Most folks will just buy and hold a cryptocurrency (often referred to as HODLing), waiting for someone else to drive the price up so they can make money. When the price doesn’t go up, they whine and moan that the coin’s creators are crooked cheats.

I find it ironic that so many of these same folks who argue the merits of decentralized currency then get mad at the ‘central’ figures behind the coin for not somehow magically driving the price up, after these folks buy into it.

Getting rich quick isn’t among my primary motivators for evangelizing cryptocurrencies. I want to see cryptocurrency take over the economy as the primary form of money, while supporting legacy payments for the phone-less. Debit cards with chips could perhaps one day make phones unnecessary.

Honestly, by the time this vision is reached, I’ll be surprised if any of the cryptocurrencies currently in existence are still around, because none of them measure up to the privacy, scaling and speed that the economy requires. But only by engaging in the cryptocurrencies we have today can we push the economy toward embracing them and motivating continued innovation in that area.

To folks who want to actually contribute to their favorite cryptocurrencies rather than just HODL, here are a few things that I expect would help:

  1. Accept cryptocurrencies at your business.
  2. Go out of your way to patronize businesses that accept cryptocurrency, even if you wouldn’t otherwise shop there. Evangelize to other businesses you patronize to accept cryptocurrency.
  3. Write software that improves the experience for handling cryptocurrency, particularly for businesses.
  4. Lobby your government representatives to enact legislation that promotes cryptocurrencies. In the U.S. particularly, ask them to legislate that cryptocurrencies should be considered currencies instead of securities for tax purposes, and to write any other laws necessary to help businesses feel comfortable transacting in them. Emphasize the importance of privacy coins.