Crypto Adoption: Not Buying-EarningsteemCreated with Sketch.

in steemleo •  last month 


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Capital One has a series of ads out that ask "what's in your wallet". This is a very interesting concept that I think few explore.

As I wrote before, few ever ponder the reason why they use a particular currency. It is just a given that we will use the USD, JPY, or GBP depending upon our geographic location. Governments and central banks of the world decide who will use what. People had no currency choice.

The decision is as simple as what is in the wallet. Individuals spend based upon what they are paid in. Receive USD and that is exactly what one will spend. The only deviation from this is for international travel where one will have to convert a currency or Forex traders.

I came across an article the other day that mentioned 25% of Americans are considering buying cryptocurrency over the next 12 months. On this surface, this is wonderful. This figure represents roughly 10% of the American adult population so having that type of mass entry would provide a great boost.

The downside is the word "considering". It is not a very definitive term. Many consider going to the gym yet never leave the couch. Of the 25%, we might see only 10% of them actually do it. Of course, anyone new entering the space helps a great deal.

What does bode well is these people surveyed are at least familiar with cryptocurrency. This is a bonus. In addition, if they are considering buying it, that means they moved past believing the FUD.

https://bitcoinist.com/nobl-research-25-million-americans-are-considering-buying-crypto/

While purchasing is a good way to enter cryptocurrency, I feel we need to focus upon getting people to earn it. This is where a blockchain like Steem enters the picture. With all that is taking place of late, the opportunities to earn are only growing. The reward system is expanding with many new tokens representing different communities. Over time, this will reach a mind boggling level.

This will provide a much different answer if someone asks "what's in your wallet".

The sad reality is that most people do not have much money. Blame it on whatever, but we have a fair percentage of the world living in total poverty. At the same time, those who are considered "middle class" are strapped in most countries. Each year there seems to be less of these people as the distribution of wealth moves into fewer hands. What use to be a decent middle class job either does not exist anymore or has seen the pay cut to a level that makes it hard to survive.

My point is that if we are going to see mass adoption of cryptocurrency, the idea of rewards is going to have to take over. Since most cannot buy it, we need to see another approach.

The beneficial aspect of this is that almost all can get rewarded. While the industry is still young and we do not have a mechanism to pay some for his or her data, for example, there are ways people can get rewarded in cryptocurrency.

On Steem, we have a couple dozen applications that are making this true. Many have their own currency which can be converted to any other cryptocurrency out there (with a bit of effort and a number of steps). Even with STEEM, one has the ability to receive a Steem-Engine token and convert it to power up.

Of course, the flip side to this is that we need a place to spend it, another area the industry is a bit slow in developing. Nevertheless, things are moving in the proper direction.

Creating a new economy means we need to get currency in the hands of the people who will use it. For some, this could come from buying but, in my mind, this puts it at the level of an investment. People buy stocks, commodities, and other assets when investing. When they earn, however, things take on a different meaning. Few of us have stock, as an example, as part of our compensation plan. Those that do, look at that part of their pay as speculation (or a long term investment).

It is good to see Bitcoin and Ethereum with tens of millions of wallets. There is encouragement by seeing the number of Steem wallets exceed 1.2M. All this shows growth of the industry.

That said, we need to see a tenfold increase before we see mass impact. I do not believe this will happen through people "buying" into crypto. The investment community simply does not make up the largest percentage of the population.

Instead, the idea of being rewarded for certain activities is what I think should be promoted. It is something that most everyone can do as an entry into this "new economy". Ultimately, we are going to have to see millions making a living via cryptocurrency to be effective.

Another interesting point is what happens once people start being rewarded in tokens. It is then they start to "invest" in projects that capture their interest. This is done both with time (attention) and money (delegation, staking, etc...).

Ironically, by getting people to earn, we then see them turned into investors.

Hence we cover both.


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Your question is a good one @taskmaster4450. Turning people into crypto investors does depend on “what’s in their wallet”.

Working for / Earning Steem is a great way to do this and it’s something overlooked by many but for those who really want to change their lives... creating their own economy could be a complete game-changer!

I saw this immediately when I joined the Steem Blockchain... it was a way to build my business ideas, find and help potential clients, earn crypto, be an investor, and create passive income streams... all rolled into one!

It was a no brainer... I jumped whole heartedly at the opportunity.

Finding the Steem Blockchain was a life altering event for me... and I’m certain others all around the world will continue to join us as they see the same opportunities I did.

I have been building my fitness business on the Steem Blockchain for a little more than a year now... I have seen $7.77 Steem and $0.17 Steem and at both prices I’m undeterred... I see opportunity at both price levels. And honestly, in time, I can see Steem at $25 plus levels... it’s only a matter of time.

Keep earning and keep investing in Steem everybody! #HighFive!

  ·  last month (edited)

The challenge is explaining the benefit for people not to dump their rewards and see investment opportunities.

Spot on.

That applies to those who think that they will turn into millionaires overnight. And trust me there are many with this mentality.

  ·  last month (edited)

I fully agree with your post, but wouldn't it be fair to also mention some of the other ways one could earn crypto in the broader cryptocosm (to borrow George Gilder's term)?

For example, I use the Brave browser (even right now!) where I earn BAT (basic attention token) while using it. I can cash in BAT or use it to reward content providers for their work (tipping) and other things I haven't fully explored.

You can also stake coin on some exchanges such as CryptoBridge and Crypto.com and crypto.com. You can also lend crypto, but you have to really check out those opportunities as some have turned out to be scams. As always, there are terms and limitations, but it is another way to earn crypto. No doubt there are still others I have not yet stumbled upon, but as they say - diversity of your investments can be a Good Thing.

When all is said and done, steem does offer the most fulfilling way of earning crypto because of the personal contributions you can make to it (using your brave browser, of course :).

There's a post by @shanghaipreneur on the topic of negative interest rates that better discusses the sites that I mentioned (and more!). Good reading!

  ·  last month (edited)

This is a great way to get more people involved as technology improves and the interface allows more people to adopt crypto without necessarily knowing it as more businesses seek to incorporate it into their daily processes.

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