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Does Bitcoin need brand management?

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molotovmike

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I created this post after reading an article here. In short:Popular products and services have a brand identity that has been carefully constructed.
Bitcoin has no unified brand identity, in no small part due to its decentralized structure.
Public opinion is heavy swayed by press reports, which tend to dwell on the stories that will gain the most attention - examples are Silk Road and the Mt. Gox debacle.
Firstly, do you think Bitcoin could benefit from some form of brand management? And if yes, then how?

Posted on March 24, 2014 at 8:20 AM

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• eddie

  

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  How do you manage a brand that nobody controls though?
  

  Posted on March 24, 2014 at 9:19 AM
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• sull

  

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  Of course, a little brand calibration could help. If done right.I think most of the comments on that coindesk article are missing the point though.For it to work for the target market... which is to say.... the non-obvious people in the world... the effort would need to be dead simple but generate interest and questions. Stay clear of ideologies. Introduce something new.
  The New Money
  New money? What's that? What's wrong with the money I have? Is it better? Why?
  This non-aggressive term raises interest and questions quickly. A conversation can ensue.
  Smart Money? Over-used term (smart). Smart Grid. Smart Drinks. Smart Cars. Smart Phones. Sure, you can make a case for this. And maybe it's a term that is used while you get into a conversation. But Smart Money may overlap with things like mobile payments and apps that are focused on FIAT. So then you have climb your way out of that. 
  "Smart Money? You mean bumping your phone at the POS?"
  "Sort of. But not using your bank account. Using alternative digital crypto-currencies."
  "What?"
  Bankless Money? Be Your Own Bank? - Truth is, mainstream will probably still use traditional banks in conjunction with crypto cash. Besides, it speaks to those who are more passionate about freeing themselves of banks rather than the everyday joe. Mission not accomplished.
  Etc etc...
  KISS
  
  

  Posted on March 25, 2014 at 6:24 AM
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• lijshaw

  

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  Your money
  Yes Bitcoin could benefit from branding which to me also means carefully constructed and worded intentions and focus. The result could be that Bitcoin builds trust in the community which is often the result of great brands.
  However who would brand it? Would it be crowd sourced with voting on the best brand or design? Perhaps that could work. the brand that appeals to the most people in Bitcoin now would probably mean it would also appeal to the most people not yet in Bitcoin. If it helped more people adopt 
  

  Posted on March 27, 2014 at 4:26 AM
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• molotovmike

  

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  lijshaw said: the brand that appeals to the most people in Bitcoin now would probably mean it would also appeal to the most people not yet in Bitcoin. If it helped more people adopt 
  

  Agreed. Adoption is a very important aspect right now.
  I think it would be in the best interests of every business that accepts Bitcoin, as well as every business directly involved in Bitcoin, to approach 'Bitcoin the brand' in the same manner.1) Unified brand identity will facilitate greater user adoption.2) It will reduce the price-volatility that results from various independent press reports. This will also have a positive effect on adoption.3) Increased adoption benefits all Bitcoin stakeholders - increased profits for Bitcoin businesses, and potentially higher prices for coin holders.

  Posted on March 28, 2014 at 10:23 AM
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• rotalumis

  

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  eddie said: How do you manage a brand that nobody controls though?
  I guess we would find some level of consensus within the community and agree on some guidelines, strategy and branding materials to produce. These would be optional in any case and people are free to do what they think best. At the same time, the community polices itself and we all look out for each other and encourage everyone to pull in the same direction.
  

  Posted on March 28, 2014 at 10:21 PM
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• NathanWyss

  

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  Brand management is kind of at odds with the nature of public crypto currencies. On the whole, most Bitcoin users seem to agree with the "do no harm" ethos, and conduct themselves accordingly. Brand management of something as truly public as Bitcoin is a stepping stone to coercion. That said, there's nothing wrong with combatting misinformation with truth or using Bitcoin for altruistic ends, which are both PR boosts for Bitcoin. I've also noticed public opinion and media coverage changing to more accepting tones the more educated and familiar people become with Bitcoin.

  Posted on March 29, 2014 at 7:18 PM
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