What is the largest factor preventing mass adoption of Nano (or crypto in general)?

See title. Curious to everyone’s thoughts?

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First, I think it needs to win over the crypto community. I think this will be a slow process as Nano isn't savvy (or worse, fraudulent) with its marketing nor is its userbase as zealous or fanatical as it's contemporaries. Quite rightfully so-- I believe many would share my opinion when I say that I commend the team's honest approach to the project: they are programmers and engineers, not salesmen.

Until then I can't see much changing. Accessibility is also a key issue: as of writing, only a handful of exchanges pair it and "cashing out" is still a pain. However as Nano projects continue to grow and multiply and barriers to entry erode I think widespread adoption becomes more and more of a certainty.

In my opinion, one of the biggest selling points of Nano is seeing for the first time just how ridiculously fast it transacts-- no hour long waits, no fees eating into the sum. Just fast, simple transactions. If more people experience that little moment I have no doubt that it can thrive.

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Just to play devil's advocate:

Is this necessary? I think marketing NANO towards non-crypto people can work just as well. I've talked about NANO to many of my friends who don't know anything about bitcoin, and I've found that the fact that they aren't maximalist about the old blockchain system actually makes them more open to NANO.

The crypto community is only a small percentage of the world, and while important, there are many more people who don't know anything about Crypto.

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I think you are right-- in some ways the crypto-illiterate are more receptive. But only if they have someone like ourselves to explain/educate.

I find it hard to imagine a situation where someone with no such connection would simply stumble upon Nano. They are much more likely to come across BTC, ETH, LTC, or twenty other projects before they come across it. And in that scenario I find it difficult to believe that they would have a nuanced enough opinion to differentiate between them all.

Looking back to late-2017 when crypto-fever was everywhere what coins did the public buy? BTC, ETH, LTC,... in pretty much the same order and proportion as their market-caps at the time. It was just so much easier to buy these than all the others. There was brand recognition as people heard about them on the news. How many newcomers had even heard of Steem or Nano or Augur? And of those, how many knew how to buy it?

Having the crypto-community backing it means more interest, more projects and more accessibility.

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Simple answer: I just don't think people want to use crypto as a currency right now. Nano lays the groundwork to a usable cryptocurrency, it's fast and feeless. However, that's only half the battle. People also have to have a reason to use it, which is more of a chicken and egg problem. If it eventually provides some tangible benefit to the user or the merchant, it might get used. Then as more people use it, more people will use it.

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https://www.reddit.com/r/teenagersnew/

Guys I think teenagers are the answer to our adoption problem.

Several factors drive adoption and market growth.

Technological difficulty; a technology that improves QOL but has a high knowledge entry barrier fails to garner interest. Luckily, nano is very user friendly...except the seed, and upmost importance of this. Honestly, I would call it something else to convey the message of it's power.

Social perception; people don't wear baggy jeans, they're not cool. Yet, some time ago it was a huge fad. Something that appears cool becomes cool. Celebrities are typically employed to promote brand strength.

Capitalism; In the case of Nano, this is the biggest reason, that usually most technologies don't need to bother with. Take the iPhone, nobody needs an iPhone or smartphone, all it actually does is make life simpler. However Nano does something more. It reduces cost of business. This is the key to Nano's success, Joe schmo from Reddit throwing in $1k is small peanuts. But Mr. Joe S from JS industries utilizing Nano save costs on his $2000MM company is causing Nano to explode.

Users have already many payment options to use and even Nano is better than most of them, than it is not that easy or cheap to make first payment. The infrastructure is mainly build already, but you have to be technician to set it up and not make fatal mistake.
I tought that arbitrage will be first widelly adopted use case, but it is hard with not wide adoptinion on all most popular exchanges and sometimes slow withdrawal times.

I believe that Appia.co will start good progress with adoption.

  • Horrible distribution, enabling virtually no one to actually pay with crypto in the first place
  • Lack of disputability/customer protection in case the merchant is fraudulent (but helps against fraudulent customers)
  • Painful accounting due to value swings and tax laws
  • Fund safety and lack of education thereof (someone in /r/btc thought that they weren't able to send to offline nano accounts and therefore had to trust a third party node with their funds). The lack of account privacy also is a huge hurdle for real world payments.
  • Swing traders and whale manipulation scares potential hodlers away

At least, mobile wallets greatly helped with having payments ready to go regardless of the device the payment request was made on.

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Adoption is a slow process, you can't expect to get adoption in one day. Realistically speaking adoption could take decades, but with constant work it is possible. What could prevent Nano of getting adoption long term is if the enthusiasm to promote Nano fades away. I think there's a lot of enthusiasm right now to show Nano to new people, if this keeps going for many years I see Nano getting to more exchanges and I see the infraestructure around Nano growing organically.

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  • Horrible distribution, enabling virtually no one to actually pay with crypto in the first place
  • Lack of disputability/customer protection in case the merchant is fraudulent (but helps against fraudulent customers)
  • Painful accounting due to value swings and tax laws
  • Fund safety and lack of education thereof (someone in /r/btc thought that they weren't able to send to offline nano accounts and therefore had to trust a third party node with their funds). The lack of account privacy also is a huge hurdle for real world payments.
  • Swing traders and whale manipulation scares potential hodlers away

At least, mobile wallets greatly helped with having payments ready to go regardless of the device the payment request was made on.

Even with these challenges, Bitcoin started to take off as a currency a few years ago before fees and speed became a major issue. Low-fee, fiat exchanges allowed people to use a buy and replace strategy, and tax tracking software allowed people to automate the yearly tax forms. We had Bitcoin Black Friday, Steam, Microsoft, Newegg, OkCupid, remittance services, and a lot more.

Most people don't have a reason to use cryptocurrencies (traditional financial services are good enough for them), but they will follow if it gets cheap enough and convenient enough. However, you have to build critical mass of enthusiasts first - the people that understand the purpose of cryptocurrencies and have a use for them. People like Andreas Antonopoulos and his fans.

The long-term vision is to buy and sell directly in Nano, so the volatility doesn't really matter. Buy and replace is a transitional strategy.

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Bingo! Remember what people were talking about in December 2017? Nano was fast and feeless and the attention on Bitcoin had caused terrible fees and waits in it's network. When people want crypto, they will find Nano.

I think we need fiat gateways...

  1. Merchants want to spend the money they earned, but no other merchant accepts Nano;
  2. We solve the chicken/egg problem by giving them a way to convert it to their local currency;
  3. It also opens up the possibility for some of them to stop converting it, so they can spend their Nano on other merchants directly;
  4. Interested merchants could also sell Nano.

Anyway the adoption must come from commerce and e-commerce.

This solution is also as simple as sending requests to a trusted exchange's API.