The world is not new to the idea of new inventions. Some cause harm, some cause relief. Which one of it is cryptocurrency?
From the discovery of the wheel, human civilization has come a long, long way. Human beings have become highly resourceful (in fulfilling needs that have no intrinsic value), super independent (greatly dependent on tech) and fairly sophisticated (still need law and enforcement to maintain public morality).
It was not one, not two or not three inventions and discoveries that helped the human society evolve into what it is today. It took a bunch of thousands. New inventions shape human history (if they are good enough). We know for an open secret that the internet did some amazing things (also raised 4934802402482 x ∞ other safety, sanity and security issues).
It is now the testing time for cryptos. Cryptos are a small invention facing many critics, several implications and a lot of possibilities. Every technology sees a make or break phase in its development. The young time of it right now, is the cryptos make or break.
Adoption is everything.
Products targeted at other businesses, say a manufacturer will sell on their value to the manufacturer (client). This means if person x can make $2 off of your product, your product will sell. If your friend offers lesser price of the same product then person x may buy from them, because any producer likes to make more money.
Also, if your friend offers better quality, traits or service, then too some businesses are likely to but from them, not you. This means some businesses buy products based on the value of the item.
Thus, businesses buy products based on the value addition or profit it may cause to their own product.
Technology targeted at businesses succeeds either when:
- Its cheap and it helps them save costs or make more profits
- It causes their brand or business image to improve, helping them make more profits by increasing price or perceived value if their products
- People will drop their product, sales would cease, if they did not make the shift.
The last one happens when a business resists change, the awareness and knowledge of the possibility of such a change becomes popular among their customers, and failure to adopt change may mean redundation or loss.
This fear of being left behind has helped businesses change their visions. Businesses who may initially have loathed the idea of the internet, today sell on it. Or businesses whose owners could have been racists and violent today operate in decent manners. Other improvements include ideas such as being Cruelty Free or Fair Trade or using any state of the art tech for that matter.
So if cryptos are to appeal to the businesses and adoption from them is required, one of the following must be activated:
- Profit centers and cost savings through cryptos
- Quality improvements, branding opportunities through crypto usage
- Customer awareness on the subject
If the 1800+ organisations in the community are able to pull one (or all of this off), with the right marketing, cryptocurrencies will be unstoppable.
Are you Lit?