How Cryptocurrency Will Affect Digital Marketing

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How Can Cryptocurrency Affect Marketing?

The cryptocurrency which may also be referred to as the digital currency has affected the digital marketing agencies in Dubai in the blink of an eye. The number of consumers of digital currency has been increased to a huge extent. The social media is also played a huge role to make the digital currency e popular

Bitcoin- a digital currency

Bitcoin is a new type of currency that has been introduced into the market. It is a very innovative method of payment. Cryptocurrency is a new type of digital currency that uses different patterns of security to protect your data and money. It was released in 2009 and after about a decade now it has become a huge platform where people can transfer their money from one person to another more securely. Also, it is a very good way of transferring money because it takes charging money through Bitcoin. Bitcoin is taking over the whole world and people cannot be happy about it. The best thing about cryptocurrency is that it gives us a decentralized feature and also is very fast. People can use it without having to spend a lot of money in a very secure manner. People are investing in cryptocurrency and are getting huge profits from it. This unique way of transferring funds from peer to peer is attracting a lot of people towards it.

Cryptocurrency’s backbone

Blockchain technology has helped a lot in bringing the cryptocurrency as well as powering it. If there was no blockchain technology, there wouldn’t be any way where the Cryptocurrency could establish. The blockchain technology is not what limited to just cryptocurrency. It has a very huge impact on digital marketing as well. If we look from a deeper perspective, we will realize that the block chain technology has both positive as well as negative impacts. This is the reason why there is a need to prepare a proper campaign so that proper advantage from the digital currency can be taken without affecting the market in one way or the other.

The impact of digital marketing on cryptocurrency

  • Accessing the data

The first and the foremost thing that comes in our mind when we want to make something popular is to bring it to the eyes of the people so that they can get influence from it. This is what digital marketing has done to cryptocurrency. That digital marketing agencies use social media apps like Facebook Instagram Twitter and more to collect as well as sell the information to the consumers. This approach is working well because most of the people use digital media apps to get the news. This makes it easy for companies to inform the people through these apps. Not just that this is a very cost-effective way to inform people about cryptocurrency but also it increases the popularity as well.

  • Consumer empowerment

Digital marketers are nowadays using cryptocurrency so that they may sell the information to the consumers by making money through the companies. This works in a way that the companies make digital marketing companies advertise their products. Another good thing about this is that the advertisers would not be able to get any data from the users. The end to end-users will remain anonymous.

  • No middleman involvement

The cryptocurrency becomes even better when we get to know the fact that there will be no involvement of a middle man like social media apps including Facebook, Twitter, and Instagram etc using the Artificial Intelligence and doing so much more stuff unknown to us. Due to the moving technologies, cryptocurrency has got benefited to a huge extent. It has already started bringing revolutions in the industry and we are looking forward to so many more of them.

How Cryptocurrency Impacts on Digital Marketing

How cryptocurrency works – If you are into business for a long time or new budding startup, then you must be aware of growing popularity and trend of digital marketing as well as cryptocurrency. Both have been popular in terms of user-friendly in their own ways.

How Cryptocurrency Impacts on Digital Marketing

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Where digital marketing becomes a necessary need for startups and many businesses to make their mark and rise above their competitors, cryptocurrencies have gained much liking among many users and financial advisors, who are backing for it. They are convincing people to prefer it. But what if these two different technologies come at face-off with each other. So to know how cryptocurrency impacts digital marketing, you need to read the blog and know the actual difference between them.

Well, to answer this question may not be that easy, but if talking about benefits, both cryptocurrency and digital marketing, come as an advantage for the customers for having full control over the company that keeps their information. By doing blockchain analysis, you will find that blockchain seems to be like an open record mechanism, which is very useful in keeping a tab on multiple transactions. Not only this, but it can also track medical transactions, medical records and voting records. Every transaction is segmented into blocks, which are verified by users. Once checked and verified, these blocks and transactions cannot be reversed again. Once these blocks are verified, they become permanent and are added to the existing blocks.

In the contemporary trend of shopping, it has been found that many people have become used to in buying and selling of goods to multiple websites. There are many such examples of online websites, where people are taking a keen interest in marketing for their products. These market platforms make profits by charging fees to sellers and buyers who chose particular online marketing website for buying and selling of goods. These market platforms then verify the transactions through banks and confirm about buyers and sellers being genuine.

Now here blockchain comes as contradictory technology in comparison to marketing strategies. It is so because blockchain comes as a great help to buyers and sellers by eliminating the role of the middleman. The transactions done here are far more different from those marketing websites as the third party. Besides this, it doesn’t involve any need for banks and transaction fees regarding any purchases done. So in that way, it clearly states the reason why cryptocurrency impacts digital marketing.

Many blockchain advisors, consider blockchain as the backbone when it comes to making electronic payments between peer to peer and is considered to be the safest and fastest way to make transactions. Being familiar with this fact about blockchain, let’s get to know another example of cryptocurrency impact on digital marketing. Sometimes it is noticed that when customers make a transaction or provide information to the third party, they unwantedly receive advertisements, which they don’t want. But in comparison to it, blockchain technology favours consumers by giving him useful right to charge the firm regarding contact information. In that way, it enables the customer to read the company mail by charging cent and hence the transactions will be done directly through cryptocurrency.

Conclusion

Though both the technologies are best in their way. But with given examples in the blog, it somehow proves the reason how cryptocurrency impacts digital marketing. It is because cryptocurrencies have eliminated the role of middleman, which makes it more advantageous over digital marketing where there is the presence of middleman or third party. With the citation of examples in the blog, it very much says that consumers find cryptocurrencies more beneficial to digital marketing. All because the transactions done by cryptocurrencies are much faster than the online transactions done by buyer and seller on any market website.

The Impact of Cryptocurrency on Digital Marketing

Bitcoin was the dawn of all cryptocurrencies. It started everything and has evolved a lot since then. It’s much easier to buy and sell nowadays and it’s not limited to the United States anymore. You can buy bitcoin in India , the Philippines, Venezuela—almost everywhere in the world now.

Cryptocurrency has affected a lot—investment, finances, and even healthcare. One thing you didn’t know it affected was digital marketing. The e-commerce industry, as of this moment, is taking off and people are buying and selling goods on the internet constantly.

Platforms like eBay help the e-commerce cause and earn their profit by charging fees to the buyers and sellers who use the platform. In most cases, bank accounts of both the buyer and seller are used to verify transactions. They also confirm that the buyer and seller are both real people and that they exist.

When cryptocurrencies are injected into this equation, the middleman is completely removed. Transactions are possible without a third-party marketplace and it doesn’t require the need for a bank account—eliminating most transaction fees in the process.

Even international purchases, which often include extra fees and longer waiting periods, are made more cost-efficient with the use of cryptocurrencies.

Digital marketing and the effect of cryptocurrency

In its current situation, digital marketing happens mostly via third parties. Marketers need help from these third parties to handle advertisements and make transactions. Let’s break it down.

There are four major players in the digital marketing industry right now: the user (you), the published (content creators), advertisers (companies trying to promote their goods), and the platform (Facebook, YouTube, etc.)

If an advertiser wants to target a specific audience, they’ll look for the right publisher and strike a deal that would let them advertise on their channel.

Let’s use YouTube as an example.

Pewdiepie is the biggest personality on YouTube, with over 100 million subscribers. Before watching a video, an ad will usually appear—sometimes hitting the same market as Pewdiepie whether that be games, internet pop culture, etc.

In this case, you’re the user, Pewdiepie is the publisher, the sponsored ad is from the advertiser, and YouTube is the platform.

In this example, the advertiser is selling their product by giving a commission to the publisher—giving the advertiser the power to reach the market of the publisher.

If blockchain were integrated into this process, the system would change dramatically and it would affect many other things as well.

First of all, it would mean more anonymity for users. As made famous by the Facebook incident—Mark Zuckerberg, the founder of Facebook, went to trial for being accused of selling private data to Cambridge Analytica—there are multiple cases where platforms are using private data without the user’s consent. This data is often used by advertisers to target specific audiences. There were many cases like this but if blockchain were to be integrated, it would protect the users more as data wouldn’t be as public.

Next, having blockchain integrated into the system could incentivize the users to actually watch the advertisements. There could be systems in place to reward users for watching the whole advertisement (but more on this later).

Lastly, the publishers would evenly be compensated for their work. You’d be surprised to know how little publishers actually receive when they allow advertisers to promote a product.

In most cases, the platform can get a little stingy and keep most of the royalties. For example, Pewdiepie works hard every day and has released a single video every day for years now. That’s a lot of hard work and it has paid off in the sense that he has the most popular YouTube channel in the world. It was reported that he made $15 million in 2020 and $12 million in 2020.

Although it’s still a lot of money, imagine if he just got 50 cents per subscriber—with his 100 million subscribers now, he’d make over $50 million USD.

Another example:

Another example of this was Luis Fonsi’s “Despacito”, one of YouTube’s most viewed videos. Despite it having over 6 billion views (for comparison, the world population as of April 2020 is 7.7 billion), it only made $3.2 million from YouTube (as of September 2020).

With cryptocurrency now in the mix, advertisers are starting to do things a little bit differently. An example of good digital marketing with cryptocurrency is the marketing that cryptocurrency exchanges do.

There are several bitcoin affiliate programs and referral programs that will allow you to earn a very profitable passive income despite the volatile bitcoin price .

Basic Attention Token (BAT)

With all that being said, the perfect example of cryptocurrency-infused digital marketing is the Basic Attention Token (BAT).

BAT is a digital advertising token which is built on the Ethereum blockchain. The purpose of the token is to create an ad exchange which will connect advertisers, publishers, and users in a decentralized manner as well as to monetize user attention and remove all other needless expenditure related to ad networks.

Through the use of this token, all parties are rewarded: users are paid for their attention, publishers get a fair portion of the ad revenue, and advertisers get a better return of investment for their content.

This token, along with its own native web browser “Brave”, is a new breed of digital marketing.

The effect of social media on cryptocurrency

Just as cryptocurrency affects digital marketing, as well as their social media aspects, will continue to influence the future of cryptocurrency. Despite the digital marketing system being a little broken at the moment, there is a future for cryptocurrency in digital marketing and BAT is the perfect example of that.

Integrating blockchain into this system not only decentralizes it, but it also allows cryptocurrency to be more than just about the specific coin value. It allows it to be more about utility and how cryptocurrency can help social good.

Although there are many real-use cases for cryptocurrency right now, this can soon develop into another real-use case that can help people all over the world.

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