The Bitcoin Marketing Problem

Bitcoin has a marketing problem. The general public keeps asking what is the usefulness of bitcoin. Initially, bitcoin was this spooky currency of the dark web. Then it grew beyond that to become this digital commodity that appreciates and dips in value a lot.

2017 was the fomo year. People bought bitcoin because they want to see their money grow in value against the fiat currencies. Too many people got in that didn’t know any basic thing about cryptocurrencies. This then created the bitter experience in 2018.

2018 was bitter because people didn’t know what they bought. This made many to sell and take a loss. As for me, I held on and even made purchases in the bear. Now, the bull market is back and we must avoid the sentiment of the previous years in a crypto bull market.

Earlier this year, Grayscale Investments made this video to publicize bitcoin. The concept they preached compared bitcoin to gold, encouraging investors to drop gold for bitcoin. While many celebrated the marketing effort, others criticized the idea they were expressing.

Bitcoin is not here to replace gold. If bitcoin will replace anything, it will be government-printed fiat currencies. The current marketing efforts put bitcoin out of reach for the average person except they want to fomo.

Really, it makes no sense to sell your gold to buy bitcoin

Gold and bitcoin serve different purposes to investors. While both of them are both mechanisms for saving money, the volatility of bitcoin makes it a different instrument of saving. Gold is a safe haven. Gold is the kind of asset to run to in times of crisis. Bitcoin, however, is not like that.

Bitcoin is something you buy into gradually and consistently. After the build-up to a targeted amount, you sell. This is the only way not to lose money in bitcoin. The strategy is called dollar cost averaging. Also, the money kept in bitcoin must have a purpose.

While gold is a commodity you buy once and heavy, it is foolish to buy bitcoin once and heavy

There is virtually no incentive to save money in the bank today. Inflation, fractional reserve, quantitative easing makes the value of money kept in the bank decrease even if the bank is paying you interest. The best option to store money for the maximum upside value is to keep it gradually in bitcoin.

I believe this is the best argument for the place of bitcoin in the financial lives of everyday people. And it also translates into the argument for investors and investment firms to have bitcoin in their portfolio.

Why don’t we use this for the marketing of bitcoin?

If you understand money, you should be able to see the place of bitcoin. How can we have money that we cannot save?

People who don’t understand bitcoin do not understand money

Bitcoin also has lots of other uses people create for it. And new ones keep coming up every day. In fact, the primary use of bitcoin 20 years from now may still be something we know nothing of today. So, why not have some bitcoin?

Sending money internationally is way easier thanks to cryptocurrencies. But that might just account for less than 20% of the use of bitcoin.

Therefore, bitcoin should be marketed as the “better cash”. We should stop encouraging people to buy or sell bitcoin. Instead, we should focus on making people understand the importance of OWNING BITCOIN and keeping it no matter the financial or economic climate.

I am seeking a flexible role in any bitcoin-related company or organization to create next-level bitcoin ads and marketing campaigns

It is important that the marketing campaigns of bitcoin at this time be what will bring in hodlers, not traders. Trading is good, but we all know the general public will get rekt trying to trade. Traders don’t need ads, they can see the volatility. Everyday people just need to see a reason (not to buy bitcoin but) to own bitcoin.

When everyday people can see it, more investment firms will jump on it

Making bitcoin ads is the next line of work I want to focus on in the crypto industry. If you are looking in that line, I’ll be glad to work with you. Get in touch with me on Twitter.

Cheers!

The Bitcoin Marketing Problem was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.