Utility Tokens Like STEEM Will Lead The Move To The Tokenized World
My view is over the next 5 years we are going to see a shift towards a tokenized world. Over that time, more projects will emerge which pays people for doing _____________. This is the concept that is starting to present itself. Of course, STEEM is at the forefront of this move.
When it comes to currency, people spend what they have. Those of us in the United States use the USD because that is what is in our accounts. It was not a conscious decision by us. We did not weigh the pros and cons of the USD versus the Euro. Simply, we are paid in USD, that is what we use. The same holds true for people in Europe with the Euro and Japan with JPY.
This is one of the reasons I am so excited about the Manna project. When a cryptocurrency is given to people without strings attached, they will spend it. If that is what their wallet contains, it will be utilized.
One of the tipping points we are going to get to is when people start getting paid in cryptocurrency. Utility tokens are still rather novel. Many projects are working at getting going yet are not at that point yet. Nevertheless, this shift is fairly obvious. Tokens that are going to succeed need to solve a problem. To do this, people who are participating need to be compensated.
In addition to this, we are also finding people who opt to get paid in cryptocurrency as part of their compensation package. To me, this is really what will alter the landscape of money. The psychological impact of getting paid in this manner links up in the minds of people legitimacy. Suddenly, to those people, that token, whatever it is, became real.
Cointelegraph had an article mentioning companies where individuals opted for at least part of their pay in cryptocurrency.
-52 employees at BitPay prefer their full salary in Bitcoin
-Jeremie Beaudry, a counsel at BitPay, is paid in Bitcoin on a weekly basis.
-40% of the employees at Coinbase take at least part of their compensation in Bitcoin.
-Medici offered employees their annual bonus in Bitcoin
https://cointelegraph.com/news/new-data-us-students-payroll-becoming-more-involved-in-crypto
Obviously, this is just a drop in the bucket compared to all the people who are paid in fiat. Over time, I would expect to see this grow.
Cryptocurrency is still a fringe market in terms of the number of everyday people who are involved. That said, we are seeing growth. Just yesterday, I spoke with someone who was involved in Manna. During that conversation, two people came in who we discussed it with. Both those people looked at us funny yet they were asking questions. By the end of the conversation, all three were introduced to STEEM (whether they sign up or not is another question).
We are at the point of planting seeds. People might not jump the first time they are exposed to this. It is common for people to require 5, 6, or 7 contacts with something before joining. Our role it so keep mentioning cryptocurrency wherever we can. The easiest way to do this is to bring up utility tokens like STEEM.
It is my belief that 95% of the general public will never buy a cryptocurrency. Most of them do not invest in their 401K programs and they get 50% return instantly. Therefore, since we are going to be in a tokenized world, the only way to bridge this disconnect is for people to acquire the tokens through the utility. STEEM is ideal for this.
This is not an overnight process. We are building this movement one person at a time. I get excited with each new person who signs onto STEEM. Even if that person does not do anything and leaves, we know he or she was exposed to the idea of cryptocurrency. It is another person out there who is a bit more familiar with the idea.
Remember, on a planet of 7+Billion people, probably less than 50M have ever dealt in cryptocurrency in any manner.
We are at the very early stages.
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