The Connection Between Social Media, Cryptocurrency and Blockchain
Social media has undoubtedly become an inextricable part of our lives. Most of us check our messaging apps and newsfeeds first thing in the morning with our first cup of joe, while many will learn about the latest global developments from platforms such as Facebook or Instagram.
By EMMA WORDEN
These outlets have become embedded into our existence every step of the way. Companies have started using them to market themselves better, engage their target demographic, and communicate with their audience. Professionals use them to build up their reputations.
All in all, social media is here to stay.
Then again, the somewhat more novel concept of cryptocurrencies and the blockchain has become integral for most modern-day companies as much as social media. At the same time, this technology and the idea of crypto payments are changing the way individuals perceive brands and the ways businesses conduct transactions, even via social media.
This intricate relationship between these three linked concepts is getting more profound every day. Let’s cover some of the most pivotal aspects of this threesome and see how businesses and individuals can leverage them to their advantage.
Blockchain-based social media
The implementation of the blockchain technology has been vast and diverse. One particularly creative example extends to the building of social networks using the blockchain technology, for various purposes. Thanks to the tech in question, users are provided with more control over content and data and more privacy overall, making it a perfect option for both businesses and customers.
Platforms such as Voice on EOS and the Steem-based Hive are designed to encourage and ensure transparency and a smarter content selection, as users get crypto-based rewards for posting relevant content and commenting on existing content, as well.
Growing payment options for customers
Much like you promote your special offers, discounts, and holiday-related giveaways on social media, you can rest assured that your crypto-loving customers will also appreciate the social-based notifications and encouragement. As more companies turn to bitcoin mining in order to expand their own earning potential, adding crypto-based payments is the next logical step to attract more customers.
Accepting payments in the form of the more stable and reliable currencies such as bitcoin allows companies to also build up a stronger reputation and more trust among target customers. Use your social channels to notify your customers and to educate them on how to safely and securely use their crypto wallets, as that is the only way to fully benefit from the solution.
Better privacy and security
The blockchain is famous for its security and privacy, which is why it is so appealing as a potential solution to creating dedicated social platforms for business professionals. Should you decide to create your own social channel for your internal network of partners, or even to attract more customers, the opportunity to leverage the blockchain is the most optimal way to achieve the needed security and privacy.
Expanding your target audience
Even though your target demographic might already include wide groups of people, and you’re not restricted to local communities, expanding is always a great way to increase your earning potential and overall profits. Expanding your target audience also allows you to grow your brand’s reputation and relevance for the long haul and make sure that your business prevails even through the most difficult of times. Let’s face it, if you have more people to market to during the pandemic, you have a better chance of survival.
Now, thanks to the aforementioned blockchain-based social networks and the growth of the cryptocurrencies via social media, your business can actually gain more relevance with the usage of crypto. By offering another, increasingly popular and secure payment method, you’re making sure your brand is opening its doors to a larger portion of the population, especially that segment of the world that’s impressed by innovation.
The educational value of social media
Like most digitally savvy companies, yours has likely used social media to educate your audience and help people understand the benefits of using your solutions or products. This is a common enough practice that turns ordinary brands into industry leaders and starts relevant conversations. When you post relevant content on social media, your visibility soars, and your brand earns more trust and attention from your target demographic.
Now, as cryptocurrencies are still growing and they haven’t earned the same household recognition as the premise of social – this is your opportunity to act. By creating and joining existing crypto forums, you can recognize emerging blockchain-related trends and cryptocurrencies. You can determine what the next best investments might be, or find creative ways to incorporate crypto into your business model. You can also educate your own audience to help them understand the different ways they can use crypto to pay for your services or simply save up over time – your options are practically endless.
Although the idea of crypto and blockchain isn’t familiar to everyone, and not all of your potential customers will be equally curious at first, using social media to promote your cryptocurrency opportunities is indeed necessary to boost your brand relevance.
As the world of crypto will only gain more traction and more people will start using blockchain-based services and communication tools, your brand needs to be at the forefront of these changes. The best way to achieve that is to keep providing valuable information, adapting to your market’s needs, and of course, stay ahead of the game with the help of innovative solutions such as the blockchain.
Emma is a digital marketer and blogger from Sydney. After getting a marketing degree she started working with Australian startups on business and marketing development. Emma writes for many relevant, industry related online publications and does a job of an Executive Editor at Bizzmark blog and a guest lecturer at Melbourne University. Interested in marketing, startups and latest business trends. Follow Emma on Twitter.