FinTech Marketing
Fintech has usually been used to describe the amalgamation of Finance and Technology i.e., use of technology for making financial transactions, although broadly speaking it defines the adoption of technology for making customer centric services in financial sector. These services are not limited just to make transactions easy but also enhance customer experience of the financial system which for decades had not been up to the mark as customers struggled to get financial services at their local level. With the advent of financial technology now they are free to access and process financial services with a click of button on their smart phones.Technology adoption in financial sector started with mostly backend operations of big banks but the fintech eruption happened when fintech moved from the backend operations of financial institutions to become the front face of such institutions for its consumers. Fintech can be used to define financial institutions’ technological advancement to make their services more efficient than the traditional ones by the way of software, service, or business.
For on boarding the early adopters of the fintech product /service or for raising funds any fintech company needs an effective digital marketing strategy to start with. Fintech companies can fill in the gap left by the traditional banking sector and to successfully do so need to educate their target customers and for that you require digital marketing strategies like finding the right marketing channel, effective usage of social media platforms, SEO, content marketing, Mobile friendly website, Ad campaigns, etc.
Creating engaging content for your audience as a professional blockchain writer covering white paper, website, newsletter, etc. Customised content created to reach out the target audience in effective way covering all important aspects of the blockchain projects.
The key to reach out your target audience is to effectively communicate your cryptocurrency technology with them. You can effectively put across your company’s vision through engaging content and maximise the public adoption of your cryptocurrency as well as the growth of the company.
FAQs
Blockchain is a type of Distributed Ledger Technology (DLT). It uses independent nodes to record, share and synchronise transactions in their respective ledgers instead of the traditionally used centralised data system. It is to be noted that blockchain is distributed ledger technology, but distributed ledger technology is not blockchain technology. Blockchain is a type of DLT, which organises data into blocks and chains them together in an append-only mode.
It is basically decentralized digital money that is encrypted and is built on blockchain technology. Unlike the traditional fiat currencies there is no central bank governing the cryptocurrencies and their transactions are registered in decentralized ledger, the blockchain. Though like any fiat currency, cryptocurrency can be used as medium to sell and buy products but as it’s not as widely accepted in businesses, people have shown more interest in its potential to be stored and value growth and thus investors have come up with cryptocurrency as an alternative investment product. Though investment in cryptocurrencies may be deemed complicated and risky still crypto investors have shown faith in them. The first cryptocurrency to become popular and the largest by market share is Bitcoin.
Bitcoin is the world’s first cryptocurrency created by a Satoshi Nakamoto. The idea was to create a decentralized digital currency for “an electronic payment system based on cryptographic proof instead of trust. Bitcoin also became known for the use of its underlying technology ,the Blockchain.
Thus all bitcoin transactions are recorded in a decentralised ledger and can be accessed by anyone on the network making it immutable and difficult to fake. Bitcoin works on proof of work (PoW), a consensus mechanism which requires the network participants to solve complex mathematical puzzles to validate transactions and also to mine new tokens.
Recently El Salvador became the first country in the world to adopt Bitcoin as legal tender.
There are mainly 4 types of blockchains categorised on the basis of their applications:
1.Public Blockchain : It is a permissionless distributed ledger system that is non-restrictive in nature, which means anyone can sign in and become a member(node) of a blockchain network. As a node one is authorised to access any records, verify transactions , participate in mining, etc. For e.g.- Bitcoin and Ethereum.
2.Private Blockchain: As the name suggests private blockchain are restrictive in nature and requires permission for anyone to join in. Unlike public blockchain it is a closed network mainly used by organisations where only selected members of the organisations are given right to access it. In this case the organisation hold the authority. For e.g.- Hyperledger and Ripple(XRP).
3.Consortium Blockchain: Consortium or Federated blockchain platform which is basically governed by multiple organisations unlike private blockchain where only one organisation governs the blockchain. It’s a semi-private platform in which more than one organisation can act as a node and exchange information and do mining. It has been majorly adopted by the banks.
4. Hybrid Blockchain: It has features of both private and public blockchain i.e. it can have public, permissionless system as well private, permissioned system. With such features it can be decided by the users to whom to give access to which data stored in the blockchain. Some data is kept in private blockchain and is confidential while some data is kept in public. For e.g.- Dragonchain.
Contrary to what the name suggests crypto wallet doesn’t hold any crypto currency or asset. It in fact holds the public and or private key which is like a password used to manage cryptocurrency transaction. A crypto wallet can be a hardware or can be an application as well.
Mining in terms of blockchain means validating and adding transactions to the already existing transactions in the distributed ledger of the blockchain. It ensures immutability by hashing of block of transaction so that it can’t be forged serving the purpose of creating a safe environment without the need of any centralised authority to do the same. It requires competitive mining computers as it requires faster CPU, more power and generates more heat than usual computer operations.
The highlight of mining for miners is that it’s an incentive-based task. Like in case of Bitcoin the miner gets bitcoin as a reward for completing the required mining process.
Crypto coin is native to its blockchain i.e., it exists and works on its own blockchain like Bitcoin works on Bitcoin Blockchain and Ether works on Ethereum Blockchain. Tokens are created on some existing blockchains. Ethereum has become the most popularly used blockchain platform to create tokens and the tokens created on it are called ERC-20 tokens.
Unlike any fiat currency or cryptocurrency which are fungible (i.e., they can be replaced by something identical), NFTs (Non-Fungible Tokens) have unique characteristics that set them apart. If you are confusing them with cryptocurrency then you must know that they are different in many ways for e.g., NFTs are:
1. Unique- NFT represent something unique which can be anything ranging from artwork, music, gaming, real estate, etc., in digital form. Its uniqueness can be identified from its metadata that states what a particular NFT represents.
2. Indivisible- Unlike Cryptocurrency NFTs cannot be divided into smaller denominations. You can purchase a painting as a whole only not a part of it. Whereas Cryptocurrencies are divisible for e.g., 1 Bitcoin is divisible up to 8 decimal places into unit of the cryptocurrency known as Satoshi.