Who wouldn’t want to have a stream of extra income? What a silly question, right? And yet relatively few people actually take advantage of all available market opportunities to make their wish come true. Take, for instance, the case of trading in cryptocurrencies.
Riding on the tails of exchange rate fluctuations makes it a perfect tool to earn a few extra bucks. But as attractive as the idea may be, many internet users admit that they lack the knowledge they believe is necessary to engage in this potentially lucrative activity. Despite the occasional negative media coverage of the crypto domain, the public interest in crypto trading is there and growing. But alas, the willingness to invest the time and effort may not always be.
Crypto exchanges, in their turn, would love to see an even greater number of retail customers. But engaging in public education and making their trading platforms approachable for rank and file users is not their business: ensuring the safety and security of their customers’ funds is, and that cannot happen at the expense of evangelizing.
This creates a sort of gap between the trading platforms and the public that both sides are keen to see closed. And it’s starting to happen: slowly but surely platforms are starting to crop up where you can see what stock Warren Buffet just bought, or which crypto coins your friends are looking at. The emergence of so-called Social Trading promises to be the start of a new era, in which users, instead of sharing pictures of their pets or memes, exchange and share their trading strategies and ideas, and those who are less knowledgeable can follow the advice of their peers.
Yet, here we have to consider another inherent problem of the crypto market: complete lack of trust.