Discover more from Cryptowriter
Unpopular Opinion: Giving Bitcoin Away Doesn't Help Adoption.
Giving the solution before people discover the problem is even counterproductive.
Bitcoin's adoption is proceeding at its own pace. An estimated 100 million users in 2020, and then just over 130 million by the end of 2021. Some will find this pretty incredible, while others will find that things aren't moving fast enough.
With a monetary revolution as incredible as Bitcoin, expectations are always higher. This makes perfect sense. To accelerate adoption, some are thinking about different strategies. Over the years, I've often seen people advocate giving Bitcoin (in small amounts) to people to get them excited about Bitcoin.
I may surprise you with my opinion on the subject, which is probably unpopular, but I find that this strategy does not work, and may even be counterproductive in the vast majority of cases.
Bitcoin addresses a big problem. That central problem is the ability of central banks to print as much fiat money out of thin air as they deem necessary. This problem is at the root of all the ills of the current monetary and financial system which is flawed, and not fixable.
Satoshi Nakamoto invented Bitcoin to offer everyone on Earth an alternative to this system. A leaderless alternative that belongs to all its users. A magnificent gift to humanity, in short, an unselfish one.
Bitcoin is the solution.
By giving someone Bitcoin, you are giving them the solution to a problem they are not aware of. Do you think they will then seek to learn more about Bitcoin when they don't even see what the solution is for?
The answer is no in more than 95% of the cases. Some curious people may go further out of thirst for knowledge, but the majority will stop there. They will leave their Bitcoin behind, or sell it for fiat money. So it's counterproductive.
To give you an example, it's a bit like giving a cell phone to a person who lives in the deepest part of the Amazon and has never been confronted with the modern world. That person will look at it very quickly, and then leave the cell phone behind. On the other hand, if you give that person's wife a cell phone and then show her how he can call her while he's anywhere else in the world, then chances are that person will then use that cell phone.
Why? Simply because the person will have understood the problem that the cell phone addresses. The solution will seem useful to them because it addresses a problem they perceive as real.
With Bitcoin, it's the same thing. Before you give someone Bitcoin, you have to help them understand the flaws in the current system. Once that person understands the flaws in the current system, he or she will begin to question how best to respond to them. That's where Bitcoin comes in, and that person will be better able to appreciate why Bitcoin exists.
Once the problem is understood, the Bitcoin solution will seem incredible.
The adoption of Bitcoin is strongest when it is born out of the person's own volition. If the person buys Bitcoin after understanding its why, then you can be sure that he or she will continue to learn more, and has a great chance of becoming a true Bitcoiner one day.
The next time you are looking to help someone realize the potential of Bitcoin, the best thing to do is to help them discover the problem that Bitcoin addresses. Then you'll see that things will happen naturally. There's no need to send Bitcoin and hope that it will encourage adoption. My experience has shown me that this is never the case in over 95% of the cases. So, remember this: Gifted Bitcoin is lost Bitcoin.
You tell me what you think.
In Bitcoin We Trust
Comment & Earn!
Share your thoughts and opinions on the topics covered within this blog in the comments below for your chance to win yourself an NFT. Click here for more information on our engagement rewards.