I’ve been thinking a lot about how coin communities can increase the value of their coin. The answer I came up with? To increase the value of a coin, the community needs to operate as a goal-oriented decentralized company. What does this mean and how do you do this? I will explain.
If you were running a company, let’s say Twitter for example, you would have complete control over operational decisions. Your goal would be to grow the value of Twitter and you would have a dedicated team at your disposal working all day every day to do this. What would these people be doing? Marketing the product, convincing brands to spend large amounts of money on advertising, developing the product, and more. This makes perfect sense right?
Now, what do you do when you are a decentralized organization, for example Bitcoin or Dogecoin? How do you set goals for your “company” when there is no centralized operation working all day every day to increase the value of the company? How do you get marketing at a professional level? How do you strike up partnerships that help increase the value of your coin? It’s not going to magically happen. Wouldn’t it be amazing if there was a way to do it though? Absolutely, I’m going to tell you the secret to doing it right now.
1. Start thinking about your favorite coin as a professional company.
Have you seen the market caps of the top coins? They are anywhere from $5 million to $10 billion! That is absolutely insane and incredibly impressive — definitely high enough to be considered a meaningful amount of worth. This means you need to treat this coin with mad respect and actually strategize to come up with a marketing campaign and things you can do at a large scale to increase the value of the coin.
2. Do you have a skill (like marketing) that would add value to the coin? Pitch the community on why they should hire you.
Are you a videographer that could make a kick ass dogecoin commercial? Are you a musician that could create an incredibly catchy theme song for the coin? Go pitch yourself to the coin community! Tell them exactly why you are qualified, how what you are offering will help the coin overall, and how much it would cost you to do it. Then set up a wallet with the appropriate coin and tell the community they can donate there. Once all the donations are collected you can go forward with the agreed upon service. If you do well and can prove it, who’s to say the coin community wouldn’t continuously donate to you to keep you “on staff”?
Note: Of course not everyone will be trustworthy enough right of the bat to be able to fundraise for themselves like this. This ability is limited to professionals with an existing proven track record.
3. Do you know someone that could be hired or something that could be done to add value to the coin? Pitch the community on why they should do it.
Do you know what the Dogecoin community did? They came together and raised enough Dogecoins to send the Jamaican Bobsled team to the 2014 Winter Olympics. That is what I call a marketing campaign that has massive reach globally. Impressive. Do you have an idea like this that could increase the value of a coin? Pitch it to that coins community and start raising coins to complete the task.
4. Crowdfund everything.
In a decentralized ecosystem everything needs to be crowdfunded. Although there isn’t a Kickstarter for every coin yet, it is still easy enough to put together a simple website with a wallet address where you can collect coins for your cause. Promote your webpage on Reddit, Forums, Facebook, Twitter, and YouTube for maximum engagement from the crypto currency community.
If you agree that this strategy is a great way to increase the value of a coin, I urge you to help educate your friends and peers by sharing this post.
Want to discuss this with me? Tweet at me now!
TIP US WITH CHANGETIP
TIP US WITH COINBASE