Cryptocurrency and Digital Marketing: Adapting to Cryptocurrency

cryptocurrency

The digital marketing space constantly evolves and changes in the space move at a breakneck speed. For instance, even Google updates its algorithm every month with major updates every year or so, making it hard to keep track of all trends and development. However, the one trend that’s hard to miss is the emergence of cryptocurrency.

cryptocurrency
Image courtesy of Money Control

What is cryptocurrency?

A cryptocurrency is a digital form of payment used in exchange for goods and services. Think of them as casino chips distributed by companies rather than currencies we know, which are backed by the strength of a government. Bitcoin, which is familiar to many readers given its prominence in discussions around this topic, and other digital currencies rest on a technology called a blockchain. The appeal of these alternate currencies is they fluctuate with demand and supply rather than based on the economic policies of a government or central bank; making them less subject to economic upheaval such as inflation.

However, crypto does face serious fluctuations in value. With one tweet from Elon Musk, Dogecoin soared in value and yesterday the value of all crypto decreased by over 13%. As more companies publicize their acceptance of cryptocurrency, it’s natural for digital marketing services to jump into this currency, as well. So, it’s no surprise that several digital marketing and SEO services agencies announced they are now accepting cryptocurrency as a payment option. Corporations such as Tesla, Paypal, Home Depot, Starbucks, and Microsoft, to name a few, already started accepting Bitcoin as a payment for their products or services.

Bitcoin and other digital currencies come from mining, which involves using computers to solve mathematical problems in exchange for coins. In effect, mining involves exchanging the electricity needed to support an array of computers for currency. That’s why a major source of mining is from educational institutions where students and faculty can use the institution’s computer power for free.

Dynamic business practices to stay ahead

Digital marketing is all about living in the future, and by adapting to cryptocurrencies, they truly embrace the future. Let’s find out what’s prompting this change and how crypto benefits digital marketers. The best step any digital marketing company can take right now is to offer integrated payment options to their clients. The key to understanding the future of the digital marketing SEO industry is to know trends that affect the industry. Toward that end, cryptocurrencies like Dogecoin, Etherum, and Bitcoin are hailed as the currency of the future.

Usually, those looking for an SEO services agency want to grow their business online. A digital marketing or SEO agency that uses the latest tools and trends to optimize their client’s online presence and help them rank higher in search engines, gains more clients, and is more successful.

An SEO agency brings the collective knowledge of trending and elaborate strategies to boost traffic, generate leads, and increase sales through search results. Any good SEO services provider has a team of professionals who are on top of the latest technology and trends in the industry to offer specialized services to businesses.

As such, in an industry on the cusp of technology to yield results, digital marketing and SEO services agencies are fast adopting virtual currency as a payment option.

While cryptocurrency might appear too volatile for more conservative agencies, there are many takers for digital currency. Paying for services and products through cryptocurrency saves the efforts required for crypto withdrawals and transfers.

What crypto is the currency of the future?

There are several benefits associated with cryptocurrency, making it ideal for digital transactions. Usually, transferring cryptocurrency to a merchant is a seamless process without any barriers in place. Anyone with a crypto wallet and internet access can use cryptocurrency. Since they are not regulated and geo-restricted, these currencies trade worldwide, 24/7 without cumbersome exchange transactions that make profits uncertain.

Additionally, cryptocurrency incurs a lower transaction fee than that charged by banks and credit card providers, thus saving both buyers’ and sellers’ money. Crypto users instantly transfer funds into each other’s accounts and incur a small fee for the transaction. However, there are no chargebacks allowed, so be careful with the trade since you can’t reverse a transaction.

Cryptocurrency is often referred to as money without borders, which means that international companies usually prefer to transact without banking restrictions and security concerns. Speaking of security, most cryptocurrencies run on blockchain technology, which is entirely secure and anonymous. No doubt that there’s more than one reason to hold cryptocurrency assets or at least take a closer look at what they have to offer to see if they fit your interests.

Beware of the dark side of cryptocurrency

One of the key benefits of cryptocurrency is also its disadvantage. In a way, currencies like Bitcoin, Etherum, and Dogecoin are both the boon and the bane. The popularity and blockchain security of cryptocurrency attracts people from all walks of life, including criminals.

Criminals use cryptocurrency to launder money or turn black money into white; thus avoiding detection for their illegal activities. On the other hand, investors use these currencies as an opportunity to hide their significant gains from the IRS and the government. Therefore, it comes as no surprise that while many countries banned cryptocurrency, other countries, like the US, enact regulations to monitor and account for these currencies. To this extent, large banks joined forces to restrict the purchase of cryptocurrency using their credit cards.

There’s also the obvious downside that cryptocurrency is highly volatile in contrast to most national currencies such as the dollar, yen, Euro, and pound. The argument in favor of regulating cryptocurrency is to protect citizens against fraud, which comes from regulations. Also, governments want to protect the financial health of their citizens with regulations. For example, in the US, any investor interested in cryptocurrency must be accredited to make a large investment, which means they can afford to lose what they are investing.

Another major disadvantage of cryptocurrency is that it’s highly volatile. The cryptocurrency price rises and falls every day. This is the reason why one must think twice before investing a huge amount of money in cryptocurrencies. Usually, currencies should be reliable before they can be widely used.

Conclusion

However, there’s no denying that as time progresses, more and more governments will regulate cryptocurrency. It won’t be long before digital currency becomes commonplace as a mode of payment. If you are a digital marketing agency, you’ll benefit from riding the first wave of the crypto revolution.

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