What makes bitcoin so powerful, accepted, so dominant in the crypto industry? many studies have been conducted about this, and many will be conducted in the future, however, allow me to share with you a common-sense list of things a crypto project needs to have in order to reach global recognition, in my opinion.
Some of this ingredients depend on each other, so, in no particular order, let's go:
This is one of the less powerful blocks of support you can have, since retail investors like me are not really united, we got scared easily (sometimes) and we got rekt even easier.
If you want to create a coin that would have its own indie documentary, these people have to make money rather easily, so make sure your tokenomics are retail-investor friendly.
You need at least one developer to make something, even copy pasting a smart contract goes above the technical capabilities of a normie.
You will need these to create something beyond the mediocre products of the pump and dump projects.
If you have at least one of this in your team, you can seriously consider to build a notable crypto project, at this stage you might fantasize about doing an "ethereum killer" with some plausible paths to victory.
You need at least one of this in order to make some impact in the market and bring some attention, however, the whale has to be (as its title indicates) neutral, meaning, that is not actively hostile towards your project.
Since we are only humans, self interestd market participants will probably rekt your coin specially during a bull market, and for this reason you need at least one benevolent crypto whale, that is to say, a crypto millionaire (preferably a billionaire to be honest) that sees the vision of your project and that it will take dumps in price with disciplined stoicism and without unloading its bags, extra points if the whale buys a ton of coins when other market participants are dumping your coin.
A necessary nuissance, you need at least one reputable exchange for fiat onramps to your coin, the gold standard in this category is Binance, closely followed in reputation and usability by Coinbase, but others (like Bittrex or Kraken) are still okay if those are the only ones interested in your coin.
If your coin is an ethereum token, congrats, you have inmediate access to the gold standard of dexes, uniswap, and others like it, but if your coin is its own blockchain, consider doing a wrapped version of your coin so that you can make a ERC-20 token version of it, just like what happened with wrapped bitcoin. (WBTC)
Your coin has to be listed in coinmarketcap or coingecko, at least, this brings notoriety and certainty to market participants.
Finally, let's detail the social media component of this equation, with some necessary ecosystem that a globally recognized coin has, this list goes from primitive goals to more elaborate targets.
Step #1, Social Media Noise
Your coin is barely known but some neutral chatting is starting to occur in at least one language, this step usually happens on twitter, since people interested don't need to do a ton of effort to support you.
When your coin has certain momentum you will start to see people who track the price of your coin and day dream aloud (in social media) about possible pumps, they justify their expectations with ad-hoc explanations of charts that they use to convice others to buy your coin.
If your coin has made people sufficiently interested, memes would start to surface, sometimes this step precedes the charters, sometimes it goes hand in hand.
Step #4, Video Content
If your coin seems solid enough you can count on people making videos about your coin, congrats, if you reach this phase, you are going places.
Step #5, 2 Languages
Same previous steps, but in two languages, your coin is going international
Step #6, Dedicated Shills
You start to see entire youtube channels and twitter handles dedicated to discuss your coin ONLY.
Step #7, 3 Languages
Same previous steps but now on 3 languages. Great
Step #8, Crypto Influencers
Influencers start making big videos about your coin ORGANICALLY, I get that many influencers do this to unknown coins but this is largely due to a contract to promote the coin for a fee, so in a way, doesn't count, when it happens organically, that means bussines.
Step #9, Influencers of Influencers step in
Vitalik Buterin sends you traffic, the core developers of bitcoin mention you on twitter (even if its just to mention how bitcoin is superior to your coin) early crypto adopters talk about you in conferences, hooray!
Step #10, Multilanguages
All the major languages speak about your coin: English, Spanish, French, Russian, Arabic, Chinese, Japanese, German.
Step #11, Professional Media Is Onto You
Books are written about your project, professional documentaries hit the airwaves, the New York Times wants an interview, Time Magazine is considering doing a cover about you, movie scripts about your coin are being sold behind the scenes, so far the only one coin that has solidly reach this level is Bitcoin, with Ethereum following at a distance.
So now you know the factors that, in my opinion, make or break a crypto coin.
What do you think, did I miss something? let me know in the comments!
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