Author: Metka Volmajer
Cryptocurrency is becoming a widespread payment option, yet it still worries potential users. Security or loss of personal data and savings is a common fear, which could furthermore damage the trust between the consumer and the producer. It follows that the system of decentralized cryptocurrency could solve these concerns. Thus various field professionals, including marketers, are using this solution that may as well be the future of finance.
Decentralized Cryptocurrency - How Does It Work?
Decentralized exchanges, or DEXs, are based on a peer-to-peer marketplace. In other terms, the exchange occurs directly between traders, with no in-between authority. The trade is based around the blockchain, a database with numerous “blocks” of information none of which can not be accessed without the other “blocks”. The main focus of the decentralized cryptocurrency is user control, which makes the trader feel more comfortable and secure.
Why Would Decentralized Cryptocurrency Benefit Me As A Marketing Client?
1. Transparency
The blockchain transparency of the decentralized exchange system records every interaction made; none of which can be changed or erased. The marketing company’s transactions should be available when you will, making frequent tracking of funds much easier. It guarantees the whereabouts of any amount given to the producer and their rightful use. The possibility of fraud is greatly reduced.
2. Cost Efficiency
For intermediate authorities, namely banks, transaction fees are higher. In contrast, decentralized cryptocurrency has lower transaction fees than traditional forms of payment. Additionally, international banking and wire transfers cost much less. Moreover, the processing time is faster, usually reaching under 15 minutes.
3. Control & Privacy
The consumer using decentralized cryptocurrency has complete control over the process of payments. Therefore worrying about frozen accounts or fees created by the involvement of third-party authorities is not needed. So-called smart contracts further protect interactions between the consumer and the provider with the transaction only happening if the agreed-upon terms are met. Likewise, personal information is more preserved as the trader can decide against sharing it.
Why Would Decentralized Cryptocurrency Benefit Me As A Marketing Professional?
1. Authenticity
If the producer wishes for clients to trust them, they need transparency. Withholding information about the use of funds only damages the relationship between traders. Moreover, honesty builds long-term loyalty, creating a brand that stands on fair and authentic values. As a result of reliable practice, the producer is more likely to gain the good-natured attraction of consumers.
2. Security Level
The assets owned by the producer or a bigger brand are more vulnerable to system breakdowns or an intentional breach if controlled by a centralized exchange system. This is why decentralized cryptocurrency platforms work around smart contracts. Better, their automated function reduces the risk of third-party human error. Given this, it is exactly why the DEX system is rapidly growing in usage and development.
3. Internationality & Trendiness
Interactions, created by marketing professionals, often reach out of the same country or even the continent. Therefore the centralized exchange leads to limitations caused by third-party channels, such as delays, additional fees, or even blocked payment routes. By contrast, a decentralized exchange system offers an immediate reach to any consumer. It is also a shared theme with other tech-savvy brands, whose similar thinking could lead to a partnership.
What Does Decentralized Cryptocurrency Mean For The Future Of Marketing?
Marketing professionals are quick to adapt to new changes. Decentralized cryptocurrency exchanges already created a new branch of crypto marketing, which combines common marketing strategies like:
● social media engagement and content creation,
● influencer partnerships,
● event and conference sponsorships.
The strategies are based on promoting safety and challenges that decentralized cryptocurrency could solve for potential users.
How Soon Is Decentralized Cryptocurrency Going To Become A Norm?
For the common and global use of decentralized cryptocurrency, there must be certainty in its system. Creating trust with the consumer and building upon it is the key takeaway of marketing. The flexible profession is not even close to the end of its evolution per evidence of cryptocurrency norm development. It is without doubt that decentralized cryptocurrency has not only the potential to revolutionize the world economically and financially, but it can lead to unification like never before.
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