The effects of Cryptocurrency on Digital marketing are quite complicated. But there’s nothing to be overwhelmed. This article will walk you through how cryptocurrencies like Bitcoin will affect the marketing factor in the digital space and be ready for the unforeseen future that is shedding on the digital marketing industry due to digital currency.
Effects of Cryptocurrency on Digital marketing
The above topic will be discussed in two sections:
- Cryptocurrency and social media
- Relationship between cryptocurrency and digital marketing
1. Cryptocurrency and social media
The increasing use of social media usage affects our daily lives. Be it your friend posting holiday pictures on Facebook or news currently affecting your lives.
The same goes for cryptocurrencies and social media. People who want to invest in Bitcoins can get information through social media channels. Facebook, Twitter, and Reddit have helped launch Bitcoin into the mainstream. At the same time, Facebook is also considering Bitcoin as an investment opportunity.
Thus the popularity of cryptocurrencies like Bitcoin is owed to social media. This can make or break the digital economy as it controls market fluctuation for cryptocurrency. For example, when Tether, a digital currency system, was hacked by 30 million dollars, the value of Bitcoin was dropped by 5.4 per cent. On the other hand, if the hype for Bitcoin continues via social media, the number of people will invest.
Hence, cryptocurrency is decentralized, and without any government manipulation, it will continue to be impacted by social media trends.
2. Relationship between cryptocurrency and digital marketing?
If you are a digital marketer, you may be wondering how to leverage profits from these social media trends for cryptocurrency that is completely subjected to control of people’s choices.
To be very specific, any digital marketers to sell their products or services need to collect consumer data. Without the audience’s data, it will be hard to target their digital marketing strategies tailored to their audience’s choice.
With peer-peer blockchain and cryptocurrency, the users’ data are encrypted without nobody’s interference to tamper with the same. Hence, a digital marketer had to invest a quantum amount in displaying ads controlled by the platforms like Google and Facebook. While new crypto-social channels like Steem and Earn.com enables the marketer to connect with the user’s details and personal information. But it’s still a costly affair. While from the user’s perspective, the ads may seem to be intrusive or annoying.
With the effects of Cryptocurrency on Digital Marketing, it will become difficult for any marketer to generate many leads and revenue.
Though, there is cryptocurrency-infused digital marketing that can lessen the trouble for digital marketers. This is BAT-Basic Attention Token.
The purpose of this digital advertising token, built on Ethereum blockchain, create an ad that connects the user, advertiser and publisher. This token rewards all the parties involved.
That means the user is getting rewarded for seeing the ad. The publisher also receives a fair share of the revenue. The advertiser will achieve a higher return on investment, better targeting, and reduce fraud.
If you are a digital marketer and on a budget, you can opt for a top content writing company to curate your content accordingly and generate leads for your products and services.
Impact of Cryptocurrency on Digital Marketing
The above medium can prove an advantage for a digital marketer, but the changes in cryptocurrency blockchain can fluctuate and favour consumers. If that happens, it can prove to be a challenge for any digital marketers to gain the targeted audiences as the data will be more encrypted and secure from any marketer to intrude into the consumer’s screen and display the ads they want to show.
The future is still unsure and obscure from both the user and digital marketer how the effects of Cryptocurrency on Digital Marketing will affect their lives.
So, it is wise to keep a positive hope to shape our future.