a certain number. Then, I want to be able to slide my thumb on that notification to buy or sell with the click of a button.
Imagine this: You are sitting at your awful nine to five. Your boss is slowly walking in your direction with the intention to ask you to come in on the weekend. Before he gets to your desk, your phone buzzes in your pocket. It reads “Ripple (XRP) reaches $10 mark for first time.” You are rich now! You do not need your nine to five. Before your boss gets to your desk you pick up your things and start to leave. He/she calls out to you: “Where do you think you are going?” You respond: “The Moon. I’m going to the damn Moon.”
4. A White Paper Interpretation Platform
In order to truly understand a particular cryptocurrency and its function you must read the... WHITE PAPER. Is there anything more condescending than when someone says, “have you even read the White Paper?” And you are thinking to yourself, “yeah I have…but I still don’t get it!” I think a lot of people feel this way. It can be difficult to comb through the technical jargon and truly be able to comprehend and articulate the functionality of a crypto. My solution is simple: A website or YouTube channel that gives a two-three sentence explanation of each major White Paper. It should start off every summary with, “So, basically (insert crypto) is like (insert relatable company), but for (insert layman explanation). It can be called “White Paper Wiki” and could become the second-most visited website after Coinmarketcap.com.
PS: If anyone actually decides to make this I deserve 50% of the company/platform.
5. Comedy in Crypto
The crypto world needs some satire. Instagram meme accounts don’t really do the trick. I’m thinking a full YouTube channel dedicated to news and satire that combines humor and value. Instead of watching all these “experts” draw imaginary lines in the form of “technical analysis,” I want to see someone tell it how it is. This community needs more laughter in an industry that is just as uncertain as it is volatile. Can someone please do this now!? The closest thing I have seen is Doug Polk.