Cryptocurrency has revolutionized the global market with its new and creative aspect towards the definition of currency medium and its use. With cryptocurrency being very convenient to use and its dynamics allowing it to be used in more than one financial market sector, be it investing, trading, exchanging, or direct payments.
The concept of cryptocurrency has been introduced to create an open, digital and transparent market without any third-party intervening, which resembles the digital market or E-market that has a convenient influence over the market. With digitalization rolling out in many parts of the world, this E-market has gained significance among digital media users, benefiting the market economy and virtual coins establishment. You can click here to know how the increased adoption of Bitcoin all over the world will impact your business model?
The use of cryptocurrency in the global market has been very significant till the present, but will this trend continue with virtual coins established in the digital market or digital currencies home ground, if you say.
The present digital market has not been fully utilized, but it still has beneficial uses. The digital market has been primarily used for domestic uses like shopping, connecting to other people, etc.
In the case of shopping and the market, the digital market is currently ruled by third parties and many middle workers, which might be helpful in management and time-efficient. Still, it isn’t cost-friendly, as these third parties increase your total transaction cost by a considerable margin to support their service needs.
The present social media is also not very close to perfection. This platform also contributes to digital marketing by using influencers and celebrities who advertise many products and deals in return for some commissions. However, social media is not deprived of many fake adversaries and companies who, with the help of this platform, spread false information or promises to lure many social media users and fit their agenda.
These factors, along with some other famous downfalls of the present digital market and digital media, include scams and piracy acts, use of false information, misuse of the open to all market, and problems in data management and information security. These factors contribute to too many negative reviews and opinions about the digital market and the whole digitalization of the global market and everything else.
How can cryptocurrency be the solution to these problems?
There are limited solutions as the present digital market holds many setbacks and imperfections. However, one of the most convenient is cryptocurrency’s use in the market. The use of cryptocurrency ensures a secure and faster mode of transactions between two parties, which is between producer and consumer in the digital market.
Cryptocurrency can also be used in social media as the successor of fiat currencies, as virtual coins are more efficient, open, and transparent. In addition, digital media can also use something called Basic Attention Token or BAT. This cryptocurrency-like token can be used as an ad exchange for many companies and celebrities, which can be more convenient as they are more secure, easily supervisable, and can be stored and managed effortlessly.
The most notable use of cryptocurrency in the digital market is not by digital coins themselves but by blockchain. Blockchain has proved to be more efficient and easier to use than any other data management system, alongside the almost uncrackable encryption that blockchain provides to the data stored in it. Such features can have a use case in many market areas where data circulates in abundance and the existing database management system is inefficient.
Blockchain technology is notable in data security, which can have efficient implications in digital and digital markets. However, as the data of any user is not safe in the existing digital market, the leaked or pirated information is given to many known companies. Moreover, one can use that information to create advertisements targeting a specific audience, which might not be convenient for digital media users or consumers.
The merging of cryptocurrency and the digital market is theoretically more efficient than the existing model. Even if there is no model or step towards merging cryptocurrency and the digital market, there are positive steps towards the change, and the revolution of the digital market can be a reality shortly.
