Five Easy Ways You Can Make Bitcoin A Mainstream Currency

If you’re reading this, you probably already know the innumerable benefits of bitcoin first hand. To help our community spread word of these benefits, we compiled the action list below based on feedback gathered from technology marketing experts, implementation of Normalization Process Theory and our own expertise on the topic of bitcoin itself. We welcome your feedback in the comment section below.

Verbal normalization cues

When a vernacular adds qualifiers before commonly used terms, a mental separation is created for listeners between the object being discussed and the accepted norm for that topic. The term ‘crypto-currency’ is is a prime example of this. By adding ‘crypto’ in front of a common term, Bitcoin becomes inherently differentiated out of the mental realm of familiarity and into a realm of the uncomfortable unknown. The fact that ‘crypto-currency’ sounds more like something from The Terminator than something from a wealth manager doesn’t help either, but we’ll address that later in this article.

Just like dollars, yen, euros or pounds, bitcoins are simply “currency.”

Ask every merchant if they accept bitcoin

The first step towards adoption is awareness. Generating demand for bitcoin requires addressing the awareness gap for both consumers and merchants, and merchants will never be more attentive than when they are on the brink of making a sale.

Any time you’re about to make a purchase, simply ask, “Do you accept Bitcoin?” Given the number of merchants currently accepting bitcoin, we can safely assume what the answer will be for the foreseeable future, but remember: this is about awareness. Below is a brief sample script you can use:

You: “Do you accept bitcoin?”
Merchant: “What’s bitcoin?”
You: “It’s a currency being used all over the world. It makes purchases extremely easy for customers and eliminates payment processing fees for merchants. I’m surprised you haven’t heard of it.”

That’s all you need. Even if the merchant doesn’t act immediately or the employee you interface with doesn’t have the power to start accepting bitcoin, the impact has already been made.

One of the fundamental concepts in marketing is known as the Rule of Seven – the notion that a buyer must receive a marketing message seven times before they will act. While it’s absurd to assume a predetermined number will be a universal threshold, the principle is sound. Every reinforcement of a concept deepens the credibility and social proof of the message. Asking in person creates an additional data point on top of news articles, advertisements, or other conversations they have with info about bitcoin. The impact of this should not be underestimated.

Be the entry point for your friends

Bitcoin presents two primary barriers to participation. The first is generating interest which, as the chart below of Google trend data for the word ‘bitcoin’ indicates, initial interest is growing at an incredible pace.

Unfortunately, even if people are interested in trying out the world’s favorite new currency, there’s still the significant hurdle of converting their existing money into bitcoins. Wallet software can be set up quickly, but the process for someone to actually obtain their first bitcoins remains a multi-step and multi-day process, making it easy for someone to forget the whole thing.

That’s where you come in. Offer to be your friends’ first trading partner and help them bypass the initial difficulties of setting up a funded exchange account. Let them pay you market rate for their first bitcoins, which they can then easily drop onto an exchange and trade freely or use with accepting merchants. If your friends aren’t near you physically to pay you back, I recommend trying Venmo, a free traditional currency transfer app.

Update your messaging

As a result of bitcoin’s origins and structure, one shouldn’t be surprised that it’s initial adoption has been primarily from the tech community and freedom-oriented political groups. This has been a terrific start, but bringing bitcoin to the mainstream is going to mean drastically adjusting the marketing message to address a broader demographic.

As a bitcoin enthusiast, you’ve probably seen the video below, which has been circulating around the bitcoin world of late with overwhelmingly positive reviews. While it is absolutely stunningly produced, the tone it conveys is that of fear brought on by a dystopian worldview – simply not a message the average person can relate to or is comfortable with, no matter how many times that outlook it’s echoed around the blogosphere. In case you think I’m being overly dramatic, I also included the trailer for Tron – a movie that is literally based in digital dystopia. Note the musical and visual similarities.

Bitcoin Explained from Duncan Elms on Vimeo.

Yes, Tron is terrific, but it simply does not invoke the comfort needed for someone to allocate part of their pension account to a new currency. The only hope for bitcoin is if it is brought out of the darkness of the digital realm and into reality, and that means attracting a broader group of people with messaging targeted to new demographics.

We have this demographic locked down.	“What’s a Tron?”

When discussing bitcoin with colleagues, friends and family, think about which aspects of bitcoin would appeal to them, rather than focusing on the aspects that appeal to you. In particular, for the non-tech and non-libertarian friends you speak with about bitcoin, I recommend focusing on ease, speed, security, and multiple verifications of each transaction by the world’s largest computer network. Aspects like anonymity, advanced cryptography, and disrupting the central banking system, however beneficial they may be for a number of reasons, may raise red flags for someone unfamiliar with any need for such things.

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