Mass Adoption of Cryptocurrency
One of the major issues with most cryptocurrencies these days is that while they’re a wonderful idea and legitimately better than government currencies, they are still not seeing the kind of real-world usage that you would expect over ten years since their initial release as actual currencies. So the question is, how can we encourage everyday users to try out cryptocurrencies?
First and most importantly is explaining to people why cryptocurrency is as important as it is.
“People don’t buy WHAT you do; they buy WHY you do it.”
If you haven't heard Simon Sinek's "Start with Why" TED Talk or read his book, I highly recommend watching his TED talk:
What Simon Sinek is showing is that less important to people are the 'features' of your product, in this case currency, and more important are the feelings and emotions generated in the users. So far nobody has quite managed to communicate well enough to everyday people "Why cryptocurrency?"
So Why Cryptocurrency?
Cryptocurrency is based on the idea that the financial system should be forced to have the best interests of the people who run them at heart by putting people in control of the cryptocurrency itself. Along the same lines, no small group of people should have the power to decide how everyone else's money works. Therefore, we must switch to a currency that is truly decentralized. Unfortunately, the message behind decentralization has gotten muddled and lost for many. Many people who don't understand them view cryptocurrencies as a get rich quick scheme. This is especially true ever since Bitcoin and most of the bigger cryptocurrencies stopped being decentralized enough for the decentralization to really matter and ended up controlled by small groups of miners. This is in fact true of just about every cryptocurrency out there. The Euro is more decentralized than most cryptocurrencies, being controlled by 26 individuals who have "sole responsibility" for formulating monetary policy. This is one of the things our own currency, Frink, does well. Every miner is treated as an equal and finds itself with equal mining power.
Decentralization and cryptocurrency is more about a creating a social movement than anything else. Similar to giving voting rights to women and minorities, cryptocurrencies aim to give the currency to the people. For the first time in history, cryptocurrency aims to allow the people to control and benefit from the financial industry rather than the financial industry being controlled by a few individuals who design the financial system to maximize their profit at everyone else's expense.
No Transaction Fees
One of the major draws of cryptocurrency are the lower transaction fees. But remember, we're still competeting with cash and when shopping at businesses, consumers aren't used to paying any transaction fees. The cryptocurrency that really wins it in the long run has to have no transaction fees or very low transaction fees. If there are transaction fees, then cryptocurrency should take a trick from credit cards and charge them to the merchants and other receivers over the senders.
Pay for Marketing
What do most successful companies do to increase sales? They pay their marketers! And most pay them using a commission, this means the more sales they make, the more they make.
The problem is, this is extremely hard if not impossible to implement for just about every cryptocurrency out there. Why? Because of the 'double refer' problem. Imagine, that upon creating a new wallet, it could be specified to the network that someone else referred you before you load it with cryptocurrency, and therefore give them a commission. Nothing can be done to prevent the user from sending their money between a few wallets and ending back in that same wallet, therefore crediting the referrer multiple times. This leads to the ability to attack this system and drain the currency.
However, there is one cryptocurrency out there that can fix this issue. Frink specializes in building privacy friendly IDs to prove that certain events have happened without revealing the actual users who were involved. Once you have such IDs, the network allow people to claim currency as they sign up and pay the referrer a piece of that currency.
Most cryptocurrencies suffer from scalability issues. It is very important that a cryptocurrency can handle a few thousand transactions per second and in the long run be able to scale to peaks over 20,000 Transaction per Second. Currently, cryptocurrencies are mostly barely scaling beyond 10 transactions per second.
Frink solves this issue by subdividing people into communities that share blockchains that are more likely to interact with each other. Ultimately these blockchains merge together into a master blockchain. But that blockchain barely needs to support any transactions itself.
Cryptocurrency prices lead to an emotional rollercoaster. When falling, people are scared and flee cryptocurrency. When rising, people rush in and hold on to it as an investment. This is a problem because either way, they tend to stop using it as a currency.
Yet cryptocurrency prices must still be free floating. Frinks solution is to distribute the currency so that it's price does not fluctuate relative to the number of users. That's not to say it will be rock solid stable and like any asset, it will change based upon how users are using it, but it will stabilize much faster than others.
Frink has a solution to all these issues and is determined to earn widespread adoption in the long run. Head over to www.frink.global to signup and get started! Then share with friends or refer people to earn some Frinks!