The First 100 Million Users Are The Hardest
There is little doubt that the world of cryptocurrency is growing. By any metric, we are seeing much bigger numbers within the industry. This is only powering greater height in the market, which is feeding back into the system.
According to Crypto.com, we have hit a milestone level in the world of cryptocurrency. That site is reporting we have surpassed 100 million users.
Source
As we can see, according to their survey, we are now sitting around 106 million people. Of course, in a world with 7.5 billion, we have yet to scratch the surface.
According to researcher Kevin Wang, at Crypto.com, strong growth in Bitcoin adoption happened to be the main driver for the peak. Major events last year, such as PayPal’s decision to integrate crypto into its payment network and institutional adoption of cryptocurrencies fueled the surge. Other than BTC, the growth of DeFi allowed Ethereum to lead the crypto market’s growth in August 2020.
All of this is good news yet it does show how small the industry truly is. In fact, it also states why blockchains like Hive have an incredible future.
The above quote cites Bitcoin and DeFi as being drivers, along with PayPal's adoption. What that tells us is that, thus far, most of the engagement in cryptocurrency was done with money. In other words, people brought fiat to the table to get involved.
Here is where we see most of the public still viewing cryptocurrency as an investment, something that people buy. The next couple hundred million people will come to cryptocurrency for a much different reason.
The Thai SEC is looking into the situation with cryptocurrency investing. It wants to tighten the regulations surrounding who is allowed to invest.
According to an official announcement from the regulator on Thursday, the SEC wants public comments on some newly proposed qualifications for cryptocurrency investors that introduce certain income and trading experience requirements.
Here again, we see the desire to exclude people from participating. This is a trend we are witnessing all over the world. Using the proverbial "in an effort to protect investors", freedoms are taken away as government entities gain more control.
With crypto, however, this will not work.
One of the biggest advantages that is being provided is the ability to get rewarded in cryptocurrency. This is something that makes it completely different from any other asset class. To participate in the others, one must bring money to the table.
For example, if I want to get some stock, unless I work for the company and receive it as part of my compensation, I must set up a brokerage account while funding it. Thus, I need to put money in. The same is true if I want commodities, bonds, or even fine art.
With cryptocurrency, this is not the case. Sure, with Bitcoin, for the most part, this is how it is done. Yet, with many other cryptocurrencies, especially on a blockchain like Hive, one can open up an account (wallet) and simply get active. There is no need to bring money to the table unless that is what one wants to do.
This circumvents regulations like the Thai are trying to instill. Once someone is in the crypto realm, he or she can go wherever desired. Tokens can be swapped for others fairly easily these days. Therefore, one can earn in token A and trade that for Bitcoin if that is what is preferred.
Of course, this path also opens up the door for DeFi and putting crypto "to work". Once there is something accumulated, people can look to generate a return off the holdings. There are many options there, something that is growing on a weekly basis.
We are going to have to shift the conversation away from buying crypto to moon. This is fine for investors yet does not encompass the majority of humanity. Instead, to get another 250 million users, the time arrived where we need to start stressing the reward system that is available.
It is one of the reasons to be so optimistic about a blockchain like Hive. This has seen development accelerate to another level whereby more opportunities for token rewards exist. Simply by involving oneself with the different communities, we see how this can provide a steady stream of tokens to individuals.
Over time, anyone with an Internet connection, can partake. With more users signing onto the Web each day, this is a target market that is only growing.
We are nearing the point where we are going to see a nice basket of social media applications. This is putting Hive in a position to offer a multi-faceted social media experience, all under one account. Presently, one is forced to establish followers on Twitter, Facebook, and YouTube. Since each is a different silo, one must cultivate the fanbase on each platform.
Therefore, in addition to having an account that one owns and cannot be taken away, the work is only done once. As soon as someone follows an account, there person will see all activities from the different applications.
The combination of blogging, video uploading, and "tweeting" is a powerful one. Soon, we will see this all offered on a decentralized basis where the content is totally protected and cannot be removed.
Web 3.0 is a legitimate concept, just as real as social media was 15 years ago. At that time, few were quick to get on board. However, fast forward more than a decade and we see how powerful this truly is.
Cryptocurrency will follow the same pattern. Most cannot see it at this time but we are in the midst of a total paradigm shift. The path of society is going to change as this industry becomes mainstream. The tentacles are going to penetrate most aspects of our lives, similar to what the Internet did.
It is nice to see 100 million users. It was tough getting to this point. However, we need to accelerate the growth rate and this will not happen by searching for people to buy large chunks of cryptocurrency. Instead, we need to promote the narrative of being rewarded in cryptocurrency.
There are 250 million people out there who are just waiting to get involved. It is time we expose them to what is being offered.
If you found this article informative, please give an upvote and rehive.
gif by @doze
logo by @st8z
Posted Using LeoFinance Beta
https://twitter.com/taskmaster4450/status/1364921115882176517
Beautifully written, its amazing how crypto and blockchain projects aren't limited like bonds or shares or the rest of them. The world is gradually opening up to the opportuinities and at 106 million people we're making waves but still have very far to go. In essense these regulartory bodies can be a stumbling block to adoption for where you have SECs you have governments as that of the Nigerian government.
Posted Using LeoFinance Beta
The Nigerian government is a perfect example. Yes they are making hard to interact with the native currency. However, they cannot stop people from getting rewarded in crypto on a blockchain like Hive. This means that people can grow their bags while this is all being sorted out.
Each day, developers are at work creating more code that will work to our advantage. It will take some time that is why there is a race on. In the meantime, people can get active and start to build their wealth. It will be needed in the future.
Posted Using LeoFinance Beta
This is exactly what they can't do, they will only prevent it from running through the official banking system which they of course own themselves, making it difficult for people to trade official but then this is just for s while as solutions will turn up to bypass this. Exactly each and every day developers are at work I believe the evolution will keep getting smarter and better.
Posted Using LeoFinance Beta
The only suggestion I have is to keep adding to your stake. While the conversion to fiat might be closing, adding to your crypto holdings will net bigger rewards down the road.
It is a pain right now but this will pass. And if one is building and adding more, he or she will be very happy when that change happens.
Posted Using LeoFinance Beta
@taskmaster4450le sincerely I believe that the Nigerian government are just taking actions based on what they "feel" about cryprocurrencies and not the "truth"....the Nigerian government lacks the total understanding and knowledge of cryprocurrencies and that is why they are misinformed and they now used that misinformation to carry out their actions which is now affecting their citizens who are involved with cryptocurrencies ...
And Indian government is also in same line. I am expecting an ordinance without even a debate in Parliament/House of representatives.
Posted Using LeoFinance Beta
You are right.
Rather than hyping the purchase of cryptocurrency any further, we should rather be on the lookout for people to join a platform that pays in cryptocurrency.
After all, it's easier for people to get rewarded than for them to purchase, reasons being that they will still need money to make the purchase, something they can easily earn from a platform if they were introduced to any.
Posted Using LeoFinance Beta
I see it as the fact that most of humanity doesnt have money to purchase crypto. Even in the United States, more than half the population has no money to buy in. They can hardly pay their bills.
Getting rewarded changes the paradigm completely.
Posted Using LeoFinance Beta
Exactly!
Many can hardly pay their bills then imagine going to such people with the talk of buying crypto.
They will have to look at you from the crown of your head to the sole of your feet to be sure something isn't wrong with you
But with earning and rewards, the story is sure different.
Posted Using LeoFinance Beta
Yeah I prefer my future wealth based upon the ability of the masses to get rewarded as opposed to having to buy.
The later is severely limited. We can target a lot more people with the rewarding concept, kicking off even greater network effects.
Posted Using LeoFinance Beta
You've got the trick in this :)
Posted Using LeoFinance Beta
First 100k is the hardest
Posted Using LeoFinance Beta
I find it interesting when people say they can't do with the internet, for most, it is the truth, I only see this happening with the Blockchain as well....and I'm already a witness to that, I can't do without the Blockchain
Posted Using LeoFinance Beta
And soon you will not be able to do without cryptocurrency.
Posted Using LeoFinance Beta
I already cant do without it as a matter of fact
Addict. LOL
Posted Using LeoFinance Beta
With pride hehehe
Posted Using LeoFinance Beta
Too right and well said, it's amazing being involved in a movement still in it's infancy. Block chain tech is still trying to find its way in the world but each new day brings more and more investors.
I wonder what the future will hold and if I'll make it.
Only time will tell
106 million...
I think this is just an iceberg, we still have a long way to go looking at 7.5 billion.
The moment to step up our game. The more the merrier :)
Posted Using LeoFinance Beta
I was just thinking about Hive the other day and why it hasn't gained as much attention as it really deserves. One of the things that I kept coming back to was the fact that although it is easy to get started, it isn't as easy to get out. Unlike the old days where people waited around for weeks to get their accounts set up, it happens almost instantaneously now. However, when they want to leave, there just isn't an easy way. I think until some of the major apps get Hive listed like Coinbase, Crypto.com, etc (which may never happen) people are going to be hesitant. Of course in the future there should be no need to exit to fiat, but right now there is for many people.
Posted Using LeoFinance Beta
That might be true but the people who need to get out of Hive, do. Look at what the Venezuelans and Nigerians do to get their money into their native currency.
The turning point will be when we do not need to convert to fiat. We are there now for wealth building but not for income.
That said, Hive will explode on the scene at some point. We have too much going on for it to be overlooked.
I am confident things will be a lot different by the end of this year.
Posted Using LeoFinance Beta
That is a good point especially since you used the word "need". People in those countries need to get out versus want to get out. I think that "desperation" leads to the desire to learn and jump through all of the numerous conversion hoops. Meanwhile the rest of the world who simply want to see what it is all about and "want" to get out will find it much more difficult to the point of frustration and abandonment. I do agree things will be much different when fiat is not necessary and likely the course of this year will bring about countless changes.
Posted Using LeoFinance Beta
My previous comment disappeared all of a sudden. Now I have to write it again.
This is where we are going to gain the most and we need to emphasize this as much as we can. It's a huge advantage, can save you time and money.
Many still think cryptocurrency is Bitcoin and the $50k price scares them away as they don't have any spare money to invest. That however is changing as the covid restriction caused economic hardship is pushing people towards alternative ways to earn. Look at Venezuela, Nigeria and India just to name a few communities on Hive.
This type of earning is available 24/7, regardless of where you are, the only requirement is a good internet connection as everyone has a device to use already. This will make the difference.
Posted Using LeoFinance Beta
When you consider the inclusiveness of all this, it is incredible. Everyone with an internet connection can participate. It will take some time but that is the message we need to get through.
Rewards are available to those who seek them. Plus, these rewards have a true monetary value.
We will see how quickly people pick up on this idea.
In the meantime, we just keep growing our bags and doing out part to lay the foundation.
Posted Using LeoFinance Beta
Lol, yeah, that's what we've been doing for the last 3 or 4 years.
Posted Using LeoFinance Beta
It is a process and does not happen overnight. We cannot shortcut this unfortunately. We already see the "stacking" process whereby development builds upon itself.
What is interesting is that, while Hive has the legacy of Steem in the blockchain, we are still less than a year old.
Posted Using LeoFinance Beta
Good internet connection and a brain
Posted Using LeoFinance Beta
I would put it differently. Brain is what everyone has, knowledge however does not come as default.
Posted Using LeoFinance Beta
At least the ability to use said brain which puts into question for a lot of people it seems.
Posted Using LeoFinance Beta
Informative and full of content ,great work
we need more unconventional strategies to promote hive and also Leo, something involving a community effort like we saw with wall street bets. They didn't promote their community on twitter, they just went out and did some outlandish stuff that made them appear in the news
Posted Using LeoFinance Beta
Nah. We can be straightforward. There is value here we just need the right approach.
To be successful, we need to cater to what people want which is short form content. Most are not bloggers so this holds no interest.
Once we get people onto Projectblank, we should have more opportunities to promote the other aspects of the blockchain. Ultimately, the most exciting aspect of projectblank is as a feeder system.
We will have the opportunity to promote the living hell out of it once it is released.
Posted Using LeoFinance Beta
I was thinking more along the lines of notoriety and getting people to invest
Posted Using LeoFinance Beta
Well scripted.
Most countries are just trying to stop what they did not start. It is very true that success must always have opposing forces but those forces will only make the success better. The best of gold comes out of fire anyway!
At more than 100million users, like a baby struggling to sit on his own, hive has recorded progress and it is a nonstop progress.
Posted Using LeoFinance Beta
This iteration of the blockchain is only 11 months old. So we are a baby in that respect also. It will be interesting to see what progress we can make in the second year. We came a long way in the first one.
The numbers will alter the opposing forces. If we can quickly add another 250 million people to crypto, especially if many of them come in the "rewarding" category, we will see a big shift. The possibility is there.
Posted Using LeoFinance Beta
The future is just glorious
Posted Using LeoFinance Beta
This is a very important point.
There is no stopping anyone from getting into crypto. And VPN is the way to go if the authorities try to block IP addresses in the country.
Posted Using LeoFinance Beta
Without a doubt. Opera has a VPN built into the browser though I am not sure how good it truly is.
Nevertheless, crypto is inclusive if we will make it known. Too many believe in the Bitcoin story which is costing tens of thousands of dollars. That is not true as we know but many buy into it.
We need to get more involved by the droves. We need to get the right applications in front of the right people. It will only take a couple of successful breakthroughs and we will see things completely different.
Posted Using LeoFinance Beta
Interesting.
You mean not investing in other coins is a major opportunity cost?
Exactly. There more hooks there are out there the more likely it is that the masses can be reeled in.
Posted Using LeoFinance Beta
For some reason, this statement made me think of the virtual world in Ready Player One (just the movie version, haven't read the book). The idea that cryptocurrency can spawn an entirely new society where users can participate in whatever way they want. You could write, you could build, or just play games and your participation will not be any less than those who put their money in.
Can't wait for your 2025 vision of this new world to come true.
Posted Using LeoFinance Beta
I think you are onto something here. Crypto and blockchain is are going to be foundations in the Virtual World we end up seeing constructed. Remember, this is all part of the Internet which is what the Metaverse will be built upon. Since blockchain addresses one of the core issues with the original Internet protocols, we see how this all fits together.
Cryptocurrency is not going away regardless of what some people believe.
Posted Using LeoFinance Beta
It looks like everyone is coming in huge bursts on the same month from the chart. So I definitely think most of the people attracted are there because of the money and news attention.
I think the way the SEC handles things are out of date. When things are in trouble or there is a scam, they take forever to uncover anything. When huge banks or funds are in trouble, they slap a few small fines and let everything go. With transactions on the blockchain public and people can only transact with what they have, I see no issue with letting everyone participate. I think they need to have more regulations on what the brokers can and can't do. They shouldn't be selling multiple copies of the same thing so they can avoid holding enough crypto.
Posted Using LeoFinance Beta
From 92 to 106 ,it look a big jump in a month. If this jump continues as such , next 100 will be coming before the end of this year.
Posted Using LeoFinance Beta
I have always wondered how the regulators will handle our capital gains when they find out that we have enough money and without investing a single penny as someone said yesterday it is just a matter of mining.
I had not thought about having a multi-channel on a single platform audio blog video microblogging could be a great tool that will help us a lot, we hope that soon someone important will find out so that they can bring us all here.
100 million users is quite a lot, I would say that a large population is already involved but we will continue on this path so that many more come
Posted Using LeoFinance Beta
This is where i believe the project i'm involved with bitcoin myk is going to shine and win out. Although right now our holders and the few valiant investors are complaining about its not enough money its not enough value because it runs on a freemium service model. i believe in the future not only will the ubi narrative shift to one everyone wants. I also believe all those hundreds of millions even billions of people will come into the free tokens and they will stabilized and become a stable cryptocurrency that can be used for fast transactions global remittance and overall economic prosperity. This is obviously harder with other projects who depend on b2b or business to consumer models
However i think that will be the tipping point in cryptocurrency. The ability to piggyback. So i expect that day to come anytime now.
Posted Using LeoFinance Beta
Hive only needs 1 million users if we think about it as that would work just fine but 10 or 100 million would be better for all of us with stake. 410 million Hive does not go very far when so much is already staked which would make a severe shortage.
Posted Using LeoFinance Beta
THIS. People banned from Twitter going to Parler aren't really doing themselves a favor. Centralized is centralized. Decentralized social networks are the future and the only real defense against deplatforming.
Posted Using LeoFinance Beta
and now with the new projectblank i bet many people will follow in leo and hive as well!
Posted Using LeoFinance Beta
Covid-19 is helping on that aspect.
No easy way to get a job and by joining crypto
you can get moving and earn something.
Crypto is bringing hope to the world.
!BEER
Posted Using LeoFinance Beta
View or trade
BEER.Hey @taskmaster4450, here is a little bit of
BEERfrom @pouchon for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER."Rewarded in crypto" might become a very important thing, as the water level finds its own... level. People will be able to do a variety of things (including blogging/content creation) and be rewarded without having to involve fiat...
Now we just need to see some crypto-based marketplaces come to life, so we can seriously start bypassing fiat... as long as we measure all tokens in terms of fiat rather than actual goods and services, we are still somewhat exposed to regulatory risk. But if you can actually get a food delivery done that you paid for in Leo, or a pair of sunglasses or something else... then we are really getting some traction.
=^..^=
Posted Using LeoFinance Beta
We are still lacking a good general-purpose mobile app. We have a few specialized mobile apps that are being used, but still most users use desktop websites while the proportion leans towards mobile in the general public.
Posted Using LeoFinance Beta
I really see massive potential for Hive as a front runner in tokenized social media, and I wonder why more people have not jumped on board. I presume it's the learning curve of using crypto exchanges and wallets, etc. Once crypto enters mainstream, which is about now, we should see a rush of users joining.
Posted Using LeoFinance Beta
106 million may be huge but population has billions. Still, we should look at the demographics, and how many people has access to internet. But for sure, many people still doesn't know about Bitcoin or cryptocurrency.
Posted Using LeoFinance Beta
We are a little more than 106 millions crypto users right now (I wrote about this recently in one of my posts) and this means things are changing (for good)!
Posted Using LeoFinance Beta
Tell me more about the Hive Compensation System.