Cryptocurrencies are steadily becoming the preferred method of payment in the online realm. As a result, the industries that are starting to accept these currencies are constantly on the rise. Soon, we can expect to have every single industry become more open and accepting towards cryptocurrencies.
That being said, it really comes as no surprise that the digital marketing industry is about to experience some serious change. From the availability of user data all the way to brand trust and recognition, things are certainly about to change. However, before we go any deeper into the matter, we must first try to define cryptocurrencies and explain how they work.
Cryptocurrency and the blockchain technologies
With the traditional methods of payment, the user needed to provide a company with a lot of personal data. But if you are using cryptocurrencies for your transactions, you won’t need to provide anything more than just your wallet ID. Since cryptocurrencies are based on the blockchain technologies where every piece of data is encrypted, it becomes obvious that the data you leave online can’t really be accessed or changed by anybody once it is verified.
How does the blockchain work?
The way blockchain technologies work is that every piece of data left online is encrypted in a block. Furthermore, once verified, this block is being added to the blockchain. Due to the fact that the blockchain is so decentralized, there is not a single place where the information is being kept. Rather, it is scattered all over the internet realm.
The impact of cryptocurrencies on user data
As mentioned, all the users that perform a certain activity online leave traces of data. Be it their name, home address or even bank account number, all of these information pieces – once put online – stay there forever. However, the consumers that use cryptocurrencies don’t have to worry about those information pieces ever being accessed or changed.
Why is this good news?
This may present a sort of a problem for digital marketers as they will no longer be able to access consumer data with the ease they have been doing it so far. But there is a solution. Any company that wishes to present their customers with targeted ads can offer to pay their consumers for every received newsletter and any relevant piece of data. This way, both parties will have something to gain. Consumers will be presented with only the most relevant ads, while companies will still get the data they need to create those ads in the first place.
The elimination of the middleman
With the traditional methods of payment both the buyer and the seller needed to provide their personal information in order to get verified from a middle man – usually a bank. However, since cryptocurrencies are decentralized and are not regulated by any bank or government, trading with them eliminates the need for a middleman.
What you stand to gain?
For companies, this promises greater profit in terms of not having to pay for a said middleman or any transaction fees. For the buyer, cryptocurrencies offer the same benefits. Not only that but since cryptocurrencies don’t need to be processed by any bank, the transactions done with them are far faster.
Brand recognition and improved trust among consumers
The fact of the matter is that not all internet consumers feel safe leaving their sensitive information online, no matter how secure the website is. Therefore, marketers who embrace the blockchain technologies – and with them, the cryptocurrencies – will be perceived as more reputable and trustworthy.
Why is this important?
This is particularly important in industries where trust plays a huge role, such as the iGaming industry. Here, many mention-worthy online casinos have already accepted digital currency as a regular means of payment. This is excellent news, especially for people who are just looking to get into the industry and try it out. Cryptocurrencies will enable them to see if the industry has something of value to offer to them without necessarily requiring them to provide any sensitive information.
Social media and the value of cryptocurrencies
Finally, since social media plays such an important role in the life of a modern individual, it is really no surprise that it can affect the value of cryptocurrencies. The fact is that Bitcoin gained all the exposure and recognition precisely thanks to Reddit, Twitter and Facebook.
How does it affect the value?
Therefore, the more popular the currency is, the more it will be talked about on social media. And, of course, the greater the exposure and recognition it manages to gain, the more people will be interested in it. This will easily make the currency go up in value, as the demand for it will be significantly increased.
The bottom line
To sum everything up, it is safe to assume that once cryptocurrencies become more widely-used the world of digital marketing will be changed forever. However, industry professionals shouldn’t fear this change. Instead, they should embrace it and start planning the ways they can use it to their advantage. The sooner they adapt to new trends and rules of the game, the more chances they will have at reaching success.
