What is this new digital cash system that’s either giving a new light or petrifying people from all walks of life?
Cryptocurrencies, and it’s taking the world by storm. But a lot of people have a hard time figuring out what it really is. In layman’s term, it’s an electronic cash system that doesn’t have a central entity because the whole point of Cryptocurrencies is decentralization, contrary to other centralized digital cash systems which are controlled by one network.
Since its inception in 2008, Bitcoin has been the most exemplary form of how cryptocurrencies work. It’s a Cryptocurrency platform backed by gold coins or bars. But how do they really work?
It’s a database which has a network of peers. Every peer makes a transaction and the network keeps a record of all the transactions made, confirms it, and adds it to the blockchain. The transactions are then sent from one peer to another; called peer to peer technology (p2p).
Confirming the transaction is vital in cryptocurrencies because a transaction will never be processed if it’s unconfirmed. This is where the miners come in. Their main responsibility is to check if these transactions are legit and they also get a small percentage from the cryptocurrency platform. Three facts you also need to know about Cryptocurrency is that they don’t have an inherent value and therefore, unredeemable. It’s not tangible and is only kept within the network. Lastly, it’s definitely not controlled by a central entity because it’s decentralized, meaning it’s governed by several different entities.
If you want to partake in this digital cash system that’s making waves worldwide, and want to establish your own crypto coin; there are several things you can do to come out successful. Here are the top 5 tips you can take to improve your marketing strategies in cryptocurrencies.
1. Create a Website
The most evident and widely-used platform for marketing your business is creating an informative website. If you’re just starting out in cryptocurrencies (or any type of business for that matter), there is no other effective way to communicate to the world than in the form of a webpage and a professionally-done web design. People always search the net for information and providing people with an online platform with top-notch usability is an excellent way to start.
2. Direct Text Messaging
Email marketing campaigns are also becoming popular in this day and age, but ask yourself this: How often do you click and open those marketing emails? If your answer is ‘always’ then wow, I must say you do have all the time in the world to breeze through those contents which don’t even interest the heck out of you. Find a way to get contact information from your target audience and send text messages directly. The advantage is they’re most likely going to read your message because it goes straight to their phone’s inbox and if you get lucky, maybe 2 out of 20 people are urged to reply because they're simply interested.
3. Invest in Affiliate Marketing
If you haven’t heard of affiliate marketing, you are clearly missing a lot! This is a type of marketing where any business hires affiliates. These affiliates then drive traffic to your cryptocurrency platform in the form of blogs or reviews, or whatever it is that attracts the netizens. In turn, these affiliates get a small percentage of the conversions.
4. Turn to Social Media
This is probably a very passive form of marketing because people, regardless of age, almost always check their social media networks, either intentionally or subconsciously, a couple of times a day. That way, you can leverage social media sites in marketing your crypto coins because there have been proven positive results from businesses all across the globe from this marketing alternative.
5. Go for Paid Promotions
With the rising trend of technology, a lot of people have turned to digital marketing to get more traffic in their websites and hopefully, gain more conversions, meaning get more revenues! Somewhat similar to affiliate marketing, a paid marketing promotion is a great alternative to let the public know about your business by displaying ads, videos, clips, or banners about your cryptocurrency on established sites like Facebook, Twitter, YouTube, or search engines like Google, Yahoo!, or Bing.
Author: Annah Brooks, a frequent traveler, and numismatist, loves to write about little-known facts and fun stuff about coins, travel, health