Bitcoin Firms Could Join Forces To Promote Adoption

Although bitcoin has been praised as one of the most innovative new technologies of the past decade, the cryptocurrency has found it difficult to find favor with the general public.

Users of the digital coin still tend to be tech-savvy enthusiasts who are willing to take time to understand how the cryptocurrency works. The general public has been turned off by reports of scams and hacking attacks associated with bitcoin, leaving bitcoin-based firms with the task of repairing its tarnished reputation.

Bitcoin Firms United

While the efforts of one or two startups tend not to reach the public at large, execs at bitcoin payments processor BitPay are calling on their peers to band together in an effort to bring the cryptocurrency to the masses. The company's Chief Commercial Officer Sonny Singh suggested that big names in the industry like Coinbase, BitPay, Circle and Xapo join forces to promote the coin.

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Got Bitcoin?

Such a partnership could be called the "Bitcoin Association" and would raise funds for advertising the cryptocurrency in a positive way. Singh likened the possible association to the campaign launched by America's dairy farmers promoting milk. Everyone benefited when the public began to see milk in a positive light.

Casting A Wider Net

Singh said that the firms on their own have been able to raise funds, which could be pooled to take a much wider approach. Instead of using their money to advertise their own brand in a small way, they could contribute to a bigger fund and promote bitcoin to a much larger audience. The more people who know about, and are comfortable with bitcoin, the better off all of the firms will be.