Bitcoin’s next bull run will look very different from the last one. In 2017, BTC took the elevator to $20K before following the stairs down to $3K over the course of 12 months. In 2020, as bitcoin prepares for its halvening – followed by another potential price run – the cryptocurrency landscape looks very different. Here’s what’s improved since 2017.
More Fiat Gateways
In 2017, getting funds into crypto called for routing them via dubious banks, paying dearly for the privilege, and often waiting days for the transaction to clear. In 2020, most exchanges have in-built fiat gateways, with new fiat currency options being added on a weekly basis. This week alone, Binance has added another 15 fiat currency pairs after payment processing partner Simplex expanded its fiat on-ramp. Similar ones in place at Bitcoin.com and on exchanges like Kucoin and Bithumb enable investors to purchase crypto using credit or debit card at low cost. As a result, when the retail FOMO begins, enhanced on-ramps will channel more fiat, more efficiently than was the case in 2017.
Better Customer Service
One of the biggest bugbears during 2017’s bull run was the time it took to get verified on exchanges. Users were left waiting weeks for the go-ahead to start trading, as overworked compliance teams battled to clear the backlog. Some, like Bittrex, simply closed their books altogether and refused to accept new registrations. If you ran into technical problems, meanwhile, such as withdrawal issues, you could forget about receiving customer support.
When Circle took over Poloniex in the wake of bitcoin mania,