Since the creation of Bitcoin, Earnity co-founders Domenic Carosa and Dan Schatt have seen and want to encourage growth in crypto. After ten years, the industry has made significant progress toward a decentralized form of money in the form of global exchange availability, legal tender status in many jurisdictions, futures, and the availability of cold storage solutions.
However, one issue that the cryptocurrency space faces is the crippling damage caused by the hacks of online exchanges. These crypto trade hubs are especially vulnerable to hacks because of the inherent risk of holding significant assets in hot wallet solutions.
What does this mean for the cryptocurrency market?
First, support for cryptocurrency and blockchain legislation and promoting safe crypto-related practices are becoming more prevalent than ever before. Earnity’s Dan Schatt and Domenic Carosa want crypto to be as safe and accessible as it could be. This article has put together three areas listed below that are the most important for cryptocurrency to boost consumer confidence and increase societal adoption.
1. A framework for cryptocurrency exchange regulation
Financial regulators must approach the cryptocurrency space with the same level of monitoring and scrutiny to protect the interests of consumers and businesses. Additionally, regulators must create a standardized framework for security, financial, and auditing requirements.
2. Business Security and Accountability
Exchanges and businesses in the cryptocurrency space must prioritize security as a top priority. Unfortunately, many people learned the hard way in 2019, storing their private keys to cryptocurrency on a digital exchange. Additionally, businesses must prioritize security and be held accountable for their customers’ assets. As a result, Earnity’s Dan Schatt and Domenic Carosa agree that only companies that operate with integrity and responsibility will survive and provide value in a new industry rife with skilled hackers.
3. Education of the public
The final option is to increase personal and institutional education about cryptocurrencies and safe handling practices. Educational resources in this space are currently more prevalent and accessible than ever before. To begin with, truly understanding the risk and volatility of a market like this is a critical and often painful learning curve. So, you must be aware of and confident in your preferred exchange service’s security and custody standards to protect your investments better.