In the last two years, the blockchain ecosystem has birthed an amazing number of projects -- everything from decentralized exchanges to blockchain-based gaming. However, the vast majority of these tools are far too technical for the average consumer to understand. Can you explain how to use a hardwallet to a random person the street in two short sentences? Why should that person care about the technical advancements of your protocol solution?
With the Q3 2018 market conditions barely in the rear-view mirror, it’s more important than ever to remind people that critical mass is required for a technology to gain mainstream adoption. The average person won’t adopt something simply because it uses Blockchain technology. For them, it needs to be easy, it needs to look good, and most of all -- it needs to work.
If you consider some of the biggest consumer financial tech services on the market, the one thing they have in common is that they’re easy to use. Companies like Venmo, TransferWise, and SoFi all involve extremely complex mechanisms to operate. But-- the consumer would never know. Venmo eliminates the need for handing cash over to your friend for covering the brunch bill. TransferWise makes cross-border payments significantly more affordable. And SoFi makes borrowing simple for the millennial market. From the customer’s perspective, this is all magic.
Credit: Kyo Kim, Product Designer, Capital One
The Blockchain ecosystem can learn some easy lessons from these companies, and it’s not hard to see the parallels -- Venmo’s equivalent is a wallet product, TransferWise is comparable to ShapeShift, and SoFi is, well, BlockFi.
BlockFi’s lending platform makes it easy for people to take out a cryptoasset-backed loan. Customers can apply in less than 2 minutes and many of our clients go from application-to-funding in as few as 1.5 hours. Based on customer feedback, we’ve found that our clients find our process simple, highly competitive, and easy to understand -- And that’s exactly what we’re going for.
From our perspective, any service or product that acts as an on-ramp into the crypto ecosystem for the average consumer has an inherent leg-up. Coinbase has grown to over 13 million users since launching in 2012. Why did the average US consumer flock to their platform during the 2017 bull run? Well, Coinbase is easy to use, it looks good, and it works. Think back to late last year -- can you say that about any other major cryptocurrency exchange at the time?
The future of the cryptocurrency industry is bright, but the path to mass adoption is unclear. What is clear is that founders, developers, and marketers need to start considering the power of simplicity and context. If the average consumer can’t frame your product or service within the context of the existing financial system, how can you expect them to adopt it? The future of the Blockchain ecosystem lies in the on-ramps that not only work, but also provide value when compared to the existing products on the market. Let’s make it easier for people to adopt the technology we’re all so passionate about.
If you’re interested in working with BlockFi or have any questions about our services, please contact our team at email@example.com. We love hearing from you.
Applying for a BlockFi loan takes less than 2 minutes. If you’ve been curious about leveraging your crypto to meet your funding needs, we’re here to help. Apply now.
-- The BlockFi Team