Cryptocurrency is a digital currency whereby encryption techniques are employed to regulate the production of currency without being overlooked by a central authority. It is completely decentralized and makes it impossible to double spend.
Bitcoin, an innovative payment network and a new kind of money, is the worlds first cryptocurrency. Bitcoin was created in 2009 and is a place where you can digitally transfer funds from peer-to-peer. Thanks to the decentralized encrypted platform, it is cost-effective and secure with low transfer fees, fast transaction processing, an easily-checked currency trail and protection against identity theft. It comes as no surprise that a digital currency could impact digital marketing.
Bitcoin, if it’s not already, will eventually disrupt the financial services market. A single bitcoin worth $5 US dollars in 2012 is now worth nearly $2,000 in 2017. Obviously, currency is a crucial aspect of all companies. How are people going to buy what you’re selling?
Because of this, it is imperative that today’s marketers have at least a general understanding of what I going on with cryptocurrency. At the most basic level, companies should begin accepting bitcoins for payment, this will show that your company embraces modern technology. Here are some ways bitcoin can relate to marketing:
- The blockchain technology that is used to power Bitcoin can be used to formalize digital negotiations between businesses by placing them on a public ledger
- Bitcoin can be used for tracking user data and insights
- Blockchain gives marketers a way to use anonymised datasets for marketing activity while reducing the risk of exploitation
- Bitcoin improves data security – you won’t be storing personal payment information. With your company at less risk of data theft, consumers may increase their perceptions of your company which can drive an increase in conversions
- Adapting with cryptocurrencies can make your brand appear innovative and edgy which can open you up to new audiences
- Potential PR gain by announcing in a Press Release that your company is now accepting Bitcoins, as well as, adding a bitcoin logo to your advertising and branding to create intrigue and curiosity.
- You could even consider paying users in Bitcoin to visit particular site or pages.
- You have the potential to earn bitcoin by monetizing online content.
- Blockchain can eliminate middlemen in payment processing allowing a business owner to receive full value.
“ovation, teamed with credibility, is what you’re really shooting for as a marketer, consider adding bitcoin to your secret sauce. No longer the new kid on the block, but rather the ‘cool’ kid of financial services, bitcoin is here to stay. It may just boost your brand – and overall business”
You might not know this already but there are many companies that already accept bitcoins as payment. You can see the list of companies here.
Now, this is a lot to take in and it truly takes a while to understand. But it all is pretty simple once you dive in. A good place to start would be Bitcoin Academy. On this site, you can read all about the ins and outs of how it works and you have access to many resources. You can take courses called “What is Bitcoin?”, “How to Buy Bitcoin?” and “Use a Bitcoin Wallet”. Ultimately, you should head here if you’re ready to get started with Bitcoin. Don’t wait another second, after all, this could be the currency of the future.
Interested in reading more stories like this? Stay up to date with the digital marketing world and sign up for our weekly newsletter.