Interview with Berken Menges – CoinTracking
PIA spoke with Berken Menges, Head of Marketing at CoinTracking, about the growth and future of crypto, how CoinTracking can help investors, and some of the cybersecurity challenges they face.
Private Internet Access: Tell me about CoinTracking, and what is your flagship product?
Berken Menges: CoinTracking is the leading crypto portfolio tracker and tax software on the market, with 1.2 million users.
CoinTracking was born out of the need for investors to track their transactions from multiple centralized and decentralized exchanges. With CoinTracking, investors can easily track their crypto portfolios.
CoinTracking has by far the most possibilities regarding the number of exchanges while having the possibility of creating tax reports based on the imported exchanges.
Moreover, CoinTracking can serve both individual investors and enterprise users like CPAs, funds, etc.
PIA: Is CoinTracking for everyone? What is your ideal user base?
BM: As mentioned earlier, the user base can be divided into two sections: individuals and businesses. Individuals would be the average hodler or a heavy trader. Based on their trading volume and other metrics, users can choose their pricing plan on CoinTracking.
Companies can be CPAs, funds, or other companies that want to get a better overview of their own portfolio and their clients’ funds. Since CoinTracking services can be used worldwide, there are no geological boundaries. Users can extract their tax returns for over 100 countries and more.
PIA: How has CoinTracking continued to grow in popularity over the past few years, and have you been affected by the pandemic?
BM: Thanks to the crypto hype in 2020 and 2021, CoinTracking has been very positively affected, although the pandemic is a threat to our economy.
Digital assets are growing in popularity, leading to an increased need for software solutions like CoinTracking. Nevertheless, CoinTracking has taken the necessary steps internally to prepare for the new circumstances and challenges.
PIA: What are the biggest cybersecurity threats to cryptocurrency, and how does CoinTracking address them?
BM: There are a lot of threats right now, and the whole crypto industry is trying to address these issues.
One of the main challenges is that many people don’t understand cryptocurrencies and how “decentralized currency” works. They are unable to secure important files and data regarding their wallets and exchange accounts.
These are common challenges faced by many newcomers. CoinTracking aims to lower barriers to entry for crypto investors. By guiding users with different educational options such as tax information, CoinTracking provides clarification. CoinTracking does not store any cryptocurrency, so there is no risk.
PIA: Online privacy is such a hot topic, especially when it comes to cryptocurrency, do individuals and businesses need a good VPN to protect their data and privacy?
BM: Of course, but not necessarily. A VPN is a great way to protect yourself from any digital harm. Most of the time, people cannot see what is happening in the background of their digital devices. Great caution is required for private activities such as internet transactions.
PIA: Is there anything else you would like to add regarding confidentiality and decentralization?
BM: Confidentiality and decentralization are wonderful aspects and must be protected no matter what.
But at the same time, it comes at a price, which people are not aware of. For example, when people send cryptocurrencies to the wrong address or get hacked, they have no central authority that could reimburse those losses. The money is gone. Decentralization is a double-edged sword.