Place/Date: Gibraltar - May 10th, 2019 at 7:34 am UTC · 2 min read
There is increased awareness in cryptocurrency trading which is reflected in the volume of trades that occur across exchanges on a daily basis. According to data from CoinmarketCap, over $57 billion worth of cryptocurrencies have been traded within the last 24 hours as at the time of writing.
A large part of the trades that are responsible for this volume are happening across regular cryptocurrency exchanges with complex procedures and duplicated fees. For instance, a trader who may want to purchase any cryptocurrency token other than Bitcoin or Ethereum, in most exchanges will need to first buy either of them, before transacting internally within the exchange for their token of choice.
Every step of the above described transaction will attract its own independent fees, causing an accumulation of charges. Also, the multiple steps and complications involved in accessing most of these platforms have discouraged a number of individuals who may be interested in cryptocurrency trading and investing.
tap has created a simplified process which adapts seamlessly with existing banking systems and enables users to easily access the cryptocurrency market for their specific purposes. On the tap platform, all available cryptocurrencies can be traded directly without the intermediary of a base currency like Bitcoin or Ether.
The flexibility of this system also offers backend trading systems that are beneficial for crypto retail payment settlements in real time. The advantage of this process is that cryptocurrencies can now be conveniently adopted by merchants and retailers as a useful tool for transactions.
The reluctance of intending participants to venture into unknown territory remains a major setback towards the adoption of cryptocurrencies. This is a natural tendency for humans who generally prefer to function within their comfort zones.
The implementation by tap, which does not necessarily demand newbies to start learning how to navigate complex platforms already takes out a major entry barrier. The system adopts the usual debit card payment system, or the use of bank transfers during purchase. The platform’s middleware takes the responsibility of sorting out settlements at the back end with the fairest of conditions.
So far, cryptocurrency trading has appeared as an exclusive practice that is reserved for experts or people with some special knowledge. tap’s innovation stands to nullify this idea by bringing down the existing barriers and presenting a system that any average investor can easily work with and derive benefits.