Having been in the crypto space for a while, you might have wondered can you build and get your own cryptocurrency adopted by the masses?
Building your own cryptocurrency is not a piece of cake but definitely not the hardest part.
Getting your currency adopted by masses is a whole different ballgame. Here are some questions you should ask yourself -
- Have I made it easy for users to mine my network?
- Are there any good wallets that support my crypto coin? For instance, if you wanted people to adopt the DASH coins, there have to good Dash wallets for them to perform transactions in the first place.
- Where will people spend the crypto-coin?
- Is there a real-world application?
If you have answered yes to all or most of these questions, there are 5 major hurdles you have to cross before your cryptocurrency gets adopted by the masses.
- Build a solid infrastructure: Ensure there are decent topcryptocurrency wallets that have integration into a usable POS system. Your cryptocurrency if completely for speculative trading will not last long. Make it clear to your user base where they can spend your crypto coin and spend some time integrating your coin in merchant’s solution. For instance, Dash uses a program called DISCOVER DASH that allows users to find merchants nearby that accept Dash. You have to replicate this process to make it for merchants and user to accept your coins.
- Build a usable currency: There is absolutely no point if you don’t drive everyone you know to use your crypto coin. Carry mobile wallets and spend cryptocurrency to drive more awareness in the masses. Go to meetings and social events and demonstrate how important and easy it is to use your currency. If you are not willing to do everything it takes to drive adoption,
- Constantly improve your cryptocurrency: Creating a smooth payment flow and growing the community is something that takes constant work. Build programs that help users and merchants discover your cryptocurrency. Throw it open to the community and incorporate feedback to make your crypto network better than before.
- Educate users: Although mentioned before, education about cryptocurrency and your crypto coin, in particular, is vital. Most people are wary of cryptocurrency because they don’t know any . Once you learn to communicate with your audience in a language they understand, mass adoption is not that hard.
- Explore partnerships with e-commerce: If your users are able to spend your currency on major e-commerce sites, the chances of mass adoption are much higher. It is believed that major e-commerce companies are going to look for a crypto coin that is easy to integrate and very safe and secure.
Above all, you cannot shy away from talking about the volatility of the crypto market. Ensure your users are aware of all the possible risks before they invest in your crypto coin and you educate them on the high rewards that are imminent with investing in crypto.
Published by Lena Burkut