Recently cryptocurrency has been flourishing in the field of digital marketing and online trading. Cryptocurrency is a mainly online currency that we use in trading and in purchasing goods and services. Cryptocurrencies don’t have any governing body until now. So, a considerable amount of profit comes from this currency.
Cryptocurrencies work following the theory of blockchain technology. Blockchain technology spreads through many computers, which manage to keep records of transactions. You can easily do the dealings of cryptocurrencies from mobile. The launch of various brokerage apps help promote the use of cryptocurrency to increase its value and usefulness.
Market research says that there are more than 10,000 cryptocurrencies involved in public trade. Among them, the most popular cryptocurrency is Bit Coin. The assistance of top digital marketing company in Delhi, can prove quite beneficiary.
It will help you learn about the various impacts of cryptocurrency and Bitcoin on digital marketing and other businesses. Unfortunately, most of the population of the world is not fully aware of cryptocurrency. This agency provides detailed knowledge about cryptocurrency and its uses.
What are Bitcoins?
Bitcoin is referred to a digital currency that was created in 2009. This currency has no governing body. You can easily sell or purchase bitcoins. You can even use different currencies through “bitcoin exchange.”
This currency earlier didn’t have that much value. But in 2017, the price of bitcoin reached its height after an incident. It was when Elon Musk announced that anyone could buy Tesla cars with this currency.
Uses of Bitcoins?
There are some uses of Bitcoins that make them a preferred digital currency.
- You can buy bitcoins using other currencies. However, digital currencies are risky but still find a lot of investors.
- With the use of mobiles or computers, you can send bitcoins to others similarly as you send online cash.
- You can win bitcoins as a reward. You can do this by mining bitcoins. That you can further do only from computers because you need to solve complex math puzzles. This is method of the creation of bitcoins.
- A bitcoin wallet is available, which acts as a virtual bank. Its function is to send or receive bitcoins, pay for goods or save money from trading.
Purpose of Blockchain Technology in Marketing
While going through different social media posts, you might have come across many advertising videos. There might even have been many of them which you have to watch without skipping. In this situation, this makes you the viewer; the channel is the publisher, the advertiser is the sponsor of the ads, and social media is the platform.
So, this gives you the idea of four things: viewer, publisher, advertiser, and platform. If blockchain technology had been introduced in social media, then things would have turned upside down.
Here, in a digital marketing company in Delhi, you will get the basic details of the blockchain’s purpose. It will describe the same in marketing via four fields.
Four fields of marketing?
The change in digital marketing is that the marketers have access to customer’s privacy. For building a campaign, the marketers need to gather data from the prospects and customers directly. Blockchain technology will allow users to freely use any type of content or ads they wish to see.
The other side of this technology is that at times it may get costly. Other problems might even appear while profiting from ads. Platforms like Google and Facebook almost controls the amount of ads.
For users, watching advertisements can be interrupted at times. They are also responsible for using your phone’s battery. The advantage lies in the fact that it might provide the customer with ads of the products looked for. With the use of Basic Attention Token (BAT), digital marketing with cryptocurrency can give rise to other issues.
The main aim of BAT is to make a decentralized connection between advertiser, publisher, and user. It can achieve this by creating an ad exchange. BAT makes compensation for involved parties. It serves as a way of drawing your attention and removing any expense related to ad networks. The advertisers get a good amount of return on investment. Their payment is based on how much they can draw the attention of the users.
Advertisers use BAT to purchase any kind of ads ranging from push notifications to send links. If the user wishes to see the ads, BAT pays the advertiser for drawing attention. It also gives users the option to choose from ads they want to view.
The name of the user is never on display and it remains anonymous. That will help viewers to go through the Brands they prefer and make communication with them.
The last party to be involved in this system is the publishers. As the publishers get paid by advertisers and customers, this makes them the most profitable. Publishers can also add the feature of charging customers in exchange for premium subscriptions and content. Although everyone involved here gets benefits, there are still some changes in users, advertisers, and publishers’ relationships.
Effects of cryptocurrency on digital marketing
After knowing about cryptocurrency and its uses, there are a lot of queries that might arise in the reader’s mind. The first question that can appear in their mind is what will be the influence of cryptocurrency on digital marketing. Digital marketers such as our agency digital marketing company in Delhi holds a lot of information.
It will definitely help you develop and organize ad camps. With the use of data and showing ads, it becomes easy to turn any viewer into a customer. However, the blockchain power cannot be put in customers’ hands, reducing the number of viewers. With the help of social media platforms, you can transform 2% of your viewers.
That, in turn, will make 1million customers. That will help in extending the field of digital marketing, making it more challenging and competitive.
There must be several thoughts about cryptocurrency that would change the course of digital marketing. But practically, they are all theories. There is no guarantee that cryptocurrency will affect digital marketing and your business.
In the field of digital marketing, you are bound to see enhancements and changes in Bitcoin. Thus, you never know that when your luck might change in your favor. So, everything here is a game of risk and patience.