Jack Dorsey’s Square Cash Payment App Encourages Bitcoin Giveaways to Spark People’s Care
Many in the crypto community find the gimmicky bitcoin giveaways annoying and scammy, but not Square Crypto. Recently they took to Twitter to give their controversial opinions.
Giving away bitcoin is powerful. People care more when they have a stake in something. Once the cost hurdle is clear, they’re free to be curious. When we mention bitcoin, it’s expected. But when your mom tells her yarn rolling crew that she stacks, that challenges expectations.
— Square Crypto (@sqcrypto) August 28, 2019
Jeff Weiss, a software developer had other views. He said that the act of giving away Bitcoin is a powerful way to convince people that Bitcoin is worthless. To this, the account run by GiveBitcoin replied:
We don't think this is true for all people all of the time. We think if you give someone some bitcoin, timelock it so they can see their balance but not sell/trade it, and give them a great education while they hold, you have a good shot at creating a Bitcoiner.
— GiveBitcoin: Give+Request Bitcoin Safely & Easily (@Give_Bitcoin) August 28, 2019
GiveBitcoin’s mission is exactly this, to encourage giving bitcoins as a gift to friends and family. They even give users the feature of creating Hodlers by locking their Bitcoin gifts for a set time period or a minimum price. People can also request Bitcoins as gifts using the platform. The firm also takes care of the legal work around the transaction.
When you think of it, giving Bitcoin can be one of the best tools to increase the adaptability of cryptos. Not only does a new person get exposed to cryptos, they even learn how the transactions work. When people see how seamless the process, we can be sure most people can hop on the crypto bandwagon.
To give an estimate, there are about 7.1 million active bitcoin users. If only 5% of them gift bitcoins to someone new, there will be 355,000 new users. We can be sure that the vast majority of them would end up becoming active users.
However, Bitcoin gets a bad reputation for running scams and this is why their giveaways come under active scrutiny. But this trend is not limited to crypto markets. Startups have been giving away free stuff to attract new users for a long time now. Most promotional activities are done by giveaways, in one form or the other.
Just last month Tyler and Cameron Winklevoss promoted their new book using the same strategy.
NEW CHALLENGE: Take a picture with your copy of #BitcoinBillionaires in a cool place (could be anywhere). Reply to this tweet with your pic and hashtag #BitcoinBillionaires, coolest pic wins 1 bitcoin (BTC).
— Tyler Winklevoss (@tylerwinklevoss) July 16, 2019