Cryptocurrency Donations: Promoting Coin Acceptance Through Charity
The acceptance of Bitcoin in its early years was at a very low ebb. Many critics sold fear into the hearts of the uninformed populace and pitch the whole digital dream as a blurry nightmare that we all would awaken from. A future the proponents painted as a financial Eden in which the mitigating impossibilities make the correlation between wishes and reality to be questionable. The detractors were silenced to a reasonable extent at the turn of events recorded in the past decade. The Bitcoin project has not only survived; it has soared, pushing new frontiers and has seen to the welcoming of other coins with their own unique innovations.
How New Crypto Projects Push for Acceptance
Every crypto project has one primary agenda: to achieve a massive acceptance within a short period of time. Cryptocurrencies are created and developed for users, which may comprise individuals, companies, or other targets of interests. For these intended targets to pay any attention to the project in question, the project must do all it can to present itself worthy of being accepted.
Most cryptocurrencies reach out to their intended customers through one or more of the following:
Creation of a comprehensive whitepaper: these help to detail the project’s visions and the market niche the coin hopes to help boost. Many technical poised investors can give an approving node to a crypto-project with a convincing Whitepaper.
Organizing Bounties/Airdrops: Airdrops is a way of attracting more users to a new or established coin community. For airdrops, users are given an easy task that helps boosts the presence of the coin on social media or other platforms, and in return, they earn a certain number of coins that they can use in trading the coin. Airdrops are now particularly very common in new crypto projects being launched today.
Digital Marketing: almost all surviving cryptocurrencies have a strong digital marketing edge. Ranging from social media to email marketing to televisions or other digital promotional channels, these established coins have found a way to push for a dynamic acceptance amongst many stakeholders in the cryptosphere.
Promotions facilitated by Donations
In February 2018, UNICEF launched a fundraising program to collect funds needed to protect the children suffering from the civil war in Syria. This move is one amongst many others utilizing cryptocurrencies to support charity work. In my analytical way of viewing things, I see this charitable act as promotional as much as it is noble.
The cryptosphere was thrown into a frenzy when California State University announced that Ripple co-founder and executive chairman Chris Larsen, his wife Lyna Lam, and nonprofit foundation Ripple works had donated $25 million in XRP cryptocurrency to San Francisco State University. This huge financial gesture, which is to be allocated to the University’s College of Business, was described by the school as the “largest gift ever made in a digital asset” to a university in the U.S.
Herein lies the understanding that such monetary gifts would help position Ripple XRP favorably for further acceptability amongst its digital financial peers. Getting to the point where a coin can offer this huge amount of money in charity is a daunting feat, but the act would yield benefits in ways that would be more profitable shortly.
There is a great deal of competition in the cryptosphere today. Many projects fight for relevance or acceptance because they find themselves proffering similar solutions to the same problems. The few blockchain-based projects addressing other niches such as data verification, gaming, etc. have low acceptance.