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How Do Cryptocurrency Companies Work?

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This was supposed to be a bullish summer and people were trying to make what profits they could before the inevitable crash, most likely in September or December. You know how the old adage goes, however, “Musk happens.”

First, there was Elon Musk’s one-hundred-and-eighty degree turn against the mighty BTC, followed by China’s banning of the coin in favor of its own cryptocurrencies. Then there were margin traders that would have never sold Bitcoin (BTC) at w30k but had no choice because they were trading on margin. Finally, there is the Securities and Exchange Commission (SEC) and other regulators, who are going after Ripple (XRP), in order to protect the U.S. dollar and other fiat currencies.

At a 50% correction, however, it might be possible that is a great time to buy Bitcoin in USA. Of course, if one were to take that leap, it might be a good idea to understand how the businesses that run on these cryptocurrencies, like crypto exchanges and crypto call centers, work.

Crypto Exchanges

With over a trillion dollars in overall market cap, the crypto space has a lot to offer, both for investors and the industries that help them. For now, if you want to buy and sell Bitcoin, or any other cryptocurrency, you will need a middleman, the cryptocurrency exchanges, such as Coinbase, Binance, Kraken, and Gate.Io, to name a few. The overall customer experience can depend on a lot of things: ease of use, security, fees, etc.

Paypal, for example, while not really an exchange, does allow its users to buy and sell cryptocurrency, but their digital currency is limited: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). They also charge higher fees, 2.5% per trade, than the exchanges. Their ease of use and functionality, however, is second to none because they allow easy conversion from and to fiat currency, without the use of stable coins like Tether (USDT) as a payment method.

Coinbase, on the other hand, makes security a priority because it provides its users with its own crypto wallet, the Coinbase wallet. Other security measures available include hot wallets, private keys, and KYC verification.

Crypto Call Centers

Crypto Call Centers

Customer service may vary depending on the type of exchange. Long wait times and chatbots pretending to be live agents will not win the trust of investors. The easiest way to solve this problem is with a good crypto contact center solution.

While not really a crypto call center, MS call center is the perfect example of how a good call center or contact center should be run. Microsoft’s call center is fully integrated with great Microsoft products like Microsoft Teams and the latest cloud technology. In addition, they use deep learning algorithms for superior call routing. They also use chatbots the right way, recording all relevant information quickly and honestly, in order to efficiently use the chat-time of live agents. All personal information is secured through their privacy policy and malware protection technology, regardless of one’s mobile device.

Crypto Companies Conclusion

Buyer beware may be the motto at the heart of the Great Crypto Crash of 2021. Regardless, a lot of companies are giving us deep insights into making blockchain technology work for the average person.

Bitcoin transactions are slow compared to newer coins like Cardano and Aventus. Bank transfers, credit card, and debit card use and many a mobile app are all adjusting to the new blockchain ecosystem. Cryptocurrency exchanges and contact center solutions are just two examples, but retail vendors, insurance companies, video games, and virtual reality services are all examples of industries that are accepting digital assets and blockchain technology.

James Smith is the writer for Munchkin Press. He is a young American writer from California and is currently traveling around the world. He has a passion for helping people and motivates others.

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