Just recently there has been an alarming increase in the number of digital currency complaints. This revelation came to the forefront when ValuePenguin did detailed research on their part. It is a consumer group that recently evaluated the customer complaints that have been filed with Consumer Financial Protection Bureau during the period of 1st June 2017 to 1st March 2018.
The complaints have now reached a percentage of 669%. The year 2017 was a great year for the digital currency. The market was able to touch about $19600 for the coins as per the records of 16th December 2017. However, the digital currency scenario has changed in the recent years.
The biggest problem this year is that most of the digital currencies have lost their fiat value. Most of the digital currencies have lost their value due to unavailability of funds. The complaints were launched for some reasons. 40% percent of the customers got discouraged because they were unable to withdraw their funds. Some of the customers were unable to withdraw from USD 100,000, so this is quite a hefty amount.
About 32% of the customers had issues with the transactions, and some of the customers had to deal with fraudulent activities, so this created an overall negative scenario for the digital currency investment. This means that it is time that the exchanges should improve the security mechanism of their transactions.
Many of the complaints were also directed towards Coinbase which a reputed exchange. The customers faced withdrawal and deposit issues with Coinbase. However, Coinbase has decided not to give in to these problems and does have a fool-proof solution to deal with all the issues.
Tina Bhatnagar who is currently the head of the customer support team just revealed this news. She stated that the exchange would hire about 500 more customer support people. The purpose of hiring more support individuals is to handle the massive number of support requests coming in. Let us hope that this exchange will be successful in its efforts.
It is also important that the market prices should spike up for things to take a positive turn. Otherwise, more customers will be discouraged from investing in the digital currency industry. The digital currency platforms also need to understand the psyche of the customers, and that is they look forward to quick withdrawals and are not willing to wait for their money at all.