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THE CRYPTOCURRENCY WORLD’S DIGITAL MARKETING

What are cryptocurrencies? 

The cryptocurrency market is just a distributed ecosystem on the basis of the peer-to-peer (P2P) network technology. Decentralization is just a defining trait of this method, and it’s a reflection of the fact that there’s no central bank and other instance that enforces control within the network. The transactions are conducted and verified using a distributed Blockchain framework that is dependent upon resources of users, that are called miners. They make the processing power of the computers available to the network, which in turn solves complex mathematical problems (SHA 256 Algorithm). In return, miners receive an incentive in a specific cryptocurrency. This kind of necessary arrangement is just a revolutionary solution that gave rise to the wave of financial innovation and disruption. 

Since their inception, cryptocurrencies have remained exclusively digital in nature. They have no physical form and aren’t connected to any conventional standard, such as gold. However, with time, they have moved far away from their founding ideology, which confined them to the fringes of the financial realm. The evolution has ushered in a fresh era in which cryptocurrencies would establish themselves as a fully-fledged market. It’s quite interesting that even major countries want to roll within their digital coins to get back the control they lost to decentralized markets. These national solutions will vary from traditional cryptocurrencies but are poised to use on similar principles. On the list of countries taking place this path are China, the USA, Russia, Turkey, Sweden, etc. In the years into the future, more nations will likely join their ranks. 

Speaking into the future of cryptocurrencies, we believe so it will be closely tied to DeFi projects, that will be to express decentralized finances. The goal of DeFi is to automate current financial processes linked to loans, savings, trade, insurance, etc. More and more emerging cryptocurrencies are gravitating toward this DeFi market, which should expand on some promises that pioneers like Bitcoin designed to the consumers. Such as, DeFi is expected to generate income, financial services, and transactions a whole lot more accessible to people round the globe. They will have a way to interact with DeFi via the net and smartphones.

Another solution poised to boom will come in the shape of smart contracts. They’re very similar to regular contracts, the difference being the automated procedure for authentication, which plays out over a blockchain, as a direct, self-executing agreement between two parties. They’re written in code language named Solidity and provide a advanced level of security— the contracts can’t be forged, falsified, or tampered with in every other way. The second benefit may be the superior speed of contract processing. 

So, it’s no surprise some prominent cryptocurrencies, such as Ethereum, utilize smart contract mechanisms. Also, large corporations, like the streaming giant Inmusik and diamond company Tracr, have adopted smart contracts to revamp their supply chains and revenue streams. Like that, they aim to solve two burning issues— having less ownership and transparency. Smart contracts have made a direct effect in the legal, real estate, logistics, shipping, and banking industries. 

What does the future hold for bitcoin and other coins?

It’s tricky to predict the future value of cryptocurrencies, but going for a go through the history, it’s obvious the marketplace is vulnerable to both positive and negative cycles. Their interchange happens every someone to four years on average. Many cryptocurrencies have even completely disappeared from the scene. Therefore, it creates much sense to focus on underlying technologies and systems such as blockchain, DeFi, and smart contracts. They’re, undoubtedly, the future of money and the financial sector as we all know it. 

Nevertheless, we ought to also explain cryptocurrencies, despite high volatility, are very resilient. Take the exemplory case of the initial cryptocurrency marketing to emerge, the Bitcoin. Not just has it survived to this date however it recorded astounding growth within the years. Believe it or not, in 2010, the initial Bitcoin transaction was 10,000 Bitcoins for 2 pizzas. This inception moment, May 22, became known as Bitcoin Pizza Day. Today (12th June 2020), however, only 1 Bitcoin goes for $9,435. And make no mistake; this crypto paragon has evolved way past shady corridors of Darknet. Nowadays, we have types of it being found in influencer marketing by startups in the league of indaHash. This company announced it’d pay social networking influencers through a blockchain cryptocurrency resembling Bitcoin.  

Along with that, we ought to explain that blockchain has permeated digital marketing in a big way. Take the exemplory case of the famous KFC, which decided to launch a pilot project with the purpose of applying blockchain to online advertising and media buying. Among the main objectives of the project is to refine the supply chain and make it more transparent. Applications like this one will clear just how for other cryptocurrencies to enter the mainstream. 

Many of them happen to be big business, and they are here to stay.