5 Reasons Why the Cryptocurrency Adoption Rate is Slow
The Cryptocurrency adoption rate is slow due to many factors. The most important of these is the highly technical nature of the crypto space.
Lack of Communication is a Factor
Members of the cryptocurrency haven’t helped either. They haven’t been able to communicate with regular people how the technology works.
Knowing what you are doing in the crypto market is really going to help an everyday investor extract the most out of the Crypto market. Companies like Crypto Head and Cointelligence provide education so investors have some idea of what they are doing.
They also haven’t been able to sell their technologies to regular people. If your potential customers don’t understand anything about your products, can they buy into it?
This problem has led to so much misunderstanding about exactly what cryptocurrencies are.
There have Been Implications
There have been several consequences and implications as a result. The rise of cryptocurrency scams is a direct consequence.
People don’t understand what exactly cryptocurrencies are. They don’t know what they can do or how to differentiate between a legitimate cryptocurrency project or an absolute charade.
As a result of this, many have lost their precious funds.
Everyday People Aren’t Involved
Another reason why the cryptocurrency adoption rate is slow is because of the exclusion of regular people. Crypto space has many closed spaces and communities.
To become a member of such communities, one must possess out of this world technical knowledge. Another common requirement is that the members must believe in similar ideals and values.
The most common of these ideals include the “end of big government”, “liberalism”, and others.
For cryptocurrencies to become universally accepted, the cryptocurrency communities must involve everyone regardless of ideologies.
It is one hurdle that has proven difficult to surmount. The universal acceptability of others by the current members has been a tough nut to crack.
Lack of Sales is one Reason Why the Cryptocurrency Adoption Rate is Slow
When it comes to sales, the cryptocurrency adoption rate is slow because there are few salespeople in the cryptocurrency world.
It is simple, some people can sell water to a fish. They can sell Ice to Eskimos. These are people who seem blessed with the ability to use their words to make people accept anything they offer.
Outsiders don’t Understand the Cryptocurrency Space
The cryptospace has been seen by outsiders as a “Geek’s world”. This misconception has made everything about cryptocurrencies look hard, and tough.
The great thing is that this has happened before. At the early stages of the internet’s development, software companies came along the same thing happened.
Information technology’s golden age (the 90s) provided an opportunity for salespeople to fill the gap between the techies and the regular people.
It led to the dotcom bubble and the current dominance of technology companies that we have today.
Selling is an All-Inclusive Activity
People have to be sold on everything. If they don’t catch on to any offer, they will abandon it.
The same applies to the crypto space. One of the main reasons why the Cryptocurrency adoption rate is slow is because there is little or no sales involved in marketing.
Sales have to do with emotions. If people aren’t emotionally involved in a product or service, then they wouldn’t buy-in.
Cryptocurrencies Must Appeal To Emotions
The same thing applies as far as cryptocurrencies are concerned. As long as there are zero emotions involved in the marketing process, there will be no sales and thus no adoption.
People aren’t generally excited about cryptocurrencies. They are unsure of what cryptocurrencies are, what they do, and how they can become a part of the global cryptocurrency community.
The same thing applies across all cryptocurrency projects. They don’t like the idea that digital assets can replace physical ones.
It is another reason why the cryptocurrency adoption rate is slow. These misperceptions and misconceptions have to change if there is going to be any progress as per cryptocurrency adoption.
The Formal Approach to Cryptocurrencies Isn’t Working
The current approach of taking a formal marketing and sales approach isn’t working.
The use of analytics and other tools to measure engagement is okay if the initial approach is up close and personal.
We are currently entering the generation where the individual reigns. The question “What’s in it for me?” takes precedence above all things.
In times like these, the best approach to marketing and sales is to use an individualistic, personalized approach. A crystal, clear-cut explanation of the benefits of Cryptocurrencies in as little time as possible works wonders.
People have shorter attention spans. It is the large volume of information out there that is partly responsible for this.
As such, the long-form “whitepapers”, “blue papers”, “light papers” and others don’t attract the attention of your average Joe and Jane.
Colorful, brief forms of content encourage them to take action immediately.
The direct response industry has understood this for decades, and they have used it to their benefit.
If we are going to come back from a situation where the cryptocurrency adoption rate is slow, we need to know how to sell.
It is that simple.
The technical ability is not enough.
Anyone can build anything.
No one will buy it.
But the truly great projects that get adopted by people are sold to them by the best salespeople.
One example that is a case-in-point is the Microsoft Windows scenario.
There were other operating systems back in the day. They offered similar offerings.
Bill Gates cracked the code and figured out how to get his software sold.
If the crypto space is to have the kind of adoption it wants, it must figure out how to sell its projects, or the opportunity will die with the sands of time.
It is something that many corporate legacy systems badly want to happen.