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Cryptocurrencies: security and trust, what users look for when choosing an exchange

Cryptocurrencies: security and trust, what users look for when choosing an exchange
Cryptocurrencies: security and trust, what users look for when choosing an exchange

Argentina stands as the 4th country in the world in percentage of inhabitants who own crypto assets. Users believe that executing external audits and checking exchange reserves are other healthy aspects for the industry.

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Security and trust They are two words that constantly sound in the cryptocurrency ecosystemespecially when referring to crypto exchanges, in which millions of users around the world place their trust daily for the management of their digital assets. These two pillars are fundamental in the day-to-day life of exchanges, which seek to transmit these values ​​and give peace of mind to their users.

This constant quest to demonstrate safety and reliability was one of the main themes at the recent GM Vietnam event, where Vivien Lin, Chief Product Officer of BingX, spoke about how the company works to achieve these characteristics.

And it turns out that cryptocurrencies are increasingly popular in the world and people are constantly looking for the platform. that gives them more confidence. A recent report made by the platform Triple-A placed Argentina as the fourth country in the world in percentage of inhabitants who own cryptocurrencies and establishing himself as the leader of Spanish-speaking countries. Brazil is located 7th, Venezuela is 17th, Mexico is 21st, Chile appears 24th and Spain is in 37th position.

Lin noted in this regard: “The secret to becoming the platform of choice for users lies in security and simplicity. At BingX, we prioritize building trust and maximizing security above all else. Having brilliant ideas is not enough, it is trust that strengthens trust in the user.”

What factors strengthen trust among users?

Without a doubt, the commitment that companies have to user security is at the top of the list. In this regard, Vivien Lin also stated that: “having a reputable external audit is key to giving users peace of mind regarding the security of the protocols, financial stability and compliance with regulations. At BingX we have a partnership with the renowned auditor CertiK to provide a safer and more reliable operating environment, which underlines the company’s commitment to the security of users and their assets.

As Product Manager of one of the largest exchanges in the world, Lin is very clear about the risks that are run daily regarding possible hacks on the platforms.

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We all know the dangers that lurk at the hacking level, but we also understand that there are people who can add value at that point.. Another way to provide security to our users is the bug detection program that we have active together with HackenProof, for which we offer rewards to those who find vulnerabilities in our platform. This is key for people to understand that we are constantly working to minimize the risks to their cryptocurrencies,” Vivien stated regarding the risks of hacking.

Finally, another of the concerns that cryptocurrency users have in the world after different events in the past with exchanges is the ability of these companies to demonstrate that they have the necessary reserves to face the investments that are made.

Lin also addressed this point and stated: “We are clear about how sensitive the issue of reserve verification is and we are convinced that exchanges have to be transparent in this regard. We use the Merkle Tree technique to provide proof of their reserves, which our users can constantly access and see in real time“.

Source: Ambito

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