Ever since their introduction in the financial world, cryptocurrencies have continued to spread their influence over many significant economic sectors. From investments and finances to health and hospitality, cryptocurrencies have made their presence felt in many essential industries, bringing major changes in each of them. Although many sectors have just begun exploring the possibilities of digital currencies, they have tremendous potential to bring about revolutionary changes, making them much more user-friendly, transparent, and safe to use for the customers.
In the fields of digital marketing and social media, the impact of cryptocurrency is yet to be explored fully. The e-commerce industry has been gaining momentum over the past few years. A gift of rapidly developing technology, e-commerce, or trading through the help of websites and social media has become popular in most countries of the world. Social media has also become intricately involved in this field, as buyers and sellers often use social media platforms like Facebook, YouTube, Twitter, and WhatsApp for advertising their products and to reach potential customers.
In the field of digital marketing, cryptocurrencies bring with themselves a huge potential for development. From removing third-party involvement and eradicating the need for middlemen to ensuring a fairer system or payment, facilitating online trading, and increasing user incentives, cryptocurrencies can have far-reaching impacts in this field. Let us look at some of the most important impacts of cryptocurrencies on the field of e-commerce.
How can cryptocurrencies impact e-commerce?
Cryptocurrencies can impact digital marketing and social media in the following ways:
1. Easier transaction
Digital marketing is facilitated by platforms like eBay that make money by charging fees from both buyers and sellers. Buyers are also required to enter their bank account details so that platforms can verify their identity, making the transactions complicated and time-consuming. When cryptocurrencies are introduced in this equation, the process would become easier as middlemen and marketplaces would not be required. Moreover, if cryptocurrency payments are accepted, there would be no need to verify bank accounts, making the process hassle-free and faster.
2. Facilitation of international trade
International transactions through banks can be very troublesome and even expensive, owing to the differences in currencies and the inclusion of overhead charges. If digital currencies are included in the world of e-commerce, international trading would become easier. Since cryptocurrencies are not owned and regulated by any centralized government or authority, there are no differences in the value of the currencies in different countries. This can act as an encouragement for even small businessmen to participate in international trade and open up new avenues for them.
3. User autonomy and anonymity
Frequent advertisements and the threat of private information being compromised have been constant causes of fear among most users of e-commerce. Popular social networking sites have been selling off the private data of users to advertising companies, allowing them to target specific users. If blockchain is integrated into the system of e-commerce, this problem can be solved as data would then be stored in public ledgers that cannot be tampered with or sold off by anyone.
Basic Attention Tokens
The best example of what cryptocurrencies can do to the field of digital marketing is the Basic Attention Token or BAT. A digital advertising token, BAT creates an exchange where the advertisers, users, and publishers are connected in a decentralized way. Built on the Ethereum blockchain, BAT monetizes user attention by paying users for watching the advertisement, and all inessential expenditures are removed.
Conclusion:
Cryptocurrencies have only been gaining popularity ever since their introduction. The prospect of gaining huge rewards keeps drawing customers in, despite the volatility and risks associated with them. Especially with the rise of platforms, it has become easier for anyone to trade and invest in these digital currencies. Integrating blockchain in the system of e-commerce will allow for it to be decentralized, making it user-friendly and appealing to customers. Contact Us here.