How to act in crpyto space to achieve mass addoption

o_e_l_e_o

legendary

Activity: 2268

Merit: 18711

Quote from: ONEnergy on August 12, 2019, 03:12:24 AM

If you are selling to get fiat to buy goods or services you also push a sell pressure to the coin or token and pushing the price down but if you use them as a payment you are increasing a value of that coin.

Not necessarily. How do I know that the person I am paying in bitcoin isn't also immediately selling it for fiat? All that has changed now is there is one extract transaction (from me to vendor) between the coin being sold for fiat. That's unlikely to have any impact whatsoever on the price. Many bitcoin payment services like BitPay are essentially just intermediaries which sell your bitcoin and pay the vendor the corresponding amount of fiat.

Quote from: ONEnergy on August 12, 2019, 03:12:24 AM

Try to find a way to buy goods or services with crypto instead of selling your asset and buy goods or services with fiat.

I also do this, and have convinced a couple of small merchants I regularly use to accept crypto, but sometimes it is just not possible. More or less everyone is forced to shop at some big chain or multinational at some point, and it's not possible for one person to get them to accept crypto like you could do with an independent retailer. If you are selling crypto to shop at these places, but then later replenishing your crypto holdings through earnings, trading, buying more, etc., then you are still contributing to the network.

I'd love to be able to pay for everything in bitcoin, but we are not there yet, and people spending bitcoin where they can, even via fiat, is still preferable to just holding it and never using it.

hugeblack

legendary

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Quote from: ONEnergy on August 12, 2019, 03:12:24 AM

If you posses tokens or coins you can always sell, use or hold them. As crypto pioneers if you want to convert your holdings into something else I prefer use the coins instead of selling them. Try to find a way to buy goods or services with crypto instead of selling your asset and buy goods or services with fiat

Good thinking But what prevents stores from accepting cryptocurrencies is the difficulty of making a profit through them because of the high risk/potential loss of capital, and most of those who accept them exchange them to banknotes.

I hope that people will become more aware of the investment in crypto and that the portfolios will not vary to more than 100 currencies (only Bitcoin and one or two alt.)
These speculations are the cause of price fluctuations and thus weaken crypto.
Most shitcoins are designed to enrich their developers and not offer solutions so stop supporting them.

Get Ready

newbie

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To see mass adoption of crypto we need some big guys to get in, Facebook for example, FB with its Libra project has created a great buzz. As you can see the partner list of Libra including PayPal, MasterCard, ebay, stripe, xapo, Bokking Holdings, VISA, Spotify... I affirm that Libra will make the ever biggest adoption of crypto. But the biggest barrier of crypto is still law regulator and privacy. Illegal activities such as money laundering, terrorist financing illegal trading are still using crypto as the main payment method, and the regulators can't track criminals. It the left side of crypto. Also, if crpyto like Libra to launch and get mass adoption, US Dollar and other national currency will get hurt, i'm not good at economy but i'm sure that the US don't like we to use crypto instead of USD. So that's why they shut down Libra.

DdmrDdmr

legendary

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There are lies, damned lies and statistics. MTwain

Quote from: ONEnergy on August 12, 2019, 03:12:24 AM

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Mass adaption is not just driven by how often people use their crypto to perform buy/sell TXs, but also largely by crypto focus (investment or payment method), the underlying technologies ease of use (usage, TX speed), the buzz, and the extent of regulation. Crypto here is too wide a term to use, since some are intended to have a broad usage, whilst other are tokens with a narrow context of use and limited descending value.

Increased adaption can be done with baby step from individuals et al, but mass adaption is another thing, and although all contributions are welcome, I figure it won’t happen until some very big players use it, moving the consumer industry to ponder its usage on a larger and swifter scale (again backed by what I mentioned in the first paragraph).

Coyster

legendary

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Quote from: ONEnergy on August 12, 2019, 03:12:24 AM

If you posses tokens or coins you can always sell, use or hold them. As crypto pioneers if you want to convert your holdings into something else I prefer use the coins instead of selling them. Try to find a way to buy goods or services with crypto instead of selling your asset and buy goods or services with fiat

The use of crypto isn't as widespread as that of fiat currencies, we(you included)all need fiat currencies to carry out day to day transactions and dealings, whether it's boarding a cab, picking up items at the grocery store etc, thus until crypto is used as a medium of payment in almost every work of life, the need to convert cryptocurrency to fiat will always be there. Our own contribution is to patronize the stores that are proactive enough to be accepting cryptocurrencies for payment.

Quote from: ONEnergy on August 12, 2019, 03:12:24 AM

If you are selling to get fiat to buy goods or services you also push a sell pressure to the coin or token and pushing the price down but if you use them as a payment you are increasing a value of that coin.

It depends on the coin in question, if it's some shitcoin(ICO token), minor dumps can be suicidal to the life or survival of the coin, but the bitcoin with its enormous trading activity/volume, it's always balanced and minor dumps cannot affect the price drastically, the more people sell bitcoins, many others buy/purchase.

ONEnergy

member

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If you posses tokens or coins you can always sell, use or hold them. As crypto pioneers if you want to convert your holdings into something else I prefer use the coins instead of selling them. Try to find a way to buy goods or services with crypto instead of selling your asset and buy goods or services with fiat.

This way you will do or achieve two things. You will avoid selling and transferring fees of crypto exchanges and second more important one if you ask me, you will build more awareness of crypto in the community and help achieve mass adoption on the long run. If more and more people will ask sellers to accept crpyto as a payment more and more sellers/services providers will join and accept crypto as a payment.

If you are selling to get fiat to buy goods or services you also push a sell pressure to the coin or token and pushing the price down but if you use them as a payment you are increasing a value of that coin.

If you own a project or you are a services provider maybe you should also consider to offer a discount in case someone want to pay with crypto. I am talking of discount of 5 -10% that you can easily get back with price increase on the crypto markets in coming months or years.

Topic: How to act in crpyto space to achieve mass addoption (Read 154 times)