Bitcoin Forum

The number of Bitcoin users continues to grow. However, the number of people who use Bitcoin or have even heard of it is still very low. Why?

I believe that the number one reason why Bitcoin is still relatively unknown is due to a lack of marketing.  

Specifically, the lack of an ongoing, professional marketing campaign.

Forget about the Core vs. XT issue for a moment. I'll address it at the bottom of this post.

MasterCard, VISA, PayPal, etc. all have large marketing campaigns. They know that keeping their brand fresh in the mind of the public is vital to their ongoing success. Think about that. Even companies as well-known as MasterCard spend millions of dollars a year in order to boost their brand awareness. They wouldn't spend so much on marketing if it wasn't necessary.

When's the last time you saw an ad for Bitcoin or for a Bitcoin service? Don't count the techie sites. The average Joe and Sally doesn't read those. It should be readily apparent that the average person rarely sees an ad featuring Bitcoin, and that is one of the biggest reasons why it hasn't been widely adopted. They don't even know about it, or have heard about it only in passing.

Bitcoin Needs a Professional, Ongoing Marketing Campaign
Without it, the average non-technical person (and that's most people) has little chance of adopting Bitcoin any time soon. Bitcoin does not need an advertising campaign on par with MasterCard. But it does need an advertising campaign.

Think of marketing the way MasterCard thinks of marketing: like an investment. Sure, it's an expense, but it results in an asset. Accountants call this asset “goodwill,” which is basically brand awareness. If they spend X on marketing, their return will more than make up for X. They will profit from the advertising. Marketing is indispensable.

Who should spearhead the marketing campaign?
It seems like the Bitcoin Foundation is best situated to set up an advertising fund and to hire a professional marketing firm. All of the Bitcoin Foundation members (https://bitcoinfoundation.org/members/) stand to gain from a more widespread adoption of Bitcoin, as do you. They would be able to make substantial contributions toward such a campaign in addition to contributions by the rest of the Bitcoin community. If they were to establish such a fund to hire a professional marketing firm to launch an ad campaign, I would gladly contribute. You will want to contribute to this, and here's why: the more widely Bitcoin is adopted, the value of Bitcoin will increase due to its relative scarcity, not to mention its brand awareness and the numerous values it inherently possesses. If you and everyone here contributes even a small amount, that will go a long way to pay for a marketing campaign.

Professional marketing companies should be used to reach TV, internet, and radio audiences. These firms will know how to reach the masses. That is what they do best, and we should leverage their expertise. I'd imagine that the target audience should be the average non-technical person, but I'd defer to the marketing experts.

But what about the controversy of Core vs. XT?
This is an internal difference that will be resolved by the majority. Either way, Bitcoin will still be around. I believe that this issue is largely responsible for the recent BTC price drop, but here's the key point to keep in mind: this debate is among a relatively small set of developers and users, not the general public. If the general public adopts BTC, they are not going to involve themselves in internal squabbles for the most part. They just want to use it as an inexpensive, safe way to send money. So if there is widespread adoption, internal differences will have much less of an affect on the value of BTC.

What Needs to Happen
I suggested that the Bitcoin Foundation spearhead the efforts of (1) setting up a campaign fund and (2) hiring a professional marketing firm, but any entity with the right resources can and should do this. I am asking for such an entity to take the lead on this to make these things happen.

Bitcoin needs a marketing campaign. Until then, the masses won't know what they're missing.

Disclosure: I am not involved in, employed by, or have anything to do with the marketing industry. I am just a Bitcoin advocate who sees the need for marketing.

Just start a marketing campaign. Only cost a bit more than most of us are willing to pay...

As I said, many of the major Foundation members/companies do have the resources for this, if they pool their resources. You or other individuals may not be able to contribute, but for anyone who can, even a little would help. That is, if the Foundation or some other entity will take the lead on this.

I think the idea of several Bitcoin companies (specially the more interested ones, as are trading sites and online wallet companies) joining forces for a Bitcoin campaign makes sense. More adopters means more fiat money put into Bitcoin, and likely a raise in price. If you are holding online wallets or a trading site and Bitcoin value goes up, your value goes up.

It should be taken into consideration. Good point.