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This is the question posed by a Nano holder on Reddit today. He sincerely asked himself how a coin with a great technical predisposition and solutions superior to other important cryptocurrencies of payment is so back in recognition and use.
Here are a couple of answers that he received:
As a fan of Nano, here are some points that I consider disappointing and which hinder its potential use as a currency:
- "Official" portfolio, in particular the mobile version is terrible, badly UX (registration process in particular) and only the basic functionalities (no address book, etc.). Canoeing is what I use and it is much better, but the average consumer would probably find / unload the official portfolio first.
- No direct fiat input (with any volume * even not including the few card gateways that charge 15-20% tax ..), this is all methods including consumption items (coinbase etc.), Advanced (no pair) of fiat on big bags) or offline (From Fiat to encrypted ATMs).
- No good commercial provider for main / offline traders. Yes, I know there are brainblocks and this is great for small businesses, especially those with crypto-knowledge but for most traders, they need something like BitPay that allows them to have no risk because the Nano comes immediately converted into Fiat and paid to them as such.
- It is not a known name – Traders accept Bitcoin because they have heard of Bitcoin and want to capitalize on the hype surrounding it, not necessarily because they like technology. Nano does not have that buzz around it (Frequent media mentions, conversion topic day by day last year, most people usually know what it is about now) and not even other cryptocurrencies, not even Ethereum or Ripple. The only thing that will really solve this is the adoption. If a merchant provider or a fiat gateway that focuses 100% on Nano could enter the space, it could then speed things up if they market properly and introduce the general population on Nano in this way.
Apart from the reasons enumerated by this well informed and well informed user, the obvious reason for the fight of Nano is the tough competition: the payment currencies are an arena full of heavyweights, starting from the king himself – bitcoin and followed by an entire group of projects such as money bitcoin, litecoin, dash, monero etc.
Nano is also notorious for their poor marketing efforts, or to be more precise complete lack of such. Apparently the Nano team has adopted a "build it and they will come" approach, relying completely on technology and neglecting all the other business aspects of a project of this magnitude.
Nano is a fundamentally very solid project
Nano is the meat and potatoes of what are the most important characteristics of a cryptocurrency. Fast and unpretentious transactions.
Nano solves the problem of being scalable, decentralized and secure, being the first to use block-lattice architecture based on DAG that does not suffer from the same protocol-based limitations used by other legacy blockchain-based solutions.
While Nano has some infrastructure needed to be a functional cryptocurrency (including traders, exchanges, payment processors, software portfolios, hardware portfolios, gambling games and betting and games), clearly many other projects have the same / are on the way. to achieve the same goal. Nano is probably one of the most usable currencies at the moment, but they must also work on other aspects of their projects, not just in the field of technology. Marketing and building relationships with major players in the e-commerce and retail sectors are the team's next task.
Therefore, this will probably not be enough to make Nano a commercially accepted cryptographic solution, at least for now. However, there are arguments that Nano is undervalued at the moment, especially considering that projects like Bitcoin Gold or Verge are currently above market capitalization. If / when the long awaited high season welcomes the cryptosphere with its divine presence, we should expect to see Nano as one of the strongest beneficiaries of it.
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