App aims to empower cryptocurrency investors
Investing in cryptocurrency is an exciting and dangerous endeavor. Due to the extreme volatility of the market, you can lose and win massive amounts of money in a single hour. And unfortunately, few investment experts understand cryptocurrency or blockchain.
One company, Empower, is attempting to help users to make better crypto investments with a financial assistant app that lets customers compare and contrast their cryptocurrency and traditional investments side by side.
Blockchain Tech News spoke with Warren Hogarth, CEO of Empower to learn about this platform and where he sees the volatile cryptocurrency market heading.
Q. What are Empower's primary features?
A. Empower is a free 24/7 mobile personal financial assistant app that puts users in the driver’s seat on how to manage their money better with a superior tool and educational tips. The app empowers users to make confident, educated decisions on how to build a sustainable, financial future for themselves.
Primary features include free aggregation of accounts, allowing users to see a holistic view of their traditional investment performance, bank and credit card transactions, and most recently, the performance of their cryptocurrency assets.
Another feature within the app is access to a bird's-eye view of where you’re spending your money, which is then broken down by category such as subscriptions, food and transportation, to name a few. Empower then alerts you if you're spending more than your preconfigured limit. Users that need more hand-holding can chat with an Empower expert and get personalized suggestions how to navigate their finances.
Q. What unique offer does Empower provide to the market?
A. Empower is designed to help the majority of Americans take back control of their finances, make better financial decisions and educate themselves on personal finance topics such as saving and budgeting, debt consolidation and managing excess subscriptions and bills.
The app is unlike most money management apps on the market. Empower is the only app that allows users to track their cryptocurrencies for free, putting their crypto holdings next to the rest of their money. Empower levels the financial playing field for everyone by providing access to the best financial tools and free, real-time coaching through on-demand Empower experts. These experts act as mentors for users and are readily available to answer questions, problem-solve and share money management best practices.
Q. Can it help build trust in cryptocurrencies?
A. As with any disruptive technology, or in this case currency, people are reticent to dive in head first. Opinions about cryptocurrencies vary — from industry influencers like Warren Buffett, who called crypto a gambling game, to Abigail Johnson, CEO of Fidelity, who has been a vocal proponent.
Regardless of your opinion on crypto, I'd argue there is a lack of accurate, easily accessible information about this asset class. At Empower, we created a crypto 101 page for our users so they can learn more about the top 100 coins and tokens before committing to investing.
Each page includes the price of the crypto, a brief write-up on its origin and, most notably, a GitHub repository that tells investors how the team behind the coin have fulfilled their promises to date.
In turn, we hope by providing helpful educational content we can influence how people utilize cryptocurrencies and build trust around the underlying technology.
Q. Where do you see the cryptocurrency market going? Will bitcoin continue to dominate?
A. Long term, we are big believers in the power of cryptocurrency and decentralized networks to solve some meaningful problems in finance. We don't know exactly which will be the winning currencies, however we do think that we could be witnessing one of the largest wealth creating events of our generation.
The challenge as a potential investor is that 95 percent of projects could be worth nothing. Hence, people need to be very careful and educated before wading into the market, and should only risk capital that they can afford to completely loose.
Bitcoin itself has the largest mindshare in cryptocurrency, is the most proven platform, has the largest number of people who believe that it will be a method for exchanging value, and is being used extensively around the globe today today. For these reasons, of all the existing currencies, we think it has the best chance of being around long term and being one of the major currencies.
Q. Where do you see the blockchain market going?
A. Blockchain as a protocol has huge potential to power digital currencies, smart contracts, digital apps and new networks. There is so much developer activity and mindshare being devoted to blockchain, that it is difficult to imagine that we will not see profound business created and problems solved.
Bradley Cooper is a Technology Editor for DigitalSignageToday.com. His background is in information technology, advertising, and writing.www