V3.3
The following is an excerpt of the conclusions provided by the team at LPG. Overall Reaction to the AGC Currency Concept & Written Concept Guidelines • Overall, AGX currency has potential among these target consumers. After reading the written concept description, they are intrigued and compelled by the concept and many would like to find out more. • That said, their enthusiasm for this new currency is mitigated by a lack of understanding about cryptocurrencies and how they work. As such, consumers must have a basic understanding of cryptocurrencies and related concepts (e.g., blockchain) before they will be willing to adopt this new currency. In particular, consumers want more information on the practical application and usage of AGX currency, including how they would use it (channels), where they could use it, and how widely accepted it would be. • The most compelling feature of AGX currency is that it is an asset-backed currency. Consumers believe that assetbacked cryptocurrencies are less volatile and boast a more stable value than other cryptocurrencies (however, this benefit must be properly explained to them). • The most significant barrier to trial for AGX currency is safety and security concerns. Consumers’ lack of understanding of cryptocurrencies is further confounded by a lack of history and proven track record for AGX currency. They need to know that this alternative currency is a tried-and-tested, safe, and secure mode of exchange.
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Given these questions and concerns, AGX should consider the following “Written Concept Guidelines” in future marketing: • Use simple and easy-to-understand language about cryptocurrencies and related concepts (e.g., blockchain); otherwise, the many benefits of this alternative currency are lost on consumers. • Outline the safety and security measures that are in place (and inherent to cryptocurrencies) in order to assure consumers that their money would be safe. • Emphasize that AGX is backed by silver reserves and, as such, is more stable and less volatile relative to other cryptocurrencies (i.e., non-assetbacked cryptocurrencies). • Present evidence of solid financial performance to build consumer trust in AGX’s track record. • Outline where and how AGX can be used and what consumers can purchase using this currency (including available payment methods and purchase outlets as well as account management information). • Communicate the unique benefits of AGX currency beyond what is offered by other financial institutions, services, and products (“Why should I use AGX over the payment methods I use now?”). For example, no exchange rates or wire transfer fees.
The result of the research conducted by Dr. Porter and her team has helped to significantly shape the path for bringing AGX, and subsequently AUX, to market. The full research report can be found at AGX Consumer Research or through an email request sent to info@lode.one.
