Let’s face it, 2022 wasn’t exactly the crypto industry’s finest hour. If you’re even remotely connected to the digital world, you’ve likely heard the tales of market crashes and high-profile fraud. Frankly, if you’re tired of hearing about it, imagine how tired we are of writing about it! But ignoring the elephant in the room – or rather, the bear in the crypto den – would be foolish. The market turbulence and scandals have undeniably cast a long shadow.
Interestingly, despite the market turmoil, cryptocurrency remains a hot topic in popular culture. Yet, public sentiment has taken a nosedive. Recent surveys paint a stark picture. A CNBC All-America Economic Survey revealed a significant drop in positive sentiment towards crypto, plummeting from 19% in March to a mere 8%. Conversely, those with a negative view surged from 25% to 43%.
Even the fence-sitters are jumping off, one way or another. Neutral opinions have shrunk considerably, decreasing from 31% to 18%. It seems everyone, including your neighbor’s dog, now has a strong opinion on crypto.
So, is now really the time to be evangelizing crypto to your inner circle? Probably not if you’re aiming for a repeat of the enthusiastic holiday dinner conversations of 2021, when crypto seemed to be perpetually reaching new heights. Christmas 2022 dinner table talks might have been a tad awkward for those who were crypto preachers the year before.
However, for the truly dedicated, the believers in the long-term potential, the dip isn’t a deterrent. The fundamental use cases for crypto, NFTs, and DeFi remain compelling, even if the hype has subsided and reality has set in. If you’re still keen on sharing your crypto enthusiasm with friends and family, how do you navigate these choppy waters?
Bridging the Crypto Literacy Gap: Where to Begin?
The first hurdle is significant: most people are still in the dark about the basics of cryptocurrency. The “Crypto Literacy Survey” highlighted this dramatically. A staggering 91% of respondents in 2022 couldn’t answer more than 60% of basic crypto and Web3 questions correctly. While disheartening, this isn’t entirely surprising.
There’s a silver lining, though. Crypto literacy is slowly improving. The survey showed an increase in passing grades from 4% in 2021 to 9% in 2022. However, it’s important to consider the context: those taking such a survey are likely already somewhat interested in crypto. The broader population’s crypto knowledge is likely much lower. Let’s be honest, does your average relative know what “liquid staking” is? Probably not.
So, how do you even start the conversation? Experts suggest going back to basics, beginning with the most recognizable name in crypto: Bitcoin (BTC). Ryan Hansen, Chief Marketing Officer at Liquid Mercury, advises, “It’s the most recognizable cryptocurrency for most people who don’t deal with crypto daily.”
Start by explaining the fundamental reasons for considering an alternative to traditional fiat currency. This can include:
- Inflation and Purchasing Power: Explain how fiat currencies like the US dollar can lose value over time as central banks increase the money supply.
- Direct Control: Highlight the benefit of having direct control over your digital assets, unlike traditional banking systems.
- Financial Inclusion: Discuss crypto’s potential to offer financial services to those without access to traditional banking.
Tailoring the Crypto Conversation: Speak Their Language
What if your audience isn’t swayed by arguments about “Big Government” or central bank policies? What if they aren’t facing the immediate need for borderless currency? The key is to personalize your approach and connect crypto to their everyday lives and interests.
Anton Giuroiu, CEO of ArchitectureLab and a crypto enthusiast, suggests, “If you have a friend in the restaurant industry, illustrate how blockchain could streamline their operations – tracking orders, managing inventory, and optimizing food preparation. This demonstrates the tangible value of blockchain beyond just currency.”
Consider these tailored approaches:
| Friend’s Profession/Interest | How Blockchain/Crypto Connects |
|---|---|
| Travel Agent | Smart contracts for managing last-minute cancellations and no-shows, automating refunds and reducing disputes. |
| Artist/Musician | NFTs for digital ownership, royalties, and direct connection with fans, bypassing traditional intermediaries. |
| Gamer | Play-to-earn games, in-game asset ownership via NFTs, and decentralized gaming platforms. |
| Small Business Owner | Faster and cheaper cross-border payments, transparent supply chain management using blockchain. |
The applications of blockchain technology are vast, from tokenizing assets and enhancing video streaming to improving transparency in crowdfunding. The trick is to find the angle that resonates with your specific friend, family member, or colleague.
The “Try It to Believe It” Approach
Remember the days of resisting the touchscreen revolution? Many of us, myself included, were initially skeptical of smartphones. Clinging to physical keypads and familiar operating systems seemed preferable… until we actually tried a smartphone. Suddenly, the benefits became clear. The same principle applies to crypto. It’s often hard to truly understand something without experiencing it firsthand.
Brian David Crane, founder and CEO of Spread Great Ideas, shares a practical tip: “Giving away free cryptocurrency has been incredibly effective for me in converting skeptics. I often gift small amounts of crypto, often from airdrops, to friends and family to get them started. Airdrops are also a fantastic way for newcomers to earn a little while learning about crypto.”
Andrew Gayton, an NFT/Web3 advisor at GODA, took a more competitive approach. He offered one Bitcoin as a fantasy football league prize back when Bitcoin was around $500. Initially, there was little interest. “I didn’t win anyone over immediately,” he admits. “But as the price surged past $2,000 and crypto became more mainstream, some of those friends reached out, eager to learn how to invest. It often takes multiple conversations and time for people to become genuinely interested and educated about cryptocurrency.”
Patience and Persistence: The Long Game of Crypto Adoption
Ultimately, introducing someone to cryptocurrency, especially in the current climate, requires patience and persistence. It’s not a one-time pitch; it’s an ongoing conversation. By focusing on education, tailoring your approach to their interests, and perhaps even offering a small, risk-free way to get involved, you can gradually help them understand the potential of digital assets. And who knows, maybe by the next holiday season, the crypto conversation around the dinner table will be a bit more optimistic.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.