Updated: Sep 23
Bitcoin is a revolutionary new technology which many people are beginning to take hold of. With numerous companies around the globe already adopting this disruptive technology, and others being exceptionally standoffish towards it, many people are wondering whether or not Bitcoin needs a marketing campaign in order to truly be accepted around the globe.
Despite the implementation of the technology in numerous areas, in particular gaming with the likes of PlayStation and Steam adopting the technology as a form of payment method, and the opportunity for users to gamble with Bitcoin, there are numerous other ways that this technology can be adopted. However, with many businesses still remaining cautious when it comes to Bitcoin, we’re taking a look at whether or not the cryptocurrency requires a marketing campaign in order to really see it fly.
Bitcoin has an extremely dedicated fanbase and while this is highly beneficial as this continues to grow, an effective marketing campaign for the cryptocurrency could lead to Bitcoin being adopted into the mainstream. However, the disruptive technology is facing a lot of competition from traditional financial institutions, and as a result, instead of attempting to adopt the technology, it is highly likely that these banks will find a way to block the cryptocurrency through regulation.
A main reason why many individuals are cautious regarding Bitcoin, is due to the fact that they lack the basic understanding in order to efficiently adopt and use this cryptocurrency. Many people still do not understand how Bitcoin is created, and the technicalities of the blockchain network doesn’t make the understanding of the cryptocurrency any easier. If people are unable to understand the entire process, then mainstream adoption is unlikely. Marketing the cryptocurrency in a way that is easy to understand is likely to spike the interest in the cryptocurrency.
Business cooperation is the biggest weak spot for cryptocurrencies, as many individuals rely on the influence of brands prior to adopting a new feature. Attempting to market to big brands can become dysfunctional and confrontational due to the disruptive nature of Bitcoin. This lacking component needs to change if Bitcoin is likely to be adopted into the mainstream, and instead of promoting itself as a technology that is likely to dramatically change the financial industry and how other businesses work, Bitcoin and businesses should aim to work together in order to solve larger problems in the field.
Despite some of the problems that are being faced by the cryptocurrency, word-of-mouth is already proving to be an extremely helpful marketing technique for Bitcoin. The transparency of the peer-to-peer network is leading more individuals to build up a certain level of trust that financial companies have struggled to maintain. It is this word-of-mouth that has ultimately led to the Bitcoin Boom which has seen the cryptocurrency’s value rise dramatically over the past 12 months. The transparent and anonymous network offers a whole new era for finance, but in order to maintain stability, Bitcoin is going to need to attract a much broader market through an effective and longstanding marketing campaign.