The dark art of cryptocurrency may soon be coming into the light. What started out as nothing more than a bunch of glorified arcade tokens, ballooned to an $18,000 investment by the end of 2017. This digital gold rush is owed to the decentralized tracking technology known as “blockchain.”
Like the real gold rush of the Old West, stories of blockchain transactions are often wrought with bandits, shady dealings, and disputes. “The Silk Road” is one online marketplace, accessible via the “Dark Web,” that closed all transactions with Bitcoin, the currency associated with blockchain. What captured the public’s attention, aside from all the drug trafficking convictions, was that Silk Road brought in $650,000 in daily sales from Bitcoin users alone. Just like that, economists rode in like the Calvary to tame this Wild West.
As long as society remains plugged in, the great taming of cryptocurrency is being felt worldwide. In fact, it is already making ripples in a few digital marketing fields.
The allure of Bitcoin comes from the privatization of its use through a network of every user’s personal computer. How transparent the buyer wants to be with the seller is worked out between the two entities. Service providers will have to ask the individual’s permission before accessing their currency.
Creating a direct line of dialog between user and provider also removes any sort of middleman to govern transactions. Through blockchain, users have a network of trusted sources that they can communicate with at their discretion. This puts anti-virus and online protection services in a precarious position to become less automated. Fraudsters will have to homework and learn from good old fashioned “snake oil” schemes to bilk individuals of their “tokens.”
Cryptocurrencies may finally succeed in validating content creators efforts by backing it with capital. Marketers will be able to determine which influencers are filled with hot air (phony accounts and bots) and which are solid (paid subscribers or, in this case, real live people). All of this bluff calling will mean a stronger demand for seasoned professional influencers.
It comes as no surprise that digital media producers have benefitted the most from cryptocurrencies. The marketplace for digital content goes above and beyond add-ons for online gamers. Downloadable apps, videos, podcasts, and ebooks are just a few of the products that can be marketed to Bitcoin users. Popular sites have already begun to incentivize creators who choose to publish content through their platforms.
Marketing specialists are already looking to cryptocurrency in search of something they could never put a price on and buy- a consumer’s trust. While we don’t condone the Silk Road’s questionable services, there’s no denying the buyers knew which supplier had quality “product.” Consumers stand to win big as companies beef up their promotional efforts. Loyalty programs open the door for printable coupons and other tantalizing deals made to frequent customers. Companies have already started paying out for voluntary ad views and blogs about new products.