Utility and Ease of use aren’t sexy, but aren’t they essential for success?

I read this post by @shortsegments Utility and Ease of use aren’t sexy, but aren’t they essential for success? and he made several good points, which I wish to point out here in a bit of a summary.

Utility and Ease of use aren’t sexy, but aren’t they essential for success? By @shortsegments is funny and an enjoyable read, but a bit long. Here’s the short summary.

The Short summary and my thoughts

In Cryptocurrency utility and “ease of use are considered the gold standards to measure a Cryptocurrency project. But few pay attention to these details. Other more glassy project marketing points are popular. It seems that coin projects promise the sun, moon and stars, but not utility and ease of use. There was no focus on utility and the process of buying cryptocurrency and storing it is really complicated.
Many people have lost money investing in Altcoins, which is all coins outside Bitcoin. Blogging on Social media platforms is one way to earn cryptocurrency with out investing much money, but the money making part isn’t guaranteed.

The big reason for failure of token projects in general is that there is a small number of highly trained and highly motivated people to invest in crypto projects, the vast majority are involved with Bitcoin, Ethereum, Dash and other top 20 projects. After that the number of people interested in crypto goes up, but the knowledge base and motivation go down. So the small number of early adopters isn’t a good measure of a project. It the consistent use and growing numbers and decreasing sophistication of the group that is indicative of project viability. It’s got to be useful to large numbers of people and easy enough to use that people of low skill and low motivation want to use it.

The idea is to get back to basics by developing or finding solid use cases. The most important thing to me to drive adoption of a cryptocurrency is ease of use and utility. Right now cryptocurrency is to complicated and once you do all the work of figuring it out and accumulating a fair bit of it, you may find you can’t buy anything with it. That’s why most crypto millionaire stories end in “ I cashed out my tokens to USD and lived happily ever after”.

However programs like gift card purchases with crypto or crypto debit cards which feature a feature where you deposit or load the card with crypto and spend cash or euros on debit card purchases. Those programs have high utility and high ease of use. They allow people to use something just like a credit card or bank debit card, so the majority of people know how to use it. They can trade it for stuff they need like food, water, electricity, pay bills or buy gadgets.

Right now there are new companies out there building on this business model using Bitcoin, Litecoin and Dash. But to me we have an advantage over all these coins; zero transaction fees. If we exploit this one point we could become a Household Name! And then next stop MOON !

All the coins used a lot for commercial transactions and transferring wealth right now, like Bitcoin, Ethereum, Litecoin and Dash have one important thing in common: Transaction Fees. These fees are a very important issue because they represent transaction costs which reduce profits. But our transactions are free. We should market our coin as a zero transaction fee alternative.

One such company to consider using is a company called Cryptofills. Cryptofills allows people to use their Bitcoin and cryptocurrencies to buy real-world goods and services. Just follow these simple steps. Cryptorefills supports 100's of Gift Cardss, Vouchers and top ups in 180 Countries with over 600 Mobile Operators. Cryptorefills claims to offer competitive prices for products including Steam Vouchers, Amazon Gift Cards and top ups for networks including Vodafone, Lyca Mobile, Airtel and many more. learn more

Note: this is a summary of the post written by @shortsegments.

@shortshots, the home of the The Really Short Report