In retail it’s often not about what you are selling — its about what your customers are buying. What your customer’s are buying is largely impacted by geographical location. To discuss it on a consumer level, I remember shopping for Christmas gifts for my children and specifically looking to buy dolls that looked more like my daughters (who are African-American). It was often a tough task — even when I lived in predominantly African-American communities. This is just one problem that can be solved with the advent of culture or community-centered based cryptocurrencies.
What is a culture or community based cryptocurrency?
A culture or community cryptocurrency is a cryptocurrency that prioritizes and highlights the needs of a specific culture or community by providing a unified financial identity. For instance, in my case I may adopt a cryptocurrency that brings together the African-American community in an act of financial unity. Or Native-Americans might choose to align themselves under a cryptocurrency that they created to represent their spending power. Both of these solutions would ultimately make an impact not only on the way people spend but ultimately on what retailers offer specifically for these communities.
Having a financial identity or voice that rings out “ hey see me, this is who I have aligned with at the moment, and these are the products that are important to us ” is especially important to markets that are under served. These markets can have great spending power but they would like to live in a world where spending power does not come across as fruitless for their communities. This great spending power can be used to increase the quality of life for their community and in some cases combat gentrification.
Culture or community based cryptocurrencies help businesses tune into the voices of the customers and force large retailers to listen. It truly sends the message that my voice AND my money are important. These coins will show up in a company’s bottom line, and if they want to continue to profit they will work harder to serve that base. The extraordinary thing to note is, that in such a diverse world, a consumer would be able to choose exactly which voice they want to echo when spending — at any given time. My financial voice can ring in response to an area that needs my support – like a country where women are fighting unfair labor practices. I can simply spend using a coin that has built value in that area. If that coin has built value it will list among accepted coins within that country. As most die-hard crypto-enthusiasts know the future is a huge marketplace with many coins. Cryptocurrency can be an effective tool to address social issues especially cryptocurrencies that are decentralized and represent the voices of marginalized groups.
Source: Crypto New Media