Do a search on twitter for a new cryptocurrency token and you’ll often find people complaining that the price is not rising due to low trading volumes or lack of buyers. If you are in a crypto community and are marketing you want people to understand your mission.
There is no moon if people can’t see it.
How long has it taken various innovations to reach mass-adoption?
According to one study by Oxford University and Citi, it took the telephone 75 years and the radio 38 years. It was down to 13 years for the TV and just four for the web. Bitcoin has only been around since 2009.*
I see so many new cryptocurrencies or planned-forks of a coin try to push out their message or roadmaps on Twitter. When I read their white paper or roadmap, I’m often left wondering if they really want to bring in new blood. Why, the average Joe that is curious about cryptocurrency is unable to understand the technical jargon.
These average Joe’s and Jane’s are called speculators and they make up a big chunk of missing volume to new cryptocurrency.
Unless you’re a developer or into crypto for the technical advances, nobody wants to know about Universal Computation Off-chain application and data hosting.
THINK: Do you put liquid produced by the mammary glands of mammals containing Myristic saturated C14 12%, Palmitic saturated C16 31%, and Stearic saturated C18 in your coffee or cream?
Here’s an excerpt of a hard-to-read roadmap from a group that was trying to fork PrimeCoin.
Swaps also are slower (have higher latency) than centralized exchange trading because it can take minutes to initiate each step of a swap on-chain. As a result, a daily auction structure would likely improve user experience for a decentralized atomic swap service. This would operate similar to the Gemini daily auction for Bitcoin.
According to Dr Mark Kennedy, associate professor at Imperial College London, the key factors for getting to mass-adoption is:
You have to get past the developers own certainty that what they’ve created is just so much better than everything else,” he says. “It really comes down to the world’s collective assessment of whether that’s true or not.” And that means not only creating something that is definitively, unarguably better than what’s currently in the market – it means packaging it in such a way that consumers overcome the fears or uncertainty they feel. Unless the combination of those two things is compelling, people just stick with what they know.”
Read more on the science of mass adoption.
I like my coffee with cream. Market the best damn cream. Nobody wants to hear a technical manifesto.
*Satoshi Nakamoto’s paper Bitcoin: A Peer-to-Peer Electronic Cash System was written in 2008.