For a business to be successful there must be sufficient demand for it amongst the population. The same principle applies to organisations with their own cryptocurrencies, and mass adoption is a sign of sufficient demand.

The cryptocurrency world is in its early stages and has not gained mass usage adoption yet. Part of the reason is because many of the cryptocurrencies do not have sufficient demand amongst the population and probably most will be abandoned over the next 5 years.

To be a successful cryptocurrency and have mass adoption, the features that should be displayed are given below:

Demand and usability

People need to demand the token together with being able to use it in real life. The demand should be sufficiently large that the organisation(s) running the cryptocurrency can sustain itself over the long run.

Excellent product or service

Delivering an excellent product or service is an important factor in which cryptocurrency survives. The product or service should identify an existing gap in the market and solve it to a sufficient quality and degree.

Community

Having a loyal community, even if small, is important in any successful cryptocurrency. Communities are normally found through Telegram and Reddit, although Slack and Discord are sometimes used. As people acquire the cryptocurrency for their practical usage within the its ecosystem, expecting mass adoption, the loyal community is expected to naturally and organically grow. The community is incentivised to ensure the success of the cryptocurrency

Ease of acquisition

People should be able to acquire the cryptocurrency with ease. This can include being able to buy it from a well known and secure exchange or through an app. If it is difficult to acquire, people can shut off and not buy it.

Team

The team running the cryptocurrency needs to be reliable, knowledgeable, skilled, honest and approachable. The community should be able to ask the team questions through regularly AMAs.

The identity of the team should be verifiable, such as through LinkedIn. However some scams use LinkedIn links of other innocent people who are unaware. These scams can be detected by contacting such people through their LinkedIn.

Advertising and marketing

The cryptocurrency should be sufficiently advertised and marketed so that people become aware of it and can then demand it. Marketing does not need to cost a lot and if it is a very good idea, then it can catch on through non-expensive means.

This article has been presented by Home Eats, a company bringing the new cryptocurrency “EAT” Token to homemade food. More information can be found at http://homeeats.co.uk/