Jacky Goh of Rewards Bunny On The 5 Things That Can Be Done To Improve and Reform The Cryptocurrency Industry
Education is key, too. We need to create a bridge for new crypto users–an education hub or a similar place allowing them to learn crypto knowledge easily, and helping them understand and use crypto in their daily lives. Again, having a community that helps each other learn about new tokens or the tokens they want to invest in now will help speed up the learning process.
As part of my series about the “5 Things That Can Be Done To Improve and Reform The Cryptocurrency Industry” I had the pleasure of interviewing Jacky Goh.
A serial entrepreneur and an avid gamer, Jacky Goh has spent his entire life immersed in the digital arena. Always poised for a new adventure, Jacky’s interest in developing new experiences for gamers was a key motivating factor to start DinoMao, the first online claw machine gaming app for the Southeast Asian region and recognized in the Best Game category by AppsUp 2020. With that success in hand and understanding that people are engaged when connected with a purpose, Jacky founded Rewards Bunny, a cash-back platform that rewards users for their online purchases in crypto or USD by simply shopping on the platform with major online retailers.
Thank you so much for doing this with us! Our readers would love to “get to know you” a bit more. Can you tell us a bit about your “backstory”?
Before I started Rewards Bunny, I never thought I would have created a company in the crypto space. Most of the time, I would always try to figure things out on my own, trying to solve problems in the real world, and I wouldn’t stop until I solved them. As I got invested more and more into crypto, I realized that it is challenging to spend and earn crypto due to specific regulations and restrictions around the world. This inspired me to tackle these challenges in order to help those around me! And, of course, it eventually led me to start Rewards Bunny, which helps you earn and spend crypto easily.
Can you tell us the story of how you got first involved in blockchain and the cryptocurrency industry?
I was first involved in blockchain when I started trading crypto back in 2017 as a hobby. I was then beginning to understand the market as a whole. Fast forward to early 2020, when both my co-founder and I were venturing into decentralized finance in order to buy tokens that had yet to launch on crypto exchanges. We started investing in new tokens, and we both lost a lot of money due to our lack of experience, either through scams or because the project was just lousy to begin with! So I started a community on Telegram to discuss new token launches. This eventually led to more opportunities as we researched and shared our findings. We even have some members who are now quitting their jobs and going full-time into crypto after a few months. The whole community is understanding the space a lot better.
None of us can achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
That person would be my fiancée. She has always cheered me on despite the ups and downs of this journey. It’s never easy for anyone to date an entrepreneur as there are so many uncertainties constantly surrounding us — be it in our schedule or changes in the business, or even just understanding what we do. But she always believed in me, even when I didn’t, to be completely honest! So I agree with you that it’s really important to have someone supportive by your side when building and running a business.
Can you share a story of a time when things went south for you? What kept you going and helped you to overcome those times?
There was a time when things weren’t going well for us. We were having constant bot attacks on our social media channels, and the whole crypto market was going down as well. Fortunately, we have a great team supporting each other and grinding together to deliver our milestones, and get us to where we are now.
In your experience, what are the top strategies that blockchain companies should consider to have a stronger competitive edge?
I would say the best strategy is to collaborate with other companies that can complement yours. When you have a strong network of companies working together and supporting each other, you will definitely go far. It’s that old proverb: if you want to go fast, go alone; if you want to go far, go together. We have worked with a few companies behind the scenes, sharing tips and finding ways to market our companies together.
What are the 3 things that most excite you about the blockchain industry in general? Why?
Community is number one. Some crypto communities have the nicest people! They’ve built communities where industry veterans help newer members understand more about crypto and what to look out for.
Decentralization is second. I love the fact that blockchain is decentralized. This makes it open to anyone to use without going through a third party or middlemen–which, in turn, makes facilitating transactions a lot simpler and faster, which then allows transactions to be processed within seconds.
Third is Innovation. With the introduction of blockchain, innovations in the world have been moving at light speed. With Facebook changing its name to Meta, we can expect a lot more changes in the upcoming years. Who knows? We may be spending most of our time living in the Metaverse in the future.
What are the 3 things that worry you about the blockchain industry? Why?
Regulation is definitely the first here. Although El Salvador just adopted bitcoin as their legal tender, regulations on cryptocurrencies are still largely unclear for the rest of the world. With clearer regulations to provide transparency to the cryptocurrency space, nations will benefit from the results of innovations. Hopefully we’ll get them soon.
Environmental impact is second. With bitcoin’s proof-of-work protocol, transactions are still being processed using bitcoin mining, which consumes lots of electricity. I think it’s a good thing that more companies are adopting clean energy models, which would lessen the impact on the environment. Also, some crypto platforms are moving to less energy consuming protocols, like proof-of-stake.
Adaptability is the final worry. With so many different cryptocurrencies out there being traded on their own blockchain networks, it may be hard for a new user to adapt to a new network, to move assets around as well as across networks. The complexity of different requirements across different platforms and ecosystems makes things less accessible. Hopefully we see more improvement in this area soon.
Ok, thank you for all of that. Here is the main question of our interview. Can you please share “5 Things That Can Be Done To Improve and Reform The Cryptocurrency Industry”? If you can please share a story or example for each.
Adaptability again! How successful a cryptocurrency is depends on how easy it is to use and/or how many people are using it. As long as more people start to use or adopt crypto into their systems, the network effects generated from such use will be enormous and beneficial to crypto as a whole.
We also need better regulations, as I stated earlier. If there were specific protocols or regulations to regulate the crypto industry, it would lessen the number of scams and hacks that are happening around the world. As the world is still new to crypto, having clear measures in place will improve the ecosystem and make it a safer place for everyone.
Security is also important and has been the talk of the town since the early days of crypto. Due to the decentralized nature of crypto, more should be done to protect the networks and users from bad actors. With stronger security and assurance, confidence will grow, whether in past victims or new users.
Education is key, too. We need to create a bridge for new crypto users–an education hub or a similar place allowing them to learn crypto knowledge easily, and helping them understand and use crypto in their daily lives. Again, having a community that helps each other learn about new tokens or the tokens they want to invest in now will help speed up the learning process.
Finally, ease of use needs to get better. Right now it is still fairly challenging to earn and spend crypto. Users have to use different exchanges or other methods to earn or spend crypto easily. We created Rewards Bunny to make this process simpler but more needs to be done.
How have you used your success to bring goodness to the world? Can you share a story?
Throughout our journey in the crypto space, we’ve come to realize that having good financial knowledge will help bring goodness to the world. For example, people have been missing out on the free money they could earn from cashback rewards. With the integration of crypto, they can (possibly) earn cashback that is worth even more than what they have purchased. We have a story about a dropshipping business owner having better margins, after using our platform to source for his products. Just by adding another step to his usual process, he managed to increase his profit margins by 30%, which is huge, obviously!
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
I would say my favorite quote would be, “How bad can it be?” You know, a lot of times in our lives, we allow something that just happens to affect us negatively or drastically. It’s important to take a step back, take a deep breath, look at the big picture, and ask yourself how bad can this issue be? It’s probably not as bad as you think. If you can solve it or allow the problem to go away after some time, it’s not so bad after all. Even if you fail, you can always get back up, grind your way through and opportunities may come knocking on your door very soon.
How can our readers further follow your work online?
You can find out more about me on Twitter, LinkedIn, or chatting with the community on our Telegram group.
Thank you so much for this. This was very enlightening!
