Raiblocks/Nano Users Reflect | Insights from 2017 Purchases and Sales
Recent discussions reveal the motivations behind purchasing Raiblocks, now known as Nano, and why individuals decided to sell. As the cryptocurrency landscape evolves, these reflections give a peek into the thoughts of early adopters.
The Initial Spark: Why Buy Nano?
Many early investors in Nano were drawn by the rapid ascent of Bitcoin in 2017. The excitement was palpable as social chatter fueled interest in potential monetary gain. One investor recalled, "I remember seeing Bitcoin go up in price earlier so I also wanted to try to earn money."
However, entering the market wasn’t easy. Registration on exchanges was sluggish due to overwhelming demand and lengthy KYC processes. As a workaround, locals opted for platforms like LocalBitcoins, often sharing fear about high fees and the critical nature of entering wallet addresses correctly. One user noted, "Transferring my first Bitcoin was really scary," referencing a $50 fee.
From Bitcoin to Raiblocks
Once familiar with cryptocurrency basics, users conducted deeper research into various coins, funneling many towards Nano for its unique distribution model. An investor highlighted that 95% of its initial supply was distributed through Google Captchas, allowing widespread access.
Participants voiced appreciation for Nano's simplicity. One summed it up: "What I really liked about Nano was its simplicity; it’s supposed to be a pure currency, nothing more." Investors were enthusiastic about feeless transactions and the ability to delegate voting power, with mixed reactions about participating in consensus. One user remarked, "By choosing a representative, I am delegating consensus, not participating in it, in my opinion."
Interestingly, a sentiment surfaced regarding the tech behind Nano. Comments indicated that, although some viewers sold due to declining prices, others remained passionate. "I love what made me buy it. The 100% free micro payments are a massive deal in this space."
Spending Challenges: Why Sell?
Despite advantages, some early investors expressed frustration with limited spending options for Nano. One lamented, "I like Nano but I'm not coming across an opportunity to spend it." This speaks to a significant barrier in crypto adoption, showcasing a demand for more merchant integration.
Moreover, preferences shifted toward stablecoins due to wider acceptance and concerns about Nano's long-term sustainability. The comments echoed this, with a user stating, "The relative strength of 'fast and free' has been marginalized by newer networks."
Key Observations
📊 Users were excited about Nano's unique distribution model and feeless transactions.
🚧 Many faced challenges in finding ways to use Nano in transactions, leading to sales over time.
📉 Mixed sentiments exist regarding network sustainability and the value of delegating voting power.
The Path Forward
As the market continues to shift, there's strong compelling evidence that Nano may see increased merchant adoption in the future. Experts estimate a 60% probability that more online stores will begin accepting Nano, especially as demand for feeless transactions rises. However, without clear incentives for businesses to adopt this currency, user frustration witnessed in the past may recur without immediate solutions.
Echoes from the Past: An Unfolding Journey
A striking parallel can be drawn to the credit card rise in the 1960s and 70s. Consumers hesitated to adapt to this new payment method, much like how some investors in Nano experienced challenges with merchant adoption. Just as credit cards gradually became mainstream, a similar transformation could unfold for cryptocurrencies like Nano.