How to grow the Bitcoin Cash ecosystem: our vision
Bitcoin Cash has taken a dive recently from $280 per 1 BCH when we started to $208 right about now. Yet still there's $3.7 billion market cap in Bitcoin Cash. That's:
How much of that is needed to support the projects on Bitcoin Cash? Do you think that LazyFox.io could be better off if it was earning $10'000/month? That's not much - that's barely 0.0001% of the market cap.
If you don't know what LazyFox is - it's a project by Tobias B from Berlin, where you can give tasks to users and pay in BCH. You can read more in Jamie Redman's article (you can probably find Jamie's article about everything that's related to Bitcoin Cash).
Tobias lives in Berlin, which means that he could be making €72'582 per year in IT. That's $80'000 per year = $6'000/month. He could be making that money from LazyFox, but he doesn't (at least from the looks of it).
Yet, just one this project could be giving work to (potentially) millions of people, earning BCH and spending BCH later, giving an ecosystem a huge boost, increasing the overall valuation of BCH to maybe $37 billions.
Alas, the project seems to struggle:
So, how is it even possible that there's $3.7 billion market cap, but some BCH projects struggle? Of course it's not like there's really nearly 4 billion US dollars in available money, it's much less, but even if it's 10 times less - still - it's a lot and the percentage to keep LazyFox in business would be pretty small.
I don't know Tobias, but it's easy to predict what's going to happen. He is going to lose interest in the project, abandon it and find a "real" job outside of cryptocurrencies (probably, he even has one), whereas he could have been devoting time to develop the project, give work to millions and be earning millions, maybe...
It's just an example. Here's another.
Flowee the Hub by Tom Zander is an amazing project - it's a full Bitcoin Cash node that can index the whole blockchain in mere hours! Whereas the competing nodes take days (or weeks?) to do the same thing, and Tom Zander is unstoppable - he's developing Flowee.js to allow websites to interact with the node, kind of like what bitbox does.
So, is Flowee the Hub wildly successful? I don't know where Tom Zander lives, but surname Zander suggests Germany, though his blog suggests maybe China... So, we're talking again about something like $6'000/month for an IT specialist.
Let's peek at Flowee's finances - it's probably a goldmine! The donation address listed as
bitcoincash:qpgn5ka4jptc98a9ftycvujxx33e79nxuqlz5mvxns, so it's easy to peek:
So, during the period of 2 years, Flowee's author has collected a whopping $3'248... so, like $147/month. That's maximum. That's if Tom didn't send $10 somewhere, bringing rest of that money back as a change (which would be included in "total received", making real "received" two times less).
That's way below the poverty line in Germany.
Of course, I'm sure Tom's not hungry and has a job, but at the same time he's probably not devoting as much time to Flowee as he could be.
According to our definition - both Tom and Tobias are "creators", even if they don't create articles or videos. They do something better - they create software that creates huge opportunities for the whole ecosystem to grow. Each piece of software for Bitcoin Cash, each article, each video about Bitcoin Cash - everything helps create opportunities and with that helps everything grow.
And for us, as a community, it could cost very little compared to the total market cap (even less if thinking about potential total market cap)...
This is one of the problems that we want to solve at read.cash.
We have a few solutions for them. Today we'll be revealing only the first part.
One thing Tom, Tobias and you, my dear creator, could do is to start writing about your projects on read.cash regularly.
"Yeah, right! I'll earn $5 for that, right?"
Sure, right now - yes.
But every project that starts using read.cash for their blog would bring along the interested audience that loves Bitcoin Cash and wants to the system to grow!
When I come to flowee.org I don't see any news, even though there are some. FloweeJS is one of the "new things" and it is an interesting project that I know of because we chatted with Tom a little over the email.
Tom has announced FloweeJS on Twitter. He has got 21 likes and 7 re-tweets and $0 in BCH for that.
And $0 is infinitely less than even $5.
Had he published the same announcement on read.cash - he could have made additional $14 right now - that's how much @Cain made for the article "The Benevolent Dictator" about Amaury Séchet.
$14 is not much, but I think a good article about FloweeJS with an explanation and call to support could have got Tom much more! (On top of being able to receive donations directly, nobody forbids Tom from publishing the donation address)
$14 for a single article is the record for single article in our first month ever. ... while spending $0 on advertising.
The next month is going to be bigger... and the next - bigger still.
What about LazyFox? We also invite Tobias B to "read.cash" to write about his experience developing LazyFox, his ideas, his stats and problems, anecdotes from the life of LazyFox. Why's it even called LazyFox? :)
There's a ton of things you (as a software creator, as a Bitcoin Cash promoter, as a writer, video creator) could be publishing.
Each of your posts should have a call for support, like "Upvote this article if you want to see this built faster".
The point is not only getting money, but also to encourage people to spend BCH to support all Bitcoin Cash projects, including yours.
Do you think many people understand that you as a creator need money to support yourself and your family, so that you can spend more time on your awesome project?
Most people have no idea about that.
And many people would be happy to help you if they knew.
It's awesome that Roger Ver announced $200'000'000 fund to support Bitcoin Cash - it's great! I don't know the details, it's probably in exchange for equity, but still great. (Of course if you are eligible and willing - contact bitcoin.com)
At the same time you, my dear creator, can earn some money and encouragement right now at read.cash. No contracts, no obligations.
There's a 10% fee, that upvoter pays, so you get only 90%, but... let me defend our choice here.
This 10% isn't something you lose, it's something that you invest and that gives you much bigger return on investment than you can get for such a small amount. This is a payment for the service, which gives you:
1) Our affiliate network, which means that when you publish your article - there will be people willing to earn 3% of your success by sharing your link. (They can spread your link much further than you yourself can) And if you, my dear creator, were invited via another affiliate link - that affiliate would also get 3% of your earnings, encouraging him or her each time to share links more often. (Don't worry, this comes out of our 10%, not your 90%).
These 3% might be small to you, but for some people it's a good support for their family.
The rest 4% we try to use wisely - to support the creators and read.cash. Currently, my articles earned $38.24, and here's the screenshot of my balance:
All the fees (except 46 cents) that read.cash earned so far went back into upvotes and author support on read.cash. None went into our pockets so far.
The more authors create at read.cash - the more each author will earn, because it brings more readers and more readers bring in more Bitcoin Cash, more Bitcoin Cash brings more authors, and it's a positive loop...
2) 4% of the 10% buys you the infrastructure. Is it really easy to give you a tip on your site? When I visit Flowee's site - I have to look specifically for the "Donations" page and most people won't do it at all.
This is typical for software developers. Oftentimes, there isn't even such a page or note, despite author not making enough.
When you finish reading read.cash article - there's always an "Upvote" button, ready and willing to be clicked and send you some Bitcoin Cash to encourage you! It buys you the audience that is ready to read you, and it's our problem of how to remind them to read you, how to deliver your message and remind them to upvote you, not yours.
Your job is just to write something to remind of yourself and your project.
We think 10% is not a big price to pay for such benefits. It also encourages us to develop read.cash further.
...especially those that create stuff around Bitcoin Cash - we encourage you to write some periodic updates on read.cash. The more audience you bring - the more all of us get in return.
Each 100 fans that come to your article will stay and read and upvote stuff and bring 1000 more fans. Next time you'll publish an update - 1000 more fans would be reading it and willing to support your cause.
1000 more affiliates would be promoting your stuff even outside of the Bitcoin Cash ecosystem, bringing new faces and new money. (Did we mention you can deposit using a credit card on read.cash? Do you do that on your site?)
You don't need to write huge articles or updates. Just tell people what you're working on, how it looks like. It's really easy: you can paste the screenshots:
You can add the code:
You can use Markdown bindings, just type
# to start a new heading or backtick (`) to start an inline
code. (See more about the editor here)
...and importantly you can communicate with your fans and secure your finances.
And checkout our Roadmap to find out that soon you'll be able to do even more! Don't like something or want something changed - just ping us using any method and we'll see what we can do.
"$14 record" for the article might not be impressive now, but we're pretty sure that in a year or two - this record would be more than $1000 per single article by one of our creators!
Help us achieve that vision by publishing your updates here.
And this is only Part 1 of our solution.
Part 2 is coming and we can tell you it's going to be big (or fail spectacularly)! We dug into the psychology of donations and why some free and open source software thrives and we found something pretty important... Register and subscribe below not to miss it.
How can you help or earn if you're not a creator? Join the site, and start spreading your affiliate links like wildfire - on Twitter, Reddit, Facebook, Instagram, among your friends, etc... Each link gives you 3% for a life time, doesn't matter if it's an upvote given or received. (Hover over the article title to get the affiliate link after you register - it doesn't even look like an affiliate link).
Check out the "new" section of the main page - there's poetry, there's aviation, there's life in Philippines... all those links you can spread far and wide.
You can also comment - these can be upvoted with Bitcoin Cash too.
Tell the people from the list of "Bitcoin Cash: The People" about the opportunity to join read.cash and why it's important for them and we'll do the job of making sure that their fans can encourage them!
And, of course, if you're a Bitcoin Cash fan - upvote the articles that you like to encourage creators to create more!
Do you need to be an English major to write on read.cash? Of course not! My grammar is nowhere near perfect and yet it still works. You don't need to be James Joyce to convey your idea, your fans are willing to read your language as long as they can understand you.
It's not hard, just register and try!
Update: Part 2 is here