Bitcoin went from $57,000 per coin to the low 40,000s because of Elon Musk. That is correct. The whole cryptocurrency market had a major correction with its top coin going down 33% because of one man.
Tesla made an announcement, which probably did not make too many Bitcoin credit card holders too happy. After previously accepting Bitcoin as a payment method, it would no longer be doing so for environmental reasons. Cardano immediately attempted to move in to fill the vacuum.
The fact that one man has the power to cause an entire market correction makes data integration more important than ever. The wise investor should consider using a cryptocurrency exchange that has a proper data integration system which begs the question, “What is data integration?”
Data Integration Defined
Data integration involves collecting big data from disparate sources to be aggregated into a unified view of the data. Data integration tools include business intelligence, data analytics, and data virtualization. A good data integration solution can maintain high data quality at a low cost in real-time without the need for a data warehouse or an ETL.
Data Integration and Crypto Credit Cards
This data integration process also has a major effect on crypto credit cards. That is is because this type of data has certain security concerns and there is a lot of codes being processed between merchants and customers. In order to manage all of this big data, crypto credit cards and cryptocurrency debit cards need to rely on data integration tools.
The advantage of crypto credit cards and cryptocurrency debit cards is the ease of use. Anyone who has ever tried to convert cryptocurrency into fiat currency, or fiat currency into cryptocurrency, or tried to transfer that crypto into crypto wallets understands the current limitations of crypto technology regarding security—24-word private keys, taking self-portraits with passports, strange numerical codes, installing an authenticator app, etc. The ability to be able to make crypto payments with the swipe of a credit card or debit card is a great time-saver for the user.
In addition to this ease of use is the advantage of crypto rewards. Swipe Visa, for example, allows cardholders to get 1-5% crypto back as crypto rewards. Gemini credit card also has lots of credit card rewards for Gemini cardholders.
Bitpay Mastercard, for example, is available to U.S. residents. There are no Bitcoin rewards with this particular crypto credit card. BlockFi Visa Card, however, does have Bitcoin rewards in that new cardholders can get free Bitcoin if they spend a certain amount.
Obviously, the security of customer information and customer data needs to be as much of a priority with crypto credit cards as with any type of credit card or debit card, perhaps more so. This is why the big data of cardholders cannot be left on the cloud as unstructured data without proper cloud data integration.
Rather, the raw data of the cardholders needs to go through the appropriate business processes so that it can move through the data pipelines to be aggregated into datasets. Otherwise, customer information, customer data, and any digital assets that the customer may own including cryptos and non-fungible tokens, may be vulnerable to hackers.
Data Integration and the Crypto Exchanges
This data integration process has a great impact on the crypto exchanges, whether we are talking about Gemini, Coinbase, Binance, etc. Data integration tools are an important component of their relational database because of the customer data integration factor. Customers need access to real-time data from different systems in order to have the business intelligence needed to time the market correctly so that they may make the best trades.
The truth is that high-performance investors need to protect themselves from whales like Elon Musk when one person can have the power to correct an entire market with a tweet. A cryptocurrency exchange that makes the proper integration efforts to provide investors with a real-time data integration system will give them a fighting chance against the whales.