Cryptocurrency is revolutionary and ambitious. It aims to be the next money. The market-first digital asset Bitcoin was introduced more than a decade ago. There are over 2,000 cryptocurrencies in existence. But their adoption rate is still less than 1% of the global population. As a marketer, I think cryptocurrencies need new marketing to accelerate their adoption. Andreas Antonopoulos’ five pillars of open blockchains:
(1) open (2) borderless (3) neutral (4) censorship-resistant (5) public.
It is an insightful and impeccable exposition. But from the perspective of marketing, it has a problem. Laymen can hardly understand it. Its target audiences are limited to engineers and tech enthusiasts. Advertising assembles business, while innovation fabricates items. Engineers make specialized ‘highlights.’ Advertisers re-characterize their qualities by zeroing in on client ‘benefits.’
Making incentives of digital money to convince general clients is difficult. Digital currency is a drastically new idea. Understanding it requires information about the historical backdrop of cash and the Web. Besides, Andreas attests cash is correspondence and is essential for basic freedoms. As legislatures in the long run concurred with isolating church and state, individuals will comprehend the reason why we ought to isolate cash and state in thirty to fifty years. Yet, promoting is for the time being. It ought to drive reception by the present clients. In my opinion, each satisfied humans’ ambition to be richer than now. Much much richer. Users could find the potential for the ‘explosive’ growth of their economy and personal wealth.
How about cryptocurrency? Does it also provide a new opportunity to take us to the next level on the wealth scale?
At first glance, cryptocurrency seems to try to shrink the size of our economy, taking down the scale of transactions to peer-to-peer. It looks more interested in ownership than making money. Simply put, it’s ideological rather than practical. Furthermore, its praise for the removal of intermediaries is a tall barrier for mass adoption. Does cryptocurrency have any features to motivate users to adopt it as the next money?