Cryptocurrency has been in talks ever since the Nightmare on Wall Street incident took place and Mr. Musk tweeted about it, “Gamestonks!!” Not so later Mr. Musk had made another tweet stating, “Dogecoin is people’s crypto.” Now, most of the people following him must have understood the message underlying it, to some it may have appeared vague or let’s say “vague.” This is because not everyone is well versed with the word crypto that is often used as a short form for the actual word cryptocurrency. Another reason for the possible confusion could be that the word crypto itself has its meaning, i.e., secret or hidden.
Having its root in the Latin language, the word crypto has come a long way from the day when Lutherans were branded as “crypto-Calvinists.” For harboring heterodox views over the assassination of Martin Luther King in 1546. Today, the word crypto is well known with what we can term as the internet currency, i.e., Cryptocurrency.
Misperception Regarding the Cryptocurrency
When it comes to cryptocurrency there is a common misperception amongst many people who thinks cryptocurrency means bitcoin and that is not true. As of today, there are more than 1000 cryptocurrencies available in the market that are primarily offered through the Ethereum blockchain that has democratized blockchain like no other. And this has led to the spate of ICO or Initial Coin Offerings starting from 2018. Since then the rise of cryptocurrencies has been steadily upwards leading to various prospects where it is shaping brands, loyalty programs, and even payments.
The Branding of Cryptocurrency
Branding is a decentralized aspect as far as any company or a product is concerned. As whatever a company does, it doesn’t control its branding rather the public does. The case is the same even when it comes to cryptocurrency as well irrespective of the fact that it works with a centralized tenet where no person or an entity could control it. This is because the fate of the cryptocurrency lies in the hands of the people’s perceptions. And currently, people are well supportive of cryptocurrencies and therefore, the high cryptocurrencies such as bitcoin and dogecoin are experiencing right now.
Recently, with giant companies like KFC allowing customers to pay with cryptocurrencies on the selected menu of items and Kodak declaring that it will start to roll out its cryptocurrency, Kodakcoin, soon has only put more gratification on the people belief and desire that cryptocurrency will soon come out as a major player when it comes economy and finance.
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Cryptocurrency Involvement in the Loyalty Programs
Today, people are enjoying the various loyalty programs that are being served to them from various sectors ranging from clothing stores to food markets to car retailers and even airlines and gaming services. Loyalty programs have seemed to augur well as a great marketing and customer retention strategy. After all, people like to have preferential treatment and exclusive benefits. Now, cryptocurrency has been expected to weigh in more towards strengthening the power of loyalty programs in a couple of ways.
Strengthening Loyalty Program
With its blockchain technology, companies will have a more convenient and easy time in maintaining their loyalty programs. This is because the blockchain’s automated, the decentralized ledger can make sure that loyalty points are securely recorded. Besides, it will even allow the users to comfortably track their respective loyalty points either issued or redeemed, or exchanged.
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Cost Reduction in Loyalty programs
Blockchain is a self-automated process that means it does not require any maintenance. Therefore, it will inadvertently cut down security, development, reconciliation, and integration costs. Thus, saving a large amount of money for the company. Also, this is a great boost for startups as they are venturing into blockchain for loyalty programs to grow their business and retain their existing customers.
Cryptocurrency as a Payment Gateway Option
Now, whether one likes cryptocurrencies or not, there is no denying that it now has a huge base of the audience involved in it that could open a new door to more customers for shopping online from any store. Even Mastercard is bringing cryptocurrency payment option as it sees great potential with all recent surges in it. Besides, people are more interested in using them as a payment option than they ever were.
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