Over the past few years, cryptocurrency has received a lot of hype. Even people who are not related to the digital world are most likely familiar with cryptocurrencies if they have an Internet connection. In fact, some industry leaders perceive cryptocurrency as something that can change the marketing world forever. The influence of cryptocurrency on social media cannot be overestimated.
What is a cryptocurrency?
Cryptocurrency is a type of blockchain technology or a peer-to-peer network for sending and transmitting digital currency. Actually, it is similar to regular money like $ or €, but one can’t touch the bills or coins. This is a digital currency that is not controlled by the state and opens up a wide range of possibilities. It is distinguished from the traditional monetary system not only by digitalization but also by the possibility of complete anonymization. All transactions go through a decentralized ledger. The absence of intermediaries and commissions from financial institutions is what makes transactions completely secure. But there is one question to ask: will cryptocurrency capture social networks?
Social media influence on cryptocurrency
Social networks affect our lives every minute. If one didn’t tell about his successes and achievements on a social network, there’s probably nothing to talk about. Not surprisingly, the success and value of cryptocurrencies also depend on social media.
People owning a cryptocurrency, particular Bitcoin, can use any social channels to receive information. It is undeniable that Facebook, Twitter, and Reddit helped to launch Bitcoin on the mainstream. Users still share a lot of information to promote the cryptocurrency and increase it’s awareness.
It turns out that social media actively influence the introduction of cryptocurrency. But this works the other way too: soon we will have social channels of a completely different generation.
Cryptocurrency influence on social media: Data Privacy
The more popular cryptocurrencies become, the more difficult it is for marketers to work. The main task of these specialists is to collect more data about consumers. It is necessary to build a digital marketing strategy. Starting to use cryptocurrency, users began to strive for greater anonymity. More and more people delete or disguise their digital tracks: they clear cookies, encrypt email, use a virtual name, mask the Internet protocol and address.
The perception of cryptocurrency on social media led to a decrease in the number of digital footprints, which means complicating the work of marketers. Thanks to cryptocurrency transactions, users think about their anonymity and security not only while making purchases. But what should social media marketers do without segmenting the audience, key demographic data, predicting consumer behavior, and testing ads?
No wonder that new social channels are gaining popularity. Now, using Earn.com or Steem, marketers don’t collect but buy information. Surprisingly, their chances of raising the audience’s attention are much higher, as people understand who receives their data and in which way. While the cryptocurrency is developing, there are still many interesting updates waiting for us, that are extremely exciting to follow.