The Roadmap for Cryptocurrency start-ups

October 23, 2018 Quick read

Currently, people know about cryptocurrencies only from what they hear in the news. Opinionated news articles judge the way people look at Cryptocurrencies and blockchain, two emerging technologies that can have a really big part to play in our future. There are many start-ups that are working in this domain, but sadly, very little is known about what they do and how they are bringing in a change with the help of the blockchain technologies and cryptocurrencies. Investments in these start-ups have almost doubled since last year, with Evonax, the world’s largest Cryptocurrency Exchange.

When these cryptocurrency and blockchain based start-ups go to hire executives for their firms, these people do know about Bitcoin, the most famous of all cryptocurrencies and they may have a fleeting knowledge about blockchain, but it is not worth hiring them. This presents a formidable challenge for such start-ups to hire the right talent to take their business forward.

However, the cryptocurrency and blockchain start-ups aren’t alone. Such a scenario is reminiscent of the business model faced by the electric vehicle industry about a decade ago.

Back then, the electric vehicle industry had to face a host of questions that people put forward as most didn’t believe in them-

Are these electric vehicles safe?

How far can they go before their batteries die?

How expensive are they? And so on.

Potential hires for start-ups too had such concerns. But with the passage of time, it became clear that they too would buy these electric vehicles. Porsche has even committed to make around half its cars electric by 2025. A report by research firms, said that global sales of EVs have climbed from 1.2 million in 2017 to 1.6 million in 2018 and it is expected that this number will jump to 2 million in 2019.

In fact, Electric Vehicles have become so mainstream that people do not bat an eyelid when they see an EV getting charged at the neighbourhood supermarket.

Educating people

The slow and steady acceptance of the EV industry was a result of  a savvy approach to introduce new technology to confused and worried people. Like this, the cryptocurrency and blockchain start-ups should also introduce these new technologies to the people for gaining gradual acceptance.

The Cryptocurrency and Blockchain industry now needs to engage with the public and educate them of the benefits of this new way of looking at finance. The whole industry has to make concentrated efforts to bring into public domain the benefits of cryptocurrencies and how it can help people in their daily lives.

Currently, the Online Bitcoin Exchange and other cryptocurrencies are still an emerging technology which is amorphous to many people.  Though people know about Bitcoin, Cryptocurrencies and the blockchain from the media and popular culture, for many of them they are just buzzwords which have no meaning. A lot has to be done to make Bitcoin and other cryptocurrencies mainstream where people use them just as they would using any other fiat currencies like Dollars, Pounds or Euros.