I believe the biggest thing preventing mainstream crypto adoption is the price volatility issue. This is one of the main reasons why Bitcoin, Peercoin or any other crypto has failed to be adopted by normal people as a day to day transactional currency. People can’t save their money in crypto. They can’t price their items for sale in crypto. They constantly have to do value calculations. It’s a big pain in the ass to use a price volatile crypto, so why would normal people even bother? It’s easier for people to just continue using fiat.
NuBits changes the entire game though. For the first time, 1 NuBit is always equal to $1. This provides regular people something already familiar to them, a crypto pegged to a currency that they already use, eliminating the largest barrier to entry for many. Because of this, I believe that NuBits can act as a gateway to mainstream crypto adoption. There are still other barriers, like ease of use or ease of obtaining cryptos, but I believe the largest one was price volatility.
I’ve been thinking about how we should act toward supporters of other existing volatile cryptos, such as Bitcoin, Peercoin, etc… I don’t think we want to act as competitors and make enemies out of these people. Instead, we should show them how NuBits can help them. If NuBits can act as a way to transition regular people from fiat to crypto (because of its price stability), then I believe that should benefit everyone involved in crypto, no matter what coin they support.
Regular people would be introduced to using crypto through NuBits, but it doesn’t have to end there. I’m sure some of these people will look to see what else is out there. They’ll find Bitcoin, Peercoin and others and buy them too for whatever reason they decide. This wouldn’t have taken place though if NuBits hadn’t acted as a way to get these people involved in crypto in the first place.
So I’m thinking that when dealing with other crypto communities, part of our messaging should be convincing people that it is in everyone’s best interest to support NuBits and to make sure it succeeds, since NuBits will ultimately aid in bringing mainstream adoption and allowing regular people to enter the crypto world. In this way, NuBits becomes an ally to all crypto communities, rather than an enemy or direct competitor. The end result is more support for NuBits from other coin communities, more developers, marketing help, LPCs, etc… They would see NuBits as a tool or gateway to bring more people into the crypto world and help further the adoption of their own cryptocurrency, whether it’s Bitcoin, Peercoin or something else.
Does anyone agree with this strategy or think it will be convincing to supporters of other crypto communities? I know some people view NuBits as an evolution of Bitcoin and Peercoin and thus is superior (and I agree with this), but I don’t see any reason why more adoption can’t help existing volatile cryptos as well. I think it’s important to reframe NuBits in the minds of everyone as an ally, rather than a competitor, and this is an argument that can be used in our favor to increase support of Nubits. What do others think?