Crypto has a communication problem
I’ve owned and regularly used cryptocurrency since 2016; Bitcoin, Ether, and a range of other assets. I’m not a crypto newbie, but I frequently feel like one.
Crypto has a communication problem as it relates to simple, effective communication absent abbreviations and jargon.
Despite the primary focus of my professional career being tech and (for the past 5+ years) financial technology, it is tough to find people and articles who use layman’s language.
My most recent experience in this was Ethereum’s “London hard fork” and how to explain it to the crypto-curious, or even the fintech-advanced. This line from a CNBC article jumped out because it was so simply put.
“If you think of ethereum like a highway, London is adding a few lanes to tamp down traffic and is standardizing toll prices.”
Does it take a basic understanding and curiosity in Ethereum to understanding the analogy? Absolutely, but only a basic understanding. The top results for a Google search of “what is the London hard fork” produces articles with explanations of “The Ethereum network will set transaction fees with a base fee for each block rather than bidding on gas prices” and “which will replace Ethereum’s current proof-of-work protocol with proof-of-stake”, both of which are true, but neither of which gives readers a story to understand and to pass along.
[Note: If you’re looking for a deeper understanding of Ethereum, I highly recommend this article by Packy McCormick.']
As I write this in August 2021, crypto and the blockchain have seemingly infinite potential. Both have already been rewarding to tens (hundreds) of millions of people globally. I don’t want others to miss out on a chance to participate, contribute, and learn. However, unless people can easily understand a still relatively new idea — new ideas, especially the most revolutionary ones, are already difficult to grasp — they’ll be left out on what I and others to believe the be the biggest opportunity of our lifetime since the advent of the Internet.
What’s the gap to fill? Companies and individuals who are willing to be ignored by the crypto converts for the sake of educating the masses due to the use of simple, effective crypto communication.
Written while enjoying the following on a Sunday afternoon…
🎵 KMRU’s Jar
📍 Church Street Coffee & Books