As a Bitcoin educator, I think about this model that I included in the payments report a lot.
Many Bitcoiners think in terms of quantity: the more people we push through this funnel, the more may stick around = more adoption.
But adoption is not something that can only grow without cost. Turning people off has future consequences, so we need quality from all of us, not just the writers and podcasters.
A key part of this model is that it also shows the negative side: the people actively working against adoption. Their impact is difficult to measure, as there is no Google Trends for “people who didn’t learn about Bitcoin because they read or heard too many hysterical headlines”.
Many people don’t make it through this funnel, or are even interested in the first place due to poor past experiences with negative media or overenthusiastic Bitcoiners that sounded crazy.
Here is how I view the 5 layers of the funnel:
1️⃣ The mindset of the person in the discovery phase is critical. If they are too prejudiced and not open to learning, it can massively delay the point at which they get into Bitcoin. Their decision to proceed is heavily influenced by their background and personal situation.
2️⃣ If people are open to learning more, perhaps the first content they consume is positive, but in their research, they may come across different information and opinions from personal relations that sway their perspective.
It is easy to blame media and misinformation for people not getting through this learning phase in a positive way, but introspection by the Bitcoin industry is also important. A Bitcoiner’s passion for the problems they believe it solves can also turn people off by going too deep on certain topics or overcomplicating their explanations.
3️⃣ After learning a bit, whether that is one or many content pieces, people will gain a certain perception of Bitcoin. This time, all of the above factors influence whether they will proceed and go deeper.
4️⃣ When it comes to usage, sometimes the journey from discovery to usage can be just a few minutes with the right person as a guide. Quickly letting people experience Bitcoin can be an effective tool to give people a wow moment, but it only works towards adoption if they commit to a learning phase after. “Private” usage is the highest ranked here, given that maintaining your privacy on Bitcoin requires significant knowledge. This is also the case for using Bitcoin as the standard money in your life.
5️⃣ After having used Bitcoin, some people decide to take a certain role in the space, either personally or professionally. Some become users of Bitcoin. Many go a step further to actively educate others around them, and some become builders who maintain and accelerate the movement. There are also critics and detractors who try to slow down Bitcoin adoption.
Because of how hard it is to make it through, and we all know this, I’m a strong believer in focusing on quality. On making sure as many educational interactions are high quality and delightful, rather than reaching as many people as quickly as possible. I’m going to spend a lot of time helping people who struggle to explain Bitcoin to people close to them in the coming years.
Would love to hear your thoughts on the model and if you’d make any changes!
