A unification of all the leading Bitcoin companies is needed to efficiently promote the digital currency, believes BitPay.
Sonny Singh, chief commercial officer at BitPay, thinks that the biggest of all the Bitcoin companies are trying their best to hide their affairs from each other. In his opinion, such a competitive attitude is doing nothing but hampering the growth of Bitcoin as a product.
“I think a problem Bitcoin faces is that the largest companies — Coinbase, BitPay, Circle, Xapo — they should all kind of work together and talk more among each other,” Singh told Ian Allison of IBTimes, while referring “milk” as an ultimate example of collective brand awareness.
‘Have a Bitcoin Association’, he suggests. ‘Like in America they used to have those commercials for milk: ‘Milk does the body good.’ That was a very powerful thing.’
The man’s words come in wake of growing educational needs for promoting Bitcoin among common people, not just techies. In his opinion, some well-funded companies can collectively invest an iota of their fundings to promote Bitcoin among the digital currency virgins.
Marcel Roelants, a former associated of MasterCard and BitPay’s general manager in Europe, backs his colleague’s opinion, saying that the young entrepreneurs today have all in terms of great ideas, but not the experience that could take their businesses on the top.
“In the end people will only benefit together if the ecosystem becomes bigger, broader and better,” he says, while referring how even seasonal competitors like Visa and MasterCard had joined hands to develop the EMV standard chip card technology to fight online crimes.
Is Bitcoin Association Feasible?
As a part of the growing Bitcoin community, we have seen the formation of many digital currency advocacy groups. However, most of them have failed to connect with the end user that actually use Bitcoin. In true terms, the individuals in the Bitcoin community has done more than these organizations — barring the developers — when it comes to introducing Bitcoin to a newer audience.
An organization like Bitcoin Association would still add a noticeable support to the cause, considering the reputation of the companies that would be associated with it. In our opinion, the international media is already doing enough to promote Bitcoin — in both good and bad ways.