//A word on what “adoption” and “use cases” actually mean.

A word on what “adoption” and “use cases” actually mean.

Disclaimer: I work as an account executive for one of the biggest tech companies, meaning that I sell technology to large companies (1B+ in revenues) for a living.I know most people use this sub for backhanded shilling to pump their bags, so this post is for those who are genuinely interested in what value crypto is bringing to the world outside of speculation and money laundering vehicles.First, what does adoption mean in the business world ?If a technology is adopted for it becomes one of the corner stones of a project, meaning that this is the best solution to a specific problem,all other solutions being considered.Now what is not adoption ?A merchant accepting crypto payments.At the moment, paying with crypto does not provide any usabily advantage over paying with fiat that’s why no merchant ever had a significan share of their revenues coming from crypto. The UX is trash, and the alternatives’ UX has never been better (if you know the three digits at the back of your card you don’t even need to pull out your card to pay online if Chrome registered it).”But muh privacy”, outside of hardcore libertarians, very few people care enough about their privacy to ruin their UX for every online purchase. In this case, crypto is not a corner stone, it’s just a “fun to have”.A company annoncing a partnership with a cryptoFirst of all a partnership happens when both companies provide ressources towards a common goal. Most crypto “partnerships” are actually a company running a Proof of Concept with crypto.You will have adoption when you a company has a successful project in production with crypto. Until then, treat it as cheap PR from companies that want to look innovative or sell consulting hours to their clients.A company talking about future “use cases” using crypto.Crypto is still a solution in search of a problem, sometimes companies think they found a future problem. Let me tell you something, companies struggle with their existing use cases. Finding the best technology for their current needs is a long, arduous process. Anticipating their needs 10 years from now and slamming a crypto tech on top of these needs saying “this will be the solution” is at best cheerleading and at worst a proof of crass incompetence (right Bosch ?).A bank opening a crypto trading deskBanks probably realized that some of their clients have high risk tolerance, and if journeymen traders can make money trading bitcoin, they shouldn’t do too bad. It’s not adoption, it’s validating of crypto as a speculation vehicle.TL;DRYou will only get real world adoption when you can beat the incumbents. Working to solve the problems we may or may not have in ten years and talking about adoption is coming is pure BS (cough IOTA cough). Try to solve problems people have right now, then we will be talking.So far, no crypto that I know of identified a real problem and described a solution that looks better than the incumbents. At best its “like X, but decentralized”.Random fact: I sometimes encounter people asking me about blockchain in my client companies, these are your “innovation directors”, “disruptors in chief” or whatever, and none of them have a clue about actual operations.

Disclaimer: I work as an account executive for one of the biggest tech companies, meaning that I sell technology to large companies (1B+ in revenues) for a living.

I know most people use this sub for backhanded shilling to pump their bags, so this post is for those who are genuinely interested in what value crypto is bringing to the world outside of speculation and money laundering vehicles.

First, what does adoption mean in the business world ?
If a technology is adopted for it becomes one of the corner stones of a project, meaning that this is the best solution to a specific problem,all other solutions being considered.

Now what is not adoption ?

  • A merchant accepting crypto payments.
    At the moment, paying with crypto does not provide any usabily advantage over paying with fiat that's why no merchant ever had a significan share of their revenues coming from crypto. The UX is trash, and the alternatives' UX has never been better (if you know the three digits at the back of your card you don't even need to pull out your card to pay online if Chrome registered it).
    "But muh privacy", outside of hardcore libertarians, very few people care enough about their privacy to ruin their UX for every online purchase. In this case, crypto is not a corner stone, it's just a "fun to have".

  • A company annoncing a partnership with a crypto
    First of all a partnership happens when both companies provide ressources towards a common goal. Most crypto "partnerships" are actually a company running a Proof of Concept with crypto.
    You will have adoption when you a company has a successful project in production with crypto. Until then, treat it as cheap PR from companies that want to look innovative or sell consulting hours to their clients.

  • A company talking about future "use cases" using crypto.
    Crypto is still a solution in search of a problem, sometimes companies think they found a future problem. Let me tell you something, companies struggle with their existing use cases. Finding the best technology for their current needs is a long, arduous process. Anticipating their needs 10 years from now and slamming a crypto tech on top of these needs saying "this will be the solution" is at best cheerleading and at worst a proof of crass incompetence (right Bosch ?).

  • A bank opening a crypto trading desk
    Banks probably realized that some of their clients have high risk tolerance, and if journeymen traders can make money trading bitcoin, they shouldn't do too bad. It's not adoption, it's validating of crypto as a speculation vehicle.

TL;DR

You will only get real world adoption when you can beat the incumbents. Working to solve the problems we may or may not have in ten years and talking about adoption is coming is pure BS (cough IOTA cough). Try to solve problems people have right now, then we will be talking.
So far, no crypto that I know of identified a real problem and described a solution that looks better than the incumbents. At best its "like X, but decentralized".

Random fact: I sometimes encounter people asking me about blockchain in my client companies, these are your "innovation directors", "disruptors in chief" or whatever, and none of them have a clue about actual operations.