Brand strategy; how it can change the way people see Bitcoin.

[ruykeri]

~ snip

This is very funny to me. Now, let's say you're given the opportunity to promote the "Bitcoin brand", you'll start telling people about self-custody, securing their wallets, decentralization, store of value (talk more on this in the next paragraph), etc? Well, you probably might see some people being interested, but it won't give you a quarter of what you need to get Bitcoin's price to what it is today.

Now, talking about Bitcoin being a store of value, isn't that the same thing as saying the price will go up? If the price remains flat, and inflation hit, it isn't really preserving value, the price needs to go up to cancel out the inflation for it to actually preserve value. Truth is, you can't sincerely talk about Bitcoin without mentioning "price goes up"—it won't garner a lot of traction.

You are right that the popularity of Bitcoin is due to the fact that the price of Bitcoin will increase, which creates a big attraction for the common people . If someone does not know much about Bitcoin, if they are initially discussed about the technical aspects of Bitcoin or how it differs from traditional economics, then they may not be that interested. But if they are told that it is a digital asset that has historically shown a very large price increase, then they will naturally become curious and their interest in learning about Bitcoin will increase. But when thinking about the store of value, I do not want to consider the fact that the store of value increases only when the price increases. Considering the monetary policy and historical price appreciation of Bitcoin, it can make a strong case for preserving or increasing Bitcoin value in the long-term compared to fiat currency, but the short-term price is not guaranteed. The price of Bitcoin certainly matters a lot. There is no need to ignore it, nor do I see the importance of exaggerating it. This price issue becomes important differently according to people's intentions.

[Felicity_Tide]

~snip

You can't also deny that there's still a battle taking place over how people perceive Bitcoin. Especially people with little knowledge about it just relying on grapevine.

Okay... So, how does branding automatically erase that knowledge gap because afaik, you have to acquire some form of basic knowledge about something before you can form your own perspective of what that thing is. You also mentioned that people see things from different perspectives which is very true especially in the case of Bitcoin, but it's not like the common perspective are wrong, or are they ?.

What I feel is, there's actually no problem to solve here. Whether we like it or not, everyone's perspective is never going to be exactly the same, but again, it's not like most of them are wrong either. Let those with little knowledge live with their perspective or seek out more knowledge... It's best to dish out Bitcoin as what it is without adding or subtracting anything from it.

[The Founding Titan]

Does Bitcoin need branding?

Bitcoin is not some kind of product that needs branding. It's a technology and like every technology some people will appreciate it or just ignore.

Bitcoin is way past those times where it needs anyone to grow, right now what Bitcoin need is people who will continue to trust in it.

A technology where everyone stands to gain from it does not need a committee to make plans or brand it. I honestly do not understand your point or the message you are trying to pass.

And also, most of the different perspectives about bitcoin aren't wrong, it's more of a situation where someone is not seeing the full picture, you don't need to change how they see it because they are not seeing it wrong, all you need to do is increase their field of vision, help them see beyond the single ideology that they are stuck in, bitcoin is a volatile asset, but it's also a digital currency, one without a central control. It can be all of those things.

[hmbdofficial]

What then is brand strategy? A lot of people hear brand strategy and picture something that's complicated; charts, business terminologies and even boardroom conversations. Well, it's simpler than that. Brand strategy is the plan, it is the thinking behind the brand.

Personally I think brand strategy can affect Bitcoin more than a lot of people realize.

how does it affects bitcoin than people always realise?

When people hear Bitcoin they rarely think about sovereignty or decentralization.

if anyone hears bitcoin and things like decentralization, sovereignty and privacy doesn't come to their mind, then they probably do not know too much about bitcoin.

This thinking didn't just originate from technology alone, it likely came from the stories people have heard about Bitcoin .
Imagine two people looking at Bitcoin from two different perspectives. One as a highly volatile asset that people buy and hoping that the price will rise, while the other sees it as a scarce digital monetary network that operates without a central authority. The Bitcoin here has changed but rather it's the story behind it that changed, and that's where branding is introduced.

i want to believe its a typo from you, and what you intended saying was "the bitcoin here has not change but rather its the story behind it that changed". that is when what you are saying will make sense to some extent.

[Agbamoni]

Does Bitcoin need branding?

Bitcoin is not some kind of product that needs branding. It's a technology and like every technology some people will appreciate it or just ignore.

Bitcoin is the only digital technology that has not been branded. It has not been advertised, and there was no special promotion for it. Definitely, Bitcoin didn't need branding when it came out, and now that it's successful, it doesn't need branding either.

The image Satoshi put up concerning Bitcoin is not one that needs the influence of people to make it known. The technology speaks for itself. Many people who were critics found out they needed Bitcoin after years of hatred.

[snowpega]

Branding is an old way to attract new users, but this will never work on Bitcoin. People may think differently if Bitcoin rebranded to a different name, but this strategy works on altcoins or new projects, just like RAiblocks before it actually rebranded 3 times. It works on the 2nd but not the 3rd one; it is slowly dying.

If Bitcoin is going to be rebranded, the past history might fade away in the long run. It would only be a negative impact on the crypto space since Bitcoin is the first brand we heard first then just suddenly dies because it wants to attract new users? It won't work if this is the only purpose, and we already knew about Bitcoin; even Wiki already has a past achievement about Bitcoin. so need for rebrand.

When it comes to branding, it is clear that marketing any project requires capital, right? And in the case of Bitcoin, who will invest in marketing such a thing which is decentralized? And you are correct. Projects that are centralized or owned by any party are the ones being marketed. And in the case of Bitcoin, then it is very obvious it doesn't need any kind of marketing, in my point of view, because of many factors. The very first one is that it has a long-standing, strong community that trusts its technology more than any other similar project in the market.

Secondly, since Trump became president this time, he has promoted Bitcoin too much all that time.
There is no doubt that all he did was not for the Bitcoin community or for us; he is a politician, and from his point of view, he has been promoting Bitcoin for his own benefit as his first priority. Because since the day he became president this time. His net worth has tripled. And this is not a coincidence or a fact to ignore. He has been manipulating the bitcoin/crypto market and stock market for a long time, using many reasons that, in return, benefit him a lot. And from that time, Bitcoin adoption has increased more. DYOR! CMIIW!

[qurbanshah02]

Branding is an old way to attract new users, but this will never work on Bitcoin. People may think differently if Bitcoin rebranded to a different name, but this strategy works on altcoins or new projects, just like RAiblocks before it actually rebranded 3 times. It works on the 2nd but not the 3rd one; it is slowly dying.

If Bitcoin is going to be rebranded, the past history might fade away in the long run. It would only be a negative impact on the crypto space since Bitcoin is the first brand we heard first then just suddenly dies because it wants to attract new users? It won't work if this is the only purpose, and we already knew about Bitcoin; even Wiki already has a past achievement about Bitcoin. so need for rebrand.

since Trump became president this time, he has promoted Bitcoin too much all that time.
There is no doubt that all he did was not for the Bitcoin community or for us; he is a politician, and from his point of view, he has been promoting Bitcoin for his own benefit as his first priority. Because since the day he became president this time. His net worth has tripled. And this is not a coincidence or a fact to ignore. He has been manipulating the bitcoin/crypto market and stock market for a long time, using many reasons that, in return, benefit him a lot. And from that time, Bitcoin adoption has increased more. DYOR! CMIIW!

I still remember that a few days before he became president, the price of Bitcoin was around $70k or so and as soon as he became president, the price of Bitcoin started increasing rapidly and it went up to $90k. You said exactly right that Trump has made money from digital for his own benefit and after becoming president, if someone has more money, the same principle applies to him which we consider to be corruption or insider trading. Although if Trump does not commit corruption, he makes some difference in the price of Bitcoin with the help of news in crypto. During the Iran-US war, Trump lowered the price and as soon as he eased his grip on Iran, the price increased. Bitcoin is a very big brand and its strategy also has an impact on the world. In addition, Trump's family has also invested a lot in Bitcoin and his son has also made a lot of money from Bitcoin.

[snowpega]

I still remember that a few days before he became president, the price of Bitcoin was around $70k or so and as soon as he became president, the price of Bitcoin started increasing rapidly and it went up to $90k. You said exactly right that Trump has made money from digital for his own benefit and after becoming president, if someone has more money, the same principle applies to him which we consider to be corruption or insider trading. Although if Trump does not commit corruption, he makes some difference in the price of Bitcoin with the help of news in crypto. During the Iran-US war, Trump lowered the price and as soon as he eased his grip on Iran, the price increased. Bitcoin is a very big brand and its strategy also has an impact on the world. In addition, Trump's family has also invested a lot in Bitcoin and his son has also made a lot of money from Bitcoin.

Yeah, it is like you are branding a thing that really doesn't need branding. Well, when the US added it to its national strategic reserve, after this many other countries started considering adding Bitcoin to their national strategic reserves. This also brought in a lot of capital at that time by gaining investors' attention. This can also be considered international-level branding, right? Iran-America war was not the only reason he used to manipulate the market.

He used the tariff war as a reason at the international level. And many other reasons to manipulate the market. And when all major sentiments were bearish, he used to pass such kind of statements that used to convert bearish sentiments in the market into bullish sentiments. And by repeating the same pattern, he made a lot of money. Well, this is my point of view on this. Many still don't believe this, as a rigid supporter of Trump. DYOR!

[demonica]

Branding is like what the the other people perceive about something. But Bitcoin isn’t something that can act on its own nor have someone who decides on what the so called “branding” it would be. So I’m not quite sure what and how bitcoin can have a “strategy” to change what other people perceive about bitcoin.

For non-bitcoin users, they might often perceive bitcoin as something that is related to scams, hacking, etc as it’s what other people see on news. For them, that’s bitcoin’s branding. But bitcoin doesn’t need any strategy. It’s more on the people who uses bitcoin and how they can change other people’s perception towards bitcoin? One thing is to let them know the real uses bitcoin have and what it could bring to you, like transactions, investments, and more.

[DiMarxist]

What kind of brand strategy are you referring to referring to , if am not forgetting different person's have on several times said that Bitcoin doesn't need anything extra special to rebrand and sell to people about it . Bitcoin is just perfect and special just the way that it is , in life there are things that has become so special and important that they don't need any advertising or even needs the approval of others.

We don't need to change the view about the way people view Bitcoin at this point in time. Bitcoin has outgrown that level, Bitcoin is just doing fine that wether somebody still see it as a scam or not nothing will happen to Bitcoin.

[d5000]

Bitcoin is not some kind of product that needs branding. It's a technology and like every technology some people will appreciate it or just ignore.

I think there is a lot of branding activity in Bitcoin's case. Bitcoin's "branding" works as a community process. It started when Satoshi called it "Bitcoin", a quite catchy name, instead of some long technical sounding phrase. Bitcoin is probably the perfect word for "electronic money" or "digital money".

Then a lot of groups influenced the process, traders, Bitcoin maxis, even governments when they started to regulate it. For example, I think governments (alongside a certain trader group) were a decisive factor to steer the "branding" away from "digital cash" to "store of value".

I personally think it is quite a strong brand already. It is a quite strange brand too For example, people associate BTC with words like "established" (in relation to altcoins), but also "risky" and even still quite "novel".

There are still people trying to influence the Bitcoin branding. I think people like Adam Back and Michael Saylor are among them, when they still relate it to a high potential price growth. Both have business interests related to BTC and thus want to drive the "BTC brand" into a certain direction.

[Chibit01]

Obviously, Bitcoin doesn't need branding like the corporate world would discuss it, obviously there's no CEO to chair what a brand strategy should look like. You can't also deny that there's still a battle taking place over how people perceive Bitcoin. Especially people with little knowledge about it just relying on grapevine.

There is no battle anywhere, like you have explained in your next paragraph. Everyone uses bitcoin for a different purpose. What they use it for will best describe how they see Bitcoin. It's that simple the only when it's being misinterpreted to be what it's not will the person appear to be wrong and possibly corrected, like calling bitcoin a token, Ponzi scheme or what ever that's not part of what it stands for aside from that we are free to describe it in a way that best suits us without problem.

[Maslate]

Bitcoin is already a hit and is making a huge demand already so there's no need for a branding strategy. The people have already seen it proven effective and profitable as an asset, and as a digital currency that is making borderless transactions.

For the people who are still doubting bitcoin or keep attacking it, that's already their problem. Any brand strategy will not change it, some people will continue to dislike it no matter how we convince them to start liking their bitcoin, and that's no longer our business to mind.

[Natalim]

The only way that negative people will change their outlook about bitcoin is through the government mass education about bitcoin and clear out the negativity they think about it. The government will always have a bigger role on it. Changing the brand strategy itself will not create positive changes, people will always see bitcoin as a get-rich-quick scheme, unless the government will interfere on it and clear our negative ideas about bitcoin.

But in the end, those who have faith in bitcoin will always trust its potentials, those who have been doubting bitcoin will always miss the opportunities that bitcoin brings in the market.

[elda34b]

The only way that negative people will change their outlook about bitcoin is through the government mass education about bitcoin and clear out the negativity they think about it. The government will always have a bigger role on it.

I think that's a pointless endeavor. In this day and age where you can browse everything online, trying to push a "correct" interpretation of certain things will just get a backlash. Especially when government is the one doing that. Especially when the "bad" ideas don't really affect the development of Bitcoin or crypto in general.

I think we just need to offer more sources that are easy to access. People who are interested will learn on their own. Social media algorithm is pushing everything to the extreme so I doubt you'll find legit discussion over there. Anyone on the internet longer than a few months should realize that sooner or later.

[Questat]

One of the key purposes of having a brand strategy is to clear identity. But to be honest, clearing out the real identity of bitcoin but people will continue to refuse it, that won't still make sense in the long run. It's just that people will understand bitcoin when the right time comes, and people will continue to hate bitcoin as long as they want to.

For now, let's just continue to promote bitcoin the way it used to be, as an investment asset and as a digital currency. Its up to the people if they will bite it or disregard bitcoin, its not us who will be at loss but those who will always see bitcoin as a barrier and threat to their funds.

[davis196]

Does Bitcoin need branding?

Bitcoin is not some kind of product that needs branding. It's a technology and like every technology some people will appreciate it or just ignore.

Bitcoin is way past those times where it needs anyone to grow, right now what Bitcoin need is people who will continue to trust in it.

A technology where everyone stands to gain from it does not need a committee to make plans or brand it. I honestly do not understand your point or the message you are trying to pass.

OP has already stated in his forum thread that Bitcoin is not a product and it doesn't work as a corporation. Are you blind? Are you trying to boost your post count? I can assume that by "branding strategy" OP means something different than just product promotion. We need proper ways to reach a broader audience and teach them about the pros and cons(if there are any) of Bitcoin. The people, who are ignorant and fail to understand Bitcoin are our "target audience" and have to educate them about the core principles of BTC.

[Rabata]

If Bitcoin had any ownership, it would have worked to spread Bitcoin. Strategies would have been made on how people would buy more Bitcoin, but there is no central authority in the case of Bitcoin. It is completely decentralized. Even Satoshi or those who created this technology did not promote it for marketing. According to their needs, they are making Bitcoin useful for their own use.

Some users are holding Bitcoin to maintain the value of their assets, some users for their privacy, and some are holding Bitcoin in the hope of more profits. Bitcoin does not need marketing, rather people are using Bitcoin for their own needs and getting more ideas about it. Despite various obstacles, people are accepting Bitcoin as a symbol of trust.

[Alpha Marine]

One can speculate in different ways is Bitcoin crypto? Digital gold? Internet money? An hedge for inflation? Or just another investment?

Bitcoin is all these things you mentioned. It doesn't have to be just one of these. You guys need to stop trying to put Bitcoin in a box. There is nothing stopping Bitcoin from being digital gold, crypto, a hedge against inflation or another investment. It can be all these things and still be money.
Bitcoin was also not only made for individuals alone. It was for anybody. Institutions can hold or use it, countries can hold it too. It's getting tiring seeing the same conversation over and over again.

OP has already stated in his forum thread that Bitcoin is not a product and it doesn't work as a corporation. Are you blind? Are you trying to boost your post count?

There is no need for this passive aggression. He was only disagreeing with what OP said.

I can assume that by "branding strategy" OP means something different than just product promotion. We need proper ways to reach a broader audience and teach them about the pros and cons(if there are any) of Bitcoin. The people, who are ignorant and fail to understand Bitcoin are our "target audience" and have to educate them about the core principles of BTC.

There is no need for all these.
Bitcoin has gotten to this level without any branding. On your own, you can educate people on Bitcoin, but there is no need to brand it into something. Let people use Bitcoin however they see fit. That is literally one of the pros of Bitcoin.
You can only teach people who want to learn, and learning about Bitcoin today is very easy. It's every where. People who want to get the actual knowlegde will get it if they want to. 

[Rockstarguy]

The most powerful strategy shouldn't be convincing people to believe in Bitcoin, it's helping them understand the need not to believe in anyone!

You can't stop people from believing whatever they have to believe, and convincing people that bitcoin is not the right way to go about bitcoin. The best thing is to teach people about bitcoin, and there is a lot for them to know which can spark their interest in bitcoin.

If what you have told them is not enough for them to want to learn more about bitcoin, I see nothing that would convince people to accept or invest in bitcoin. If people do their research thoroughly, there is enough information for them to be interested in investing in bitcoin.