Crypto & Cardio #2 - Ease friction to create disruption

in #vlog5 years ago

Last night I went to Supper Club run by @allasyummyfood, there were a number of Steemians there so invariably there were a few crypto conversation floating around.

I was asked by @rod.crisafulli for my take on how cryptocurrency could gain mass adoption.

For me the best way to increase adoption is to ease friction that currently exists in people’s lives. That is what (ultimately) disruptive technologies do.

A talk a bit more about this in today’s video.

Examples of technologies that ease friction

  • the email eased the friction within distance communication just like the fax machine, the postal system and even carrier pigeons did before it
  • online streaming eased the friction in content consumption just like, download to own/ rent, dvd, vhs, tv and radio did before it
  • even Uber eased the friction in being able to get a cheap, quick taxi ride

Cryptocurrency has to aim to facilitate applications that do the same; i.e. ook at where there are pain-points in the status quo for which decentralised platforms can be the answer.

Bitcoin has done this to some degree.

Where Bitcoin shines is in places like Venezuela, @rod.crisafulli was telling me about some of the innovative and risky ways people from the diaspora had to send money back. Bitcoin provides a far more convenient way for that to be done, making a real impact on people lives. In countries that don’t have such problems with the local currency Bitcoin is not such an easy sell, as on balance the existing methods of exchanging value serves people purpose.

Another place where Bitcoin eases friction is for people looking for alternative methods of storing value. Despite it’s risks, Bitcoin has proved it self to be an option (at least) for those looking for ways to either protect or increase a portion of their wealth.

The challenge for applications that are now being built on platforms like Ethereum and EOS is to find a way to ease frictions.

STEEM as a pioneer

STEEM has in many ways been a pioneer in this realm of easing a friction. In social media only top influencers are able to monetise their social media engagement. STEEM has found a method whereby anyone can be rewarded for the value they bring to a social media platform. This is a fantastic step forward on the status quo. The challenge for STEEM is ease of use. There is still a lot of friction in terms of on-boarding people and getting them to a position where they can realise the benefits of the platform. Users, that aren’t technology minded have to use a lot of brain space to understand how cryptocurrency works in order to use any rewards earned.

For STEEM to get more adoption

  • the on-boarding ramp needs to be simple.
  • the ability to move funds in and out of fiat needs to be smooth.
  • also the narrative needs to be clear. For example, a narrative around STEEM being a competitor to Patreon could help in explaining to people one of the reasons why you’d buy STEEM. Rather than donating (or receiving payment) via Patreon, STEEM offers a far more sophisticated model of supporting your favourite content producers using the STEEM model where buyers retain their value however are able to influence how rewards are distributed on a daily bases.

In conclusion, the key for adoption of disruptive technologies is easing friction. Making people’s lives more simple by eliminating existing complexities rather than introducing new ones!

▶️ DTube


Sounds like a cool time would love to find steemians to chat with in person. Nice videos

There is still a lot of friction in terms of getting people on board and making them aware of the benefits of the platform. Users who don't have a technological mindset must use a lot of brain space to understand how cryptomoney works to use any reward obtained.

While it is true that there are many details that are out of our hands, steemit is still a project full of good opportunities, eliminating some of that friction is in our hands, users who day by day believe in it, how to attract and give all our support to new people, I can improve the understanding and love of many people.

Very true. One of the strengths of Steem/ Steemit is the community and the way it drives adoption/ retention.

It would help no end if there was a smoother on-boarding process. However the issue is not unique to Steem but is across crypto. Steem is probably more advanced than most other coins.

I think I understand your point. Allow me to share what I got from your video.
So what you mean by 'easing the friction' is to find opportunities where crypto can be of use to people in real life. I got this sense that you were trying to say that most of us here (including me) are all about phasing out fiat (although I too think that our approach is a little hardlined but we believe that this is the way to arrive at best possible outcome).

After listening to you for a bit I too am thinking about this. Instead of the hardlined approach what if we find crypto based solutions that actually make people life easier. This we we get the adoption without as much friction. The example of Venezula, Steemit for content creators (instead of patreon) and other similar ones, make a lot of sense this way.

Thanks for sharing this video man. It's a really cool thought - one that a lot of us need to ponder over.

I understand there is a 'hardline' view about phasing out fiat. And hardliners are willing to jump through a lot of technical hoops in order to live by their vision.

However, the reality is non-hardliners are not will to jump through the same hoops.

One of the easiest ways to build adoption is by making the transition to crypto a 'no-brainer' for the average person. That is often through easing frictions that currently exist in their day-to-day lives.

Hi @nanza-scoop. Steemit for the Venezuelans represents an escape to the multiple problems and difficulties that we have to assume day by day. Certainly it is not an easy task, but the opportunity exists and it's enough, it's just a matter of doing the work ourselves. For our country, this platform will open the windows. I am still in the task of obtaining profits that make me cover my basic needs, but I feel that I am in the right place to achieve it in some way.
This great social network grows every day on its own.

Hola. Steemit para los venezolanos representa un escape a los múltiples problemas y dificultades que tenemos que asumir día a día. Ciertamente no es una tarea fácil, pero la oportunidad existe y es suficiente, solo es cuestión de hacer el trabajo nosotros mismos. Para nuestro país, esta plataforma abrirá las ventanas. Todavía estoy en la tarea de obtener ganancias que me hagan cubrir mis necesidades básicas, pero siento que estoy en el lugar correcto para lograrlo de alguna manera.
Esta gran red social crece todos los días por sí misma.

The truth is that thanks to the Bitcoin Venezuelans have a little air to breathe as our local currency is devalued by more than 1500% and thanks to BTC many get a relief to not see our savings shrink.

Thanks to the cryptocurrency is that many Venezuelans have how to feed our children is something we should always thank.

For me, what should be treated is to eliminate bad publicity and make people understand that this is the future, this is technology and beyond that a cryptocurrency makes you earn money there is technology next to that currency which comes to change everyone's life.

Agreed on what will Steem get more adoption. When I tell family and friends about Steemit their eyes glaze when I talk about the transition to and from fiat currency to Steem.

Well i like the idea of this Cardio and Crypto 😅

And it's true that Bitcoin is just a introducer of cryptocurrency world and the best cryptocurrency with a bigger Active Community is going to rule the market and iam seeing steem one of those big names in upcoming time,

Thanks for the vlog waiting to see more Cardio and Crypto Vlogs.

Cardio and crypto, what a great combination haha.
Good proposals for the steem developments.
I think it will be much easier for steem and other top alt coins when the whole market gets independent and detaches from the bitcoin.
In the current situation it all depends on bitcoin.

I think it will be a long time before other coins detach from bitcoin... however I take your point!

2 birds one stone

I like this take on it, "easing friction" it makes sense. Even the interconnectivity of the masses has come about due to the internet almost giving us an easier way to connect. Also, I think until crypto is pegged in some way to lower fluctuations, it will probably remain more an investment, which I am fine with at present. It is easier to earn with the fluctuations of crypto now than you can with a usd sitting in a bank with no interest. It's all so interesting.

Completely Agree. Ease friction will definitely help with adoption. I hope you have an awesome day :)

You are very right about ease friction this will help adoption and on top of that most ICO promising to take people to the moon then later tourn out to be ponzi, this will kill cryptos.!!

These are some tips about growing the Crypto community and alleviating the skepticisms about it's durability in the long run.
Great insights

It would be great if we can send and receive Steem to from Bank accounts directly without going through the long process of converting it to Bitcoin or other currencies. It will make everything easier for us and attract more users.

We must certainly change the way people see the blockchain and Criptocurrencys doing exhibitions, workshops, among other things where we change the way they see these processes and decide to be included in this currency system

Creating a better opportunity of crypto

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Excellent post thanks for sharing.

Interesting post, thank you for sharing. Warm greetings from Gayo.

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