Crypto enthusiasts come in many varieties. There are people who see crypto as a long-term investment. There are those who see it as a short-term financial play that could conceivably help them get rich.
Others see it as a safe haven, or a decentralized, sound currency to hedge against the central bank-controlled currency.
All these people have one thing in common, however, they want to see crypto succeed. And crypto can only succeed if enough people are persuaded that it’s a sound, viable currency.
How do we do that when there are so many crypto skeptics out there?
What steps can we take to convince crypto skeptics of the value of crypto?
Know Your Role
First, you need to understand your position. Even if you feel like a crypto evangelist, you can't adopt this stance and expect to be successful. Before having a conversation with a crypto skeptic, you need to set proactive expectations and realistic goals for what you're hoping to achieve.
These are some of your best strategies.
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Be an informer, not a persuader. Most people don’t like to be persuaded, even if they insist on the alternative. People don’t like to change their minds or admit they were wrong. If you try too hard to forcefully persuade the skeptics you speak with, you're only going to entrench them further and make them feel like they're under attack. Instead, adopt the stance of an informer.
Don't insist that you're here to change this person's mind; insist that you're here to provide information. This is going to make your audience much more receptive to what you have to say.
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Understand that different perspectives are valid. Similarly, you need to understand that different perspectives are valid. Most of us here are crypto proponents, understanding and extolling the benefits of using cryptocurrency – but that doesn't mean we're objectively correct and everyone else is wrong.
There are many good reasons to be skeptical of cryptocurrency, and it's perfectly valid not to be involved. If you adopt this mindset, crypto skeptics are going to be more likely to listen to you.
- Remain patient and compassionate. Throughout your conversations, remain patient and compassionate. If you get into a heated argument or if you fall into condescension in the course of your dialogue, you're going to render everything you say invalid.
Explain How Crypto Works
Many people are skeptical of cryptocurrency simply because they don't understand it – and this should be totally understandable to you. To the average person hearing about cryptocurrency for the first time, crypto sounds like an imaginary fantasy currency.
You can dispel most misconceptions here and provide a solid groundwork for the rest of your arguments by explaining exactly how crypto works in no uncertain terms.
Here are the main points to hit:
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The blockchain (in general). It's impossible to understand the security, privacy, and reliability of cryptocurrency without understanding the basic tenets of the blockchain.
You don't need to dig into the details too far, especially if your audience doesn't have an advanced technical understanding, but you should go over the basics of this digital accounting system, how public and private keys work, and what makes the digital ledger fraud-proof.
- Wallets and transactions. Explain the basics of cold and hot wallets, and how the average cryptocurrency transaction works. Explain this as if coaching someone through their very first cryptocurrency transaction. What steps do they need to take? What can this person expect from the process?
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Key advantages. Finally, talk about the biggest advantages of cryptocurrency and why so many people are excited about it. The decentralized nature of the currency, its potential as a sound currency, its heightened security and anonymity, and its universal utility are some of the biggest common talking points.
Feel free to emphasize any other advantages you think are important (or persuasive to your specific audience).
You can even make your presentation easier to learn by writing, designing, and printing an interactive booklet. If you plan on giving a talk to many people, or if you want to reach a wider audience, both physical and digital materials can be helpful.
Identify Points of Concern and Skepticism (and Attempt to Refute Them)
Next, ask about points of concern and skepticism that this person may have – and attempt to refute them to the extent you can.
These are some of the most common you’ll experience:
- Crypto volatility. Some people don’t want to invest in crypto (or use it) because of price fluctuations. This is a legitimate concern – but only for short-term investors pessimistic about the long-term future of the blockchain.
- Barriers to entry. Even if you convince this person that it’s easy to buy and use crypto, they may feel that the majority of the population is not capable of this. Emphasize learning programs and the influence of younger generations that can mitigate this issue.
- Energy and scalability problems. Bitcoin and other cryptocurrencies use significant energy, making them hard to scale. However, this can also be a strength – just as the difficulty and rarity of mining gold makes it rare (and valuable).
- Security and privacy concerns. Skeptics sometimes doubt the security or privacy of crypto, but these are easily demonstrated if you understand how the technology works.
- Current associations. Crypto has some unfortunate current associations, including allegations of fraud against Sam Bankman-Fried, ex-CEO of crypto exchange FTX, and ICO scams. Point out that these are aberrations – not the norm in the crypto world.
Get Feedback
Finally, get feedback from your conversation participants whenever you can.
Does this person have an increased understanding of how cryptocurrency works? Did you change their mind on any individual points? Do they have any standing questions or points of confusion remaining? Use the answers to these questions to refine your approach in the future.
We don't need to become religious missionaries in pursuit of bringing more people to the light of cryptocurrency. But if we have more open, honest conversations with skeptics and pessimists, we can help crypto find more solid ground in our society.