A lot of businesses still don’t understand cryptocurrency and the technology that powers it.
Others are simply afraid of it because of its volatile nature and unpredictable markets. The problem is that they don’t understand the scope of what cryptocurrencies can do besides simply exchanging money. Cryptocurrencies could completely transform online marketing, especially when it comes to content marketing. Let’s take a look at how cryptocurrencies could change the nature of content marketing as we know it.
People these days are bombarded by content they didn’t ask for or isn’t suited to their needs. But many would be willing to pay a fair price for content they actually like from providers their trust. This is where micropayments come in.
With micropayments, users can now make a small payment for every piece of content they read instant of having to pay for a subscription, which is largely facilitated by cryptocurrency. What this does is not only push content providers to publish high-quality content people will be willing to pay for, but it also allows readers to vote with their money by going elsewhere. No readers mean no profits for publishers with this model. But with ad-supported content, page views and unique visitors is all that matters.
Why Aren’t Micropayments More Popular?
One of the main issues with Bitcoin and a variety of cryptocurrencies are fees and scaling. If you have to pay more in fees for every microtransaction you make, then it doesn’t make sense to you as a reader.
However, there is one way to circumvent this issue, and that is by using what are known as channels. Through payment channels, you don’t have to make a series of small payments and pay a fee on each one. In this case, payments will be recorded as a collection instead.
Try to see this as if you went to your local bar and asked for a tab. Payment channels work pretty much the same way. When you open a channel, it’s like when a bartender opens a tab. They record everything you purchase and charge you at the end. With a payment channel, your channel will be closed once you’re done paying for a certain amount of content, or after the channel was closed by the receiver. This allows you to save on fees and allows the publisher to minimize the number of transactions being made, which makes the process cheaper for you and more convenient for them.
Current Content Based Micropayment Initiatives
There are many platforms that are trying to use the principle of micropayments to change the nature of online marketing. One example is Coinetize, which is a form of paywall as well as a resource management system. The system allows the publisher to filter visitors and make them pay for premium content. People can pay using credits, either through their credit card or Bitcoin.
The Brave web browser is another initiative that is trying to change our relationship with content. The browser allows people to get a faster browsing experience and lighter ads. They also implement a payment service that allows people to pay the websites they like the most anonymously. Contributions will be then split between websites that were visited by people who used the browser, based on the time spent on each website and the number of visits.
Innovations like these are why you should make sure that you stay updated and keep an eye on live news about crypto. They might change the way people use the net, and some cryptocurrencies aimed at micropayments may start soaring out of the blue. Being aware of recent changes could allow you to invest early and reap the benefits.
The way people interact with content could be revolutionized thanks to crypto. Business owners would be wise to consider how they could use this model in the future to gain more traction for their content and monetize it better.