hat Crypto and the Commodore 64 Have in Common | CORION
While a few digital currencies such as Bitcoin, and Ethereum have gained mainstream interest over the past year, and a large number of new currencies have cropped up (Wikipedia estimates the number of new coin offerings at approximately 20 per month), alt coins and tokens have been largely ignored by the general population until quite recently.
But it would be foolish to claim that the value of digital currencies has gone unnoticed. In fact, some of the world’s biggest players in global finance are beginning to show their interest – with big banks warming up to the idea that crypto may, indeed, be a worthwhile investment.
Still, while interest and use are definitely on the rise, and both investment volume and user adoption have reached all-time highs, the process of mainstream adoption has been quite slow. Crypto is still a long way from where it would like to be – the preferred asset storage and daily transaction method of the masses.
Remember the Commodore 64?
An easy comparison can be drawn between crypto’s current situation, and that of the early days of computers. Pre-Digital Revolution, most computer users were individuals who already had a deep understanding of the complex hardware and software which made them such useful and powerful tools. Most mainstream consumers were too intimidated by the complexity of command-line programming interfaces to ever consider investing in a PC. That is, until a few brilliant minds realized that use could be streamlined by adopting a simple, intuitive interface. Almost overnight, the entire climate of computing changed.
Fintech is facing the same challenge, when it comes to adoption of digital currency. Mainstream use has been daunted by technical complexity, jargon-heavy language, and a lack of user-friendly, secure options for the purchase and trading of currencies designed to (ironically) streamline global transactions.
This conundrum has caused many experts in digital currency (and the fintech industry at large) to begin pondering the big question – what can be done to inspire more mainstream adoption?
The short answer is – offer incentives.
To generate interest among a wider population base, users need to see some sort of benefit from using digital currency in place of their current forms of payment. In order to ease users into the use of digital currency, some experts have even proposed offering cryptocurrencies up as rewards for the completion of merchant transactions.
While some services (Steemit, Metal, and Brave, to name a few) have made loose attempts to offer rewards in the form of digital currency for the completion of various tasks, none have yet seen the widespread adoption they may have hoped.
The answer appears to lie not in offering crypto as a reward for performing other services, but as a reward, in and of itself.
For example, take a closer look at CORION’s rewards structure. Users are not only incentivized to join, they are offered deeper rewards for actively participating within the platform’s community, which includes establishing relationships with other community members and businesses. When coin holders use CORION to conduct their daily business, they receive daily bonuses for completing their transactions with the Service Providers connected to CORION’s thriving marketplace.
Though CORION is currently the only platform which offers rewards in addition to a user-friendly interface, secure wallet, and integrated exchange – it is exactly this type of incentivization which will encourage the large-scale adoption of everyday users, help the fintech industry reach and engage a wider audience, and ensure that the use of digital currency spreads to users across the globe.
– Marie Kent