Money and short-term thinking are a match made in hell, leading to spontaneous decisions that can cause great harm. With their Vault, Coinbase have a solution to this problem, slowing down decision-making with a few extra steps...
In the past few years, cryptocurrency has made a triumphant climb to the pinnacle of the economic system, or so some individuals would like to believe. While for many of us, it’s still an unknown, math-riddled world with strange jargon, cryptocurrency has been the entry point for an entire generation of new investors, enticed by the rapid gains and thrilled by the extreme financial rollercoaster.
Although there’s a fair share of cybersecurity risks to consider in this strange new world, investors are also not free of their own cognitive perils. Decisions taken in the heat of the moment sparked by fear, greed or confusion may bring about a trivial financial mishap or, at worst, a financial catastrophe that turns their world upside down.
To avert these tragic scenarios Coinbase, a leading cryptocurrency exchange platform, created a virtual “vault” to store your funds with additional security measures. To withdraw crypto coins from the “vault”, you require verification from 2 email addresses previously selected, as well as a 48h-hour waiting period before the transfer takes place.
This waiting period is not just an effective measure to prevent fraudulent withdrawals; it’s also a valid built-in mechanism to downplay the role cognitive biases have on investors’ decisions. With it, Coinbase minimises Present Bias and attempts to maximise a reflection period that may counter the risk of sudden, emotional decisions prevailing in investments (See Fast and Slow Thinking). Thus, both the waiting and the intentional friction induces you to reconsider a possible impulsive reaction to unfavourable market events.
Of course, the panic that compelled you to withdraw your hard-earned money - or what’s left of it - may persist after 48 hours, but at least you have some time to consider your options and reflect on your decision considering your long-term goals.
Create your crypto fellowship
There’s a minor behavioural detail that might go unnoticed in this mechanism: you can select two trusted associates to approve your withdrawal. Thus, we enhance our deep-rooted need for autonomy with these extra control measures.
If you want to further shield yourself against cognitive biases, brief your “crypto fellowship” about your long term financial plans. This way, they can urge you to reevaluate your decision if you attempt to withdraw before fulfilling your objectives.
This refreshing mechanism created by Coinbase is a behaviourally-robust way of not only preventing unauthorised withdrawals but also countering different cognitive biases that may hold many investors back from reaching their financial goals.
Safety
Avoiding Danger
Wait, and you shall be rewarded
Money and short-term thinking are a match made in hell, leading to spontaneous decisions that can cause great harm. With their Vault, Coinbase have a solution to this problem, slowing down decision-making with a few extra steps...
In the past few years, cryptocurrency has made a triumphant climb to the pinnacle of the economic system, or so some individuals would like to believe. While for many of us, it’s still an unknown, math-riddled world with strange jargon, cryptocurrency has been the entry point for an entire generation of new investors, enticed by the rapid gains and thrilled by the extreme financial rollercoaster.
Although there’s a fair share of cybersecurity risks to consider in this strange new world, investors are also not free of their own cognitive perils. Decisions taken in the heat of the moment sparked by fear, greed or confusion may bring about a trivial financial mishap or, at worst, a financial catastrophe that turns their world upside down.
To avert these tragic scenarios Coinbase, a leading cryptocurrency exchange platform, created a virtual “vault” to store your funds with additional security measures. To withdraw crypto coins from the “vault”, you require verification from 2 email addresses previously selected, as well as a 48h-hour waiting period before the transfer takes place.
This waiting period is not just an effective measure to prevent fraudulent withdrawals; it’s also a valid built-in mechanism to downplay the role cognitive biases have on investors’ decisions. With it, Coinbase minimises Present Bias and attempts to maximise a reflection period that may counter the risk of sudden, emotional decisions prevailing in investments (See Fast and Slow Thinking). Thus, both the waiting and the intentional friction induces you to reconsider a possible impulsive reaction to unfavourable market events.
Of course, the panic that compelled you to withdraw your hard-earned money - or what’s left of it - may persist after 48 hours, but at least you have some time to consider your options and reflect on your decision considering your long-term goals.
Create your crypto fellowship
There’s a minor behavioural detail that might go unnoticed in this mechanism: you can select two trusted associates to approve your withdrawal. Thus, we enhance our deep-rooted need for autonomy with these extra control measures.
If you want to further shield yourself against cognitive biases, brief your “crypto fellowship” about your long term financial plans. This way, they can urge you to reevaluate your decision if you attempt to withdraw before fulfilling your objectives.
This refreshing mechanism created by Coinbase is a behaviourally-robust way of not only preventing unauthorised withdrawals but also countering different cognitive biases that may hold many investors back from reaching their financial goals.
What’s a Rich Text element?
The rich text element allows y
ou to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
Static and dynamic content editing
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
How to customize formatting for each rich text
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
Safety
Avoiding Danger
Wait, and you shall be rewarded
Money and short-term thinking are a match made in hell, leading to spontaneous decisions that can cause great harm. With their Vault, Coinbase have a solution to this problem, slowing down decision-making with a few extra steps...
In the past few years, cryptocurrency has made a triumphant climb to the pinnacle of the economic system, or so some individuals would like to believe. While for many of us, it’s still an unknown, math-riddled world with strange jargon, cryptocurrency has been the entry point for an entire generation of new investors, enticed by the rapid gains and thrilled by the extreme financial rollercoaster.
Although there’s a fair share of cybersecurity risks to consider in this strange new world, investors are also not free of their own cognitive perils. Decisions taken in the heat of the moment sparked by fear, greed or confusion may bring about a trivial financial mishap or, at worst, a financial catastrophe that turns their world upside down.
To avert these tragic scenarios Coinbase, a leading cryptocurrency exchange platform, created a virtual “vault” to store your funds with additional security measures. To withdraw crypto coins from the “vault”, you require verification from 2 email addresses previously selected, as well as a 48h-hour waiting period before the transfer takes place.
This waiting period is not just an effective measure to prevent fraudulent withdrawals; it’s also a valid built-in mechanism to downplay the role cognitive biases have on investors’ decisions. With it, Coinbase minimises Present Bias and attempts to maximise a reflection period that may counter the risk of sudden, emotional decisions prevailing in investments (See Fast and Slow Thinking). Thus, both the waiting and the intentional friction induces you to reconsider a possible impulsive reaction to unfavourable market events.
Of course, the panic that compelled you to withdraw your hard-earned money - or what’s left of it - may persist after 48 hours, but at least you have some time to consider your options and reflect on your decision considering your long-term goals.
Create your crypto fellowship
There’s a minor behavioural detail that might go unnoticed in this mechanism: you can select two trusted associates to approve your withdrawal. Thus, we enhance our deep-rooted need for autonomy with these extra control measures.
If you want to further shield yourself against cognitive biases, brief your “crypto fellowship” about your long term financial plans. This way, they can urge you to reevaluate your decision if you attempt to withdraw before fulfilling your objectives.
This refreshing mechanism created by Coinbase is a behaviourally-robust way of not only preventing unauthorised withdrawals but also countering different cognitive biases that may hold many investors back from reaching their financial goals.
What’s a Rich Text element?
The rich text element allows y
ou to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
Static and dynamic content editing
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
How to customize formatting for each rich text
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
By making abstract facts more relatable and personal, we create a powerful opportunity to change perceptions and behaviour. This campaign is a great example.
Surfacing quantifiable data can be a powerful driver of behaviour, but it can also cause stress, comparison and feelings of inadequacy. Instagram understand this and now offer a way to avoid such discomfort. Just how does it work at a behavioural level?
How a historic Belgian city reduced rates of public urination step by step with a creative use of behavioural science...and a lot of yellow spray paint
In celebrating that moment when our past losses becomes eventual gains, Budweiser's clever self-expression strategy can't help but bring us closer emotionally during times of physical distance...
A new part of Coglode where you can read stories about how combinations of behavioural insights are used to make new and better experiences in the real world.
How UK supermarket Tesco provide a little extra information on sold out products to turn the dread of losing out into a reassuring future event we look forward to
