BAT - Could it Make Cryptocurrencies Mainstream?

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Let me be honest, I envy those of you who can describe the merits of different cryptocurrencies from a technical perspective such as faster block time, proof of work vs proof of stake, etc. While the technical side of various cryptocurrencies is certainly important, the key to widespread cryptocurrency adoption is making the coin understandable for "average Joes" like me. In this post, I want to share an layman's rationale of why I believe Brave's Basic Attention Token [BAT] is a great introduction to the world of cryptocurrency and why it has the potential to greatly increase the number of people that use crypto. 

One of the biggest obstacles that kept me from getting into cryptocurrency was the fear that I would lose real money either to hackers or from investing in a scam coin. Brave's BAT removes this fear of losing real money because it can be earned for free. With BAT, I don't have to spend any money at all. All I have to do to get started is enable ads on the browser and I will receive a few tokens each week. I think many people still view cryptos as untrustworthy, so being able to receive crypto from simply browsing the web and not having to risk "real" money is a good way to bring new users like myself aboard. Later on, once users become more familiar with BAT, they can purchase and trade BAT on an exchange like Coinbase or branch out into other cryptocurrencies, but the important thing is that they can get started without this risk. 

Brave and BAT are easy to use. I am currently finishing up my MBA, and I have learned that a major key to a successful product launch is "flattening the learning curve." In other words, the product or service should be easy to use. I consider my self to have a basic degree of technical literacy, and I found it difficult to fully understand how to mine and transfer other coins. With BAT, I don't have to learn how to set up a mining rig or deal with the complexities of transferring funds. All I have to do is simply click a slider to enable ads to begin earning tokens, and sending tokens to my favorite creators is as easy as clicking on the Brave Rewards icon in my browser. Don't get me wrong, I have a great amount of respect for the people that fully understand the intricate inner workings of cryptocurrencies, but if we want to have mainstream adoption, cryptos have to be easy to use for average users like me.

For people to try something new, trust is imperative. One of BAT's major advantages over smaller, less well known cryptocurrencies is that it is trustable. Trust comes in two forms. The most basic form of trust is believing that people will do the right thing. In this case, there is a "safety in numbers effect". Brave is currently used by over 5.5 million users, and I feel much more comfortable using a token that is associated with a large web browser than an unknown coin that has no other presence or "collateral" so to speak. It is also important for users to trust the competency of the product they use. The BAT token's development is spearheaded by Brendan Eich who created JavaScript and co-founded Mozilla and Firefox. As I have said, I am in no way a tech expert, but I can trust that the BAT development team has the technical experience to successfully implement the technical details of the BAT project, and I know that they have too much to loose by deliberately scamming people. 

Coinmarketcap.com currently lists 2,279 different cryptocurrencies. Of those, BAT does not have the largest market cap or even the largest trading volume. That being said, it is an easy to use, low risk way that many non-experts can gain exposure to the basics of cryptocurrency, and I believe that it is a springboard that could have a significant impact in terms of driving wider cryptocurrency adoption. 


The Part Time Economist
The Part Time Economist

Hi everyone. I'm just a simple man trying to make my way in the universe. I'm currently finishing up my MBA and hope to learn / share information on this platform.


The Part Time Economist
The Part Time Economist

Hi everyone. This is just a place for me to post some of my thoughts and analysis. I hope that someone finds them useful.

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