{"id":353836,"date":"2021-10-16T22:44:00","date_gmt":"2021-10-16T19:44:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/the-crypto-industry-is-still-waiting-for-its-iphone-moment\/"},"modified":"2021-10-16T22:44:00","modified_gmt":"2021-10-16T19:44:00","slug":"the-crypto-industry-is-still-waiting-for-its-iphone-moment","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/the-crypto-industry-is-still-waiting-for-its-iphone-moment\/","title":{"rendered":"# The crypto industry is still waiting for its \u2018iPhone moment\u2019"},"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-6a37a607cd46b\" 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-6a37a607cd46b\" 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\/the-crypto-industry-is-still-waiting-for-its-iphone-moment\/#From_zero_to_hero_with_just_one_innovation\" >From zero to hero with just one innovation<\/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\/the-crypto-industry-is-still-waiting-for-its-iphone-moment\/#Reframing_crypto_as_the_means_not_the_end\" >Reframing crypto as the means, not the end<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># The crypto industry is still waiting for its \u2018iPhone moment\u2019 <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvODcxODMxNGUtYjIyMy00ODJjLThmMGYtZjQzNmVmYTg1YjFlLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>This year, a great crypto cycle has played out with new all-time highs, euphoria and mainstream <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> paying lip service to the crypto trend <em>du jour.<\/em> However, the uncomfortable truth for us in the industry is that crypto is no more present in most people\u2019s daily lives than it was in 2017. Four years have passed \u2014 what stalled its progress?<\/p>\n<p>2017 marked my first professional foray into the blockchain space when I joined Crypto.com (then known as Monaco) as its first chief marketing officer. The company grew to become one of the largest crypto service providers and fiat-to-crypto gateways in the world.<\/p>\n<p>During that time, the crypto space changed. Payments are much less of a focus and many of the projects aimed at crypto adoption have been sidelined. Decentralized finance (DeFi) and nonfungible tokens (NFTs) have taken the spotlight, but they\u2019re ultimately focused on crypto trading and unable to help the real world in any meaningful way \u2014 at least, for now.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Is crypto <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>roaching its &#8216;Netscape moment&#8217;?<\/em><\/strong><\/p>\n<p>The situation reminds me of the mobile industry before the advent of the iPhone and the revolution spearheaded by Steve Jobs. <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">Technology<\/a> and features were being stacked on top of each other but with no additional impact for the end-user, even though there was plenty of buzz.<\/p>\n<p>A mobile marketing pioneer, I worked with the Mobile Marketing Association for more than ten years in Asia (served as chair during 2009\u201310) and saw firsthand the development of the industry. One thing that people misunderstand about that revolution is that Apple did not \u201cinvent\u201d the smartphone to any meaningful extent.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"From_zero_to_hero_with_just_one_innovation\"><\/span>From zero to hero with just one innovation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you ask someone on the street what made the iPhone so successful, you\u2019ll get at least half a dozen different answers. It was apps and the App Store, some people say. For others, it was Gorilla glass and the touchscreen. It was 3G (actually, the first iPhone did not even have it), the Wi-Fi connection, the camera, the comfortable size, the sleek design&#8230;<\/p>\n<p>Of course, all of these factors contributed. But consider that, in some form, all of those features already existed in other phones. Nokia had the Symbian OS and it featured a quite rich ecosystem of apps. The same thing goes for BlackBerry, which was quite advanced for its time in terms of hardware and software \u2014 for example, in 2005, it released BBM, the proto-WhatsApp\/iMessages. Palm and plenty of other companies were making \u201cpocket computers\u201d with stylus touchscreens. Nokia excelled with camera phones and predictive text, Motorola dazzled everyone with the Razr\u2019s design, and so on.<\/p>\n<p>The only independent innovation that the iPhone brought was the user experience (UX), and more specifically, the multi-touch capacitive screen. It introduced gestures, on-screen QWERTY keyboards, and the basic smartphone design we know today, but nothing else in the iPhone was, by itself, new. It simply was the ultimate phone \u2014 as Steve Jobs said at the time, \u201c<em>An iPod, a phone, and an internet communicator\u2026 not three separate devices. This is one device<\/em>,\u201d \u2014 which offered a simple to use, sleek and good-looking device, packed with features. The rest, as they say, is history.<\/p>\n<p>Crypto has yet to have its iPhone moment.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Reframing_crypto_as_the_means_not_the_end\"><\/span>Reframing crypto as the means, not the end<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When we talk about crypto adoption, we need to recognize the utilitarian considerations of the average person. The vast majority think about cost and utility well before any idealistic concern. Organic food has its place, but it\u2019s a small niche \u2014 most people buy food based on its taste and cost. Electric cars struggle because they offer a significant number of practical disadvantages and because they\u2019re <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly much more expensive.<\/p>\n<p>Positioning crypto as an amazing tool for financial freedom and decentralization will ring hollow to most people. By far, the most significant reason why people get into crypto now is price gains, not its utility. Crypto is useful in certain applications, such as cheap global transfer of value. But there are many practical disadvantages to using crypto for payments, which mostly have to do with the integration with existing financial rails. The user experience of using crypto to pay for stuff has been, frankly, atrocious \u2014 with complicated fees, confirmation times and difficult units compounding the adoption struggle.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Mass adoption of blockchain tech is possible, and education is the key<\/em><\/strong><\/p>\n<p>There are no perfect analogies but I think that the \u201cmulti-touch capacitive screen\u201d of crypto is reframing it as a means, and not the end. The average person does not care about crypto, itself, they care about what it gives them. If you promise them Lambos and moons, they will listen but that only gets you so far.<\/p>\n<p>What if you used crypto to cut out the middleman between you and your money to deliver (nearly) free transfers of money, foreign exchange, interest rates that a normal person can only hope to pay, not receive, and other benefits that would make Black Cardholders jealous?<\/p>\n<p>You can bet the average person would be interested.<\/p>\n<p>This is the strategy we adopted: a redeemable membership fee granting access to a suite of useful financial, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a> and lifestyle services, which are easily accessible from both mobile and web apps, and even chat services like WhatsApp or Telegram. We acted in two directions: removing any friction of using our product and making it immensely useful to everyone. Just like the iPhone back in the day.<\/p>\n<p>Of course, there is a long journey ahead. But if more projects in crypto operated outside of the box and focused on utility and not just crypto for speculation\u2019s sake, it just might bring us back onto the path of mainstream adoption we embarked on in 2017.<\/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>Sean Rach<\/strong> is the co-founder of hi, a not-for-profit blockchain-based financial platform. Sean was the founding chief marketing officer of Crypto.com, the crypto exchange and card provider. He also served in senior roles at Prudential Corporation Asia, Ogilvy Hong Kong and Mobile Marketing Association. A Business Administration doctoral candidate at the Warwick Business School, Sean has overseen the development of several innovative digital platforms, like Safe Steps (with NatGeo and Red Cross) and Cha-Ching Money Smart Kids (with Cartoon Network), and earlier helped to launch Hallmark.com.<\/div>\n<\/div>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/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 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> 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\/the-crypto-industry-is-still-waiting-for-its-iphone-moment\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# The crypto industry is still waiting for its \u2018iPhone moment\u2019 &#8221; This year, a great crypto cycle has played out with new all-time highs, euphoria and mainstream media paying lip service to the crypto trend du jour. However, the uncomfortable truth for us in the industry is that crypto is no more present in&#8230;<\/p>\n","protected":false},"author":1,"featured_media":353837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvODcxODMxNGUtYjIyMy00ODJjLThmMGYtZjQzNmVmYTg1YjFlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74863,74983,74868,95118,74355,5030,65078],"class_list":["post-353836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cryptocurrencies","tag-decentralization","tag-defi","tag-nft","tag-adoption","tag-iphone","tag-mainstream"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/353836","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=353836"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/353836\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/353837"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=353836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=353836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=353836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}