The only way to grow the Bitcoin ecosystem is by forming a united front. Major Bitcoin companies should be leading by example in this regard and put their competition and differences aside for the time being. If the world’s leading Bitcoin payment processor BitPay has a say in the matter, the “Bitcoin Association” is ready to be formed and a push for virtual currency awareness is imminent.
Forming the Bitcoin Association
Bitcoin has had a “united front” before; or so it seemed at the time. The now all but redundant Bitcoin Foundation was called into life, to help grow the bitcoin ecosystem and raise global virtual currency awareness. After years of corruption and mismanaging funds, the Bitcoin Foundation was deemed bankrupt and people stopped believing in a “representative body”.
That situation might be about to change though, as Bitcoin payment processor Bitpay wants to revive the idea of creating a united front. Rather than creating a new Foundation – with all risks of further corruption and egotistical decisions – the new idea refers to a “Bitcoin Association”. Basically, major Bitcoin companies will be working together to promote digital currency adoption.
It is important to note, however, that this Bitcoin Association idea is not being formalised just yet. BitPay put forward the idea as a way to gauge interest from Bitcoin companies and community members, to hopefully create a platform to open a dialogue between all parties involved. With so many “competing” services in a niche market, this idea might never ultimately come to fruition.
With over US$900m raised in venture capitalist funding this year alone, the time has come to put some of that money to good use and further expand the Bitcoin ecosystem. Bitcoin has had a PR problem for many years now and very little efforts are being undertaken to change this status. In particular, major Bitcoin companies like to rest on their laurels and take things the way they are, rather than pro-actively trying to change the landscape. Forming a Bitcoin Association could be the answer to a lot of these problems.
“Major Bitcoin companies should not just be marketing for their company, but marketing about Bitcoin. Why a normal person would use Bitcoin, how it can be used…getting the word out there – working together. You’ve got all this money people have raised. Let’s try to promote the community.” – BitPay’s Chief Commercial Officer Sonny Singh told the media.
Protecting Ideas to Blame for Lack of Marketing?
One of the possible reasons for this lack of marketing is due to most Bitcoin companies being run by young and aspiring entrepreneurs. Keeping their ideas close to their chest is what makes their company so successful, but it is also causing a lack in marketing efforts for virtual currency. Most entrepreneurs simply do not have the “experience” required to take the Bitcoin business to the next level.
Even in the traditional financial ecosystem, major competitors are working together when these opportunities present themselves. Leading credit card issuers Visa and Mastercard are in direct competition with each other, yet they also join forces when a new technological innovation could be beneficial to everyday consumers.
“It’s part of fraud prevention, you try to go to some website in America, your European credit card gets declined. It means you are going to leave that site and go somewhere else. My American credit card was declined for German wings. I was here. My American credit card dialling in from Europe, the computer declines it. Bitcoin is a guaranteed transaction. So you could get another chance to pay because you might be a good person – do you want to pay in Bitcoin?” – Bitpay’s Sonny Singh concluded.
Source: IB Times
Images courtesy of BitPay, Shutterstock