Communication and Control in Cryptocurrency Trading Platforms

This essay examines service quality within the context of a cryptocurrency trading platform, specifically focusing on Binance. It begins by providing an overview of cryptocurrency, its exchange platforms, and the Binance ecosystem, highlighting key features and services. The core of the essay centers on applying a service quality model to identify and analyze four potential gaps that can affect service delivery: the difference between consumer expectations and management perceptions, the discrepancy between management perceptions and service quality specifications, the gap between service specifications and actual service delivery, and the difference between the delivered service and external communications. For each gap, the essay explores contributing factors and proposes strategies to minimize them, emphasizing the importance of clear communication, strong teamwork, and a customer-centric approach. The conclusion underscores the significance of addressing these gaps to ensure customer satisfaction and maintain a competitive edge in the cryptocurrency trading market.

Running Head: CRYPTOCURRENCY TRADING PLATFORM
Communication and Control Process in delivery of Service Quality
Name of the Student
Job Title
Company Name
Date: xx/xx/xxxx
Author Note

1CRYPTOCURRENCY TRADING PLATFORM
Introduction
Biance is an online based platform that facilitates the exchange of cryptocurrency through
its online website as well as mobile application1. This organization is very easy to interact and
available 24/7 for its support. The most important aspect of this type of organization is the
quality of services it provides as these are very much sensitive and vulnerable on the online
platform.
We will discuss the situation related to my work that is about the platform of
cryptocurrency named as Biance, the four service quality gaps that may occur while providing
services of exchanges and the ways to close the gaps.
Situation
The situation related to my work is the area of cryptocurrency and the platform which
contains its exchange facilities. Firstly, the idea of cryptocurrency must be clear, hence
cryptocurrency is described as the digital asset that is used as a medium of exchange for the
purposes of financial aspects, verification of the assets that are being transferred and finally for
controlling the excess creation of units2. They are basically online based currency and the
exchange only takes place in online platform. The control used by cryptocurrency is
1 Binance. Bitcoin Exchange | Cryptocurrency Exchange | Binance. [online] Available at:
https://www.binance.com/en. 2019
2 I. Bentov, et al. "Tesseract: Real-time cryptocurrency exchange using trusted hardware."
Proceedings of the 2019 ACM SIGSAC Conference on Computer and Communications
Security. ACM, 2019.

2CRYPTOCURRENCY TRADING PLATFORM
decentralised which is totally opposite to the digital currency that is centralised and banking
system.
There exits some cryptocurrencies and one of the famous is the Bitcoin that has been
considered to be most popular and valuable. It was launched in 2009 and by 2019 its value raised
to $165 billion and its present quantity is nearly over 18 million in the online platform.
The platform of cryptocurrency exchange allows the traders to trade their products or
services through these cryptocurrencies as digital currencies. This concept of exchanging
cryptocurrency can be seen in two ways one is the modern way of online system and other one is
the brick and morter system3. The later one is the simplest form of exchanging cryptocurrency
and by the methods of traditional way. However, the prior one is the most values way and this
generally operates outer to the western countries to avoid the rules and regulations.
The considered platform for the cryptocurrency exchange is the Binance, this platform
has the basic aim of use, trade and store. The ecosystem of Biance is powered by BNB where
BNB is the native coin of Binance. The variable use cases of the BNB are payment of the
exchanges that takes place in Binance, enhances the transaction on Binance, payment in the
stores and unlimited uses. This platform is available in mobile with its legitimate application
both for iOS and Android, the desktop version is also available for windows and MacOS4. One
3 E. Kazan, C. W. Tan and E. T. Lim, Value Creation in Cryptocurrency Networks:
Towards A Taxonomy of Digital Business Models for Bitcoin Companies. In PACIS,
2015 (p. 34).
4 S. Corbet, B. Lucey, A. Urquhart, and L. Yarovaya, Cryptocurrencies as a financial
asset: A systematic analysis. International Review of Financial Analysis, 2019, 62, 182-
199.

3CRYPTOCURRENCY TRADING PLATFORM
interesting aspect of this platform is that it is also available in APIs, therefore, trading application
can get connected to it the platform with greater ease and efficiency.
The services of this platform is very efficient, the Fiat gateway of Binance allows anyone
to easily buy Bitcoin in exchange of cash, even credit card can be used to buy the
cryptocurrency, it allows easy conversion of the US dollar or Euro to stablecoins and even back
to cash too. The cryptocurrencies that this platform offers start from BNB, BTC that is Bitcoin,
ETH that is Ethereum, BCH that is Bitcoin Cash, XRP that is Ripple, LTC that is Litecoin and
many more5. This platform basically provides a varied range of services that takes place in the
online trading business. The clients of this platforms are the investors of the crypto assets.
The platform’s concern is always attached with the safety of the client’s assets. The
responsibility of the IT experts of the maintenance of the platform is to keep the platform safe
from the hackers and regulars check are conducted so that risks can be avoided and mitigated if
urgency comes 6. Another demand of the client is the liquidity of the assets. The availability of
huge range of trading options that are discussed above make the platform more efficient for the
clients, the platform offers registration to the new clients and easy log-in into the accounts of the
existing clients. The platform is available to all and its customer support is available 24*7, just in
one call support. Also, the products of the platform are all of top notch quality as compared to
any other platform. Hence, it has kept its client’s experiences of high quality.
5 P. McCorry, M. Möser, and S. T. Ali, Why Preventing a Cryptocurrency Exchange Heist
Isn’t Good Enough. In Cambridge International Workshop on Security Protocols 2018,
(pp. 225-233).
6 C. Y. Kim and K. Lee, Risk management to cryptocurrency exchange and investors
guidelines to prevent potential threats. In 2018 International Conference on Platform
Technology and Service (PlatCon), 2018 , (pp. 1-6).

4CRYPTOCURRENCY TRADING PLATFORM
Service Quality Gaps
The platform of the cryptocurrency exchange Binance is all about delivering best quality
service to its customer and providing best experiences for them that assures the retaining of the
customers. The service organizations have the only goal to provide greater service quality that is
consistent and profitable for the organization too. The idea of providing good quality product is
expected by the customers with tangible quality of products and services with high precision
level. The quality of product does not only depend at the time of manufacturing of it rather the
after attendance of services to product7. The service is always related to the performance not the
material. Also, the services cannot be tested, counted, verified or inventoried. The quality of the
services is based on the interaction of the service provider and the client. However, there always
exists gaps in the quality of the service from the service provider’s side that can affect the
delivered service or the product and those are:
 Difference in the perception of the specifications of service quality and expectation
of the client- The difficulty in attempting the expectation of the customer by the
managers of business. The difference in the perception of consumer and the manager
lies due to the existence of market condition, orientation of the profits, indifferences in
the management and resource constraints. Hence, the actual specification and the
services differ. The size that is proposed to this gap are the goal setting, feasibility in
the perception, quality of the services and task standardization8. The related variables of
7 V. A. Zeithaml, L. L.Berry and A. Parasuraman, Communication and control processes
in the delivery of service quality. Journal of marketing, 1988, 52(2), 35-48.
8 F. Franceschini and L. Mastrogiacomo, Service gap deployment: A framework to link
quality gaps to service activities. International Journal of Services and Operations
Management, 2018, 29(1), 85-99.

5CRYPTOCURRENCY TRADING PLATFORM
the constructs discussed prior are actual existence of the quality setting process,
specification meeting system for meeting the expectation of the consumer, conduction
of internal programs that controls the quality of the resources and standardizing the
technologies as per the two variant that is hard and soft respectively.
 Difference in the delivered service and the proposed service to the client at prior
time- This gap is created through the incorrect communication of the firm and external
communication like advertising. The missing in the information of the delivery of the
services can generate a great confusion to the customer and can alter the perception of
the customer about the quality of the services9. The gape size can be effected by two
factor and those are overpromising and the other one is the horizontal communication.
The aspect of overpromising occurs in any service sector is due to the increased
competition among the same sector10. Certain companies get pressurised to compete
within its market hence overpromising to the customers which is not possible in actual
practice and this is directly proportional to the size of the company. The next one is the
horizontal communication, this occurs as the communication within the departments of
the company. The communication between all the departments must be targeting to
achieve a common goal, otherwise the coordination will lead to the failure of target
achievement.
9 J. A. N. A. Koers, V. A. N. E. S. S. A. Lellek, T. O. R. B. E. N. Bernhold and Y. Lamis,
Visualization of services: Closing expectations gaps and increasing service quality. In
24ème conférence internationale du RESER. 2014.
10 S. C. Tseng and S. W. Hung, A framework identifying the gaps between customers'
expectations and their perceptions in green products. Journal of cleaner production,
2013, 59, 174-184.

6CRYPTOCURRENCY TRADING PLATFORM
 Difference in the perception of the consumer expectation by the management and
the actual expectation of the consumer- The executive of the firms may not always
have the clear idea of the demands and expectation of the consumer. The attributes may
not be clear to the executive which are required to meet the expectation of the consumer
and delivery of the quality services to them11. The services that have the tangible cues
result in the formation of the gap of the expectation of the consumer and the
expectation that the manager thinks of the consumer. This has been reflected as huge as
compared to the other gaps12. The size of this gap is stated to be upward
communication, research orientation of marketing and management levels. The variable
of these constructs are as follows the communication between the manager and the
employee, inputs of the contact person, the interaction quality of the contact person and
the manager, the variable of the research orientation of the marketing department is the
quantity of the research done, level of focus on the issues of the service quality during
research, the use of the research, direct communication of the customer and the
manages and lastly the in between layers of the top managers and the contact person.
 Difference in the actual quality of the service and the specifications of the service
quality- This gap is the difference in the actual delivery and the service specifications.
This occurs due to not matching to the level of services as decided earlier by the
11 P. Harding, and C. Johnson, Mastering Securities Lending Documentation: A Practical
Guide to the Main European and US Master Securities Lending Agreements. Pearson
UK. 2013.
12 P. A. Dabholkar, How to improve perceived service quality by increasing customer
participation. In Proceedings of the 1990 academy of marketing science (AMS) annual
conference, 2015, (pp. 483-487).

7CRYPTOCURRENCY TRADING PLATFORM
management of the business13. The constructs of this gap are as follows employee job
fit- that is the employee is capable of doing the job, effectiveness and importance of the
processes of the overall selection. Teamwork- the effective communication between the
employees and the manager, taking responsibility of the works in a team. Role conflict-
the conflict of the expectations of the organization and the customer must be perceived
with the policies of the organization laid out for them14. Perceived control- employees
must have the control of their job and can easily predict the demand of the customers.
Role ambiguity- channelled communication with every personnel and receive the
proper feedback, the level of confidence with the knowledge of product, training
focusing on particular product and providing communication skill training to the
contact persons.
Closing the Gaps
The four identified gaps in the prior part for any service providing business or company
is needed to be closed at the faster rate possible. For the undertaken organization, that is the
online platform for cryptocurrency exchange, Biance, it provides variable services to its
customers that have been discussed earlier.
All the four gaps can be minimized by firstly documenting the actual requirements from
the customer and then providing all the necessary services to the customer. As the platform of
13 M. Moghaddam and J. G.Davis, Service selection in web service composition: A
comparative review of existing approaches. In Web Services Foundations, 2014, (pp.
321-346).
14 R. Felix, Service quality and customer satisfaction in selected banks in Rwanda. Journal
of Business & Financial Affairs, 2017, 6(1), 246-256.

8CRYPTOCURRENCY TRADING PLATFORM
cryptocurrency exchange deals with highly important information of the customers, hence they
expect very secretive and protected as well as customized services from Biance. The
organization must set out the services to the customer with proper mail and update all the details
to their account in their online website and at the time of delivery all the proposed services must
be compared and then presented to the customers15. The expectation of the customer and the
management must stay clear from the beginning only, it can be achieved through proper
interaction between them as the platform is totally online based and there exist high security
threats from the hacker and attackers. The exchange rates, the availability of different trading and
sharing ways. The customers must be addressed with the specification of the service quality prior
to providing the actual service, so that no difference can occur after delivery of the services16.
This will require the strong teamwork, good communication between the top managers and the
other employees that work behind the website to provide high quality services to its customers
instantly.
Conclusion
It can be concluded that Biance, the online platform for exchange of cryptocurrency is an
efficient place to take their services for the purpose of availing cryptocurrency trading facilities.
This platform provides a varied range of cryptocurrencies and most famously the Bitcoin. This
15 H. Kevoe-Feldman, Closing the gap in customer service encounters: Customers’ use of
upshot formulations to manage service responses. Pragmatics and Society, 2015,6(1), 67-
88.
16 B. E Asogwa, B. U. Asadu, J. U. Ezema, and F. C. Ugwuanyi, Use of ServQUAL in the
evaluation of service quality of academic libraries in developing countries. Library
Philosophy and Practice, 0_1. 2014

9CRYPTOCURRENCY TRADING PLATFORM
platform is accessible through the various operation system and not limited to web only, it is
available on the androids too. This platform is considered to be safe as it is maintained by
experience IT experts and the crypto assets of investors are kept with highest priority of security.
The gaps that have been discussed are common to occur in any service sector provider. Hence,
the chances of occurring of the gaps in this organization is also common, to close the gaps proper
steps have been discussed such as proper documentation of the services provided to the
customers and stating all the details related to the services to the customers at the time of
registration only.

10CRYPTOCURRENCY TRADING PLATFORM
Reference
Asogwa, B. E., Asadu, B. U., Ezema, J. U., and Ugwuanyi, F. C. Use of ServQUAL in the
evaluation of service quality of academic libraries in developing countries. Library Philosophy
and Practice, 0_1. 2014
Bentov, I. et al. "Tesseract: Real-time cryptocurrency exchange using trusted hardware."
Proceedings of the 2019 ACM SIGSAC Conference on Computer and Communications Security.
ACM, 2019.
Binance. Bitcoin Exchange | Cryptocurrency Exchange | Binance. [online] Available at:
https://www.binance.com/en . 2019
Corbet, S., Lucey, B., Urquhart, A., and Yarovaya, L. Cryptocurrencies as a financial asset: A
systematic analysis. International Review of Financial Analysis, 2019,62, 182-199.
Dabholkar, P. A. How to improve perceived service quality by increasing customer participation.
In Proceedings of the 1990 academy of marketing science (AMS) annual conference, 2015, (pp.
483-487).
Felix, R. Service quality and customer satisfaction in selected banks in Rwanda. Journal of
Business & Financial Affairs, 2017, 6(1), 246-256.
Franceschini, F., and Mastrogiacomo, L. Service gap deployment: A framework to link quality
gaps to service activities. International Journal of Services and Operations Management, 2018,
29(1), 85-99.
Harding, P., and Johnson, C. Mastering Securities Lending Documentation: A Practical Guide to
the Main European and US Master Securities Lending Agreements. Pearson UK. 2013.
Kazan, E., Tan, C. W., and Lim, E. T. (). Value Creation in Cryptocurrency Networks: Towards
A Taxonomy of Digital Business Models for Bitcoin Companies. In PACIS, 2015 (p. 34).

11CRYPTOCURRENCY TRADING PLATFORM
Kevoe-Feldman, H. Closing the gap in customer service encounters: Customers’ use of upshot
formulations to manage service responses. Pragmatics and Society, 2015,6(1), 67-88.
Kim, C. Y., and Lee, K. Risk management to cryptocurrency exchange and investors guidelines
to prevent potential threats. In 2018 International Conference on Platform Technology and
Service (PlatCon), 2018 , (pp. 1-6).
Koers, J. A. N. A., Lellek, V. A. N. E. S. S. A., Bernhold, T. O. R. B. E. N., and Lamis, Y.
Visualization of services: Closing expectations gaps and increasing service quality. In 24ème
conférence internationale du RESER. 2014.
McCorry, P., Möser, M., and Ali, S. T.Why Preventing a Cryptocurrency Exchange Heist Isn’t
Good Enough. In Cambridge International Workshop on Security Protocols 2018, (pp. 225-233).
Moghaddam, M., and Davis, J. G. Service selection in web service composition: A comparative
review of existing approaches. In Web Services Foundations, 2014, (pp. 321-346).
Tseng, S. C., and Hung, S. W. A framework identifying the gaps between customers'
expectations and their perceptions in green products. Journal of cleaner production, 2013, 59,
174-184.
Zeithaml, V. A., Berry, L. L., and Parasuraman, A. Communication and control processes in the
delivery of service quality. Journal of marketing, 1988, 52(2), 35-48.