What is holding crypto back?
When I ask that question, I am not talking about price, I am talking about adoption. I am talking about what is stopping crypto such as Bitcoin, Ethereum, and Dai from being just as widely held and used as gold, cash, and other instruments. To get started with this thought experiment, think about a crypto skeptic you know or even yourself before you got started on your crypto journey. What questions do these people often have? In my mind the questions/thoughts I hear the most revolve around two topics: security and utility.
Security – Is it safe? Won’t some hacker take my money? Isn’t it all just some computer program? Aren’t there a lot of scams?
Utility – What does it do? Why is it better? Isn’t what we have already working? How does it even work?
What do all of these questions have in common? A lack of knowledge, but no fault. These are fair questions and concerns. I believe when you learn more about crypto you see the growing use and improvements over current systems. But overall we have a lot to do to change minds and make crypto more mainstream.
How can the crypto community help improve this?
1. Educate – It is our responsibility to answer questions, be patient, and help new and curious users as often as we can. Everyone starting out has something to learn and everyone on the crypto journey has something to teach.
We can make it easier by connecting users to products and showing their use. For example, we could compare the Fold app to a rewards program, but instead of airline miles, you get free Bitcoin. Or we could showcase how Enjin coin could be used to purchase and trade items in game. Or we could demonstrate staking rewards and how they might compare to interest on a savings account. Or we could discuss the pros and cons of different wallets and exchanges. We should not shy away from this responsibility.
2. Act in the best interest of the community – To improve the perception of the crypto community, individuals, companies, foundations, and others have a responsibility to take actions to support the community as a whole. A bad experience, a greedy ICO, or a high fee are enough to scare away a great deal of users. Small steps and small improvements will lead to more progress.
3. Support existing success stories and support new ideas – Competition can be healthy or competition can be a blood sport where none survive. Users can improve a product through their feedback and use of a product, so I believe it is important to explore new products and try to learn as much as possible about competitors. Some see a winner take all approach when comparing Tether and Dai or Tron and Ethereum for example, but both may have their merits. We should not close ourselves off or we may isolate the entire crypto community. It is important to recognize that multiple projects and coins may have benefits, just as when you are cooking you don’t use the same spice for every meal.
4. Easier on-boarding – Think for a moment about your first or most recent experience signing up for a crypto exchange. Was it easy? Was it fast? Making it easier for new users to join, buy, stake, trade, etc will help the community grow.
I think there is always room for improvement and working to improve the crypto community will help it grow. Please comment below with any thoughts or feedback you have. What are you doing to help the community?
I appreciate you all and this great community.
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Thank you for reading!
