Op-Ed: Crypto Needs Easy-to-Use Non-Financial Products

0

The online community isn’t always the most welcoming of “no-coiners” (people who, for various reasons, don’t own cryptocurrency). Many people who do not have access to technology or who associate it with negative implications shy away from developing a deeper understanding.

While some may say “have fun staying poor”, those who are interested should be able to learn more about these tools and their applications without being overwhelmed by all the jargon or criticism going around on this topic.

We know that it is easier for people in first world countries to understand modern financial technology. This is because they grew up with a cultural understanding of how things work, unlike those who did not grow up in such environments. If our crypto startups and products focused more on ease of use, we would be able to bridge this gap between developed and developing countries!

Simply put: crypto startups need better UI/UX (user interface design). This way, not only will there be less confusion among users, but it will also help us to mitigate differences based on country status or location.

On the other hand, developing countries really only know how to pay bills and you need cash for some things and credit cards for other things.

When crypto enthusiasts discuss these products, we often overlook the fact that there are obvious language barriers in many underdeveloped countries. When it comes to more complicated topics like new crypto technology and DeFi, there are many hurdles and overwhelming feelings that newcomers usually face.

I can’t tell you how many times I’ve tried to explain crypto to friends and family outside of the industry, only to have them completely lost or frustrated because they can’t even begin to understand what I’m saying. We live in a world where Google Translate is becoming more mainstream than Rosetta Stone.

Crypto startups are realizing that there is a non-technical demographic, and some of them have started developing products for those unfamiliar with the ins and outs of crypto.

These businesses often fly under the radar because they are not marketed or well presented in general compared to other ventures in this niche industry. It is clear from these results that cryptocurrency will continue to thrive as more and more people enter it without any knowledge of the technicalities such as wallets, private keys, etc., as long as companies continue to develop creative ways for everyone to easily use their products.

The world’s first crypto users do it better

Now I know what you’re thinking. “If crypto developers only focus on first world countries, then how is crypto going to grow? Isn’t it about achieving financial freedom and helping the unbanked? “We need a world that supports crypto users wherever they are.

Crypto startups cannot only work with existing users, they must also focus on newcomers from third world countries. They should develop products for users in underdeveloped countries, as this indirectly helps the crypto industry grow and maintain adoption.

That doesn’t mean crypto startups should ignore the potential to help people without access to financial services. It just means we need a model for how it will work and include those who already have access to it (and want the crypto).

There have been many attempts to create an exchange targeting people without a bank account or credit card, but none have yet reached the stage of mainstream adoption.

Refine your product message

As the blockchain industry matures, we are starting to see areas of growth outside of financial products. For this space to reach critical mass and take off, products launched in the market must provide a working prototype (at least) and a comprehensive understanding of said product to retail markets.

Cryptocurrencies and their products are changing the way we view money and decentralized applications. Although many products were created in this space, they were designed for advanced users who understand and care about how these products work.

I’m talking about DeFi experts, financial analysts, crypto enthusiasts, etc. It is a must to create quality and drive adoption in the industry.

One of the hardest problems people have encountered in the blockchain space is the lack of knowledge between what crypto products do and how they work. Many projects reinvent the wheel of current financial products and add a ton of unnecessary technology to it, making the product harder for a novice user to grasp.

How-to videos help a lot, but having a strong community filled with industry veterans is the pride and joy of what every company strives to do. Not only will they welcome newcomers with open arms, but they can also guide new members through any hurdles and even go to the lengths to explain the product to you in simple terms.

If you are a “crypto OG” or a “DeFi enthusiast”, I challenge you to review your favorite products and look for the lack of knowledge or education provided by the company – from the perspective of a newcomer. This will not only promote your value within their business model, but you will also have a better understanding of how to help and retain someone new to the community.

Guest post by Anderson McCutcheon of Chains.com

Founder and CEO of Chains.com. Anderson McCutcheon is building a complete crypto-economy consisting of a marketplace, an independent platform, and a cryptocurrency exchange. Anderson is also an investor and entrepreneur with an interdisciplinary background in technology and marketing with a long history in the crypto space. A blockchain industry pioneer and 8200 alumnus, he founded Unicoin, Synereo (later HyperSpace) and currently runs Chains.com as well as litigation fund Nemesis Capital.

Read more →

Everdome

CryptoSlate Newsletter

With a summary of the most important daily stories in the world of crypto, DeFi, NFT and more.

Get a edge in the crypto-asset market

Access more crypto information and context in every article as a paying member of CryptoSlate edge.

On-chain analysis

Price Snapshots

More context

Sign up now for $19/month Discover all the benefits

Share.

Comments are closed.