alright, so everybody in crypto) talk about how we can make it easier for average people out there to buy cryptocurrencies. But none of them seem to think a lot about 'financial incentive'. They only talk about how the tech is faster, decentralized, and more secure but average people don't really care about that. I will show you what I mean.So, I have talked with non-crypto people in real life. People that I know who never care about crypto. I explained the basics about crypto. Then, usually when I asked them what can persuade them to use crypto outside the speculative investment factor, they will ask this question "but, why do i need to care about decentralization? Why dont you tell me why crypto can make my life easier?"Well, here's the problem. They still need to sign up with coinbase or another fiat/crypto exchange, do KYC whatever, before they can actually use it. so, if they want to send the money right now to another country, they think it's too much of extra steps if they have to use crypto. It creates a chicken and egg situation because they are too lazy to sign up with a crypto exchange and they dont mind if their business partner in another country have to wait 1 business day. The way I see it, most people feel like this -> "If I send the money now, my business partner/family only need to wait 1 business day. If I send it with crypto exchange, I need to sign up with this coinbase thing, wait for awhile, and my business partner/family also need to sign up with this coinbase thing, before they can cashout the crypto back to fiat" <- and this is why they don't see any benefit of doing this extra step even after I explained it to them that they only need to sign up once. But they just dont care because they see it from the "now" perspective, they can't see it from their future cross-border transactions perspective.So, it made me think about something. people don't mind to do 'extra step' and go through all the inconvenience to sign up with a new app, transferring money to this new app instead of doing bank transfer directly, as long as they can see financial incentives for them to do so. Without financial benefits, they won't do it. I feel that crypto community rarely talk about these financial incentives to average joes out there for mass adoption.For example, nobody says "yo, buddy. you can save yourself $25 swift fees if you use fast crypto like XRP or XLM or NANO instead of direct bank transfer". Whenever people discuss cryptocurrencies, it's almost always about "should I invest in this thing? It can go up to $xxxxx, right?"When you tell average people in the real world that they can "save $xxx money" by pointing out how expensive our current cross-border transaction through the banking system is, they would start listening.plus, nobody actually talk about these 'incentives' to the average joes out there. We only talk in circles, we only promote to each other. Only to someone else who's already in crypto. I have yet to see coinbase or any big corporation actually make any advertisement about these 'benefits compared to our current banking system'.Litecoin, etc. rather promote themselves in UFC (which is still good for exposure, dont get me wrong!). But, yeah..you get the point. None of them talk about how people can benefit financially by switching from our current system to crypto. They rather sponsor UFC fights and all the other irrelevant events.And one more thing. people often talk about how 'volatile' cryptocurrency price is, and it scares them. this is why an 'automatic' conversion from crypto back to fiat is extremely important in my opinion.I mean, put yourself in their shoes. Let's say you want to send $10K to your mom in another country. The ETH or BTC has arrived in your mom's coinbase account but she's currently outside. She'd worry that BTC might drop so she has to open her laptop/phone and convert it to fiat before the value drops. Why none of these exchanges think about 'automatic fiat conversion' option so average people who only use these exchanges to receive money from their loved ones/business partner outside the country no need to worry about their crypto value? I mean, of course we have stablecoin option too, but that's beside the point, because many crypto-to-fiat exchanges in different parts of the world do not have that much liquidity for stablecoin (or they dont even have stablecoin pairing)
Submitted January 01, 2019 at 04:50PM
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