“…the [crypto] industry is a foreign language to me.”
Ever heard of that phrase? Something like it?
It’s a red flag that everyone in crypto needs to address…or we could miss out on a massive opportunity.
Background
I heard that comment a little while ago from an extended family member.
What struck me was that this person is an experienced copywriter and marketer who has specialized in SaaS for much of their career.
I double-checked my letter, expecting to identify some more in-depth crypto vocabulary. Did I slip in a phrase or two that was a little too technical? After scouring the page, I couldn't find a single, non-common knowledge word or phrase.
Could I have included more advanced knowledge in the cover letter? Sure, but a cover letter is an introduction/overview of work experience, and I have to save something for the interview. 😉
How could someone who has years of tech-based writing seem overwhelmed at a basic overview?
The explanation that I came to realize, was, sadly, much more simple.
They were overwhelmed at the mere mention of crypto and blockchain. Even worse, they had determined that blockchain is only something a few are able to have a basic understanding of.
Since one of the core tenants of decentralization is accessibility for all, do we see how that thought of unattainable basic understanding is a problem?
It’s not only my relative, we all have people in our lives who have a small freakout when anything crypto-related appears.
As members of the crypto and Web3.0 community, we have to appropriately address this. Not doing so will cause the person to miss out on a critical opportunity and leave us with one less investor and advocate for crypto.
No Time
If you’ve been in the blockchain space for a bit, you’ve talked to at least one gigabrain dev, DeFi Legend, or self-deemed “Steve Jobs of Crypto”. Someone who is so focused on the knowledge or mission that they have, that they don’t have time for someone else isn’t immediately on the same wavelength.
Why waste time on a normie no-coiner when me and my giga-brain can ape in earlier? 😑
Humans are selfish actors, there are few if any arguments against that. It seems initially reasonable to focus on those "in the know" to achieve your next crypto goals. That said, this applies to everyone in blockchain; whether you're a novice who has completed their first few DEX swaps to Vitalik.
If you are not taking every opportunity to patiently welcome those who are intimidated by, but open to learning about blockchain, you are selfishly diminishing your profits and this industry's potential. Why? It’s one more person who could benefit from and contribute to this ecosystem.
Are you looking for mass adoption? It starts with the person in front of you.
Every individual has a perspective to give, a skill to provide, and financial goals to achieve. The second someone joins us, their potential becomes part of crypto's potential.
Every transaction, every bit of feedback, and every minted NFT is more investment in this space. If the person has some setbacks, they could abandon the cause, or they could take those experiences and build something better.
If the person has some successes in crypto, then there's one more person who can share with friends and family what they too could benefit from. That word of mouth comes back around through investment into the ecosystem and the projects that you are looking to profit from.
A Suggested Playbook
“But I wrote my dissertation on game theory applied to DeFi, speak 9 (programming) languages, sold my 4 crypto companies, and I took profits at the top to buy a Bored Ape, a Pudgy Penguin, and a Milady!” - A Chad (Probably)
Chad, you are a true gigabrain...but the goal here is to use your wisdom to help welcome new people into the space.
While there are many ways to go about inviting folks into the space, here’s one suggested method that I’ve found to be to be helpful. This is particularly helpful when talking to those who get nervous around cutting-edge tech, but are wanting/open to exploring a little more.
The V.A.T. Method
- Validate: Crypto and blockchain can be complex. Hearing that from a person in the field can empower anyone who is hesitant. Acknowledging something as complex to someone doesn’t diminish your ability to understand it. Your ego will be okay, I promise.
- Assure: Let the person know that it’s actually easier to understand when broken down. Bonus points if you mention your journey in learning piece by piece.
- Topic: Ask the person to name one topic that they're interested in learning about. Offer your best analogy/simple explanation.
Connecting with the person on their level (not yours) through direct acknowledgment of blockchain's complexity is critical to helping the other to feel heard. That mutual understanding opens the door for active listening, which allows for a chance to inspire a new crypto family member.
Have you ever tried explaining the Pythagorean theorem to a preschooler?
Sure, many can consider it a very basic concept of math. But it is only understandable after knowing the foundational elements within it (aka linear algebra, basic geometry, numbers). Jumping directly to the reasoning behind the theorem before someone has had a chance to build their skillset is a quick way to frustrate the teacher and student.
Note: Please do not treat everyone who is interested in the crypto space like a preschooler. (Unless, of course, that newcomer is a preschooler, in which case, use your best judgment.)
Regardless, the approach is the same and it’s definitely more effective when you keep one thing in mind.
It’s A Conversation, Not A Test
Why is this problem continuing? One key factor seems to be this intense need to get the most complete answer out to those who are very new. For many within the crypto space that are used to speaking with others who have the same or higher-level understanding,
Rather than meeting a listener at their level, the crypto-head will be so focused on providing the exact, but complex definition, which reinforces the overwhelm that’s keeping the potential newcomer from the space.
Is it important to give a fact-based summary of what the person is curious about? Of course, we want them to be as informed as possible on their crypto journey. But in this context of welcoming someone into the space, it is more important that they are empowered through a first spark of understanding to take matters further.
Reframing to an accessible level doesn’t make the explanation any less correct. It simply opens the door for the listener to explore for themselves.
In reality, if you give a quick caveat of “here’s a way that I view it, but you should definitely check out [insert your favorite resource here] to get a deeper definition”, then you should be set to simplify.
How This Looks In Action
Why don’t we try this out? Remember: Validate, Assure, Topic
- Interested Person: “I’m not going to lie, I’ve seen these Crypto.com ads and I get that crypto is a growing thing. It might be something that I’d try out, but I’m not going to lie, it’s all way over my head.”
- Crypto Native: “Super fair, I’ve been in the space for a bit and I completely agree, it can definitely get really overwhelming fast. But what helped me was chunking down whatever I was learning. Here, what’s one thing that you’ve been curious about?”
- Interested Person: “Okay, well, what the heck is a blockchain anyway?”
- Crypto Native: “For sure! So let’s take a look at the word. A “block” is actually a package of information. When you put those packages of information together, they form a “chain” of those “blocks” of information.”
- Interested Person: “What kind of information?”
- Crypto Native: “Mainly, transactions. The blocks mostly contain records of transactions between parties. Since transactions are continuously happening, new blocks of information need to be added. When you connect those blocks based on the order that they were created, you create a chain. Does that make sense?”
- Interested Person: “Oh wait, that’s what that means? That’s actually not as crazy as I thought.”
- Crypto Native: “Right? As a heads up, that’s a really basic version of how it works. You know, you should check out…”
Be An Advocate, Anon.
Does it make sense to reduce every crypto concept to that level? No. Remember, this is for the curious who need a friend to introduce them. Advanced knowledge is available for them too, but it’s important to focus on welcoming them first. Beyond that, it will be up to them to explore the fundamentals and build toward that upper-level knowledge. Maybe you'll be a part of that, maybe not.
Are there going to be those who think blockchain/cryptocurrency is too complicated, a scam, and don’t want anything to do with it? Sure.
For those folks, we leave the door open when they are ready to have a conversation about it. Hopefully, those folks will come back ready to learn on the sooner side.
With that, the basic approach for organically growing the ecosystem through conversation is clear. Being a patient advocate creates more advocates for crypto. Who knows, maybe you could introduce the blockchain space to the Satoshi Nakamoto of Web4.0.
Just make sure that you patiently welcome them into Web3.0 first.