Cryptocurrency is also known as digital currency is giving control to customers’ overs companies who keep the record of their transactions and critical information. It comes to no surprise that it is going to affect digital marketing solutions in no time. Whereas encryption techniques are being used to produce and regulate the currency without any interruption of the central authority. At one side, the digital currency has Increased the level of consumers but on the other side, the currency has challenged the marketers to showcase relevancy. The decentralized feature of the cryptocurrency has made it almost impossible to double spend.
Now, right before you dive into the information to find the link between cryptocurrency and digital marketing, it is necessary to understand its origin and circumstances that gave birth to this digital currency.
Bitcoin – a Cryptocurrency?
Bitcoin- a new kind of money and an innovative payment method is the first Cryptocurrency witnessed by the digital world. It was first released in 2009 and now serve as a platform where customers can digitally transfer their funds from peer-to-peer at the minimum transfer fee. Because of its decentralized feature, the platform is fast, cost-effective, secure from peppers, and most important protect users from identity theft.
Blockchain Technology- The Backbone of the Cryptocurrency
Blockchain technology is the backbone of the peer-to-peer digital transaction and powers source of the cryptocurrency. In an absence of the black chain technology, it is impossible to establish the negotiation among both parties who are taking part in the transaction. While it is hard to disagree, the Blockchain technology will surely be going to affect the other areas especially digital marketing. The impact Blockchain technology will have on digital marketing can be both positive and negative. This means professional digital marketing experts need to prepare their campaigns to take advantage of Cryptocurrency as well as the blow they might receive from the disrupted in the market.
How Cryptocurrency will Impact Digital Marketing Solutions
- Will make it hard to access consumer data
The cryptocurrency has started to showcase its impact on the digital world by making it already harder for marketers to receive information from consumers. And companies like Google and Facebook are no exception here. So, in short, it will be hard for platforms to collect and sold consumer information to the advertising companies.
In the last few years, the cases of media monitoring have almost doubled. It has brought companies to the digital breadcrumbs. This incorporates how people react to a certain product, what they need, what they buy and how they share information with others across the social media platforms. All these were the part of the online ads campaigns but the Cryptocurrency has changed the whole scenario. The Cryptocurrency uses cryptography to make the user data anonymous and private. The Cryptocurrency is moving ahead to make the platform more secure which will make companies face internet marketing challenges for business.
- Cryptography empowers consumers
The increasing use of Cryptocurrency will eventually force digital marketers to pay the consumers for the information. As mentioned above transactions done on the Blockchain technology will be visible to all but the end-to-end users will stay anonymous. So, advertisers cannot find any data on the users. This has transferred the power in consumers’ hands and due to this, marketers will be forced to pay the consumers for their personal information. In addition, the Cryptocurrency users will be more immune to the marketing ads.
- Elimination of the middle-man
This is one of the biggest impacts of the Cryptocurrency on digital marketing. Hereby the term middle man, we are referring to banks, data companies like Facebook, Google, and insurance companies and so on. At the present scenario, we all take help from the third parties to make the transactions but with the Cryptocurrency, the middle man will be eliminated and a big chunk of money would be saved.
In short, digital marketing will surely take advantage of the moving technologies and there is no doubt that Cryptocurrency will bring revolution in the digital world.