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Stop Making Exclusive Platforms for Your Favorite Cryptocurrency

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Avatar for TheDesertLynx
Written by   9
1 month ago

Ever since the basic applications of Bitcoin beyond regular payments have been conceptualized, there has been a veritable digital gold rush to capitalize on the tokenized and/or decentralized platform market. From Hive to Steemit to LBRY to Uptrennd, Read.Cash, Twetch, you name it, there are countless projects vying for dominance in this space. And yet, many of them make the fatal mistake of only supporting a single cryptocurrency.

Centralized systems are well-entrenched, well-funded, and largely have superior user experiences and support. They won't be supplanted by a divided and tiny ecosystem of users. If you were thinking of starting a new platform or venture and expecting it to only support your favorite cryptocurrency, stop. Don't.

Even Bitcoin can't swing the whole "only me" thing anymore

 
There's no mincing words here: this isn't 2016. The days when you can succeed in cryptocurrency business while solely supporting Bitcoin, aside from some tiny edge cases, is over for good. While it still claims almost two thirds of current market share in terms of valuation, its percentage of actual transactions and use is significantly smaller. Given the present-day global adoption rates for cryptocurrency as anything other than a speculative investment vehicle, no one coin can have a prayer of serving as the sole successful money for a new monetized platform.

With crypto tribalism you'll only get people who care about one coin, and not much else

 
As I've tested out various platforms, I've noted that coin-specific tribalism extends to content platforms, and even types of content on those platforms. Bitcoin Cash fans stick to Memo.Cash, Bitcoin SV people use Twetch, and so on. Rarely do they cross over. This extends to content as well, with posts about that specific token doing well, while crypto-generic or other subjects do poorly. This means that not only is the platform in question limiting its user base to fans of a specific token, but it is alienating frequent contribution from all but the most hardcore and one-track minded fans. Generously speaking, this can amount to a dozen or so people actively using the platform on a daily basis.

Funny enough, this sort of petty tribalism doesn't extend to centralized platforms. Despite running on corporate infrastructure, being prone to censorship, and exclusively leveraging fiat currency, the YouTubes, Facebooks, Twitters, and so on seem bizarrely more attractive to crypto fans than those running on "the wrong" decentralized cryptocurrency. It's pretty enlightening.

By picking the tool arbitrarily you're hamstringing your ability to read the market

 
Businesses succeed by finding the right calibration of product details that satisfies consumers' needs at a price they're willing to pay, marketing that product to said customers, and actually selling it in sufficient amounts to both cover production costs and turn a profit. This process can be very tricky, leading to numerous failures and adjustments along the way, and this is only amplified in an industry where almost no one comes with the means to easily become a customer: everyone has the wrong money. Compounding this challenge by arbitrarily selecting a key element which absolutely cannot change even if it isn't working, and you have a recipe for disaster. What if you build the perfect platform, but you peg it to the wrong token? Whether through technical, liquidity, or simple user base issues, you're stuck without the ability to make a much-needed pivot to save your business.

Even if you are willing to change tokens if the previous one just isn't working, that may only prove more disastrous. In addition to alienating your entire user base, which had likely signed up just because you were using their token of choice, the prospect of attracting new users, who likely had written off the project as exclusively pertaining to a singular token, is slim. Just look at Yours, the blogging platform leveraging micropayments for tips. At first it used Bitcoin until that became infeasible, and attempted to build payment channels to cut down on fees. Then it switched to Litecoin before going to Bitcoin Cash, and finally to Bitcoin SV following the fork. Now, it's effectively dead, with outstanding technical issues and no new development or posts for months after crunching down its subset of potential users smaller and smaller with each token switch.

Exception: Platform-based tokens

 
Now, this doesn't mean that a platform that just uses one token is destined to fail. In fact, platforms with a proprietary token can do quite well. Notice this subtle distinction between a platform-based token and a token-based platform. If you model a platform on leveraging an existing token, you're largely relegated to attracting that token's existing users, and inherit the limitations of the network. If you have your own token and network, you no longer risk the marketing pigeonhole nightmare, and you're free to modify the token if it isn't working without having to upend a whole ecosystem outside of your own project.

It's worth noting that this is conditional on the system running without requiring previous exposure to the token. If a user can simply sign up and start using, then you have succeeded in the first step. Even buying more tokens to maximize the platform such as boosting posts is acceptable if it's easily doable with fiat currency and within the platform, making the experience akin to buying advertising placements or premium memberships on any other existing service.

Still, minimize user exposure to too many tokens

 
All that being said, while you want to accommodate as many customers and forms of payment as is feasible, over-complicating any system is sure to be its downfall. Apple had resounding success in generating mass appeal by limiting user interfaces to almost toddler levels of minimalism. This principle seems to run counter to almost everything I just said above. It doesn't necessarily. You can still support many options and tokens as long as the entry point is streamlined enough, and day-to-day operations only leverage one. For example, in a purely payments-based platform, you can have a simple tip/pay button which can either automatically send any of the coins in your balance, or have a drop-down menu to select one of several options. For a closed-ecosystem platform that runs on a single token, you can have the option to buy the token seamlessly through a variety of payment options. This second one is probably the ideal, and mirrors mainstream online commerce.

Stop thinking one coin will rule them all. Even if it does, it probably won't be yours. Sorry. Just don't limit your dream project to your favorite token. It will pay to play favorites among winners, not hopefuls. Thank me later.

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Avatar for TheDesertLynx
Written by   9
1 month ago
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Comments

I think you're confusing things. Read.cash is not a platform like Steam, which created a token to use the platform. Read.cash is a platform that has been looking for a cryptocurrency, that is best suited for micropayments, that has a good adoption and that has the best chance of having a mass adoption in the future. And this is Bitcoin Cash.

$ 0.00
1 month ago

Let's keep it real. Crypto's are competing. Due to network effects, likely only few will make it big. The challenge is to find adoption. Coin investors are motivated to adopt platforms that use their coin, especially if they use it exclusively. If the platform also adopts other coins, the platform becomes less attractive for that 1 coin, and also becomes more difficult to maintain as more coins means more work and complexity. For example, I would probably not have started using read.cash if it's focus was not on Bitcoin Cash, but just a general blog platform allowing crypto tipping, nor would it likely have been so user friendly.

The best work will likely come from coin investors that want to give value to their coins by creating attractive use cases, as they can offer the platform relatively cheap as value capture is done mainly by increasing the value of their coins and tend to be more idealistically driven. Platform builders on the other hand, embracing many coins, will on average be more expensive to use as they don't make money via coin appreciation, be less idealistically driven and less focused, hence on avg lower quality.

As a crypto investor choosing the right coin is crucial. It's the foundation on which everything is build, therefore you want a cryptocurrency that has the best fundamentals, when it comes to tech, branding, mission, community, as likely best use cases will also be build on that.

I think it's time to recognize we are not 2016 anymore, where the only choice indeed if one wanted to invest in peer to peer cash was Bitcoin Core that was already mismanaged or Dash, that had some interesting innovations and good momentum. We are 2020, Bitcoin Core continued to be mismanaged, but Dash also showed cracks, the innovations did not lead to the desired adoption. The leadership turned out to be in it mainly for the money and mostly left. And there's a new kid on the block, Bitcoin Cash that forked off Bitcoin, still working the way Bitcoin started in 2009 and proved very successful: scaling onchain, cheap transaction fees, bitcoin brand but now also fast innovation (tokens, privacy). I think, if you switch your Dash for Bitcoin Cash, and focus on making Bitcoin Cash a success, you will be golden. Now is a great time to do so Joel

$ 0.10
1 month ago

While keeping it real, this approach of investors favoring projects that exclusively use the coin they already have is pretty backwards and only serves this current speculative era of crypto. Rather than invest in a business that generates revenue by having lots of satisfied customers, investors throw money into something that will hopefully pump their bag, or at least tease journalists into covering it and doing the work for them. Rather than invest in a business that supports a few different coins, turns a profit, and will give their favorite one 100k new users, crypto investors would rather invest in a platform that turns no profit and only gets 40k new users, but generates no new users for other coins. It's a strategy that has worked in an immature and useless industry but it won't work long-term.

Yes, this is competition, but in a crude and primitive way that employs crude socialist zero-sum economic thinking in regards to customers/user base, in-fighting to try to conquer the same limited pool of crypto fans. This won't last. Notice how businesses accept quite a few different card and payment providers, with each of those competing for more customers without doing this whole "you can't cheat on me baby!" thinking. Notice how Read.Cash is by far the poorest performer of every site I publish to. It's not a coincidence.

As for "switching to BCH," let me just say that I used to play in a church band in a previous life, and I'm past that now. I have no interest in joining a religion.

$ 0.00
1 month ago

Notice how Read.Cash is by far the poorest performer of every site I publish to. It's not a coincidence.

Think of this bro :) You're looking for a place where you can probably earn crypto from writing and does that certain place adjusts itself for you? You can't just throw on something and make that happen. You are into a new environment and the environment won't adjust itself for you.

One last thing :) If your passion is for writing, this thing shouldn't be a problem.

$ 0.15
1 month ago

I do write, pretty prolifically. I use many platforms, so the performance of any one isn't a problem to me.

$ 0.00
1 month ago

It's a strategy that has worked in an immature and useless industry but it won't work long-term.

You're making predictions out of nowhere.

$ 0.00
1 month ago

So how does read.cash differ from other platforms you have tried? :) Anyways, do not answer that question anymore.

Please remember, this site teaches generosity and you are tipped when someone likes your article OUT OF THEIR WALLET. You are not forced to write in this platform :)

And lastly you should understand the main goal of read.cash :)

That's all my friend.

$ 0.00
1 month ago

strongly agreed thanks for this generous reply marc

$ 0.00
1 month ago

Absolutely right, and well expressed as well! I support everything stated herein. Crypto tribalism is just limiting for everyone involved.

$ 0.01
1 month ago

Glad to see you see the light as well! I would love if Read.Cash were expanded into "Read.io" or something and allow all kinds of different crypto tips.

$ 0.00
1 month ago

This is crazy :) What do you think could be the reason why read.cash is made and why it only supports bch?

That is to drive adoption ♥️

You can read more here. https://read.cash/@Read.Cash/what-is-readcash-7b0bfcfc

$ 1.05
1 month ago

Yes I read that. I still think it would be good to support more tokens to drive more users to the platform. If it did, more eyes would come on BCH from people from other communities.

$ 0.00
1 month ago

How is it going to happen if it supports more tokens. A conflict should arise if it did.

$ 0.00
1 month ago

I don't think so, it should be pretty easy to do a multi-coin wallet back-end.

$ 0.00
1 month ago

Nah, am not referring to that... How is it going to drive more people to bch when it supports all coins. I mean people could tip other coins instead of BCH, so how are they suppose to adopt bch? :) When they can choose other coins to tip.

$ 1.00
1 month ago

Well first, if an option is superior to others, it will stand out. And second, if it's a platform championed, and run, by the BCH community, that token will be used more and that content will be everywhere. People coming to write about other projects will see BCH articles and lots of BCH tips and investigate further.

$ 0.00
1 month ago

Anyways, that is your own opinion and I have my own :)

$ 0.00
1 month ago

Well first, if an option is superior to others :) Nice. But what I have noticed in memo is that, you can tip any SLP tokens and that's good. But did you really see a lot of people tipping only one SLP token and adopting one token? Nah...

Just like this. Why stop people from creating exclusive platforms of their supporting cryptocurrency? So, are you pushing them to support cryptocurrency that they didn't like?

That shouldn't be the deal. If you're pushing for more people to visit your website then you should be doing it but read.cash is different. It doesn't earn from ads nor from anything. They get 10% of every upvote here and using this also to tip others and improve the platform.

$ 0.00
1 month ago

Haven't you noticed it :) People coming here are interested in Bitcoin Cash and writing. You are writing to earn BCH tips :) And that's the reason why you were here too.

read.cash is a champion and I am seeing it :) It doesn't have to fit itself from the likes of others.

$ 0.00
1 month ago

Yes, however this is by far the lowest performer of every platform I post to. The generic platforms do well no matter what I post about, here I have to mentioned BCH in some way for anyone to look at it (I did it with this one). Even then, even when I cater to the BCH audience, engagement and earnings are lower than elsewhere.

$ 0.00
1 month ago

The BCH community would be glad if you help us push adoption and then you can start posting it here and you will see. People are more interested to the coin they are supporting especially when you're doing something to promote it.

$ 0.00
1 month ago

Well, I do give this platform credit and draw readers here!

$ 0.00
1 month ago

Every writer draws readers here :)

$ 0.00
1 month ago
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