Technology has been the foremost game-changer in almost every avenue of human interest. From ways to work and communicate to explore and transact; there’s a steep rise in preference for going contactless and digital. The dense market penetration of the smartphone revolution has also made it easy and convenient to pay through digital registers. Well, it isn’t a surprise that cryptocurrency, a new way to transact is steadily gaining popularity.
Cryptocurrency lets you digitally transact for goods and services and can even be traded for profit. In fact, Bitcoin was the first cryptocurrency that disrupted the markets to become mainstream. Thousands of others exist and several others are developing every day. Many companies also call them tokens and restrict their use or trade for their stakeholders and customers only. Part of the overall appeal to this entire ballgame is of course security.
Cryptocurrencies work using a technology called Blockchain. It manages and records transactions through a decentralized process across many computers. Recording the transactions in ‘blocks’ and time-stamping it make it difficult to tamper with. A fairly complex digital process and the resultant digital ledger is the blockchain advantage that cryptocurrencies have.
Transactions via cryptocurrency require a two-factor authentication process. If a typical transaction requires your username and password; an additional authentication code is also sent on the personal cell phone number registered with the cryptocurrency merchant. While this may seem like a routine security protocol, the technology that it thrives on, makes it a lot more secure than the layman digital transactions made.
The technology, value, and security; almost every aspect of cryptocurrency seems to appeal to its supporters. The fact remains that it is going to be the currency of the future and investors show a keen interest in buying. Whilst offering more security than traditional payment systems, they are also growing in value and have the potential to become a preferred way to move money.
Most of the cryptocurrencies are available in USD and some require you to pay via other cryptocurrencies. You need a ‘wallet’, an online app to store your currency where you can also create an account to exchange real money with bitcoins or other cryptocurrencies. A growing number of online brokers are also offering this service to save you the hassle of market study and other modalities.
There is no denying that despite all the charm, it is an extremely volatile market and the faint-hearted should steer clear. If you are looking at buying cryptocurrency, make sure you read the fine print thoroughly. Whether the currency is already developed or the company is looking at raising funds to develop the currency via ICO should be considered.
Cryptocurrency is in the rage right now but it helps to do your own research and invest conservatively.
Nowadays, more players enter the blockchain and cryptocurrency space. Creating a robust communication plan should be set in place. It might require creating awareness about a specific technology built using blockchain or a new currency that is available in the market. Maybe the communications plan needs to counter negative sentiment and concerns following volatile trading or a sudden drop in the value. New players will need to establish their brand identity. Others might need to focus on supporting and building the communities around their brand.
There is no doubt that PR has an important role to play.
To start with PR can play a key educational role. The concept of cryptocurrency is poorly understood so PR agencies can use their skills to craft and deliver messages to familiarize audiences with the emerging technology. It can also have a positive influence in turning skeptics into believers.
Furthermore, since it is relatively easy to be a ‘crypto-entrepreneur’ it is anticipated that competition will be fierce. This is where PR comes in again – to develop strong brand identities and build reputations. This can go as far as building strong credibility amongst business communities – not to mention crisis management if required!