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Square Crypto Praises Gimmicky Bitcoin Giveaways but Doesn’t Give Any Away

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Square Crypto, the cryptocurrency branch of Jack Dorsey’s Square, touted the virtues of bitcoin giveaways but didn’t actually give any away. | Source: Shutterstock

Square Crypto, the cryptocurrency unit of Jack Dorsey’s mobile-payment company Square, extolled the virtues of gimmicky bitcoin giveaways.

But then it didn’t offer to give any away. What a crypto tease!

Do bitcoin giveaways promote adoption?

Basically, Square Crypto argues that if you give bitcoin to someone (especially a skeptic), they’ll become emotionally invested in its success. Why? Because then they’ll have skin in the game.

“Giving away bitcoin is powerful,” Square Crypto cooed on Twitter. “People care more when they have a stake in something.”

Giving away bitcoin is powerful. People care more when they have a stake in something. Once the cost hurdle is clear, they’re free to be curious. When we mention bitcoin, it’s expected. But when your mom tells her yarn rolling crew that she stacks, that challenges expectations.

— Square Crypto (@sqcrypto) August 28, 2019

However, some Twitter users disagreed.

One guy quipped that giving away bitcoin is “a powerful way to convince people that bitcoin is worthless.”

We don’t think this is true for all people all of the time. We think if you give someone some bitcoin, timelock it so they can see their balance but not sell/trade it, and give them a great education while they hold, you have a good shot at creating a Bitcoiner.

— GiveBitcoin – The Thoughtful Gift of Better Money (@give_bitcoin) August 28, 2019

Product giveaways are a common marketing tool

Bitcoin enthusiasts often use giveaways to promote their projects in the hopes of boosting crypto adoption.

In July, the Winklevoss twins, Tyler and Cameron, promoted the book “Bitcoin Billionaires” (which is about them) by tying it to a contest.

The prize for the winner was one bitcoin.

Gold bug got free BTC but continues to trash bitcoin

Similarly, bitcoin evangelist Anthony Pompliano recently gave some BTC to gold bug Peter Schiff.

Pompliano reasoned that if Schiff, a vocal bitcoin hater, had his own stash, then maybe he wouldn’t constantly trash BTC.

When all was said and done, Schiff collected a cool $1,900 in bitcoin from the crypto community. So did the donations change Schiff’s mind? Nope.

Just paste the address here.

Myself and a few other Bitcoiners will send you some Bitcoin. You nail the issues we are facing, but just need to upgrade the solution from gold to Bitcoin!

You’re already a Bitcoiner and haven’t even realized it yet 🙂

— Pomp 🌪 (@APompliano) July 5, 2019

Schiff has continued to slam bitcoin and tout gold as a superior safe-haven asset amid stock market turmoil.

“Bitcoin has again failed the safe-haven test,” Schiff tweeted today (Aug. 28).

In contrast, Schiff noted that the Japanese yen, the Swiss franc, and especially gold, all spiked last week on the days the stock market tumbled.

“Yet bitcoin plunged more than stocks!” Schiff crowed.

Bitcoin has again failed the safe haven test. On Friday, as escalating trade tensions sent global stock markets plunging, investors sought refuge in monetary safe havens. The Japanese yen, Swiss franc, and especially gold all moved higher. Yet Bitcoin plunged by more than stocks!

— Peter Schiff (@PeterSchiff) August 28, 2019

Despite name, Square Crypto is bitcoin-focused

Square Crypto was launched in March 2019 by Twitter billionaire Jack Dorsey, a noted bitcoin bull.

Despite its name, Square Crypto is bitcoin-centric, as CCN reported. The company says it’s focusing on bitcoin above other cryptocurrencies because BTC has been around the longest.

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Square CEO Jack Dorsey | Source: Source: REUTERS/Mike Blake/Files

That said, Square Crypto admits that “there’s still a lot that needs to be done before we reach mass adoption.”

To this end, Square Crypto recently hired Blockstream co-founder and Bitcoin core developer Matt Corallo.

On Twitter, Corallo gushed that he’s “so excited” to join Square. He added that “experimenting with different models to accelerate Bitcoin OSS is awesome!”