Why are countries creating their own cryptocurrencies?

Over the last few months, we have seen countries creating or preparing to make cryptocurrencies including China, Ecuador, Senegal, Estonia, Russia. The reason that countries are looking at cryptocurrencies(Cryptocurrency) is they see it as a way to efficiently and cheaply move forward in many areas including

  • digital payments – if you have been in Asia especially China in the last two years you would have seen the vast number of people using digital payments to pay for nearly every transaction.
  • productivity – reducing the time and actions required for transactions
  • tracking illegal activity – there some people using Cryptocurrency for illegal activities, if countries start to limit the currency exchange to their countries Cryptocurrency then they can track transactions more easily
  • control – central banks like to control currency, they will most likely declare their Cryptocurrency to be legal tender (fiat) in their country.
  • reduce volatility – by being able to control the currency they will try to reduce volatility and rein in runaway markets and use levers to manipulate their market. This is most likely why some countries have shut down ICO and currency exchanges so they can start their own Cryptocurrency.
  • generate revenue from transaction fees
  • reduce fraud
  • ease of exchange – currently every time you go to another country you either have to used credit cards or exchange for cash. If you can exchange on your phone from one country’s Cryptocurrency to another you will be able to move more freely between countries.

There are still some issues with countries creating Cryptocurrency and that includes public acceptance, security, exchanges. The future will be interesting and how the world will change in the coming ten years around cryptocurrency. We will most likely see several countries with their own currency such as estcoin, DAD, and more.

 

Businesses are treating social media like a webpage in the mid-1990’s

Social media is currently in the same place webpages where in the mid-1990’s where businesses where putting up their business webpage and expecting people to come and start buying. It wasn’t until businesses realised they needed to promote their website and integrate it with their existing marketing that their webpages started generating emails, calls and sales. Social Media is at the same point with many companies starting to sign up because its the latest way to gain customers and generate sales, however they are treating like a webpage by waiting for the likes, followers, and contacts but they aren’t coming. Like all marketing and promotion of brands and products it takes time, planning and effort to engage with your customers and let them know that your there and create a company identity and message.

So like the businesses in the 1990’s that realised they could use their website to gain customers through news, deals and integrating e-commerce, its time businesses realised that engaging with customers through social media and using it as a tool can create an brand identity and generate interest and increase sales.

Many businesses spent tens of thousands of dollars creating webpages and e-commerce platforms back in the mid-1990’s, but this time there is a difference – social media is unbelievably cheap in comparison to other forms of marketing and advertising. Businesses can spend just few thousand dollars to get your brand or product out across the world. Of course, it depends on the size and number of products but when comparing social media with advertising in trade magazines or attending expos businesses could save thousands with a social media presence.