This year, a great crypto cycle has provided lip service to new all-time highs, lows and mainstream media crypto trends Of the day. However, the uncomfortable fact for us in the industry is that crypto is no more than 2017 in the daily lives of most people. Four years have passed – is his progress stalled?
My first professional expedition to the blockchain space began in 2017 when I joined Crypto.com (then known as Monaco) as the first Chief Marketing Officer. The company has become the world’s largest crypto service provider and fiat-to-crypto gateway.
During that time, crypto space has changed. Payments have very little focus and many projects aimed at accepting crypto have been removed. Decentralized Finance (DFI) and Unsolicited Tokens (NFT) have taken the spotlight, but they have finally turned their attention to crypto trading and are unable to help the real world in any meaningful way – at least, for now.
Related: Is crypto moving towards its ‘netscape moment’?
The situation before the advent of the iPhone and the revolution led by Steve Jobs reminded me of the mobile industry. The technology and features were stacked on top of each other but without any additional impact for the end user, although there was a lot of buzz.
A mobile marketing pioneer, I have worked with the Mobile Marketing Association in Asia for over ten years (served as chair for 200–10 times) and witnessed the development of the industry first-hand. One thing that people misunderstand about that revolution is that Apple has not “invented” the smartphone in any meaningful way.
Hero from zero is just a novelty
If you ask someone on the street what makes the iPhone so successful, you will get at least half a dozen different answers. It was apps and app stores, some people say. For others, it was gorilla glass and touchscreen. It had 3G (actually, not even the first iPhone), Wi-Fi connection, camera, comfortable size, smooth design …
Of course, all of these factors contributed. But consider that, in some form, all these features already existed on another phone. Nokia had Symbian OS and it had quite a rich ecosystem. The same is true of the BlackBerry, which for its time was quite advanced in terms of hardware and software-for example, in 2005 it released BBM, Proto-WhatsApp / iMessage. Palm and many other companies were creating “pocket computers” with stylus touchscreens. Excellent with Nokia camera phones and predictive text, Motorola King surprises everyone with its design.
The only independent innovation that the iPhone brought was the user experience (UX) and especially the multi-touch capacitive screen. It introduces gestures, on-screen QWERTY keyboards and the basic smartphone design we know today, but nothing else on the iPhone was new by itself. It was just the final phone call – as Steve Jobs put it, “An iPod, a phone and an internet connector … not three separate devices. This is a device, ”-Which is easy to use, smooth and handsome device, which is full of features. Rest, whatever they say, is history.
Crypto doesn’t have an iPhone moment yet.
Reforming crypto is not the end
When we talk about adopting crypto, we need the utilitarian consideration of the average person. The vast majority think well of cost and usefulness before any ideological concerns. There is room for organic food, but it is a small niche – most people buy food based on its taste and cost. Electric cars struggle because they offer a significant number of practical difficulties and because they are usually much more expensive.
Identifying crypto as an amazing tool for financial freedom and decentralization would be empty to most people. By now, the most important reason people come to crypto now is because of price increases, not its usefulness. Crypto is useful in some applications, such as price cheap global transfer. But there are many practical disadvantages to using crypto for payments, mostly related to integration with existing financial railways. The user experience of using crypto to pay for content, obviously, is cruel – with complex fees, confirmation times and difficult units complicating adoption struggles.
Related: Blockchain technology is widely accepted, and education is key
There’s no perfect analogy but I think Crypto’s “multi-touch capacitive screen” is rebuilding it as a way, and not the end. The average person doesn’t think about crypto, by itself, they care about what they give them. If you promise them lambos and moons they will listen but it will take you so far.
If you use crypto to cut the middle ground between you and your money, will (almost) free money transfer, foreign exchange, interest rates that an ordinary person can only expect to pay, not accept and other benefits that will make cardholders jealous?
You can bet that the average person will be interested.
The strategy we adopted is: an exchangeable membership fee that provides a suite of useful financial, travel and lifestyle services, easily accessible from both mobile and web apps, even chat services like WhatsApp or Telegram. We have worked on two aspects: eliminating any friction in the use of our products and making it extremely suitable for everyone. Just like the iPhone the day before.
Of course, there is a long journey ahead. But if more projects in crypto are run out of the box and focus on utilities, not just crypto, for guessing, it could get us back on track to the mainstream adoption we started in 2017.
This article does not cite its references or sources. Each investment and trading move involves risk and readers should conduct their own research when making decisions.
The opinions, thoughts and opinions expressed herein are those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Shawn Rach High’s co-founder, a non-profit blockchain-based financial platform. Shawn was the founding chief marketing officer, crypto exchange and card issuer of Crypto.com. He has held senior roles at Prudential Corporation Asia, Ogilvy Hong Kong and the Mobile Marketing Association. A business administration doctoral candidate at Warwick Business School, Shawn oversaw the development of a number of innovative digital platforms, such as Secure Steps (including Natzio and Red Cross) and Cha-Ching Money Smart Kids (including Cartoon Network), and previously helped launch Hallmark. Dot com.