By Shadrack Nyakoe
Trust remains a key driver in daily decision making – between relations, personnel, and even institutions. Research shows that people will choose a product or service that they trust over non-trustworthy options. When it comes to money and investments, trust is even more critical. Individuals need to be confident that their financial transactions are processed with utmost security and transparency to continue to invest with their respective financial institutions. This is why these institutions remain committed to building secure frameworks to safeguard clients’ funds to grow their customer bases and maintain a positive and trustworthy reputation.
With cryptocurrencies, the importance of trust is not any different. After years of a gradual shift from the dominance of traditional payments, these forms of digital currencies have emerged as a new channel for wealth accumulation, trading, and financial freedom among users from all over the world. The increase in adoption is attributable to the fact that it is a decentralized system that serves as a viable alternative investment, especially in times of economic instability. Also, cryptocurrencies on their own provide trust through technology, as the security of each financial transaction is dependent on the underlying technology. Essentially, the blockchain technology that makes cryptocurrencies immutable contributes to users’ trust in these investment forms – and so all of these factors have largely contributed to the steady global adoption of these currencies.
However, to maintain this sustainable growth in the crypto ecosystem so that users can continue to build wealth and enjoy the freedom of money, cryptocurrency exchanges must also relentlessly ensure that they safeguard their platforms using the latest technological systems to help individual users protect their accounts. As established, cryptocurrencies on their own are cryptically secure; but without a safe platform to trade them on, users may still be at risk of cyber theft. Hence, crypto exchanges need to employ safe practices such as providing secure sign-ins, ensuring real-time monitoring, creating stringent password requirements, or even establishing schemes such as Binance’s Secure Asset Funds for Users program, to ensure possible cases of breaches.
Beyond implementing these security practices as an exchange, another important way to strengthen user protection and adoption is through education. This is why Binance continues to approach security from multiple fronts beyond technology and investments – by also prioritizing user education. In this regard, users can learn about the fundamentals of crypto, responsible trading, and the ways to keep their cryptocurrencies safe from possible cyber theft. Essentially, the more people who are literate in the field of blockchain systems and the ways to secure their digital investments, the more people who can trust and embrace cryptocurrency as a means of wealth-building, which would eventually contribute to the sustainable growth of the ecosystem. Also, by taking active steps towards ensuring regulatory compliance to protect users and encourage innovation within the space, more people are encouraged to become and remain players within the ecosystem. With this in view, Binance collaborates with regulators and third parties to develop clear regulatory frameworks and standards to guide and protect users according to global compliance standards.
With the right security assets in place, more individuals and investors will become comfortable with buying into cryptocurrencies which would ultimately result in an increase in the adoption of these currencies within the ecosystem. The growth of the crypto ecosystem will remain dependent on the ability of exchanges such as Binance to ensure a safe and positive experience for new and existing users. Only the platforms or exchanges that are determined to continue to innovate and perfect their safety systems will undoubtedly succeed and thrive.