Usually, competition is good for consumers. Why has it gone so badly in crypto markets?
By contrast, crypto makes it easy and intuitive to move a user’s assets from one place to another, because those assets are stored and managed on public, interoperable blockchains. This makes the cost of switching platforms incredibly low — users have control over their assets and often do not even need to notify a platform when they leave for a competitor. As a result, platforms have to compete fiercely not just to win users but also to keep users.
There’s a problem, however: At present, some crypto products and services are opaque and possibly too complicated for the average user to understand. And when consumers don’t understand an offering — either because they lack the expertise or they aren’t being given important information — intense competition can lead to trouble. Specifically, competing firms can offer consumers increasingly attractive deals while obscuring potential pitfalls.
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