Well, there are some crowdfunding campaings based on cryptocurrencies but that is still rare. With crowdfunding people try to collect certain amount of money and cryptocurrencies are volatile so that makes it hardee because at the end you might miss some funds. Also, cryptocurrencies are still not great deal regulated so that is another issue. With time that might change but until then majority of crowdfunding will be still based on fiat.
Crowdfunding in general is a dogshit, when crypto becomes a prominent medium for crowdfunding, trust me a lot of scammers will flock to that hype, there will be legitimate but they will be so rare that many will soon label and generalize crypto crowdfunding as a scam like any other crowdfunding out there. The only chance that a crowdfunding will work is when there is a prominent figure backing the project and that one can still be subjected to scrutiny and skepticism. One search about crowdfunding disaster is enough to doubt any future endeavors that will do it. 
Topic: Crypto is the future of crowdfunding? (Read 430 times)
Well, there are some crowdfunding campaings based on cryptocurrencies but that is still rare. With crowdfunding people try to collect certain amount of money and cryptocurrencies are volatile so that makes it hardee because at the end you might miss some funds. Also, cryptocurrencies are still not great deal regulated so that is another issue. With time that might change but until then majority of crowdfunding will be still based on fiat.
Yes, you ar quite right. Of course, it is great that different projects and companies accept Bitcoin even with such purposes, but taking into consideration the BTC''s price on the market and that the periods in crowdfunding may be different. So you may see on the start of investing one situation and quite another closer to the end of the term. And there are lots of nuances with law regulations and BTC, because crowdfunding imply making agreements between company and investors. Not so many companies or projects because of this reason take such high risks and use more dollars or euro for making agreements with investors, and avoid BTC.
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Crowdfunding with cryptocurrencies is just one of the options that help diversify the ways. It doesn't mean much in terms of funding qualifications. All must be based on the law, if the law does not allow it does not mean much. I realize that raising by cash or FIAT has some value but money is money nonetheless.
So does the law allow bitcoin or DeFi thats are becoming a trend of recent? I guess not. We're so brainwashed into believing what ever the government tells us without been curious. Crowdfunding was definitely made more easier, faster and transparent with crypto and there is more yet to be uncovered.
That scammers were wiser and forsaw the advantage of the new technology doesn't mean we should discredit it as some project became a force in the industry as a result of the crowdfunding they had.
With some few innovation, the technology is capable of dominating the crowdfunding space. We can see IEO bringing in some credited since exchange are involves although this is making the process centralized which isn't healthy for the industry.
Crypto is not making crowdfunding process better. Do you remember ICOs? A lot of shitty projects and much more fucked investors
Yep, that’s why I think it’s not going to be anything normal. Elon Musk is just someone that likes cryptocurrency and he just did it because he wanted to, that doesn’t mean others will follow the same process. Everyone will have to put things in consideration, and whether it will be perfect before doing anything.There is nothing like the norm, anyone can make use of anything they want as a funding source, it’s all about choice. That Elon Musk decided to make use of Bitcoin and other cryptocurrencies for crowdfunding doesn’t mean that others are going to be interested in doing the same. Every company knows what’s best for them, and that’s what they will use.
Crypto is not making crowdfunding process better. Do you remember ICOs? A lot of shitty projects and much more fucked investors
All things considered, there are some crowdfunding efforts dependent on digital forms of money yet that is as yet uncommon. With crowdfunding individuals attempt to gather a specific measure of cash and digital currencies are unstable so that makes it harder in light of the fact that eventually, you may miss a few assets. Additionally, digital currencies are as yet not an extraordinary arrangement directed so that is another issue. With time that may change however up to that point dominant part of crowdfunding will be as yet dependent on fiat.
Crypto can be used for crowdfunding but at the same time, fiat is still usable when it comes to crowdfunding so I'd better say that crypto can be an alternative for crowdfunding.
We can't say that crypto is the only tool that will be used for crowdfunding in the future since fiat is there already. There are some business that is using crypto for crowdfunding. Take the ICO as an example of a crowdfunding with the use of crypto
. In the future, maybe more and more will use it.
We can't say that crypto is the only tool that will be used for crowdfunding in the future since fiat is there already. There are some business that is using crypto for crowdfunding. Take the ICO as an example of a crowdfunding with the use of crypto
. In the future, maybe more and more will use it.
I wouldn't say it's the future of crowdfunding but it is certainly a way to go about it. And as with everything there are pros and cons. Just look at the ICO boom with so many projects crowdfunding using bitcoin and then exit scamming with the money they collected.
Crowdfunding with cryptocurrencies is just one of the options that help diversify the ways. It doesn't mean much in terms of funding qualifications. All must be based on the law, if the law does not allow it does not mean much. I realize that raising by cash or FIAT has some value but money is money nonetheless.
that defeats the purpose though. the whole point of using "decentralized" ways is that you no longer need to comply with anything including the "law". not that i'm suggesting anything that is bad but the fact that the "law" is not always right. for example there are countries that are immorally under sanctions and are effectively cut off from the world. the "law" here is illegal itself, but it is being enforced nonetheless.
that's the same reason why bitcoin was created. the "law" here is the banks, the federal reserve and all their corruption that have even drove the economy to the ground and destroyed it.
the only problem with crowdfunding using cryptocurrencies that i see is that the people aren't mature enough yet which means the only usage of crowdfunding so far has been to scam them. if we are to look at it as a viable option we first have to see people who demand better projects and actual work from those who ask for money instead of some useless token!
Crowdfunding with cryptocurrencies is just one of the options that help diversify the ways. It doesn't mean much in terms of funding qualifications. All must be based on the law, if the law does not allow it does not mean much. I realize that raising by cash or FIAT has some value but money is money nonetheless.
Elon Musk is selling his "boring" flamethrowers for Bitcoin, Litecoin and Ethereum.
https://ethereumworldnews.com/elon-musk-sells-boring-flamethrower-for-bitcoin-ethereum-litecoin/
"This time, as spotted by The Next Web’s Hard Fork column, prospective flamethrower owners will be gaining access to Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) payments to put up money for the crowdfunding effort. Along with the four crypto assets, users will be able to use Apple Pay, Google Pay, along with traditional debit and credit payments through Paypal.
Seeing that the Boring Company’s crowdfunding participants are likely to to be forward-thinking, the addition of a cryptocurrency payment option was likely welcomed. Now, consumers from all across the globe can buy Boring Company’s “Not A Flamethrower” for $500 a pop, which is reportedly a lower figure than the startup’s $600 pre-sale price. This translates to approximately 0.078 BTC, 2.48 Ether, 1.13 BCH and 9.5 LTC, it just depends on what cryptocurrency you want to spend."
The fact that the company is trying to promote use of crypto is not only great for its acceptance, but more easily allows global access.
Thoughts as to whether this will initiate crowdfunding in crypto as the new norm?
The link does not work, and I cannot see any new news articles on the topic of flamethrowers and Musk (only those more than a year old). As for crowfunding and cryptos, I don't think it's the future: it's the past. ICOs were essentially a way to crowdfund a project in exchange for their tokens to investors. Some got successful, most were a waste of time and lots of lost money. After that, it would not be easy to make crypto crowdfunding trustworthy again. As for Musk, he's just doing a lot of weird stuff and enjoying himself, and it's often nothing. Mashable called this thing "an overpriced joke product". https://ethereumworldnews.com/elon-musk-sells-boring-flamethrower-for-bitcoin-ethereum-litecoin/
"This time, as spotted by The Next Web’s Hard Fork column, prospective flamethrower owners will be gaining access to Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) payments to put up money for the crowdfunding effort. Along with the four crypto assets, users will be able to use Apple Pay, Google Pay, along with traditional debit and credit payments through Paypal.
Seeing that the Boring Company’s crowdfunding participants are likely to to be forward-thinking, the addition of a cryptocurrency payment option was likely welcomed. Now, consumers from all across the globe can buy Boring Company’s “Not A Flamethrower” for $500 a pop, which is reportedly a lower figure than the startup’s $600 pre-sale price. This translates to approximately 0.078 BTC, 2.48 Ether, 1.13 BCH and 9.5 LTC, it just depends on what cryptocurrency you want to spend."
The fact that the company is trying to promote use of crypto is not only great for its acceptance, but more easily allows global access.
Thoughts as to whether this will initiate crowdfunding in crypto as the new norm?
A business accepting crypto for crowdfunding doesn't automatically mean it will be the future of crowdfunding. It's just another additional option out of many payment methods.
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agree...
It is technically true that crowdfunding and selling goods is aimed at raising or collecting some money, but the difference is clear that the purpose of crowdfunding is very different from selling goods or a flamethrower.
he uses bitcoin as a means of payment, it does not mean he has a goal to promote bitcoin, it is done only to provide options to prospective buyers who may already have bitcoin and are more comfortable paying using bitcoin
Many think that way since bitcoin is used for crowdfundings and many newbies though about that and sadly when they get scam they also call bitcoin as scam to. So I hope there's a information campaign brought by the government once there's a good adoption will came so that people will understand that this is a e-currency which people can select to transact online.
A business accepting crypto for crowdfunding doesn't automatically mean it will be the future of crowdfunding. It's just another additional option out of many payment methods.
~snip~
~snip~
agree...
It is technically true that crowdfunding and selling goods is aimed at raising or collecting some money, but the difference is clear that the purpose of crowdfunding is very different from selling goods or a flamethrower.
he uses bitcoin as a means of payment, it does not mean he has a goal to promote bitcoin, it is done only to provide options to prospective buyers who may already have bitcoin and are more comfortable paying using bitcoin
Isn't it a bit late to say it? Crypto currency has been doing it for couple of years already and it has been known for it.
That is why there are so many people who got into crypto and cried because of the crowdfunding ICO,IEO and whatever else you might call it for me it is all the same crowdfunding.
That is why there are so many people who got into crypto and cried because of the crowdfunding ICO,IEO and whatever else you might call it for me it is all the same crowdfunding.
Should say something very opposite. Crowdfunding is not a future of crypto and we've already seen that from ICO, IEO, now DeFi. They simply borrow the reputation and optimistic feeling on blockchain technology to do their crowdfundings more easily.
If you were in crypto back in 2017 and 2018, you will do catch my opinion. Cryptocurrency has many ways to get adoption and crowdfunding is only one of channels. Generally, it is not good for cryptocurrency if there are many scam projects that based on or borrowed the term and tech of blockchain.
If you were in crypto back in 2017 and 2018, you will do catch my opinion. Cryptocurrency has many ways to get adoption and crowdfunding is only one of channels. Generally, it is not good for cryptocurrency if there are many scam projects that based on or borrowed the term and tech of blockchain.
Crypto for crowdfunding doesn't automatical meaning it will be the future of crowdfunding, it's just option of payment strategy.with crowdfunding people put more effort to collect a certain amount of money, and cryptocurrencies that volatile to make it harder at the end you may miss some money.
Crypto has already been used in countless crowdfunding.
No one can forget those months when so many ICOs were able to gather billions and billions in USD using crypto in their crowdfunding events. ICO is crowdfunding. Their private sale and main sale of tokens and coins are basically gathering money from people all over the world to fund their projects through cryptocurrencies.
No one can forget those months when so many ICOs were able to gather billions and billions in USD using crypto in their crowdfunding events. ICO is crowdfunding. Their private sale and main sale of tokens and coins are basically gathering money from people all over the world to fund their projects through cryptocurrencies.
This also resulted to millions of dollars fallen to the hands of fraudsters. But ICO, IEO, and DeFi now is the evidence that cryptocurrency is an effective way of crowdfunding because of its efficiency in terms of transferring funds with ease.
but the only problem today is the huge fluctuation of gas fees from ethereum blockchain especially to those who are putting small investment.
This is totally fake news. There is no such thing as that. If Elon Musk ever sold this boring invention for bitcoin or other kinds of cryptocurrency, it would be on the breaking news of Bloomberg, WSJ, etc. You are just put on a nonsense link from a trash website.
Right now, Elon Musk does not care about cryptocurrencies at all. He is focusing all of his mind and efforts on space adventures, Multi-continental internet as well as reuse energy. However, crowdfunding with crypto is being considered for many years by different people from different aspects. In 2017, there were likely thousands of ICOs which based on ethereum blockchains. Most of them were scam which made many people losing their belief in crypto.
Right now, Elon Musk does not care about cryptocurrencies at all. He is focusing all of his mind and efforts on space adventures, Multi-continental internet as well as reuse energy. However, crowdfunding with crypto is being considered for many years by different people from different aspects. In 2017, there were likely thousands of ICOs which based on ethereum blockchains. Most of them were scam which made many people losing their belief in crypto.
Are we talking about crowdfunding using crypto but then the funds collected are going to be used for non-crypto related? Then what makes it different for accepting fiat in the first place? Not viable solution in my opinion.
And as others have said, we have ICO craze in 2017 and we see it didn't ended good and up to know the enigma of ICO is still attached a bad reputation to crypto.
And as others have said, we have ICO craze in 2017 and we see it didn't ended good and up to know the enigma of ICO is still attached a bad reputation to crypto.
Crypto has already been used in countless crowdfunding.
No one can forget those months when so many ICOs were able to gather billions and billions in USD using crypto in their crowdfunding events. ICO is crowdfunding. Their private sale and main sale of tokens and coins are basically gathering money from people all over the world to fund their projects through cryptocurrencies.
No one can forget those months when so many ICOs were able to gather billions and billions in USD using crypto in their crowdfunding events. ICO is crowdfunding. Their private sale and main sale of tokens and coins are basically gathering money from people all over the world to fund their projects through cryptocurrencies.
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