Most People Don’t GET Crypto

…Because No One Has Linked It With The Day-To-Day Retail Aspect Of Their Life — Until Now!

I am beyond excited because when this article hits the web, for the first time people are now going to see an entirely new side to crypto Most people don’t get crypto because it doesn’t have a central tie to their life. They look at it only as an investment and a skeptical one at that. They see it as largely intangible and, in some cases, pointless.

We ended up hiring a survey company who interviewed over 500 people to ask them: “Do you understand crypto?” and “What do you think about crypto?” The results gave us the insight to create a revolutionary breakthrough for the world of DeF. The main reason that people don’t understand it, at a staggering 77% of all people who fell into the “Didn’t GET it” category, boils down to one main reason: “I can’t use it.” They can’t use it in the normal retail situations throughout their day-to-day life. Not at the gas station. Not at the grocery store. Only a few merchants online accept it, including PayPal and Square. This truly opened up our eyes. While we GET crypto, we now understand why most people don’t get it. Usage. People are creatures of habit. And if the “almighty” U.S. dollar is what they are paid in, and it is what is accepted everywhere, they will just keep abiding by the status quo.

As a point of reference, out of the 527 people surveyed, exactly 419 of them did not “Get/understand crypto” Again out of those who didn’t get it, 77% claimed their biggest complaint with it is that they can’t use it for day-to-day life. The other major issues from those who didn’t get it were: Too speculative/risky, and that it is difficult to understand, which ranked as the 2nd and 3rd biggest issues, respectively.

Well, I hate to agree with them, but the people who don’t get it have a point. We do buy stuff every day. We do have a convenience of using a bank account that is linked to a debit card. Makes it fast and simple to just keep going with the norm. As for crypto, not many places accept it. While those who do have generally made it a very straightforward process, if it is not accepted everywhere like Visa, it won’t ever become a gold standard for currency. Bitcoin, the largest crypto by market capitalization, is just NOW in September 2021 being accepted at mainstream places like McDonalds — and that is only in El Salvador and other Central American countries. While Bitcoin ATMs are expanding more, the majority of people see that it is still difficult to use for utility purposes.

Keep this in mind — the majority of people in the world have no virtually savings and no investments. So if you are eliminating a lot of the practical utility value given that most retailers don’t accept it, then it is easy to see why people drop it into the category of being just another investment. By treating it as an investment, it thereby pushes crypto into a category that the majority of people living in America and other developed nations don’t even understand — having no savings and no investments. Approximately 56% of people living in the United States do not have any savings or any investments worth more than $5,000USD. They don’t see crypto for what it truly is — a Digital Currency. They don’t get the point that it is like having a bank account that grows (or in some cases declines) in value because their bank account is linked to a debit card, which can then be used anywhere.

Again. It makes a lot of sense. It is not that retailers haven’t tried or even experimented with it, but with even Bitcoin’s wild price fluctuations, all of the retailers race to get it turned back into cash anyways. They aren’t “hodlers.” With wild price swings what is the incentive of holding for a retailer? Exactly — there are none. They are looking at how a one-day price swing could wipe out their entire profit on a product. Retailers live on thin margins. Sometimes razor thin. When you factor in how a credit card processing fee eats into that margin another 2% to 2.9% you can easily see why retailers avoid cry.

Until now…Introducing TOKEN$, our revolutionary DeFi SCRAP (Smart Contract Retail Autonomous Protocol) that we now have built into the SOWL smart contract, and that we are obtaining a patent pending for today. With the advent of a great number of DeFi protocols that are in the marketplace, we created something to SOLVE this problem. We created a direct portal between the buyer’s SOWL wallet and the retailer/seller’s product. It is what DeFi was intended for. To eliminate the middle man and all of the wild fees and issues that come along with it. Given the projected stability of the SOWL Token, because of our other robust protocols and deflationary features, we envision a future whereby the SOWL holder has a bank account (their SOWL wallet) that does grow in value, that they can use anywhere.

The fact that we have a solid token that has constant liquidity being added into it in two ways (hence our Double Liquidity features in our smart contract) is NOT the reason that a retailer will want to work with this system. The retailer will want to work with this system because of the way we programmed and built the TOKEN$ system. It actually eliminates the need for a credit card to be processed because the transaction is settled on the blockchain instead. This saves the retailer 2% to 2.9%. On top of that, as an incentive for the retailer and given the ease of use to the SOWL holder, on every transaction an additional 2% is taken from the holder to reward the retailer. So in total the retailer has a 4% to 4.9% benefit. The SOWL holder has DeFi access to a slew of global retailers and can buy products using their SOWL without having to switch into another digital currency or into cash. They get to keep everything they do on the blockchain. It is very simple and straight-forward and with lower fees than either side would normally incur. A person who wants to get out $20 cash at an ATM machine pays $2.25 on average! That is over 10%! People pay for convenience and for the protection that comes with having transactions done via a digital wallet on the blockchain.

When the SOWL LuxeWallet is released over the next 6 months, we will have the ability for retailers to sign up and to add their products. A very simple scan process and transaction confirmation is all that takes place. Goods and services can be bought both online and in person. It is just a very “DeFi way” to buy things. Direct, with a low fee, and no headaches.

At the end of the day, people spend billions of dollars a year on bank, ATM, and other credit card fees. By eliminating the bank from the process, the buyer and seller can work together directly. We will be adding a number of features for fraud protection on both sides of the transaction. The key part to remember is that the SOWL holder gets strong growth and convenience to use their SOWL day-to-day with a low 2% fee, and the retailer gets a net benefit of 4.9% which boosts their margin and welcomes them into the world of crypto A true win/win if there ever was one. More importantly — a problem solved that will now usher in a new type of crypto user which will increase adoption and keep us growing stronger than any other token out in the marketplace.

Check out some information about TOKEN$ below and email our Co-Founder & CEO, Megan Hallett, at megan@sowltoken.com if you have any questions or would like to know even more!

--

--

--

The Ultimate DeFi Token™ for Virtual Learning; BEP-20 Token; ICO October 20, 2021; A Crypto With the Purpose of Enriching Families' Lives Through Education

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Meet the Team: Savannah Van

Olympus and Forks (part 1)

What Is Ethereum Sharding — Exscudo Blog

April’s AMA … the Write-up

Flash Loans, one month in

Bitcoin miners have sold all BTC, grayscale crazy inhalation, this does not mean a bull market…

What Are Splintershards? — Adaas Capital — SPS Token Fundamentals

New Partners

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
SOWL Token

SOWL Token

The Ultimate DeFi Token™ for Virtual Learning; BEP-20 Token; ICO October 20, 2021; A Crypto With the Purpose of Enriching Families' Lives Through Education

More from Medium

Nifty: Keep people, projects, & functions aligned in one place

Prevent The Hiccups of Becoming A Consultant? Top 5 To Do List

Organised fun.

The story of The Brave by the artist