In recent years cryptocurrency popularity has boosted exponentially. The Bitcoin trading platform currently deals with the most famous cryptocurrency, bitcoin.
However, investors use several others, such as bit indexai top, BNB, Dogecoin, etc., for worldwide financial transactions.
Consequently, cryptocurrency has developed an impact in many fields, for example, healthcare, investment banking, real estate, social media & even in digital marketing. You can call it an exciting era where digital marketing and social media trends are being modified due to cryptocurrency’s influence on e-commerce.
Digital marketing and industry players:
The impact of cryptocurrency on digital marketing is enormous. The digital marketing sector has four primary stakeholders:
- User (customer /end-user)
- Publisher (content developer)
- Advertisers (organizations trying to advertise their goods through digital marketing)
- Social media platforms (Facebook, Twitter, Instagram, YouTube, etc.)
Currently, the advertisers reward specific commissions to the publisher for using its audience & platform (such as the person uploading the video).
Though forums have given ad space like YouTube, Facebook, Instagram, Twitter, and others, the advertiser should pay by the platform. As a result, the social media platform gets the majority of the funds. Blockchain technology can radically change this current model and benefit players.
What is meant by blockchain technology?
The blockchain is a distributed yet open ledger that documents the transactions in codes. The transactions are noted as “blocks,” which are later connected to a “previous cryptocurrency transaction chain.”
The benefit of this structure is that each cryptocurrency user holds a transaction copy; therefore, this phenomenon maintains transparency and accuracy in the blockchain. Aside from cryptocurrency, blockchains can also be used to trace information such as home purchases, medical transactions, and voting records.
How has blockchain restructured social media and digital marketing?
A few of the ways through which blockchain may potentially influence digital marketing are mentioned as follows:
User’s Anonymity: privacy of the Data has become a critical issue with the probability of various platforms selling and using private data to many advertisers without even taking the consumers’ consent. Blockchain technology provides more privacy as the user’s data (such as names, contact details, social security numbers, etc.) remains anonymous to everybody except the transaction’s parties, who are directly involved in the process.
Middleman deletion: Transactions on e-commerce websites commonly involve several parties. For example, if a consumer purchases any product from the Amazon site, the seller and buyer bank would both be involved in upholding the identities & in supporting that there is a genuine transaction happening. Blockchain technology removes the need for 3rd party marketplace and does not imply banks or transaction charges linked with the customer’s purchase.
Compensation: we can observe in conventional digital marketing that different platforms are the primary beneficiaries of royalties obtained when publishers let the advertisers advertise a product or service in their content space. Acquiring blockchain technology in the amalgamation helps publishers earn more revenue from advertisements. It will help restrict the impact of the social media platform in the promotion process.
Social Media link with cryptocurrency
Social media influences our lives daily. A few people even think that if something is not becoming a trend on social media, it simply is not happening. This is why social media plays a vital role in the value and success of cryptocurrency.
Users who like to hold bitcoin, which is recently the most demanding and valuable cryptocurrency, can easily get any information on it through social channels. Twitter, Facebook, and specifically Reddit have assisted in establishing bitcoin into the mainstream. Social media platforms consider cryptocurrency as an investment opportunity.
But as social media helps popularize any cryptocurrency, it can also provide the latest information about crypto market price fluctuation. For example, when a digital currency system, Tether, was hacked with more than $30 million in tokens, Ethereum and bitcoin dropped their worth by 5.4%. It is social media’s role in the global adoption of cryptocurrency.
Conclusion
Social media & digital marketing have played an essential role in amplifying the existence of cryptocurrency and its related particulars in global societies.
Although, as has been mentioned, cryptocurrency can potentially restructure the landscape of digital marketing, leading to the creation of interesting trends and widespread use of blockchain technology. Cryptocurrency has already shown a telling influence on digital marketing & social media, and you can say that there is much more to come to experience!
