Better UX & More Revenue — Missed opportunities of Crypto Exchanges
Very recently I attended a talk in Seattle to hear Andreas Antonopoulos where he shared a quick blurb about the financial crisis. I will paraphrase below.
During the Greek economic crisis, I went to my grandparent’s house and there was a second washing machine sitting in my grandparent’s house perfectly wrapped and not plugged in. I asked my grandparents why they would need a second washing machine. They looked at me and in few words said:
“in a recession, certain things will hold their value because of the inherent and practical need”…
Over the last 72 hours we have seen 25% of the crypto market being wiped out with many people tripping over themselves to get liquidity.
This is costly for exchanges and costly for the ecosystem.
Outside of a minimal fee, exchanges do not make much when you withdraw FIAT. It’s expensive for everyone, and the bank typically receives the bulk of the fees.
In situations like these, it is mutually beneficial for everyone (exchange and user) to allow a mechanism for people to move their crypto out into something else that will hold value. Like a dishwasher…
Now, finding a dishwasher might not be the ideal solution but point here is that purchasing a hard good or asset or spending your coins (as opposed to HODLing) actually makes more sense because it:
- Demonstrates real utility in cryptocurrency, which is the primary reason people are investing
- Can actually be faster & cheaper for everyone (exchanges and users)
- Is a quick way to exit the crypto market during inevitable corrections
- Exposes new people to cryptocurrency utility
- Provides a revenue share opportunity for transactions from user exchange wallets better than just cashing out to banks and paying fees
OK, good idea! Now what?
At Bidali we’ve built a solution to this that you can implement right now! We sell gift cards for crypto from tons of top brands. That means you can easily buy that dishwasher, or pay for pizza, or go on a vacation.
Others are already trying this. We just do it better. We have a seamless integration for exchanges that you can have up and running in a few hours.
It’s really that easy! Let’s work together to build a better ecosystem. ❤️
PS. We are giving away crypto gift cards for the holidays. To be eligible to get one head on over to giftcards.bidali.com.
