Whatever happening in the Economy, the other currencies have been a most popular topic nowadays.
Money printed is the best deal, and cryptocurrencies like bitcoin and new ones like Dogecoin are also will come into the limelight.
So we decided to explore, how exactly bitcoin and cryptocurrencies affect digital marketing and how they can impact your business.
In this blog, we will discuss a few ways How can bitcoin impact digital marketing in the future.
Before we get on the effects, let’s first take a short introduction about what is bitcoin and cryptocurrency.
What is Cryptocurrency?
Cryptocurrency suggests a virtual or cryptocurrency secured by cryptography, making it almost next to impossible to spend.
Cryptocurrencies networks are decentralized, which are totally relying on blockchain technology which is always open and globally distributed thousands of computers.
Every single transaction is recorded in a “block”, which is linked together on a “chain” of previous cryptocurrency transactions.
Furthermore, there is an easier way to learn about cryptocurrency, imagine you have a book where you took all transaction records, while every page of that book resembles a block; the entire book comparing all of those pages resembles a blockchain.
Blockchain is what enables all cryptocurrency users to have a copy of these transaction records.
Essentially, these computer codes automatically log every transaction as it takes place, and then, it will forward on the update the blockchain with the new information.
So the main and greatest benefit of blockchain is that it ensures, each and every transaction is recorded accurately.
What is Bitcoin?
Bitcoin is created in 2009 and whose creator is still unknown. but the majority of hype that comes with bitcoin currently is appreciation and trading it. Because of Bitcoin’s prices sharply rise towards the end of 2017 and massive increase in 2020.
Although that’s the major reason, bitcoin sounds so exciting. People hold it and wait until the price will rise. Considering that we all know cash loses value as inflammation will increases.
The fact is, the value of a single bitcoin has increased by more than $60,000 within the previous year itself.
That’s pretty insane, isn’t it?
These are multiple marketplaces where you can easily buy and sell Bitcoins. So, all you need is to do, open google and search the most popular website or bitcoin exchange and pick one to sell and buy Bitcoin.
Now Understand the relationship between Bitcoin and Social Media
Now we all have enough knowledge about cryptocurrency and bitcoin better, Now we can proceed to discuss the relationship between bitcoin and social media.
Presently, a large majority of adults get updated news of bitcoin from social media platforms. If truth to be told, the popularity of bitcoin immensely increase because of the social media platforms.
Now bitcoin is trending on the top of the social media sites, And now bitcoin has become the focus of public attention today.
Also, social media giant Meta has a strategy for cryptocurrency for the growth of their business.
Furthermore, Social Media has a huge power to impact Bitcoin. That’s because the hype continues increasing over bitcoin, people and businesses will increasingly become interested and they start investing in it.
This exactly means bitcoin will not much affected by the decisions of the government.
Effect of Cryptocurrency on Digital Marketing
All the considered things we have discussed above, the real query is that, how cryptocurrency will affect digital marketing?
When you look at all the information that digital marketers have today, many decisions develop for building the optimizing ad campaign.
This directly comes from the user’s data they have, and this data is great because it allows marketers to display ads to the targeted audience they pick and gives them the opportunity to convert the customer into paying one.
But if we put the power of cryptocurrency can transfer the power in the user’s hands, then we could see, the audience size will start decreasing.
Let’s have an example and understand, How it works?
You can easily target 10 million audiences with Facebook ads and can reach about 10 million customers.
If you can convert 3% of the 10 million audiences, it would be a 3,00,000 audience. So, without any doubt, digital marketing makes this world even more competitive and challenging at the same time.
We all have numerous thoughts of cryptocurrency could change the digital marketing industry, all information mention above, that are only theories of the end of the day. However, there is no surety, that cryptocurrency specifically leaves an impact on digital marketing.