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The purpose of this post is to give Panmoni stakeholders and the Bitcoin Cash community an update on our progress and direction. You can find all of our reports at BitcoinCashSite.com/about.
Billions of working people are financially excluded today, particularly in the developing world. They are excluded from basic financial services, from the formation of capital and the accrual of reliable savings. They are subject to hyperinflation, corruption and constant crises. Like everyone else, they want a chance at prosperity, but it is actively denied to them.
Panmoni is a multi-national, networked team of more than 200 registered contractors with verifiable activity in 85 cities on 6 continents that onboards people to Bitcoin Cash. We labor daily with innovative strategies, digital marketing and on-the-ground expertise to show people the benefits of Bitcoin Cash, teach them how to use it, and get them to start using it. We carry this out with a fundamental commitment to radical transparency, including into our policies, activities and results. We build verification into everything we do to ensure our results are always real.
We leverage our unique ground-level adoption expertise to develop products that can simultaneously benefit our target markets, increase usage of the Bitcoin Cash network and generate a profit for Panmoni. We aim to become a profitable enterprise while maintaining our BCH-centric principles and priorities.
Panmoni is proud to be the pre-eminent Bitcoin Cash marketing and adoption team today. Given the crypto advertising ban and the difficulty of promoting utility in this hype-happy, number-go-up cryptocurrency ecosystem, Panmoni reaches users, merchants, builders and investors directly with a systematic intensity few others approach.
Bitcoin Cash needs new users. It needs new products to attract, serve and retain new users. It needs ground-level intelligence and feedback to build those products. Panmoni onboards these new users and learns what they need so we can solve more problems for the world with peer-to-peer electronic cash.
Panmoni is a unique team that represents a lot of value for the BCH ecosystem. We recognize that we need to explain how we add value and why our efforts are worthy of support and funding.
New People. We bring new people to Bitcoin Cash through our onboarding efforts. This grows the BCH network effect.
Community. We support Bitcoin Cash global community cohesion through our marketing and communications efforts. An effective decentralized ecosystem needs just as much communication as a centralized one, if not more.
Scalable. We have systematized our work so that anyone, anywhere can plug into it, receive training and support, report their results, get mentoring and even get paid to work on Bitcoin Cash mass adoption. Our adoption system scales.
Transparent. We set a high standard for transparency and verifiability.
Strategic. We work based off of fundamental principles and strategies, not just convenient tactics or top-of-mind thinking. We test strategies and tactics, we share our learnings, we pivot and keep growing.
Buzz. We support the global reputation of Bitcoin Cash by publishing new BCH media daily that demonstrates its superior UX and adoptability. We turn our results into public relations for Bitcoin Cash on a global scale.
BTC Contrast. Our work is a daily example of how BCH is Bitcoin because BTC coin is not feasible for our work. This represents a strategic support point for the BCH ecosystem in its attempts to flippen BTC coin.
Feedback. We discover bugs and opportunities for improvement by introducing BCH apps to new users and increasing use of the apps and the network as a whole.
Market Fit. We gather ground-level data on how BCH is doing in serving mainstream markets, and how it can do better.
Panmoni is led by George Donnelly and works under the names “Bitcoin Cash Site” (English) and “Bitcoin Cash Latam” (Spanish). We have been actively working on BCH adoption since Nov 2019 and on cryptocurrency mass adoption since Mar 2018.
In late 2019, after nearly 2 years of field work in 8 countries and 20 cities on 3 continents in which we onboarded more than 1,300 merchants and at least 5,000 people, we released a business plan. This plan offers a solution to a basic problem in mass adoption that few realized even existed and almost no one discusses even today: the inflows challenge.
We attempted to fund this plan via a token sale in early 2020 but unfortunately raised less than 5% of the needed funds. We also submitted it to the Bitcoin Cash Ecosystem Fund in Jan 2020, but have received no response; and therefore assume the response is negative.
We deployed the funds we were able to raise on adoption activities in Latin America as best we could during the COVID-19 lockdowns of 2020 in order to continue making progress towards our vision of Bitcoin mass adoption. In September 2020, we raised 277 BCH in perhaps the fastest flipstarter ever.
Since then, we have achieved a number of results, which are detailed below.
We expect to complete all of the deliverables we’ve promised so far, as well as even more bonus results, by 1 Nov 2021. At that time, we will release a final report that subsumes the token sale, the Sep 2020 flipstarter and the additional objectives that we completed.
Here are the principal pending items.
Combo Remittances: We will get this number to at least 20 with our remittances pilot.
Video Tutorials: We have lacked freelance video editors to get this work done but will push through and incorporate the videos into our educational program.
Social Media Graphics.
Landing Pages & Sequences. These are under active development.
Livestreams. We’re planning a new round of livestreams to exceed this goal.
Special Events. We’re not sure what to do here but will come up with something that adds value.
PR Content. We’re about to do another round of interviews and will soon exceed the promised results.
We have encountered so many obstacles along the way but here are some of the more recent ones.
Local Liquidity: We were counting on building up local.bitcoin.com so people could buy and sell BCH there without having to worry about CEXs and KYC but unfortunately the site has stagnated so far as to present show-stopping errors for users. We have given up on this and are working on another solution in partnership with a BCH builder.
Qualified People: Finding capable, competent people willing to work freelance for BCH, especially in digital marketing has been very challenging. We still have many roles open that we would like to hire for.
Crypto Ads Ban: It is challenging for us to buy PPC marketing using effective toolkits like Facebook’s or Google’s due to the crypto ads ban.
Inexperienced Team: We had to mostly rebuild the team after leaving Dash as the former team members mostly transitioned out of the crypto ecosystem due to the long delay in ramping up BCH activities in 2020.
Venezuela: Venezuela is ripe for BCH adoption due to its ongoing crises but failing electrical and Internet infrastructure complicate our work.
Slack Marketing: BCH has very little marketing happening, which makes it harder to get and retain attention. We need to generate more excitement about what is happening at the protocol level. This requires coordination.
Market Price. The recent market price decline caused us some concern and we slowed operations as a result.
Community Coordination. We canceled an important project that required community coordination because we realized that almost no one in the community was interested in participating in the project.
Wallet: We want to promote a FOSS (free- and open-source) BCH wallet but unfortunately Bitcoin.com refuses to give any timeline on when they plan to open-source their wallet again. We are exploring ways to make the Electron Cash mobile wallets a little friendlier so we can promote them instead.
At a high level, we are developing these 5 pillars over the next 12-18 months.
Ground Adoption. 50+ active merchants, 500+ active users and active monthly events in each of 50+ high-population global cities across Latin America, Africa and South Asia. In the case of Venezuela, to onboard merchants in every major/safe neighborhood in Caracas and to have BCH used in every corner of the country; and be globally recognized as the #1 cryptocurrency in the country.
Onboard App Builders. A vibrant ecosystem of thousands of people building BCH apps to serve the growing user base across the globe, leveraging mainnet as well as SmartBCH to solve problems Bitcoin Cash is uniquely suited to solve.
Build BCH Community Cohesion. Through cooperation, collaboration and communication, build voluntary and decentralized community cohesion such that the global BCH community feels connected, has expanding network effect and growth opportunities can be fully exploited.
Market BCH High-Level. Enhance high-level Bitcoin Cash marketing, leveraging best practices while remaining true to community values and priorities, to get BCH back into the top 5 by market cap and eventually flippen BTC.
Create Profitable Products. Leverage our work to develop profitable BCH products and services and thus enable the organization to do more for Bitcoin Cash.
Here are just a few of the future projects we are working on over the next 3 months.
Pearl: We are taking our scalable mass adoption system up a notch, making it more automated, friendlier and eliminating bottlenecks so it requires less manual administration. Pearl is a mass adoption machine that enables us to scale our adoption results 10x without maintaining a large staff of administrative personnel.
Remittances Pilot: We will do another remittances pilot to discover how we can use BCH for remittances and turn a profit without our business plan being funded. The last one we did was in 2019 and we did not document it properly.
Fundraising Platform: We’re building a platform for NGOs and others to raise funds from anywhere across the globe using Bitcoin Cash assurance contract technology, and thus save money, access more donors, demonstrate a unique BCH use case and address the inflows challenge.
BCH 50 Merchants: A marketing campaign to replicate our success in Venezuela, Colombia & Nigeria, and get 50+ BCH merchants in at least 10 new large cities in the developing world, including San Salvador.
Onboard Latam Corporations: An outreach campaign to offer free BCH education to Latin American corporations, including banks and other institutions.
Merch Store: We will sell unique BCH merchandise with designs and content on offer nowhere else.
Paid Advertising Experiment. We will find ways around the crypto ads ban and use them to get BCH the crypto mindshare and market share it deserves.
We are aiming for a budget of at least 25,000 USD per month in 2022. Ideally, we will have raised at least 6, if not 12, months of funding by Dec 2021 so we can focus our efforts on execution. We will likely offer the community the opportunity to extend our work with a new flipstarter in November 2021.
An annual budget of this size would be 375 BCH assuming an average 2022 BCH market price of 800 USD. If you would consider supporting our work in 2022, please reach out and make a pre-pledge to email@example.com. This will be very helpful in planning our flipstarter campaign. Thank you in advance.
So far, we have operated on a shoestring budget in order to demonstrate the effectiveness of our work. Adoption in Venezuela, for example, is relatively inexpensive. Replicating our work in other developing world nations will be more expensive. Travel expenses may be required. We also need to invest in more fixed-salary employees, co-working space memberships, paid marketing, staff training and more.
We provide real-time updates on our work via the following channels. We integrate transparency and accountability into everything we do, so that it is not an afterthought but an integral part of our activities.
We rely on the services and/or products of these and other Bitcoin Cash teams and companies. Thank you.
noise.cash & read.cash (possible in large part thanks to Marc DeMesel)
SLP Token Protocol
r/btc & r/bitcoincash
Thanks to everyone reading our reports, engaging with our content and offering your comments and feedback. A huge thanks to those who send words of encouragement and congratulations to the team. It matters. A lot.
We are not building a POS service like a GoCrypto or a Salamentex. We are fomenting a decentralized BCH ecosystem in the developing world. The goal is not to create a company that becomes an intermediary for every transaction in our community. This is about creating systems, tools and opportunities for everyone to profit. This is about building a vibrant market ecosystem that will attract and retain countless service providers.
Therefore, we don’t know how many transactions our onboarded users are doing. We do not aim to know their private spending habits nor much less to publish that information. Surveilling BCH users is not consistent with the Bitcoin Cash ethos.
That said, as we launch products, we may have the capacity to produce some general metrics about use of those specific products, and we will likely share some of those so other BCH teams can continue to benefit from what we’ve learned.
Bitcoin Cash adoption is not just onboarding people to another app that is essentially USD rails. BCH adoption requires a paradigm shift. In order for it to become adopted, people need to accept some new ideas, such as self-custody, volatility and a currency independent of nation-states backed by nothing in particular. There is a long process of education that needs to happen.
Reducing all of this to a conversation about transaction count is one-dimensional thinking that is only going to hamper our ability to do what needs to be done to onboard the world to peer-to-peer electronic cash
2. When will you become profitable?
That’s hard to say but, as mentioned above, we are working on a number of strategies for becoming a profitable Bitcoin Cash company.
3. How can we support you?
Every bit of support matters, be it financial, moral or in another form.
Join our token sale.
Buy some original merch (coming soon).
Alert us to opportunities to earn from affiliate marketing, etc.