Crypto Exchanges “Gamification” Promoting User Adoption As Bitcoin Halving Nears
Crypto Exchanges “Gamification” Promoting User Adoption As Bitcoin Halving Nears
Crypto Exchanges “Gamification” Promoting User Adoption As Bitcoin Halving Nears
By Luke Bailey
May 9, 2020
Summary
The cryptocurrency community is eagerly awaiting the upcoming Bitcoin halving in about 48 hours with exchanges at the top of the list.
While some crypto exchanges gain these users, keeping them on the platform poses a big challenge.
One tactic that is ever-growing across exchanges as highlighted by Joe007's fame, who led the Bitfinex leaderboard, exchanges are increasingly adopting the "Gamification" of the platforms to stay ahead of the curve in user adoption.
As we head into the next Bitcoin and crypto bull run, exchanges are focusing on innovating the best solutions to onboard new users.
Exchanges, on their part, employed a gamification element that opened up the crypto industry to traditional finance investors and average Joes alike enticing them to trade on the platform.
Binance leads the crypto world in gamification of its platform but is currently faces fierce competition from well-established exchanges such as OKEx and other crypto companies such as Huobi, HedgeTrade, and Aluna.
In a bid to boost the overall adoption rates of Bitcoin and overall trading on exchanges gamification provides a quick and profitable solution for exchanges in the blockchain industry to extend their market share.
As seen through Binance's massive growth pattern since 2017, gamification is one of the most important business strategies that a starting crypto exchange could offer in a bid to push for mass adoption.
User retention: As discussed above, user adoption and user retention are the top reasons why a Bitcoin/crypto exchange should focus on rewarding systems and affiliate programs.
The continued calls of a bull market in the coming year following the Bitcoin halving event gives an opportune time for exchanges to onboard the retail users into crypto.
Reference
Bailey, L. (2020, May 10). Crypto Exchanges "Gamification" Promoting User Adoption As Bitcoin Halving Nears. Retrieved May 10, 2020, from https://cryptonewspipe.com/crypto-exchanges-gamification-promoting-user-adoption-as-bitcoin-halving-nears/