So, if you are wondering why was i even bothered to write about this then please understand this: No good idea should have to die because the public did not know any better.
I feel like it is my journalistic responsibility to report the truth and shun any taboos or myths around subjects. Good ideas need to be scrubbed off of the conspiratorial debitage. So, to understand the complex world of cryptos, we are focusing on all the factors that are holding it back from enormous change and global acceptance.
All thoughts on the subject must be rational. Thus, this post right here. It will help you make sense of it all.
No more naive responses like, ‘if it is that good, then why aren’t people using it?’ because people are. Businesses are adapting to it. More advanced consumers are demanding it. Critics are commenting. Thinkers are thinking. Professors and geniuses are liking it.
Cryptos are on a high. The road is heading to more upward trends, stability and happy hikes.
So, what is stopping it? Where is it lacking.
Okay, genuine questions, but hold that thought.
The success of any product that is sold to the end customer is based on to a simple phenomenon. It must do two things:
- Provide large social benefits.
- Add to the self importance of the customers. (This works internally.)
- Be popular enough for people to like it. (This works externally through external validation.)
While crypto currency may offer solutions to the under developed world, may be the answer to global debt crises, may control inflation rates, cut the middle man profits calling for a need for even better resource allocation and optimization and what not.
They will only become a gigantic and wholesome economy parallel to fiat currency if and when people will see (with their own eyes, physically) it making any changes and improving lives. This is true for customer segments that seek social benefits of any business idea. And, needless to say (but i still will), this is a long long long time taking process.
Cryptos will become a global success, when they grant customers internal happiness. This can be done by offering value addition to their lives, personalities and their lifestyles. Something that the attributes of cryptos already do. But, for this one to work, people must be aware of what it can do, to demand whatever it can and to benefit from it eventually.
This will be pivotal when the attributes become more widely attractive, via awareness and popularity. By celebrities, influencers and what not.
External validation is when you are buying something because it will make you look very hip and trendy in the eyes of the people you care about. When the association you have with an idea makes you feel self important or happier, the idea prospers.
Cryptos are good in this department too. They are fun, they are interesting, they are futuristic. It is savage to have cryptos.
So, what is stopping them? Time. It will take its due time. And it will be amazing there on. Actually it still is.
It is a way to be a rebel. And aren’t you a rebel!