This article presents bitcoin, which functions as a digital currency or cryptocurrency, and its direct impact on the online advertising industry. It deals with the current trends of how people use cryptocurrencies to purchase products and services. The future aspects are also discussed to understand if bitcoins will negatively influence the industry. You can check altcoins to learn more about crypto trading.
Furthermore, this digital currency or cryptocurrency can be used to purchase goods or services but also works like traditional currencies when sending money to family or friends across borders.
7 Positive ways how bitcoin affects the online advertising industry:
1. Big opportunity for small business – accepting bitcoins
If you are running a small business, there is an easier way to improve the quality of your online advertising by accepting bitcoins. In addition, it helps you get more consumers ready to spend their digital currency for your products and services.
2. The number of companies using bitcoin processing tools is growing
The number of companies that utilize digital currency processing tools has grown exponentially, thus making bitcoin a common term for the online advertising industry. For example, Overstock.com and CheapAir.com both accept bitcoins, and it gives their website because more people will visit these sites to purchase products using this digital currency.
3. Bitcoins are cheaper than other currencies
Bitcoins can be used to make money transfers or payments, and it will save you the trouble of exchanging currency when sending money to family or friends across borders. Also, credit cards can charge high-interest rates on your transactions, buy bitcoins are free from extra charges.
4. More brands are accepting bitcoins as a payment method
More and more global brands have started to get bitcoins as a form of payment. But unfortunately, Amazon, eBay, and PayPal (some companies) don’t support bitcoin. Still, there is a list of several well-known companies that do accept digital currency as the payment method, such as Microsoft, Expedia, Dell, or Dish Network.
5. Improve global transactions
Bitcoin is a decentralized currency, which means the money goes directly from you to another person (no middleman), and it’s done in minutes because of no rules or borders. As a result, the world has become borderless and open for small business owners who want to improve online advertising.
6. Reduce fraud and lower transaction fees
Credit cards can be used to purchase products and services online, but the problem is you will expose your credit card information to third parties.
It’s easier to protect yourself from fraud and lower transaction fees when utilizing bitcoins than any other payment method because it replaces financial institutions like banks or companies like PayPal.
7. Governments do not regulate Bitcoins
Once you start using bitcoins, your money will be yours, and you don’t depend on anyone to spend it or withdraw. In addition, governments can’t control bitcoin, so there are no chargebacks.
It means safety for businesses and consumers alike because nobody can take away your funds without your permission.
5 Negative ways how bitcoin affects the online advertising industry:
1. People can use bitcoin for money laundering activities
Since bitcoins are decentralized and there is no middle party confirming the transaction, transacting bitcoins can be used to launder dirty money or transfer stolen goods.
2. Bitcoins volatility will affect the online advertising industry
The value of this digital currency is highly volatile, and it will cause businesses that accept bitcoins to experience devaluation or appreciation of their funds.
3. Bitcoins are not free from hackers either
There have been cases when hackers presented phishing attacks on bitcoin users, which means you can lose money if you send it to the wrong address because no one will return your funds.
The future of accepting bitcoins for the online advertising industry still looks bright, even though companies face several challenges.
4. No middleman
There is no go-between in bitcoin transactions, so they are faster and easier when sending or receiving digital currency.
- Bitcoins offer people more freedom when it comes to making purchases worldwide because of decentralization, which means there will be a greater variety of goods and services for consumers who use this cryptocurrency.
Conclusion:
Advertisers need to be aware of the benefits and issues when accepting bitcoins to improve their businesses. Cryptocurrencies are here to stay, so they have an essential role for society in general, but it’s up to each business owner what cryptocurrency the owner wants to accept as a payment method.
