What are the most valuable features of a cryptocurrency wallet? Security and usability are the first two things that come to mind. But after you figure out all the ins and outs and start using your wallet to make transactions you may run into a few bumps in the road. And once something unexpected happens, all you’re going to care about is getting a quick fix.
Efficient work of the support team is crucial to any business but when it comes to a new and complex subject like cryptocurrency, it becomes the number one priority. And although decentralization means that you take full responsibility for your assets yourself, unless you’re using a paper wallet and p2p exchange, you can still ask your wallet or exchange provider to help you out.
Very often, due to the specifics of the crypto field and its anonymous nature, it can be challenging to give assistance on time.
Seconds Count: Frequent Issues of Crypto Enthusiasts
In our practice, we come across time-sensitive support issues regularly. A typical case is when a person is trying to exchange their crypto but the exchange fails.
Sometimes, it happens because of a surge in the rates, and due to the famous volatility of crypto, it can be pretty random and depending on the total sum of the assets can cost you a lot. The other popular reason why exchanges fail is that the user set a low network fee and their transaction gets stuck. In rare cases, your crypto purchase might be put on hold too if the exchange decides to inquire additional KYC details from you.
Could a prompt reply from the support team solve one of these problems? It surely can. If a customer reaches out for assistance, and the team immediately acts on it, not only can it help calm their nerves but also finalize the exchange faster.
But what if the customer doesn’t make the first move and patiently waits for the resolution? Anonymity has its downsides too – it makes getting in touch with customers a lot trickier and shuts the door to quick problem resolution.
The Mysterious Case of $2.6 Million Network Fee
One of the recent cases that shook the crypto community happened with an anonymous person who set an extraordinarily high miner’s fee to send their tokens. And when we say extraordinarily, we mean it. In June 2020 somebody sent $130 worth of Ether to another address and paid over 10,000 ETH, which equals $2.6 million, for the network fee. And as if that wasn’t enough, several hours later the same person transferred $86,000 in ETH and set the same fee. Later on, another person paid half a million USD for the transaction fee too.
Assuming that that was a human mistake, mining pools that processed these transactions made an announcement that they are willing to return the funds to the sender if this person reaches out to them, but nobody did.
It’s hard to say whether it was really a mistake, blackmail, hack attack, or very unusual form of money laundering but one thing is certain: when large numbers come into play, staying anonymous is not always the best strategy.
Everyone becomes especially sensitive when it comes to handling finance. For cryptocurrency wallets and exchanges, solving issues on time is vital and in some cases, seconds do count.
At the end of the day, it all comes down to your personal preference – whether you want to stay anonymous or keep the ability to get fast support. Rule of thumb states that the majority of users prefer the second option.