As public awareness of cryptocurrencies continues to grow, there’s one issue that the sector continues to grapple with: trust.
According to research by Edelman, just 48% of people trust digital assets. Although this is up 11% on the year before, it’s still lower than the scores given to banks, credit card providers, insurers and the financial services sector as a whole.
The report also suggests that levels of trust could rise if the industry doubles down on efforts to educate the public by demonstrating the distinctive use cases for cryptocurrencies and clearly explaining the advantages and disadvantages associated with this asset class.
Given how many crypto-focused projects present their products in an overly technical way while others offer little transparency, it can be difficult for consumers to access impartial information to help them make up their minds.
Cryptogeek is one of the websites that’s aiming to change this. Launched in 2019, it provides independent information about cryptocurrency and blockchain projects, giving readers concise, helpful reviews that they can trust, the team says.
The company already has hundreds of reviews available for crypto enthusiasts to read, covering exchanges, wallets, coins, mining hardware and games. These guides, which are written by a team of experts, aim to cut through the noise and deliver the facts that everyday users want to know.
For example, Cryptogeek’s unbiased reviews on exchanges clearly set out the fees that are charged on different types of transactions, examine the trading platform’s basic features, and critique the security measures that have been put in place to protect users.
What’s the score?
At the conclusion of every Cryptogeek review — which comes complete with screenshots and helpful subheadings — the platform provides an aggregate rating for each project based on five factors: functionality, reputation, security, support and fees.
Of course, the experiences of one reviewer can differ from those of people who use these platforms on a regular basis. That’s why each brand page also provides a score based on reviews from members of the public. These reviews are free of censorship and give brands the opportunity to monitor their online reputation. Representatives can easily respond to the reviews left by Cryptogeek users, either to acknowledge praise or address failures. In time, this could help improve levels of accountability in the industry.
Overall though, it all comes back to empowering crypto consumers to make informed decisions. One of Cryptogeek’s most novel features is a tool where users can type in the names of two companies and get an instant comparison of their features. As an example, the site contrasts Binance and Coinbase side by side, weighing up the two major exchanges based on fees, supported languages, trading volumes, the number of crypto tokens and trading pairs offered, and their rating as determined by both Cryptogeek and the public. At the bottom of the page, the winner of the two is marked based on score.
Benefits for everyone
Cryptogeek says its database benefits everyone: customers who want to share their opinion about products with the crypto community, newcomers searching for unbiased expert reviews and helpful tutorials, and companies who are passionate about receiving feedback from their users.
Platforms interested in getting exposure can easily fill in an application form in order to gain a brand page on the Cryptogeek website. Applications are normally considered within a couple of days.
Cryptogeek has already entered into several partnerships with other crypto brands, including the price data platform Coin360 and the prime brokerage firm Bequant.
In these uncertain times, trust matters. Platforms that aim to educate the masses about the promise and potential pitfalls of digital assets and service providers will be instrumental in helping the crypto industry become more favorable in the eyes of the public.
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