Crypto Coin Companies Should Consider More Transparency

Almost everything could benefit from increased transparency. Politics, art, Hollywood … the list goes on and on, and crypto coin companies are no exception. In fact, they may need to focus on transparency over and above the normal need. That may be because of the origin of this concept with Bitcoin, and cybercurrency companies who should consider more transparency.

First, Get Educated

Cryptocurrency is a fairly new concept in the marketplace and where most financial institutions resist change more than most industries, any new company built on this new idea, need to work a bit harder. Even before they address the transparency issue, they need to look toward education, bringing easy understanding and information to those who will need to be in an accepting mood for these companies to build and move forward.

Additionally, the education process needs to include specifics to each new company built upon the idea of using cryptocurrency. Some of these companies use it as a simple form of payment, such as Bitcoin, that resists the regulations and oversight that follows traditionally financial transactions. Others are used for only specific types of trades. Some make the process more complex, and others work to keep it simple. Whatever the new crypto coin company wants to do, they need to help others see the bigger picture of how to use it and what it will do for them.

Communicating Transparently

Once the target market understands how to use a particular type of cryptocurrency, then it’s time to go another few steps forward in becoming transparent in the company dealings. When a person considers buying the cyber coins or investing in a startup that will offer them, they should be able to easily find all the information they need to help them make a decision. To see if this is something that will work for them.

Companies built on the cyber currency idea may be tempted to skip this, but do so at their own peril. There can be huge investment profits on one of these companies that do well. As an example, during 2017, some of these startups have returned 500% increases on investments to those who helped fund the startup. But anything that is that volatile in less than a year carries risk.With so much risk, bringing in big investors will become more difficult over time. Those who have the big bucks to invest usually are savvy in the market and want details before they hand over their funds. Crowdfunding has been a big way of raising money, but nations are looking at the processes involved, and already in the US the SEC has become watchful and stands ready to limit any activity in these companies unless the companies begin to self-regulate their levels of transparency.

Cyber companies should consider being more transparent. It’s a huge great opportunity to win and show the unique opportunities of cybercurrency.

Ronn Torossian is CEO of 5WPR, a leading PR agency – and one that works extensively with cybercurrency companies.

Ronn Torossian 5w

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