This content originally appeared on HackerNoon and was authored by Cj Miller
Cryptocurrency has been hailed as the future of finance, yet many remain hesitant to jump on board. The naysayers have the same complaints they’ve always had. Because no one loves beating a dead horse more than haters.
\ Despite its technological advancements, crypto has yet to reach the widespread adoption anticipated by its early advocates. Everyone complaining about crypto says the same things over and over—decentralization, scalability, security, and education are the biggest complaints.
\ However, the Internet, as we know it, had many of the same issues in the early years. The difference is that the users and developers involved weren’t some of the major players holding it back.
\ Yeah, I just went there. It's not because of a problem with the technology itself but a marketing issue that needs urgent attention if crypto and Web3 are going to achieve their full potential.
The Paradox of Increasing Crypto Technology and a Lag in Mainstream Adoption
Cryptocurrencies like Bitcoin and Ethereum have existed for over a decade. However, while the technology behind them has grown exponentially, mainstream adoption has lagged behind.
\ This paradox raises a crucial question for tech enthusiasts and investors alike—if the technology is so groundbreaking, why aren't more people using it?
\ One reason is the technology's complexity. Concepts like blockchain and smart contracts can seem a bit confusing to the uninitiated. Okay, I get that. And I know the fix for it.
\ Additionally, the market is flooded with jargon that intimidates rather than invites. In part, education fixes this, and there’s plenty of websites, videos and even governments helping to educate the world about cryptocurrency.
\ However, proper marketing can bridge this gap between innovation and understanding, simplifying the message and making crypto accessible to everyone.
\ Despite these challenges, potential users also have a healthy level of skepticism. Concerns about security, regulation, and volatility persist. Overcoming this skepticism requires transparent communication and education to build trust and confidence in crypto's potential.
Let’s Fix the Problems Right Now
Above, I mentioned the complexity of the tech combined with jargon.
\ *cracks knuckles*
\ Let’s go.
Fix Your Websites
“There’s nothing wrong with our website,” many protocol owners will scream.
\ Ok, protocol owner. Ok. Who wrote the copy? A legitimate copywriter, marketing agency, or ChatGPT?
\ Hush. I already know the answer. I know the answer because I’m a copywriter and I own a marketing agency. The drivel on your websites would not fly with me, my team, or my clients.
\ If you want people to invest in your project, then write something unique. Take a page from the thousands of successful legitimate businesses out there. Don’t tell me what you do. Don’t tell people about the tech.
\ Tell them why you do it. That’s where you start.
\ A major problem is that many of you are just doing this for a cash grab. That will not lead to global adoption. It will only prove all of the crypto haters right.
\ Next, no one cares about Medium articles. Seriously. It does nothing for your business.
\ Get a real blog. You know, like every other business in the entire world. Have you ever wondered why scam sites mimicking yours can easily beat you in Google rankings? It’s really not hard to rank number one for your own domain name.
\ Seriously, guys.
Web3 Cares Too Much About Docs and Roadmaps
Do you know who reads the docs and roadmaps? Poor people looking for the next 100x meme token that do not understand what they’re doing in the space.
\ They got into DeFi to get rich quick. They’re mercenary capital. On top of that, they’re usually not providing much capital to begin with. The people in your discord crying, “Wen tier one CEX?” and “Why isn’t this token pumping?” are the same people with less than $100 in your project. They don’t care about the tech, your project, or what you’re trying to do.
\ If you want serious investors, market it to the right people. You’ll have to say the right things at the right time. And to bring this whole thing full circle, you’ll have to be very clear about why you’re doing it. This requires elements that other businesses have, like a business plan.
\ These docs don’t matter. If you’re a hard fork cash grab, be honest with yourself and your investors. You don’t need to waste time on docs. Don’t waste time on a roadmap that you aren’t going to adhere to, either.
\ The mercs will get angry and light up your socials. They’ll say the team is unreliable, etc. They do not understand how this all works. They don’t understand that quality takes time and can’t be rushed. They have no idea how long it takes to have audits done and the length of time fixes take. They’re clueless. So why clue them in in the first place?
\ Focus on marketing.
Marketing 101- Let’s Do This
Ok. I’ve covered a couple of things individual projects can do. Now, let’s talk about the market as a whole.
It’s Not Real Money
People don’t understand money. That’s a sad truth. They don’t understand why they can’t go into a store and purchase items with their crypto.
People really shouldn’t do that with volatile tokens
This is already happening with stablecoins, and there isn’t enough press
You can’t go into Walmart and buy goods with Pesos, Won, or Euros. Why do people think they can do it with crypto?
\
People don’t need crypto education nearly as much as they need to educate themselves on the basics of finance and economics.
It’s a Scam/There Are Too Many Scams
This one is actually a really good point. There are too many scams. And as a crypto investor, it sucks, and it’s scary.
\ So, how do we fix this problem? The first measure is to point out the obvious.
\ Yes, there were over $1.5 billion in worldwide losses in the first half of 2024. I’m not going to sit here and say that isn’t a serious issue that needs to be addressed.
\ The problem is how the mainstream media is fixated on it.
\ They care more about a crypto scam than their parents and grandparents being the victims of IRS gift card scams. When was the last time anyone saw anything on the news about that? Yet, it happens every day.
\ According to the FTC, fraud and scam losses were over $10 billion in the US alone in 2023. Crypto scams were a fraction of that. Reported in the media? Nope. Of course not. That’s not sensational enough.
\ The fix is that we need to spin it. Crypto PR and marketing firms need to talk about how the losses pale in comparison to other fraudulent activities. They should focus on everything great about crypto and decentralization so that the negative stories die slowly in the shadows of the mainstream media.
\ Crypto didn’t freeze Canadian bank accounts. Crypto didn’t send pause letters to US banks. Governments did both of those things.
\ That’s just good politics right there.
\n Make It Simple
I’m not talking about on-and-off ramping, although we definitely need to work on that as well. I’m talking about the language and use cases. Break it down so regular people can understand it.
\ Don’t know how to do that? Hire a marketing agency.
\ Ditching the jargon and focusing on relatable, real-world applications can make the technology more accessible to the average person.
\ Partnerships with established brands and institutions can also lend credibility to cryptocurrencies. When well-known companies integrate crypto into their offerings, it signals legitimacy and trustworthiness to potential users. Microsoft, PayPal, Stripe, and even Amazon have their fingers in these delicious little crypto pies.
\ Why aren’t more people talking about it? It’s a big deal. And it would be great content on a website that has a blog. Unfortunately, those don’t exist in Web3, do they?
\ Unfortunate.
Dear Investors, You’re Part of the Problem
Investors are crucial in driving and supporting positive change in the Web3 industry. By investing in projects prioritizing user experience and accessibility, investors can help shape the future of crypto in a way that encourages widespread adoption.
\ That’s the good news.
\ The bad news is that many of you are contributing to the problem. No one, at least outside of crypto, wants to be labeled as a degenerate. People want to buy stuff and hold it. That’s how they’re taught to invest.
\ When “investors” want to provide mercenary capital and bombard social places with “Wens” and “Why no pump?” they degrade the project, the ecosystem, and the industry as a whole.
\ Just stop. Be an adult. And even better, attempt to act like a real investor.
\ Perform due diligence. If you want to do anything real, ask how you can help promote the project.
\ Talk about it on X. Write about it. Do what other finance nerds do. They have blogs and YouTube channels following their favorite stocks. They discuss the importance of long-term investing, living within their means, and retiring early.
\ The sooner we stop marketing Web3 and crypto as a get-rich-quick scheme, the easier it will be to attract more people to the game.
Think I’m Done For the Day
The discourse around cryptocurrency, DeFi, and Web3 is complex and transformative, requiring a balanced approach to investor engagement, media portrayal, and consumer education.
\ While scams and misunderstandings present tangible challenges, they offer opportunities to reshape narratives and highlight the potential benefits of a decentralized financial system. Investors and developers must establish a culture of due diligence and long-term thinking to achieve sustainable growth.
\ By simplifying the language and promoting real-world applications, the crypto industry can bridge the gap between curiosity and comprehension, building trust and acceptance among the public. As the lines between technology and everyday life blur, the focus must shift from quick profits to long-term potential, signaling a mature, stable, and inclusive future for Web3.
This content originally appeared on HackerNoon and was authored by Cj Miller
Cj Miller | Sciencx (2024-11-12T08:42:50+00:00) Web3’s Real Challenge is Marketing, Not Adoption. Retrieved from https://www.scien.cx/2024/11/12/web3s-real-challenge-is-marketing-not-adoption/
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