Are Cryptocurrency Payments the Future of Marketing?

The technology behind cryptocurrencies is relatively new and businesses still don’t really know how to deal with them. There are always rumors about the Bitcoin bubble bursting and the imminent failure of the entire industry. However, these currencies are still holding up and it’s time for online marketing to take them into consideration.

At the same time, online marketing keeps changing because of the sheer amount of content that is out there. Companies are looking for alternative ways to earn from their content, especially content that’s been written by experts that can actually provide some benefits to the reader.

What are they?

Cryptocurrencies are exactly what they sound like. It’s essentially digital money, used to exchange goods and services and created by private tech companies without the involvement of the government or central banks. This makes them more versatile and resilient in the face of inflation and global economy changes.

Investing in cryptocurrencies is actually investing in the companies that create them. It’s essentially an online ledger of transactions and what you are actually buying are the databases of users and the decentralized networks that store them. It may seem abstract, but it isn’t any more or less so than fiat money.

How are they used?

There are two main ways to use cryptocurrencies. The first is fairly simple and it’s basically the same as with any other currency. They can be used to buy goods and services or exchanged for cash. The appeal is in the fact that they could be used completely anonymously, which is of great interest to some businesses operating online.

The second way is to use these currencies as an investment. The value of digital currencies keeps increasing and those who got in on the ground floor have an opportunity to earn a lot of money just by waiting. In some respects, it’s similar to buying government bonds.

The growing market

One of the things that make cryptocurrencies so well suited for the future in marketing financing is the sheer size of the market. Since Bitcoin has exploded, numerous companies have seen the potential in this technology and started to produce their own cryptocurrencies, thus creating a vibrant market that can accommodate the needs of a lot of different buyers.

Deciding to buy digital currency from a new and as yet un-established company could prove to be a valuable investment because it opens up the market that’s not been saturated and allows you to get higher returns on your investment relatively quickly.

Personal data

The most important product that can be bought or sold online is your personal data, or at least that’s the case for people working in marketing departments. Personal data allows companies to make their advertisement better suited to the needs of the users. However, this information isn’t that easy to come by because safety and privacy on the internet are becoming a big concern.

This is where cryptocurrencies come in handy. By paying online in digital money, you’re allowing the companies you’re supporting to gather your personal data, but you’re keeping the government and all the financial institutions out of that transaction.

Micropayments

One of the major problems with online content is that there’s so much of it out there. Companies need to produce content every day and so do opinion makers and other agents operating online. Most of this content simply isn’t that good or that valuable and you simply need to get past it if you want to get to something worth reading.

There are ways to make this situation better by using cryptocurrencies. The way is works is that you will be providing micropayments that cover only the content that you want to support and consume. Sometimes this will mean individual authors and sometimes individual articles or pieces of media. Such micropayments would present a complicated technical problem for traditional financing and cryptocurrency companies could easily deal with it.

Younger demographic

At this point, the interest in cryptocurrencies is a generational thing. It’s something that’s become important for younger internet users and younger investors, while the older ones stick to traditional financing models. This may not be the case for long, but for now, research shows a clear correlation between the two.

By allowing your marketing team to focus on digital currency payments, you’re focusing your business on these young users. It’s a risky call to make because their interest and preferences might change, but it’s also a good way to dominate the market within that demographic.

The government

One of the most appealing things about cryptocurrency is the fact that it’s beyond the reach of governments and regulatory agencies. This is the case now, and it is so because the whole concept was so new that the governments didn’t know how to react to it.

Keep in mind that this might change as more businesses, especially as lucrative as the advertising industry, get on board.

Cryptocurrencies have a big role to play in the future of marketing. They are uniquely suited for this industry and there’s a lot of room for growth as well. While the situation may well change, and soon, their very concept is fascinating and worth exploring.

 

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