Anyone who has stayed remotely up to date in the world’s news over the last decade has heard the terms “cryptocurrency” and “Bitcoin” on an unprecedented level.
Cryptocurrencies were first created in 2009 with the creation of Bitcoin. Cryptocurrencies are decentralized digital money based on blockchain technology. They have emerged as an entirely new investment opportunity for many savvy people: a way to earn significant money in the Internet age without owning any company stocks. Since 2009, Bitcoin has seen a meteoric rise in value, going from USD0 to over USD45,000 dollars per Bitcoin. So how was this made possible?
How did a group of individuals create a brand new currency that had no tangibility and make it one of the most sought-after investments in the world? Today, we will look at the marketing and promotion strategies that have enabled Bitcoin to send shock waves through the financial sector.
The marketing history of Bitcoin
Bitcoin began as a concept discussed in the digital underground and fringe communities. The Bitcoin white paper was published anonymously. However, as it gained traction, more people started to notice this new decentralized currency built on blockchain technology by a group of unknown programmers called Satoshi Nakamoto.
Bitcoin made sense in the underground communities because it was a currency that could be traded without regulation from major financial institutions. This led to the first form of Bitcoin marketing, called word-of-mouth.
Word-of-mouth marketing
Word-of-mouth marketing is one of the most successful ways to promote a new product or innovation in any industry. The more people talk, the bigger your audience and wider your reach spreads. Bitcoin found its way into communities where it was often discussed in groups on forums and chat rooms.
It quickly became apparent that Bitcoin’s most effective promotion came from word-of-mouth, as individuals would share their experiences at various online events like hacker conventions and tech meetups. This led to enthusiasts sharing content through digital channels that promote long-form content, such as YouTube interviews, blog posts, and podcasts.
Long-form content is still an incredibly effective way for financial institutions and crypto companies to discuss the state of Bitcoin and promote it to a trusting audience to drastically increase traffic to their websites or blogs.
Referral programs
A great way companies today use word-of-mouth marketing to promote Bitcoin is through referral marketing campaigns. Referral marketing campaigns focus on giving away something to reward current members or customers for promoting the website or product to other potential customers. A prominent example of a successful referral marketing Bitcoin campaign is Binance.
Social media marketing
Social media has also played a prominent role in Bitcoin marketing, which remains that way today. The original social media platforms that promoted Bitcoin were Twitter, Facebook, and Reddit. When Bitcoin was first advertised on social media platforms such as Facebook, the reliability and uncertainty of the coin raised flags for financial institutions and media companies. In 2018, Facebook banned all paid ads mentioning Bitcoin or cryptocurrencies to protect users. The ban was seen as a significant blow to the digital currency.
Twitter also banned Bitcoin and cryptocurrency ads, citing that these types of content are “surfacing in ways they shouldn’t.” However, with recent changes in how Twitter and Facebook now advertise content on their platform, crypto-related advertisements are permitted, although certain restrictions remain.
Reliable publications and content marketing
Bitcoin was first viewed as a revolution against significant banking and financial institutions. With the core perception having a negative connotation, it was very challenging for crypto companies to inform public investors about Bitcoin’s existence and its safety and reliability. One of the best ways crypto companies could promote Bitcoin was by educating their audience through content marketing and publications.
As Bitcoin grew rapidly in the early years, prominent publications such as the New Yorker took notice and created content and articles discussing Bitcoin. With minimal competition in the space, Bitcoin articles garnered millions of views and gradually gained credibility amongst viewers. Promoting content through education on cryptocurrencies began as one of the most effective marketing strategies, and it remains one of the most successful strategies today.
Content marketing strategies that work
Informative content
Content that informs them how Bitcoin works might reduce anxiety surrounding what’s new and unknown. After feeling informed, individuals may want to purchase cryptocurrency themselves—which you could offer at your site for sale.
Promotional content
Promotional articles outlining a deal or promotion is another content marketing technique that has been successful in Bitcoin advertising. By publishing a promotional article, you motivate customers to invest in Bitcoin, which has seen significant growth in revenue for countless crypto companies.
Cryptocurrency content marketing is still going strong today, with many companies investing in content and content promotion to increase their visibility within the market.
Key takeaway
Bitcoin has been around for over a decade. Although it is now accepted on a much larger scale, Bitcoin had to overcome countless obstacles to become one of the most significant investments in the financial world. Overcoming stigma, uncertainty, and lack of knowledge have been some of the primary driving forces in the success of Bitcoin investing companies.