Every new technology faces incredible hurdles.
Without a great PR campaign – communicating the benefits of the breakthrough – from innovators, early adopters, inventors, banks, regulators, investors who made money, investors who lost money, and the media who must translate this innovation to the masses, any game-changer can eventually become the next Betamax or MySpace.
Take Cryptocurrency. Please!
The Bitcoin market, which has surged from about $1,000 to $20,000 and back down again … wait, now it’s back up ….. has captured headlines around the world not just for its investment potential but for its revolutions in financial payment. Cryptocurrency is the technology behind Bitcoin and other formats. The major issues everyone wants to know are:
- Does it work?
- Will I lose money?
There’s a huge public relations element to any new technology. Most die a very quiet death, forgotten and ignored. Only a few breakthroughs actually break through. Remember, Public Relations is the Persuasion Business. If the masses are not convinced of the safety, investment potential and ease of use of cryptocurrency, all the hipsters, futurists and techno-nerds will be trading amongst themselves like obscure comic book collectors or Area 51 theorists exchanging UFO theories.
The first hurdle is comprehension. most people don’t understand the cryptocurrency. There’s a great description from my friend and former client, attorney Sky Moore, in Forbes, with a glossary of terms.
“Blockchains are permanent records of transactions that are recorded on chains of individual computers (“blocks,” and thus the name “blockchain”). By creating a permanent digital record over an entire chain, blockchains permit instant verification and authentication of any information, including contracts, account information, currency transactions, and records of stock ownership. Because of this versatility, blockchains will be used for countless different purposes in the future.
Cryptocurrency means any digital medium of exchange, generally traded using a blockchain. A cryptocurrency only has value to the extent that people are willing to accept it in exchange for something else, like dollars. Thus, there needs to be a sufficient supply for the cryptocurrency to act as a medium of exchange but a limited supply in order to prevent a collapse in value. Anyone can issue a cryptocurrency, even governments (and some have).
Bitcoin was the first cryptocurrency, and it also introduced and used blockchain technology.”