{"id":187098,"date":"2021-02-23T20:07:17","date_gmt":"2021-02-23T17:07:17","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crossing-the-crypto-chasm-paving-the-way-to-mass-adoption\/"},"modified":"2021-02-23T20:07:17","modified_gmt":"2021-02-23T17:07:17","slug":"crossing-the-crypto-chasm-paving-the-way-to-mass-adoption","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crossing-the-crypto-chasm-paving-the-way-to-mass-adoption\/","title":{"rendered":"# Crossing the crypto chasm: Paving the way to mass adoption"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a381cfbddee5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a381cfbddee5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crossing-the-crypto-chasm-paving-the-way-to-mass-adoption\/#The_chasm\" >The chasm<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crossing-the-crypto-chasm-paving-the-way-to-mass-adoption\/#The_recipe_for_mass_adoption\" >The recipe for mass adoption<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/crossing-the-crypto-chasm-paving-the-way-to-mass-adoption\/#Crossing_the_crypto_chasm\" >Crossing the crypto chasm<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/crossing-the-crypto-chasm-paving-the-way-to-mass-adoption\/#Fighting_its_way_into_the_mainstream\" >Fighting its way into the mainstream<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Crossing the crypto chasm: Paving the way to mass adoption <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Since its inception in 2009, cryptocurrency has become both a cultural and financial phenomenon. As <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> headlines tout its ever-increasing exchange values and disruptive potential, investors and banking experts have gone into a frenzy. And yet, while digital money is on a lot of people\u2019s minds, there is still a lack of understanding about what it is and what it can do among mainstream consumers.<\/p>\n<p>This is because cryptocurrency is a discontinuous or disruptive innovation, and its adoption demands significant consumer behavior changes and the infrastructure of supporting businesses. In order to succeed and get closer to the point of mass adoption, cryptocurrency as a product needs to create a bandwagon effect and build momentum so that it becomes a de-facto standard. This process is called a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> adoption lifecycle, and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> plays an essential role in it. The crypto industry needs a marketing model that can effectively publicize its continuous changes and innovations.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_chasm\"><\/span>The chasm<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In his 1991 book <em>Crossing the Chasm<\/em>, Geoffrey Moore explains that every disruptive technology must pass through five stages of adoption: In the first stage, innovators tinker with new technologies; in the second, early adopters discover it; in the third and fourth stages, an \u201cearly majority\u201d and a \u201clate majority\u201d \u2014 the two biggest groups \u2014 hop aboard; and in the final stage, the \u201claggards\u201d arrive.<\/p>\n<p>Plaguing the adoption process is what Moore calls \u201cthe chasm.\u201d The chasm separates the early adopters from the early majority because the demands of these two groups are often vastly different. Unable to gain a foothold in the mainstream, new technologies will fall into the chasm and perish. Anyone who has ever studied the culture of Silicon Valley has probably seen some version of Moore\u2019s schema dozens of times. If it seems more relevant now than before, it\u2019s because it explains the adoption of cryptocurrency so aptly.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/e6e75dfa-f665-4b73-bac4-063d04953010.png\"><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"The_recipe_for_mass_adoption\"><\/span>The recipe for mass adoption<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>How do new technologies cross the chasm? According to Moore, they have to connect with the early majority. These first consumers are hungry for information about the new tech: how it works and how it can change people\u2019s lives. Most importantly, they need a story told in their own language to overcome their skepticism.<\/p>\n<p>Without a compelling story, the new technology is unlikely to reach the early majority of adopters. This is where media professionals get into the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>. They are the ones who weave that story and educate the public. As Moore sees it, they play a more important role in the industry than many people think.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Crossing_the_crypto_chasm\"><\/span>Crossing the crypto chasm<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the early 2010s, cryptocurrency\u2019s revolutionary potential was understood by a core group of cypherpunks and cryptography enthusiasts. But for the vast majority, it was an enigma \u2014 if it was known at all. <\/p>\n<p>That began to change in 2015 as crypto pioneers and technologists developed alternate crypto assets, such as Ether (ETH). Between 2017 and 2020, digital cash was scooped up by early adopters. And in 2020, cryptocurrency had reached a critical juncture: It was on the road to the so-called \u201cBig Scary Chasm.\u201d<\/p>\n<p>The first chasm it crossed was in 2017. Full of promise, it turned early adopters into enthusiasts and enthusiasts into visionaries. The new technology could no longer be dismissed: It seemed to foreshadow a great leap forward, a future whose economy would look radically different. And like a killer <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> that takes the world by storm, it went public in a big way \u2014 with an initial coin offering.<\/p>\n<p>In 2020, large institutions, such as PayPal, Square, MicroStrategy and JPMorgan, spearheaded cryptocurrency\u2019s bull run, while retail investors \u2014 who found it easier than ever to buy Bitcoin (BTC) \u2014 fueled the momentum. But in order to continue its rise and to shift from the early majority to the late majority, cryptocurrency still needs to demonstrate its viability on a mass scale.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Will PayPal\u2019s crypto integration bring crypto to the masses? Experts answer<\/em><\/strong><\/p>\n<p>According to Moore, for a new technology to break into the mainstream, it needs to find a beachhead. Crypto has certainly found its own: consumers looking to make fast and cheap cross-border transactions without third-party intervention. As it happens, many of these consumers live in countries with economic and political instability, which explains why Bitcoin is booming in places, such as Argentina, Iran, Turkey and Nigeria. <\/p>\n<p>Sounds like crypto is on the right track to adoption? There are still risks, though. Sales-driven companies that pursue the whole crypto market, but lack customer and product focus, can easily fall afoul of the dreaded chasm.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fighting_its_way_into_the_mainstream\"><\/span>Fighting its way into the mainstream <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>So, what\u2019s the recipe for mass adoption? New customers need to know why they should buy into the crypto market, and how \u2014 this is why at this stage of the market, developing a robust communications strategy in place is crucial.<\/p>\n<p>Vigorous marketing campaigns show us the value and significance of new products. In the case of cryptocurrency, media must take a three-pronged approach: explaining digital cash in terms that everyone can understand, getting influential thought leaders to back it, and acquainting customers with the competition, primarily banks, the Federal Reserve and equities \u2014 those intent on squashing cryptocurrency. <\/p>\n<p>Moreover, if crypto as a product wants to acquire pragmatic customers, those who are on the edge of the technology adoption lifecycle, it needs to take into account that these customers want to buy from a market leader with a strong reputation. That is why establishing thought leadership is the key in any communication strategy.<\/p>\n<p>Still not sure whether the crypto industry should focus on communications? Well, the process has already started, and it will likely snowball from here, gaining momentum as more opportunities to invest in cryptocurrency emerge. <\/p>\n<p>In the coming months, we expect to see big developments in the industry, like major banks launching crypto custody services, brokerages opening up access to crypto products, new retailers accepting digital cash, and big institutions launching applications on public blockchains.<\/p>\n<p>But perhaps the most important change will be in how we talk about cryptocurrency, where the conversation will shift from <em>Why should I invest?<\/em> to <em>Why aren\u2019t we already invested?<\/em><\/p>\n<p class=\"post-content__disclaimer\"><em>This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/em><\/p>\n<p class=\"post-content__disclaimer\"><em>The views, thoughts and opinions expressed here are the author\u2019s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.<\/em><\/p>\n<div>\n<div style=\"background: rgb(239, 239, 239); border: 1px solid rgb(204, 204, 204); padding: 10px;\"><strong>Anastasia Golovina<\/strong> is a communications specialist with extensive experience in crypto projects. She has managed communication for various crypto startups in the U.S. and Europe, such as Ledger, Celsius Network, Algorand, MEW, Bitfury, Waves and others. Her specialties include media relations, crisis communications and community management.<\/div>\n<\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crossing-the-crypto-chasm-paving-the-way-to-mass-adoption\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Crossing the crypto chasm: Paving the way to mass adoption &#8221; Since its inception in 2009, cryptocurrency has become both a cultural and financial phenomenon. As news headlines tout its ever-increasing exchange values and disruptive potential, investors and banking experts have gone into a frenzy. And yet, while digital money is on a lot&#8230;<\/p>\n","protected":false},"author":1,"featured_media":187099,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvYzQ3OTQ5OGQtNTlmZC00ZDE1LWFiOGEtOWNhMWUxNTU1ZDExLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74863,74355,40445,4965],"class_list":["post-187098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cryptocurrencies","tag-adoption","tag-media","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/187098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=187098"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/187098\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/187099"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=187098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=187098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=187098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}