Interview With Berken Menges – CoinTracking
PIA spoke with Berken Menges, Marketing Manager 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 in the market, with 1.2 million users.
CoinTracking emerged from the need for investors to track their transactions from several centralized and decentralized exchanges. With CoinTracking, investors can easily track their crypto portfolios.
CoinTracking has by far the most possibilities concerning the number of exchanges while having the option to create tax reports based on imported trades.
Additionally, CoinTracking can serve individual investors and corporate users like CPAs, funds, and more.
PIA: Is CoinTracking right for everyone? Who is your ideal user base?
BM: As mentioned before, the user base can be split into two sections: Individuals and corporates. Individuals would be the average hodler or a heavy trader. Depending on their transaction volume and other metrics, the users can choose their pricing plan at CoinTracking.
Corporates can be CPAs, funds, or other companies that wish 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. The users can extract their tax reports for more than 100 countries and counting.
PIA: How has CoinTracking continued to grow in popularity over the past few years, and were you affected by the pandemic?
BM: Thanks to the crypto hype in 2020 and 2021, CoinTracking has been very positively affected, despite the pandemic being a threat to our economy.
Digital assets have been growing in popularity resulting in a higher need for software solutions like CoinTracking. Nevertheless, CoinTracking took the required actions internally to be prepared for new circumstances and challenges.
PIA: What are the biggest cybersecurity threats with regard to cryptocurrency, and how does CoinTracking deal with them?
BM: There are a lot of threats right now, and the whole crypto industry is trying to address those problems.
One of the key challenges is that a lot of people don’t understand cryptocurrencies and how “decentralized money” works. They are unable to secure important files and data regarding their wallets and exchange accounts.
These are common challenges that a lot of newcomers face. CoinTracking aims to lower the entry hurdles for crypto investors. By guiding the users with different educational options like tax info, CoinTracking provides clarification. CoinTracking doesn’t store any cryptocurrencies, so there is no risk.
PIA: Online privacy is such a hot-button topic, especially when it comes to cryptocurrency, do individuals and companies need a good VPN to protect their data and privacy?
BM: Sure, but not necessarily. A VPN is a great way to protect yourself from any digital harm. Most of the time, people aren’t able to see what’s happening in the background of their digital devices. Great caution is necessary for private activities such as transactions on the internet.
PIA: Is there anything else you’d like to add about privacy and decentralization?
BM: Privacy and decentralization are wonderful aspects and should be protected no matter what.
But at the same time, it comes with a price, which people aren’t aware of. For example, when people send cryptocurrencies to the wrong address or get hacked, they don’t have any central authority that could refund those losses. The money is gone. Decentralization is a double-edged knife.